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Prices Soar

Shell Announces Strong Results

Oil giant Royal Dutch/Shell Group announced record fourth quarter profits, after a more than twofold jump in oil prices and as the benefits of its restructuring program continued to show through. Adjusted current cost net income soared by 173 percent to $2.235 billion in fourth quarter 1999, which was at the top end of analysts' forecasts, while net income of $2.582 billion compared with a loss of 3.739 billion the year before. Current cost net income for the full year rose 38 percent to $7.09 billion, after adjusting for special credits and charges. Exploration and production provided the main profit boost, hitting $1,507 million in the fourth quarter compared with a loss of $1,906 million in 1998 as crude prices soared. North Sea Brent crude prices averaged $17.95 per barrel in the fourth quarter, up from $11.15 in the same period of 1998.


Maritime Shares Make A Comeback

Share prices in Oslo continued to rise during June and in the first six months of 1999 the Shipping Index rocketed 30.6 percent. The All Share Index is not far behind with an increase of 23.7 percent during the same period. Trading at the Oslo Stock Exchange has never been more active than in 1999 so far with the daily average turnover for the first half of the year at NOK 1,640 million. This is 27.1 percent higher than the average for the whole of 1998


Rising Bunker Prices To Push Worldscale Rates Up

Increasing bunker prices will push Worldscale tanker rates up by around 1.5 percent next year but prices on some routes will fall due to lower port dues and exchange rate fluctuations, the Worldscale Association said. The average bunker fuel price used for rate calculations would rise to $86.50 in 2000, from $82.75 in 1999, but varying port charges and currency exchange rates would mean some Worldscale route assessments fell.


Indonesia, CNOOC Talks End in Deadlock

Early renegotiation of gas selling price with China National Offshore Oil Company (CNOOC) has ended in deadlock as the ceiling price proposed by CNOOC was seen as too low, according to Asian Pulse. Indonesia has signed a long term contract to supply China's Fujian province with 2.6 million tons of liquefied natural gas (LNG) annually from Tangguh, Papua. Under the agreement in 1992 the LNG price was tide with crude oil price or around $2


OPEC Strives For $22-$28 Barrel

Venezuelan Energy and Mines Minister Ali Rodriguez said that OPEC had agreed to defend a price band of $22 to $28 per barrel for its basket of crudes in a bid to stabilize prices. Rodriguez reportedly said the oil cartel would automatically raise or cut production by 500,000 barrels per day (bpd) if prices move outside of the band for more than 20 days. Nine members of OPEC agreed this week in Vienna to increase output by 1.45 million bpd from April 1, to curb soaring prices


CMA CGM Reports Encouraging Outlook for 2012

CMA CGM, the world’s third largest container shipping group, reported revenue of U.S. $14.87 billion for the year ending December 31, 2011, a 4% increase on 2010. Volumes carried increased by 11%, outperforming the market’s 6.5% increase and reaching a record high of 10,016,000 teus. The market environment was challenging, shaped by overcapacity and the steep run-up in oil prices, with per-tonne bunker prices soaring 34% over the year


As Gas Prices Fly Ever Higher, Why Do Energy Stocks Stay Grounded?

Energy shares drew little comfort Feb. 4 from rising oil prices lifted first by red hot heating oil, then gasoline soaring to nine-year highs. U.S. light crude for March delivery settled 79 cents higher at $28.82 a barrel on the New York Mercantile Exchange, about $1 away from post Gulf War highs reached in late January. Prompt heat oil barges delivered to the New York Harbor soared to a $1.00 premium to the futures, which closed up 0.88 cent at 78.78 cents gallon


China Oil Producer Sees Profits Soar

China's top offshore oil and gas producer, CNOOC, has posted a 38 percent jump in earnings for the first half of the year. The better-than-expected results were driven by soaring energy prices and higher output, according to a report on www.voanews.com. Oil and gas production at the state-owned company increased by more than seven percent in the first six months of 2006 compared to a year earlier. CNOOC's chairman Fu Chengyu says the company achieved breakthroughs in its overseas business


SPP Shipbuilding Considers $300M IPO

South Korea's SPP Shipbuilding is seeking to raise about $300m in an initial public offering in South Korea next year, a person familiar with the situation recently indicated. A company spokesperson confirmed that SPP is mulling a share float, but declined to give a time frame or value on the deal. The company had considered making a share offering at home and abroad, but now has no plan to list its shares outside the country, the spokesperson reportedly said.


Container Shipping, Oil & LNG Markets Forecasted to Grow

Global containerization market to reach 731 million TEU's in 5 years, soaring demand for oil & LNG across Asia also forecasted Global Industry Analysts Inc. (GIA) announce the release of a comprehensive global report on the maritime containerization market. The report indicates that the global market for maritime containerization is projected to reach 731 million TEUs by the year 2017. Growth will be primarily driven by increasing sea trade


Russian Firms Face Huge Insurance Costs as Foreign Providers Flee

Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy.


Europe Stockpiling Low Cost, Surplus LNG

Demand from top Asian buyers drops sharply; Asian, European gas price spreads converge. Europe set to becoming dumping ground for LNG. Europe is set to become a dumping ground for the world's unwanted gas supplies this winter as Asian demand for sea-borne shipments fizzles out


Cost to Fuel Ships Falls

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For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as $1 million a year if current price level stay put. Assuming a difference from the average of first half of 2014 at $578 for 380 cSt, High Sulphur Fuel Oil (HSFO) in Rotterdam, to a new level of $412


Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards, data from the revised budget seen by Reuters showed on Friday. President Goodluck Jonathan submitted the revised budget


Oversupply, Ebola Fears Drive Oil Below $86

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 * Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters poll * Commerzbank cuts price forecast on bearish OPEC signals (Updates prices, adds Middle East supply)    


Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency. Analysts said the results were disappointing and suggested Vale might find it harder than expected to fund expansion projects


Easing US Oil Export Ban Unlikey to Raise Gasoline Prices

A government study on Thursday essentially supported the notion that easing the decades-old restriction on exporting U.S. crude was more likely to lower than raise gasoline prices for American motorists, a conclusion that could ease concerns among lawmakers about changing the policy.


Venezuela, Ecuador to Defend Oil Prices

Nicolas Maduro, President of Venezuela

  Venezuela and Ecuador are working on a joint proposal to defend oil prices that the two countries will present at the next OPEC meeting, Venezuelan President Nicolas Maduro said on Friday. Venezuela was the first country to request an extraordinary meeting of Organization of the


Egyptian LNG Import Terminal Deal Finalized

Egypt finalized a deal with Norway's Hoegh LNG for a long-delayed liquefied natural gas import terminal on Monday that will eventually help the power-hungry country resolve a chronic energy shortage. However, the expected launch date for the floating storage and regasification unit was pushed


Boskalis Takes a Stake in Fugro

European stocks inched higher on Monday as acquisition hopes fuelled gains for oil services firms after Dutch group Boskalis took a stake in Fugro. Fugro jumped 44 percent after sector peer Boskalis bought about 15 percent of its shares, which have lost more than half of their value since June


BP's 3Q Interim Dividend for 2014

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  The Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014


Merger Talks Feed Energy Sector Deal Speculation

Employees work in a lab at the Halliburton Co. facility in Houston.

  Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell


Bunker Demand up 25 pct at Indian Ports

Demand for shipping fuel at major Indian ports has climbed in the past week by up to 25 percent as the cost of refuelling at Singapore, Asia's bunkering hub, soared following the collapse of the world's leading supplier, traders said. The announcement of OW Bunker's bankruptcy drove up shipping


Outlook for Bunkering & Marine Lubricants in India

  The "4th Annual Conference on the Outlook for Bunkering and Marine Lubricants in India" will be held on Thursday, December 4, 2014 at the Hotel Vivanta by Taj-President, Cuffe Parade, Mumbai. With the demand for shipping fuel at major Indian ports having climbed in the past


NAT CEO: Low Oil Prices Benefit the Tanker Market

Herbjørn Hansson (Photo courtesy of NAT)

Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing the decrease in oil price as an overall positive for the world tanker market and possible trigger for the recent rate






 
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