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.
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
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.
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
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, 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
The name Hyundai Heavy Industries (HHI) usually comes up with a name tag of the worlds largest shipbuilder. But the Ulsan-based company is now dreaming of becoming more than just a shipbuilder, as they have found out that selling offshore oil drilling facilities and industrial plants can be lucrative businesses especially with the soaring oil price, according to a report in the Korea Times. Earlier this month, the company won a $1
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'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
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.
Oil prices rallied briefly on Tuesday after reports that Iran had seized a cargo vessel, described initially by Iranian and Saudi media as a U.S. ship, raised geopolitical tensions and concerns about the security of Middle East crude shipments.
North Korea has successfully test-fired a newly developed ballistic missile from a submarine in what would be the latest display of the country’s advancing military capability. The official Korean Central News Agency (KCNA) said that North Korean leader Kim Jong Un personally
German container line Hapag-Lloyd has defied the challenging market environment in the containership market and returned to profit in the first quarter of 2015 euros as a stronger dollar and lower bunker prices helped to offset weaker freight rates.
French container line CMA CGM’s consolidated net profit soared to $406 million in the first quarter from $97 million a year ago as the French carrier capitalized on efficiency gains, cost cuts and sharply lower bunker prices.
Joe McGladdery, a partner with the London law offices of Wikborg Rein & Co, says that, while falling oil prices have exerted pressure on the LNG charter markets, the new generation of low-speed, dual-fuel LNG carriers now in service and on order remain an attractive option for owners and
While declining Asian LNG prices have reduced margins on the long-distance LNG trade, causing spot-charter rates for LNG vessels to fall, LPG shipping earnings are forecast to remain buoyant on the back of low oil prices and the absence of fuel substitution.
Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday. The price of spot LNG for April delivery inched up to $6.75 per million British thermal units (mmBtu) on Friday from $7
Japanese market players ramp up their design efforts for fuel-efficient engines to challenge Korean yards as demand for super-cooled fuel is set to soar, says a report in South China Morning Post. A total of 50 to 60 LNG ships annually are forecast to be delivered globally in
Up and Down brown water bunker pricing is giving small-to-medium sized operators heartburn. It doesn’t have to be that way. The recent free fall in oil prices is grabbing the attention of many in the commercial marine business. Ferry services, cruise lines, tour boat operators, tugs, etc
For the 2014 financial year, VIKING Life-Saving Equipment A/S has again managed to lift both its top and bottom line to record levels. Turnover grew 7 percent to DKK 1.728 billion, and pre-tax profits reached DKK 183.7 million – an increase of 30 percent.
A plan to attract private investment to Brazil's strained port infrastructure is even more important in the face of federal budget cuts that will curb public investment, Brazilian Ports Minister Edinho Araújo said in an interview.
Asian container operator Wan Hai Lines Ltd sees 2014 profit jump as revenue grows faster than costs. The Taiwanese container carrier recorded a profit of TWD5.32 billion (USD170 million) for 2014, soaring 158% from a profit of TWD2.13 billion in 2013.
EIA's AEO2015 projects that U.S. energy imports and exports come into balance, a first since the 1950s, because of continued oil and natural gas production growth and slow growth in energy demand The Annual Energy Outlook 2015 (AEO2015) released today by the U.S
Coal port shut since Monday night; seven coal ships waiting to leave, ship queue undisclosed. * Newcastle coal futures price up 10 pct this week (Adds coal terminal operator comments) MELBOURNE, April 22 (Reuters) - Australia's Newcastle port, the world's biggest coal export port
A record month for containers and a revival in crude oil imports boosted first quarter throughput at leading French port Marseille Fos to 20.1 million metric tons – up by 1.3 million metric tons or 6.9 percent on January-March last year.