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
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.
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
Though the Danish conglomerate AP Møller-Maersk posted higher-than-expected earnings, it has cut its forecast for global trade growth and abandoned several medium-term profit forecasts, as per a report in FT. Maersk overcame low oil prices and freight rates in its container
U.S. crude oil prices on Friday dove below $40 a barrel for the first time since the 2009 financial crisis, notching their longest weekly losing streak in 29 years after a further rise in U.S. drilling and a drop in Chinese manufacturing.
Following a spate of six attacks in the Singapore Straight over the weekend, maritime security provider MAST is calling for shipping companies to strengthen their approach to maritime security in South East Asia. “Shipping companies need to look at Best Management Practices (BMP) 4
Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash in six years by holding onto more barrels or making blends that can be sold for premiums.
A subsidiary of Islamic Republic of Iran Shipping Lines (IRISL) has launched a series of new routes across the Caspian linking Russia and Kazakhstan, reports Informatore Navale. This initiative will bring six sailings per month for new services
Over $750 million worth of fuel oil traded 1st week of June. Trading frenzy leads to record price swing. Major commodity houses are betting against each other on the direction of fuel oil in Singapore, the world's largest market for shipping fuel
The global macroeconomic scene has become more volatile, with prominent factors such as oil prices and global currencies causing a commotion. This is resulting in large-scale distributional changes of wealth and income that will impact global trade patterns in the long run if these changes
A sustained supply glut has maintained Brent oil prices through the first five months of 2015 at some 47 percent lower than the same period in 2014. Industry observers expect low oil prices to eventually take supply out of the market and drive a price correction, noted Douglas-Westwood.
Marine fuel prices are set to fall further after plunging to their lowest since late 2013, with traders in Singapore, the world's largest ship refuelling hub, saying they are looking to sell quickly in the face of a global supply glut.
Igor Sechin, the head of Russia's top oil producer Rosneft, said on Wednesday the United States is calling the shots on global oil markets, while the influence of OPEC has shrunk. The United States emerged with renewed vigour as a top producer thanks to its shale boom
As industry embraces gas, emissions regulations loom large and bunker logistics options develop, LNG’s fortunes nevertheless get a boost. For every gleeful consumer at the pump, and stockpiling tanker anchored offshore, there’s a corresponding trail of businesses that are
Asian liquefied natural gas (LNG) spot prices for August delivery were firm on Friday, underpinned by steady demand from the Middle East and the potential for stronger European demand after production cuts at the region's largest gas field.
A series of interesting and extreme price spikes is going on in the shipping market today, says Clarksons, provider of global shipping and offshore market intelligence. In fact the latest in a series of interesting and extreme price spikes is going on in the shipping market today
South Korea's leading shipping line Hanjin Shipping has returned to the black in the first half with a profit of KRW127.2bn ($109.87m), erasing the loss of KRW424.2bn in the year-ago period. Net profit came to 104.26 billion won (US$89
The Short-Term Energy Outlook (STEO) released on August 11 forecasts that North Sea Brent crude oil prices will average $54 per barrel (b) in 2015 and $59/b in 2016, which is $6/b and $8/b lower than projected in last month’s STEO, respectively (Figure 1)