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
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
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
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
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.
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
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
Today in U.S. Naval History - November 8 1861 – Capt. Charles Wilkes seizes two Confederate diplomats from the British steamer Trent, causing an international controversy with Great Britain (known as the Trent Affair). 1942 - Operation Torch (Allied landings in French Northwest Africa)
The U.S. Energy Information Administration (EIA) releases latest short-term energy outlook. Monthly estimated domestic crude oil production exceeded crude oil imports in October 2013 for the first time since February 1995. Highlights as follows:
Aker ASA has engaged ABG Sundal Collier Norge ASA and Arctic Securities ASA to explore the opportunity to acquire approximately 16.5 million shares (roughly 6% of the share capital) in Aker Solutions ASA, but with the possibility for Aker ASA at its full discretion to increase or decrease the
One of the most effective and easiest fuel reduction operations is reducing the engine power by reducing the speed of a vessel. Out of the total operational costs of a vessel, fuel costs account for, by far, the highest proportion. When fuel prices soared
The Royal Navy's latest, most advanced attack submarine commissioned into the Royal Navy at HM Naval Base Clyde. Ambush was commissioned into the Royal Navy during a ceremony overseen by the submarine’s crew, naval base workers and around 500 invited guests.
Freight rate up 3.2% on last year / Transport volume increases by 1.1%. Revenue rises by 12.1% to EUR 6.84 billion / Absence of peak season and persistently high energy costs weigh on business / Positive operating result of EUR 26 million / EBITDA of EUR 335 million.
ACE Winches announced post tax profits of £6.2m for 2012, a 15% increase on the previous year. Turnover at the Aberdeenshire-based group soared to £31.1m in the year ended October 31, 2012, a 42% increase on the previous twelve months
During April, 2013 new build prices for capesize, kamsarmax and ultramax vessels rose higher than in the previous month. Purchase prices for ships are often good indicators of financial health in the shipping industry. When shipping demand is expected to grow more than the supply of ships
The chief executive of energy services company Proserv has been named Ernst & Young Scotland Entrepreneur of the Year 2013. Judges praised David Lamont for molding “a phenomenal business of a truly global nature” in overseeing a 25% year-on-year growth during his two years at
Chongqing Container Terminal in Southwest China reports container volume up 29.7% to 166,000 teu in Q1 2013. Import and export container volume climbed 29.7 per cent to 166,000 TEU. Laden boxes amounted to 124,000 TEU, an increase of 33.3 per cent. Intermodal
Drewry Maritime Research’s latest Dry Bulk Insight saw the Drewry Hire Index improve to 229 points in June, a 6% increase from May. The largest improvement was seen in the Capesize vessel segment, resulting in the Drewry Capesize Demand Index increasing by over 80% during the
The forecasts and business strategies of carriers and manufacturers of transport-oriented capital goods indicate the industry is bracing for an era of higher energy prices and increased regulations, according to 'Transportation Outlook', a study conducted by Forbes Insights on behalf of CIT
Burgeoning momentum to own oil seems poised to push oil prices higher for now. On the week, U.S commercial stocks built led by crude, while Japanese crude stocks drew strongly, according to a market report by NYC-based PIRA Energy Group. Extracts from the report follow: Bullish Oil Prices
Executives from 20 shipping companies and 40 expert panelists will share case studies on improving efficiency in ship operations with an expected 100 registered delegates at the 2013 SHIPPINGInsight Fleet Optimization Conference, at the Sheraton Stamford Hotel in Stamford, Conn., Oct. 22-24
The Switch, a Finnish manufacturer of permanent magnet motors, generators and converters, announced the launch of its next-generation drive trains for energy efficient power generation and propulsion of merchant vessels. Combining The Switch’s permanent magnet and frequency converter