U.S. crude oil imports January to June 2001 were above the 2000 level in each month. However, crude oil imports during 3rd quarter were below the 2000-year level for each month. Crude oil imports in August 2001 were about 1.0 mbd below the August 2000 level and the September 2001 level was 0.3 mbd below that of September 2000. Crude oil imports Jan-Sept. 2001 were record high, 0.10 mbd above the Jan-Sep. 2000 level. The highest U.S crude oil imports ever - 9.484 mbd - were recorded in August 2000. U.S. product imports declined dramatically from 3.33 mbd in January 2001 to 2.12 mbd in August, increasing slightly to 2.24 mbd in September 2001. Products imports Jan-Sept. 2001 were also record high, 0.21 mbd above the Jan-Sep. 2000 level. (Source: INTERTANKO News)
According to a report from the Offshore Magazine, Gulf of Mexico oil production is forecast to increase substantially over the next few years, possibly reaching 1.9 MMb/d in 2013 which would be a record high. This is MMS’ best-case scenario, which factors in industry-announced discoveries and undiscovered resources. (Source: Offshore Magazine)
Dutch dredging & marine specialists, Royal Boskalis Westminster N.V. (Boskalis) report revenue & profit higher than in the first half of 2012. The order book increased in recent months and stood at a new record high of EUR 4 billion at the end of the third quarter. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results
South Korean shipbuilders were overtaken by their Chinese rivals in new orders acquired in the first four months of the year, a London-based market researcher said on Wednesday. South Korean shipbuilders such as Hyundai Heavy Industries Co and Samsung Heavy Industries Co received a combined 6.9 million compensated gross tons (CGTs) in new orders in the January-April period, up 6.9% from a year ago, Clarkson Research Studies said.
Wilhelmsen Ships Service has opened a new full service office in Ningbo, providing a comprehensive range of ships agency and maritime logistics services. The company now has five offices in mainland China. “Our strategy has been to strengthen our network across China in order to be present where our customers are operating,” said Captain Bi Yuping – General Manager of WSS Ships Agency & Maritime Logistics China.
The U.S. oil industry locked horns with environmental regulators last week over a new proposal to make diesel burn cleaner. The Environmental Protection Agency (EPA) proposed this spring to reduce the sulfur content in diesel by 97 percent, starting in 2007, as a way of cutting back on toxic emissions. But at a hearing on the green diesel proposal, oil industry representatives said the EPA was going "too far too fast" and that the rule could cause fuel shortages and surging prices similar to
Already one of the most aggressive spenders on future supplies, ConocoPhillips CEO James J. Mulva is now poised to make another huge deal: a $30-billion plus acquisition of Burlington Resources (BR), according to a Business Week report. Buying BR would be a giant bet on a red-hot U.S. natural gas market. While Burlington has international operations in Algeria, China, and Latin America, 84% of its reserves are in North America. With U.S
While the international ferver for all things maritime continues to sweep the globe, with record high markets in the construction of ships, boats, and offshore structures, a recent report could serve as the proverbial “shot across the bow” that the market could be starting to cool. With a record number of ships set to enter the market, a recent Bloomberg report said that he cost of shipping coal and iron ore is about to decline as the supply of cargo vessels overwhelms demand.
According to reports, South Korean shipbuilders are profiting more from selling high-value units such as offshore plants and liquid gas carriers than ever. Daewoo Shipbuilding and Marine Engineering, already has won a record-high $7 billion in building orders this year, which exceeds last year's record of $6.6 billion. Such high performance was largely affected by the sales of four offshore oilrig units, which amounted to $1.9 billion in total.
This world record is established when MES completes the construction of Mitsui-MAN B&W 6S50MC-C Mark 7 at its Tamano Works (Tamano City, Okayama Prefecture) for Sanoyasu Hishino Meisho Corporation (with president Mr. Shinich Kimura), who will install such engine to a chip carrier of 4.35 million cubic feet (shipyard No. 1260) to her owner, Mitsui OSK Lines. In the wake of growing demand for new shipbuilding boosted by active ocean cargo transport
A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production cuts in Canada's oil sands region due to a wildfire. U.S. crude stocks, which have been setting record highs since January
Europe is expected to receive its largest-ever diesel cargo after French refiner Total booked a super tanker to sail to the region even as it faces brimming storage tanks and wilting demand. Total has chartered the newly-built very large crude carrier (VLCC) tanker Alice to ship 270
Import cargo volume at the United States’ major retail container ports has begun its annual climb toward summer levels but is expected to be largely flat when compared with last year’s record high numbers, according to the monthly Global Port Tracker report released today by the
The U.S. trade deficit widened more than expected in February as a rebound in exports was offset by an increase in imports, the latest indication that economic growth remained weak in the first quarter. The Commerce Department said on Tuesday the trade gapincreased 2.6 percent to $47
Tailor-made cover helps DGS secure 6 percent growth in 2016 P&I renewals; total BE&O tonnage exceeds 5 million metric tons DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility
With 12 weeks of 2016 behind us, the dry bulk market is still looking bleak. As the current low demand for transportation of commodities continues, the market is doing what it can by scrapping old ships and restraining from ordering new ones.
U.S. natural gas futures on Friday sank to within a penny of a 1995 low as drillers continue to pull near record amounts of gas out of the ground despite forecasts for warm weather and light heating demand and with stockpiles at record high levels.
South Korean exports in February tumbled in their 14th consecutive month of declines, with the longest slump in the country's modern history underscoring how a slowdown in China is putting trade-reliant economies on the skids. The bleak overseas sales from the world's sixth-largest
Oil prices fell 4 percent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom's rationale for maintaining output was that demand would pick up excess crude that has crushed prices over the past 20 months.
At least two tankers booked in recent days; Gasoline stocks at record high in Europe, U.S. Traders have begun storing gasoline on tankers off the coast of Europe as land storage tanks near maximum capacity, the latest sign of increasing stress in the refined oil products market.
U.S. crude prices up 9 pct this week; at slight premium over Brent for most of day. U.S. crude prices rose for a fourth straight session on Thursday, headed for a 9 percent weekly gain in the lead-up to Christmas as the market tightened on the back of falling supplies and looming exports.
Norwegian marine insurer Skuld delivered a result of USD 20 million in the first nine months of the year, a USD 5 million increase from the same period last year. Overcapacity is still putting pressure on premium levels, says CEO.
News out of Brazil has largely made for gloomy reading this year: the contracting economy, the Petrobas scandal and the Samarco dam collapse, claims Clarksons Research. However, there is a case for festive cheer given the growth in Brazil’s dry bulk exports this year.
Tankers laden with diesel heading from the U.S. Gulf Coast to Europe are turning around in mid-ocean as European storage is nearly filled to the brim. At least three 37,000 tonne tankers - Vendome Street, Atlantic Star and Atlantic Titan - have made U-turns in the Atlantic ocean in recent
South Africa is laying the groundwork in case it needs to import as much as 4 million tonnes of maize after successive seasons of drought threaten the crop in Africa's top producer of the grain, which is usually a net exporter. Siyabonga Gama, chief executive of Transet