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Record High

U.S. Oil Imports Up

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)


GOM Oil Production to Reach Record High

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)


Boskalis Conclude Good Quarter, Raise Earnings Outlook

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


Black Sea Wheat Exports Could Rise 12% in 16/17

Leading wheat producers in the Black Sea region - Russia, Ukraine and Kazakhstan - are likely to increase their exports by around 12 percent in 2016/17 due to a bigger harvest than last year, analyst UkrAgroConsult said on Tuesday.   It forecast exports from the three countries would total 54.1 million tonnes in the marketing year ending next June.   Their wheat production rose to 114.3 million tonnes this year from 101


WSS Expands Network in China

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.


China Overtakes Korean Shipbuilding

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.


Oil Industry: EPA Going “Too Far, Too Fast” On Diesel

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


ConocoPhillips to Acquire Burlington Resources

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


Freight Rates to Fall?

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.


Mitsui-MAN B&W Diesel Engine Achieves World Record

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


US Drillers Continue to Add Oil Rigs -Baker Hughes

U.S. oil drillers increased rigs this week for a 21th week in the last 24, as energy firms follow through on plans to add rigs made months ago when crude was still trading over the key $50 a barrel level analysts said should lead to more drilling.  


Tuco to Deliver Net Cleaning Boats for Fish Farming

Image: Tuco Marine

Following vessel deliveries to the offshore business and governmental organizations in Norway, Tuco Marine will now also deliver to the Norwegian Aquaculture industry. Two ProZero 15m boats have been sold as high pressure cleaning boats to Norwegian AKVA Group.  


Containership Scrapping Maintains Record Pace

File photo: IMO

Containership demolition has reached an all time high, providing a positive surprise for the struggling container shipping sector.   A record high level of demolition activity in the container shipping has continued its pace throughout 2016


Caterpillar CEO to Retire, Successor a Company Veteran

Caterpillar Inc insider Jim Umpleby will become chief executive of the heavy equipment maker on Jan. 1, faced with the challenge of reversing a multiyear sales decline triggered by the global commodities slump.   He replaces Doug Oberhelman, who will retire as CEO on Dec


Rotterdam Port Throughput Slips

Courtesy Port of Rotterdam Authority

Compared to the excellent first three quarters of 2015 (+5.4%), cargo throughput in the same period this year fell by 1.9%. The decrease was particularly strong in coal and iron ore. Allard Castelein, CEO of the Port of Rotterdam Authority: “Each of the different sectors in the port has its


Oil Rises on Record Indian Imports, Hopes of Output Caps

Oil prices edged up on Wednesday, supported by record Indian crude imports and talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.   Global benchmark oil futures, the Brent and U.S


US Rig Count Recovery Hinges on $50 Oil Post-OPEC Meeting

U.S. oil drilling has seen its best quarter since crude prices tumbled two years ago mainly due to small operators returning to the well pad, but analysts say the continued recovery in the rig count depends on whether OPEC's output reduction plan can bring the market back to $50 a barrel.  


US Oil Drillers Add Rigs for 11th Week in 12

U.S. drillers this week added oil rigs for an 11th week in the past 12, according to a closely followed report on Friday, although the rate of increases has slowed as crude prices remain below the key $50 a barrel level that spurs a return to the well pad.  


Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.   The company, which exports diesel and gasoline to markets in the southeastern Mediterranean and the Balkans


Panama Canal Celebrates 102 Years

Image: Panama Canal Authority

 The Panama Canal has celebrated 102 years of successful operations and service to the global maritime community, just one day after welcoming its one-hundredth transit through the expanded waterway.     On August 15, 1914, the Panama Canal officially opened for business


MISC Reports Higher Profit Despite Revenue Loss

Yee Yang Chien, PRESIDENT & CEO, MISC BHD

* Group revenue for the quarter and the 6 months period ended 30 June 2016, were lower than the corresponding quarter and 6 months period ended 30 June 2015.   * Group profit before tax for the quarter and the 6 months period ended 30 June 2016


Oil Glut Still a Major Dampener on Prices -IEA

The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-OPEC production, the International Energy Agency said on Wednesday.   The IEA, which coordinates the energy policies of industrial nations


Can You Farm Fish Inside a Cargo Ship?

Photo: Marine Harvest ASA

 The world’s biggest Atlantic salmon producer wants to start farming fish inside a ship – and the idea has merit, says a report in IOL.   Building traditional fish farms on the open water in Norway has become almost impossible because of state rules intended to curb


Oil Turns Lower after US Crude Build

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


Largest-ever Diesel Cargo Heads to Europe

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






 
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