Shipbuilders See More Growth with Oil Price Rise

Tuesday, September 18, 2007
The Korea Times reported that shipbuilders who were enjoying solid sales have also secured an additional growth engine for further expansion rising oil prices. With oil prices hitting record highs, offshore oil exploration has picked up, leading to strong demand for drilling rigs and for the conversion of oil tankers into floating-production, storage and offloading (FPSO) vessels.

The unit price of Dubai crude oil, South Korea’s benchmark, rose to a record high of $71.13 in August, an increase of $1.64 from a month earlier, according to data from the National Statistical Office (NSO). The statistics agency added that it is the first time for oil import prices to exceed $70 a barrel. Industry sources said oil prices have quadrupled since 2002. Samsung Heavy Industries has at least four LNG carriers on order, and is optimistic about more contracts for LNG carriers over the next three years on healthy demand Source: Korea Times

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Fincantieri Launches Nuclear Waste Vessel for Russia

New semisubmersible floating platform will be used to transport special material decommissioned by the Russian Navy    Itarus, the new semisubmersible floating

Interview: Mike Petters - President & CEO, HII

Last month Mike Petters, president and CEO of Huntington Ingalls Industries (NYSE:HII), was honored by the Coast Guard Foundation at the 35th Annual Salute to the United States Coast Guard,

Grandweld Delivers Vessel to ADNOC

United Arab Emirates leading shipyard Grandweld has delivered a dive maintenance and support vessel TAWAM1 to Abu Dhabi National Oil Company (ADNOC).   Grandweld

Cruise Ship Trends

5 P&O Cruise Ship Meet in Sydney

Sydney is the stage for the biggest get-together of a fleet of cruise ships ever seen in the Harbour city.    Five P&O cruise ships have created a V-formation

Turbocharger Retrofits for Royal Caribbean

MAN PrimeServ informs it has won the contract from Royal Caribbean Cruises Ltd. (RCCL) to retrofit the turbochargers aboard four cruise liners from its fleet.   The

South Africa Ports Gear Up for Cruise Season

South Africa’s ports are ramping up for a bumper cruise season with at least eight luxury cruise lines and over ten passenger vessels of varying sizes set to ferry

Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0655 sec (15 req/sec)