Finance

Optimistic on VLCC Market

 Shipbroker Charles R. Weber is quite optimistic on the future prospects of the VLCC market for 2016 onwards.   The demand is expected to remain elevated with

Goldenport Bleeds in Red

 Goldenport Holdings Inc reported a net loss of USD14.7 million in the first six months of 2015, significantly wider than the USD1.4 million net loss a year earlier

Strong Returns for Sovcomflot

 Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months.

CSDC Profts Soar

 The bulker and tanker unit of state conglomerate China Shipping Group, China Shipping Development Co (CSDC) has delivered a first half performance which saw its profit spike,

Britain Pumps GBP500mln into Scottish Naval Base

 The Royal Navy’s submarine base at Faslane – home to Britain’s nuclear deterrent – is to receive a more than 500 million pounds investment grant from the Government, reports Reuters.

Labor Support for Moratorium Puts Jobs at Risk

  The Western Australian Labor Party is jeopardizing jobs and investment in the State’s oil and gas industry by supporting calls for a moratorium on hydraulic fracturing.

Obama Heads to Alaska, Where Drilling Decision Looms Large

  President Barack Obama on Saturday defended his decision to allow Royal Dutch Shell to drill for oil in the Arctic Ocean under what he said were rigorous standards,

Brazil May Vote on Sub-salt Oil Law in September

  Brazilian Senator Jose Serra said on Friday he expects a vote on changing the country's oil law to ease demands on state-run firm Petrobras and reduce local

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

  Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

BW Offshore Posts Rise in Profits

  * EBITDA of USD 105.0 million   * Recovery project for FPSO Cidade de São Mateus ongoing   * Successful placement of a NOK 900 million senior unsecured bond   * Dividend payment of USD 0.

Alberta Says Current O&G Royalty Framework to Remain to End-2016

Alberta's oil and gas royalty framework will remain in place until the end of 2016, Energy Minister Marg McCuaig-Boyd said on Friday, as she gave details of the

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

US Oil Drillers Add Rigs for the 6th Week in a Row

U.S. energy firms added one oil rig this week, the sixth consecutive week of increases even as U.S. oil prices flirted with 6-1/2-year lows, signaling further pressure on a market awash with crude.

Arab Oil Producers Brace for More Price Pain

A second oil price rout of 2015 has forced Arab OPEC members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Scotiabank Energy-Sector Bad Loans Climb; Profit Tops Estimates

Bank of Nova Scotia, which reported a quarterly profit that beat market expectations on Friday, said bad loans in the energy sector climbed as the oil price selloff took a toll.

CESG Ltd Emerges from Management Buyout

Following a management buyout, Neil Carrington, Chief Executive of CES Guernsey, has fully taken the helm and rebranded the company to CESG Limited. The new name change,

Oil Surges in Short-Covering Rally

Front-month Brent crude futures surged more than 10 percent higher yesterday, one of the largest daily percentage movements on record, as traders raced to cover short positions.

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