Aker Philadelphia Shipyard forms Philly Tankers
Aker Philadelphia Shipyard and financial sponsors, including American Shipping Company and funds affiliated with Apollo Global Management, create pure play Jones Act shipping company, Philly Tankers. Aker Philadelphia Shipyard ASA (OSE: AKPS) is pleased to announce the planned establishment of Philly Tankers AS, a Norwegian limited liability company, and its wholly-owned subsidiary, Philly Tankers LLC, a Delaware limited liability company (together “Philly Tankers”). Philly Tankers…
Floating Production System Orders Outlook
An EPC contract for a production unit can easily exceed $1 billion – and $3 billion for an FPSO has recently been breached. Overall, this is a $20 to $30 billion annual market. But, as described below, the sector is hitting some headwinds that could impact future business opportunities. 243 floating production projects are in various stages of planning as of beginning May. Of these, 57% involve an FPSO, 16% another type oil/gas production floater, 23% liquefaction or regasification floater and 5% storage/offloading floater.
Atlantic Basin Crude Oil Surplus Bound for Asian Markets Says Report
The growth in crude production in the Atlantic Basin will have a profound impact on regional crude supply/demand balances. According to PIRA Energy Group, a sizeable crude surplus will develop within the region, and crude will be forced to seek markets elsewhere, primarily in the rapidly growing countries in Asia. The Atlantic Basin is broadly defined as including the Americas, Europe, and Africa. According to PIRA, refinery runs in these countries have declined in recent years after peaking in 2005-2007, but they are expected to slowly resume growth with increases in the U.S.
