Crude Spreads Remain Firm in face of "Massive Oversupply": Kemp
The oil market was massively oversupplied in the second quarter and remains so today, the International Energy Agency (IEA) wrote in its latest monthly oil market report. "The market's ability to absorb that oversupply is unlikely to last. Onshore storage space is limited. So is the tanker fleet. New refineries do not get built every day. Something has to give," the agency warned starkly. If so, someone forgot to tell the futures markets…
Vietnam to Go-ahead with $2.5 bln Port Project
Vietnam's government has agreed on a port project in the southern province of Ca Mau, costing some $2.5 billion according to media reports and which would be able…
Braskem to Get New Chairman
Brazilian petrochemical firm Braskem SA said on Friday it will hold a general meeting on Aug. 4 to appoint a new chairman, after its current chairman was arrested for alleged involvement in a corruption scheme. The new chairman will be Newton de Souza. He will replace Marcelo Odebrecht, chief executive officer of construction company Odebrecht SA, who was arrested last month for alleged involvement in a kickback scheme at state-run oil company Petrobras.
Mount Whitney Dry Docking Nears Completion
The U.S. 6th fleet’s command and control ship USS Mount Whitney (LCC 20), entered the final stages of its renovation and overhaul at the Viktor Lenac shipyard, in Rijeka, Croatia, July 11, 2015. After successfully completing the majority of a seven-month docking, renovation, overhaul, and at sea trial, Mount Whitney is weeks from returning to its forward deployed port of Gaeta, Italy. Mount Whitney…
Hiab Appoints Jansson-Kiuru as VP-Human Resources
Hiab, part of Cargotec, has appointed Ghita Jansson-Kiuru as Vice President, Human Resources. She will be responsible for Hiab's global human resources strategy and development. The starting date is open until her succession is in place, however, it will be no later than in October. Ghita has more than 20 years of excellent track record of international HR and leadership development during, which she has held various positions in HR, general management, marketing, operation, and sales.
5-Yrs Extension for Rig Heydar Aliyev
Maersk Drilling has been awarded a 5-year contract extension for the semi-submersible Heydar Aliyev rig with BP Exploration (Shah Deniz) Limited acting as Operator of the Shah Deniz field . The rig will continue working on the development of the Shah Deniz field in the Caspian Sea offshore Azerbaijan. The extension is in direct continuation of the current contract ending May 2016 and extends the contract until May 2021. The estimated value of the contract extension is up to USD 523m.
HRH Princess Royal to Patronize LISW 2015
London International Shipping Week (LISW) is delighted to confirm that HRH Princess Royal has agreed to be Patron for LISW in 2015. Jeremy Penn, Chairman of the LISW Steering Group, said: “We’re all absolutely thrilled that HRH Princess Royal has agreed to be Patron for London International Shipping Week this year. It’s a huge honour for us and we couldn’t be more pleased. Taking place from September 7 to 11 2015…