Oil Price to Rise Gradually to $80 by 2020 -IEA
Oil is unlikely to return to $80 a barrel before the end of the decade, despite unprecedented declines in investment, as yearly demand growth struggles to top 1 million barrels per day…
China Says Unaware of Plan to Discuss Sea Dispute at APEC
China is not aware of any plan to discuss the disputed South China Sea at an Asia Pacific leaders' summit next week, a senior Chinese diplomat said on Tuesday, amid…
BP Suspends Chirag Platform for Maintenance
BP has suspended operations at Chirag, one of its platforms in the Caspian Sea, for planned maintenance, the British oil company said on Tuesday. "Operations at Chirag have been suspended today for planned maintenance for 25 days," BP-Azerbaijan said in a statement. It said the work would maintain the ability of the platform to produce in a safe, reliable and environmentally sound way and added that oil exports would continue according to the schedule.
Oil Tankers Queueing in US Gulf Seen as New Symbol of Glut
A traffic jam of oil tankers has emerged along the U.S. Texas coast this month, a snarl that some traders see as the latest sign of an unyielding global supply glut.
Mega Cranes Commissioned at Port of Houston
The Port of Houston Authority last week commissioned the first of four new Super Post-Panamax ship-to-shore (STS) cranes at its Barbours Cut Container Terminal.
Two More Secondhand Bulkers for Seanergy
Dry bulk shipper Seanergy Maritime Holdings Corp. has taken delivery of two secondhand Capesize dry bulk vessels, renamed M/V Gloriuship and M/V Squireship, to be employed in the spot market.
Damen ASD Tug Delivered to Clyde Marine
Clyde Marine Services has taken delivery of its first Damen ASD Tug, the shipbuilder announced today. The Damen ASD 2310 has been named CMS Warrior, and she will join a 12-strong fleet of tugs and crew tenders at the Scottish company. Based in Greenock, Scotland, Clyde Marine Services was established in 1913 and has a long history of working with Damen vessels. The first experience of a Damen vessel was when the marine services company bought a Damen Pushy Cat in the mid-eighties.
ECSA Leads Holistic Approach to Maritime Security
European shipowners have widened the scope of the former European Community Shipowners’ Associations (ECSA) Piracy Working Group, now renamed ECSA Maritime Security Working Group in a move aiming to keep the European shipping industry abreast of maritime developments. According to ECSA, topics under the remit of the new working group range from piracy and armed robbery at sea to cyber security, as well as the humanitarian crisis in the Mediterranean…
Steel Delivered to Build Russia’s New Icebreakers
OJSC Magnitogorsk Iron and Steel Works (MMK) has been selected as the key steel supplier in the construction of nuclear icebreakers (Project 22220) at the Baltic Shipyard…
Yamal LNG Project on Track, Says Russia's Sberbank
Russia's Yamal LNG liquefied natural gas project is on track and will be profitable even with low oil and gas prices, Sberbank Chief Executive German Gref said on Tuesday. "This is the most expensive project, (it) will completely change the gas economy of the country," he told President Vladimir Putin. (Reporting by Denis Dyomkin; writing by Vladimir Soldatkin)
US-flag Lakers’ Cargo Down in October
U.S.-flag Great Lakes freighters (lakers) carried 9.7 million tons of cargo in October, a decrease of 13.7 percent compared to a year ago, and a decrease of 0.6…
Crowley Approved to Import Canada-sourced LNG
Crowley Maritime Corp. ’s petroleum distribution group has been granted approval by the U.S. Department of Energy (DOE) and the National Energy Board – Canada (NEB) to import Canadian-sourced liquefied natural gas (LNG) for supply, transportation and distribution throughout the Pacific Northwest and Alaska. The renewable, two-year import and export licenses now allow the company to import up to 2.12 billion cubic feet (BCF) of LNG via truck in 10…
Maersk Line Revamps Far East/Southeast India Network
Container shipper Maersk Line has introduced two new services for its Far East/Southeast India network: the Chennai Express (CHX) and the Chennai Express 2 (CHX2).
Ferry Runs Aground in North Carolina
The U.S. Coast Guard has transferred passengers off a grounded ferry in Hatteras Inlet, North Carolina. Coast Guard watchstanders were notified Monday afternoon that the North Carolina Department of Transportation ferry Roanoke ran aground with 16 vehicles, 23 passengers and seven crew members aboard. A 29-foot Response Boat-Small crew launched from Station Hatteras Inlet and is on scene to take passengers off the ferry and relocate them to Hatteras Ferry Terminal in Hatteras.
Small Dry, Big Value
VesselsValue’s new Small Dry module provides values for MPPs (and heavy-lift), single and tweendeckers, small handys and general cargo vessels. On the heels of its November 2015 launch, VesselsValue delves deeper into the sector’s nuances, premiums and discounts. The small dry sector is relatively old and experiences a much lower rate of fleet renewal than perhaps bulkers or tankers. On VesselsValue the average age of a small dry vessel is 18.3 years compared to that of bulkers (8.6 years)…
US Expects South China Sea Issue to Come up at APEC
The South China Sea issue is likely to come up on the sidelines of the APEC summit if it is not on the formal agenda, State Department spokesman Mark Toner said on Tuesday.
Deepwater Downturn: Bump in the Road or Long-term Slowdown?
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. We see the downturn in market conditions and implosion of Petrobras as a bump in the road.
Calnetix Technologies Notches 3 New Patents
The U.S. Patent Office has awarded three new patents to Calnetix Technologies, a developer of high-speed motor generators, magnetic bearings and control systems and energy recovery technologies.
DSM Dyneema Unveils Black Dyneema
Dyneema-branded ultra high molecular weight polyethylene fiber is now available in black. DSM Dyneema, the developer and producer of Black Dyneema, says the new…
Port of New Orleans Riding High
The Port of New Orleans has surpassed the half-million mark for twenty-foot-equivalent units (TEU) handled in a 12-month period for the first time, announced Port President and CEO Gary LaGrange during the 29th Annual State of the Port Address hosted today by the International Freight Forwarders and Customs House Brokers Association of New Orleans. “It’s another milestone that comes on the heels of four record years in a row,” LaGrange said.