Evercore Isi News

As oil exploration and production goes, so goes the market for Offshore Service Vessels (OSVs) and Platform Supply Vessels (PSVs). Throughout 2025, the prices of oil- which drives exploration and production (E & P), have softened, moving down towards $60/barrel amidst economic uncertainty and a wider than anticipated opening of the taps by major oil producers. In the past year, the Baker Hughes overall count of U.S. rigs working has declined. September 2025’s U.S. Rig count of…

A 90-day trade thaw between Washington and Beijing could prove to be a welcome reprieve for the U.S. freight industry, as importers rush to lock in shipments ahead of the busy back-to-school period, experts said.The $906 billion U.S. trucking industry, in particular, has been facing a nearly three-year-long slowdown due to overcapacity, which was worsened by President Donald Trump's recent tariffs on the country's largest trading partners.But an agreement on Monday between the world's two largest economies to slash tariffs for at least 90 days…

The United States is on track to become the world's biggest exporter of liquefied natural gas (LNG) this year - ahead of current market leader Australia - once a fire-idled Texas plant is restarted, according to Reuters data.A June fire sidelined Freeport LNG, the second biggest U.S. export facility, and cut U.S. exports of the fuel by about 2 billion cubic feet per day (bcfd). That outage dropped the United States behind top exporter Australia as global demand for the fuel boomed.In 2022, U.S. exports of natural gas as LNG rose 8% to 10.6 bcfd, just shy of Australia's 10.7 bcfd.

Offshore drilling contactor Valaris, which is exploring a bankruptcy restructuring, on Thursday said it could take up to two years to reactivate idle equipment as contracts dry up during a historic rout in oil prices.Global oil markets have collapsed since the beginning of March as the coronavirus pandemic has crushed fuel demand. Expensive offshore drilling projects have been halted or delayed, creating an uncertain outlook for service firms that had hardly recovered from the last oil price crash.London-based Valaris, the result of the 2019 merger of Ensco Plc and Rowan Companies, posted a $2.81 billion asset impairment charge in the first quarter.

Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed a record cut in output from May of 9.7 million barrels per day, or almost 10% of global supply, to help support prices and curb oversupply.At…

The U.S. government and Florida were working on a plan on Wednesday to allow thousands of cruise ship passengers exposed to an onboard coronavirus outbreak to disembark, a day after President Donald Trump urged the governor to drop his opposition to their docking.Fort Lauderdale Mayor Dean Trantalis said he was not opposed to them docking in his city. But he said a clear protocol was needed to protect residents of his South Florida city from infection.“There can be no missteps in this process…

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.

At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington on Sept. 25 announced sanctions on Chinese tanker companies, including COSCO Shipping Tanker (Dalian), a subsidiary of…

Another year; another major fleet takeover by Kirby Corporation. But the leader of the inland tank-barge sector is not growing for growth’s sake: a deeper look at the numbers shows a disciplined strategy at work.“Kirby is definitely the big gorilla in the inland barge market,” affirmed Jefferies analyst Randy Giveans. Indeed, Houston-headquartered Kirby Corp has been extremely active buying fleets over the past few years, most recently acquiring the 63 tank barges of Cenac Marine in March for $244 million.

Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipment…

The price of shipping liquefied natural gas (LNG) has spiked in September and is likely to remain high next year, buoyed by rising production from new plants and concerns that demand for LNG vessels will outpace supply.The rate for vessels shipping LNG from the Atlantic Basin to Asia has jumped to $90,000 to $95,000 a day this week from $75,000 a day at the end of August, brokers and traders said.Rates, which broadly hovered around $30,000 to $40,000 a day from 2015 to 2017, have risen due to longer distances covered to transport LNG from new terminals in the United States and Arctic Russia…

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

GoodBulk, incorporated in Bermuda and headquartered in Monaco, announced that it has launched its initial public offering of 8,500,000 common shares at an anticipated initial offering price between $15.50 to $17.50 per common share. In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. The Company intends to use the net proceeds of the Offering, together with cash on hand and additional borrowings under the Company’s credit facilities, to fund the cash portion of the purchase price for the acquisition of up to five secondhand Capesize dry bulk vessels and for general corporate purposes.

GoodBulk, an owner and operator of dry bulk vessels, announced that it has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its common shares.Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for the proposed offering.A registration statement relating to these securities has been filed with the SEC but has not yet become effective.GoodBulk, incorporated in Bermuda and headquartered in Monaco…

Rig contractor Diamond Offshore Drilling Inc's Chief Executive Officer Marc Edwards said on Monday oil prices needed to be "well over $60" to spur a recovery in offshore drilling. The company's shares reversed course and were down 2.3 percent at $16.67, with investors shrugging off a beat on quarterly profit and revenue. Global benchmark Brent crude prices have stabilized after a more than two-year slump, with prices hovering around $55 per barrel. "Offshore drilling is cyclical in nature…

Shares of many shipping companies dropped in volatile trading, retracing more of their post-U.S. election gains after Seanergy Maritime Holdings on Friday became the latest shipper this week to announce a direct share offer pricing. Seanergy shares were down 28.2 percent at $2.80 after the $3.6 million offering, while shares of Top Ships were down 13.5 percent and shares of Globus Maritime lost 8.9 percent. The losses extend Thursday's decline in many of the shares after DryShips' announcement of a share sale that would give it proceeds of $20 million initially.

U.S. oil drilling has seen its best quarter since crude prices tumbled two years ago mainly due to small operators returning to the well pad, but analysts say the continued recovery in the rig count depends on whether OPEC's output reduction plan can bring the market back to $50 a barrel. Since May, drillers have added 100 oil rigs with the rig count rising to 416 rigs last week, that included the most additions in a quarter since the first quarter of 2014, according to oil service firm Baker Hughes Inc. The number of rigs had plunged from a record high of 1,609 in October 2014 to a low of 316 in May after crude prices collapsed in the biggest price rout in a generation, in part due to U.S. shale producers adding to a global oil glut.

U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the well pad since August that signaled a near-two year rout in drilling may have ended. Drillers added 11 oil rigs in the week to July 1, the biggest weekly increase since December, bringing the total rig count up to 341, compared with 640 a year ago, energy services firm Baker Hughes Inc said. In the Permian basin in West Texas, the number of rigs rose by four for a third week in a row to a four-month high of 154. In the first half of the year, drillers cut on average eight rigs per week for a total of 195, compared with last year's cuts of 18 rigs per week on average for a total of 963, the biggest decline since at least 1988.

U.S. drillers this week added oil rigs for a third week in a row for the first time since August, according to a closely followed report on Friday, as producers seek more drilling permits after crude prices hit an 11-month high over $51 a barrel last week. Despite a decline in U.S. crude futures to one-month lows to under $47 this week, analysts and producers have said oil over $50 was a key level that would trigger a return to the well pad and drilling permits are a leading indicator of future drilling. Drillers added nine oil rigs in the week to June 17, bringing the total rig count up to 337, compared with 631 a year ago, energy services firm Baker Hughes Inc said.

U.S. energy firms this week kept the number of rigs drilling for oil unchanged for the first time this year, services company Baker Hughes Inc said on Friday, as crude futures trade near a seven-month high. Drillers kept the number of rigs at 318 in the week to May 20, holding at the lowest level since October 2009, Baker Hughes said in its closely followed report. Prior to this week, drillers added only one rig so far this year during the week of March 18. On average, they cut 11 oil rigs per week for a total of 218 so far this year. The number of U.S. oil rigs currently operating compares with the 659 rigs operating in the same week a year ago.

U.S. energy firms this week cut oil rigs for a 12th week in a row to the lowest level since December 2009 as drillers continue to slash capital expenditures despite crude prices having apparently bottomed, data showed on Friday. Looking forward, many analysts think the rig count will rebound later this year when prices rise. Drillers removed six oil rigs in the week ended March 11, bringing the total rig count down to 386, oil services company Baker Hughes Inc said. That compares with 866 oil rigs operating in the same week a year ago. Drillers started to steadily reduce their rig count after crude prices began to collapse mid-2014. U.S. crude futures were trading just under $39 a barrel, up 8 percent on the week and set for its fourth weekly gain on forecasts of tighter supplies as U.S.

The World Container Index’s composite index, an average of spot freight rates on 11 global East-West routes connecting Asia, Europe and the US, reached a record low of US$701 per 40-foot container on March 10, says Drewry Shipping Consultants. This was the lowest reading since the World Container Index (WCI) starting tracking weekly transatlantic, transpacific and Asia-Europe rates in June 2011. “The World Container Index’s composite index is now 60% lower than the average of the past 5 years and has decreased by 62% in the past year,” said Richard Heath, director of WCI. Jonathan Chappell, an analyst at Evercore ISI in New York says that there’s been an arms race in building bigger and bigger ships and they’re coming at a time the economy is slowing.

U.S. energy firms this week cut oil rigs for an 11th week in a row to the lowest level since December 2009, data showed on Friday, as Exxon Mobil Corp and other producers slashed their drilling rig count to focus on uncompleted wells amid low oil prices. Drillers removed eight oil rigs in the week ended March 4, bringing the total rig count down to 392, oil services company Baker Hughes Inc said in its closely followed report. That compares with 922 oil rigs operating in the same week a year ago. In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since at least 1988. Before this week, drillers cut on average 17 rigs per week so far this year.