Too Few Ships Drives Bid Prices for Cargo
The world's fleets of cargo ships are aging, and demand for commodities is surging. That means the cost of shipping will go up, pushing up prices and crimping supply. The top performing ETF year to date is Market Vectors Steel SLX, which has returned 72.65%. Other ETFs with big gains were iShares Dow Jones (NYSE:DJ) U.S. Oil Equipment IEZ, iShares S&P Global Materials Sector Index Fund, MXI and WisdomTree Basic Materials DBN. The iShares ETFs returned 41.60% and WisdomTree Basic Materials returned 38.43% year to date. The price of oil was a big factor for the iShares ETF, and that price in part reflects the cost of transport, just as with many other commodities. Shipping costs are measured by the Baltic Exchange Dry Index, an indicator of prices for transporting freight.
New Century Shipbuilding Seeks $500-800M IPO
According to a report from Dow Jones, Chinese shipbuilder New Century Shipbuilding Ltd. plans to raise $500m - $800m in an initial public offering ahead of a listing in Hong Kong in the first half, Dow Jones sources said. New Century submitted an application for the listing earlier this month and will have a listing hearing at the Hong Kong stock exchange in February, according to those sources. (Source: Dow Jones)
Wärtsilä In Dow Jones Sustainability Index
Wärtsilä has been selected as an index component of the Dow Jones Sustainability Indices (DJSI), both in the DJSI World and DJSI Europe indices. S&P Dow Jones Indices, one of the world's leading index providers, and RobecoSAM, the investment specialist focused exclusively on Sustainability Investing, yesterday announced the results of the annual Dow Jones Sustainability Indices review. This year RobecoSAM invited 3,400 of the world's largest companies from developed and emerging markets to participate in its annual Corporate Sustainability Assessment (CSA). Launched in 1999, the Dow Jones Sustainability Indices (DJSI) are a family of indices evaluating the sustainability performance of the largest companies listed on the Dow Jones Global Total Stock Market Index.
Mitsui to Extend Thai Offshore Oil Field Pact
Japanese trading house Mitsui & Co. (8031.TO) said that a subsidiary, Mitsui Oil Exploration Co., has agreed to extend for 10 years the contract on its rights and interests in offshore oil and gas blocks in Thailand, according to a Dow Jones report. The Tokyo-based company said the unit, Chevron Corp. (CVX) and PTT Exploration & Production PCL (PTTEP.TH) have reached an agreement extending the accord, which was due to expire in April 2012, to April 2022. [Source: Dow Jones]
Brazil’s Vale SA Gets Biggest Ore Carrier
According to a report from Dow Jones, Brazilian iron ore miner Vale SA (VALE, VALE5.BR) said it took delivery of the world's biggest ore carrier, a 400,000 tons capacity vessel built in South Korea by Daewoo Shipbuilding & Marine Engineering Co. (042660.SE). The new vessel, named Vale Brasil, is the first of seven ore carriers ordered by Vale from the South Korean shipyard. (Source: Dow Jones)
Daewoo CEO: Sub Deal Possible
According to a Dow Jones report, Daewoo Shipbuilding & Marine Engineering Co. expects Indonesia to name it as the preferred bidder for the country's submarine building contract in September. The reported deal will be for three submarines worth $1.2b. (Source: Dow Jones)
ThyssenKrupp In Talks With Star Capital on Blohm + Voss
According to a report from the Dow Jones Newswires, German industrial conglomerate ThyssenKrupp AG (TKA.XE) is in exclusive talks to sell large parts of its Blohm + Voss shipbuilding business to U.K. private equity fund Star Capital Partners. Source: Dow Jones Newswires
Houston Ship Channel Closed By Beef Fat Spill
According to a report from Dow Jones Newswires, the northern end of the Houston Ship Channel was closed Jan. 4 after some 15,000 gallons of beef fat spilled into the waterway from a ruptured storage tank. In all, about 250,000 gallons of beef tallow spilled from a land-based tank owned by privately held agricultural product firm Jacob Stern and Sons Inc. The 15,000 gallons of fat that reached the waterway did so via storm drains. (Source: Dow Jones Newswires)
UK Oil, Gas Exploration Faces Collapse
According to a March 19 report from Dow Jones & Company, Inc., investment and exploration in the U.K. North Sea oil and gas basin could collapse this year because of high costs and a funding drought, said the head of the country's oil and gas industry lobby. Investment could have halved within two years and exploration and appraisal of new reserves in 2009 could fall to a third of the 2008 level, Oil and Gas U.K. Chief Executive Malcolm Webb told a special session of the U.K. parliament's Energy and Climate Change Committee in Aberdeen, Scotland. (Source Dow Jones & Company, Inc.)
Indonesian Awards 22 New Oil/Gas Blocks
(Source: Dow Jones & Company, Inc.)
MOL Earns Dow Jones Sustainability Indices Listing
Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company has once again been selected (from 2003 continuously) for inclusion in the Dow Jones Sustainability Index (DJSI) Asia Pacific. The DJSI are the world’s major sustainability indices focusing on the performance of the leading sustainability-driven companies worldwide. This month, S&P Dow Jones Indices and RobecoSAM announced their selections for DJSI after a thorough assessment process. Companies chosen for the index must meet international criteria for social responsibility in areas such as environmental protection…
MOL Holds Place in Dow Jones Sustainability Index
Mitsui O.S.K. Lines, Ltd. inform that it has once again been included in the Dow Jones Sustainability Index (DJSI) Asia Pacific, on which it has continuously held a spot since 2003. Companies chosen for the indices must meet international criteria for social responsibility in areas such as environmental protection, human rights, corporate governance, and relationships with stakeholders, and are expected to demonstrate sustainable business practices. Selected companies become target investments for environmental, social, and governance (ESG) funds.
MOL Earns Listing on ESG/RI Index
Mitsui O.S.K. Lines, Ltd. today announced that the company has been selected again as a component of the Dow Jones Sustainability Indices (DJSI) Asia Pacific for 13 consecutive years since 2003. This month, S&P Dow Jones Indices and RobecoSAM announced their selections for the DJSI after thorough assessment process. Companies chosen for the indices must meet international criteria for social responsibility in areas such as environmental protection,human rights, corporate governance, and relationships with stakeholders, and are expected to demonstrate sustainable business practices. Selected companies become targetsof investmentsfor environmental, social, and governance (ESG) / responsible investment (RI) funds.
NYK Selected for DJSI
NYK has been selected for the Dow Jones Sustainability Indices (DJSI)* for a 13th straight year. The DJSI, which is a major yardstick for companies engaging in socially responsible investment (SRI),** is composed of select sustainability-driven companies from over 3,500 companies invited to participate in a selection process consisting of an in-depth analysis of economic, environmental, and social criteria, such as corporate governance, risk management, water-related risks, and stakeholder relations.
Hapag-Lloyd Names IPO Banks
German container shipping group Hapag-Lloyd is speeding up preparations for an initial public offering and has mandated Deutsche Bank, Goldman Sachs and Berenberg to lead the transaction, two people familiar with the matter said. Dow Jones earlier reported that an IPO could value the group at more than 5 billion euros ($5.5 billion) and could take place as early as autumn. Hapag Lloyd and the banks declined to comment. Reporting by Arno Schuetze and Alexander Hübner
Panoro Energy Will Drill Three Wells in Brazil’s Offshore
RIO DE JANEIRO - Independent driller Panoro Energy (PEN.OS) expects to drill three wells in Brazil's offshore Santos Basin in coming months, the company's chief executive said Wednesday. During a presentation at the 18th Latin Oil Week, Panoro's Kjetil Solbraekke said three prospects will be targeted, with the first well drilled in June or July. (Dow Jones)
STX Shipbuilding Gets $266.7M Ship Order
South Korea's STX Shipbuilding Co. (067250.SE) said Wednesday that it received a $266.7M order to build six petrochemical product carriers. An STX spokesman said the South Korean shipbuilder won the order from a Hong Kong-based company, but declined to identify the company. STX will deliver the tankers - which will have the capacity to load 51,000 tons of petrochemical products - by Sept. 2009, the company said. Source: Dow Jones
STX Shipbuilding Wins $266m Order
STX Shipbuilding Co. received a $266.7 million order to build six petrochemical product carriers, reportedly from a Hong Kong-based company. STX reportedly plans to deliver the tankers - which will have the capacity to load 51,000 tons of petrochemical products - by Sept. 2009. (Source: Dow Jones)
MISC Orders New Tankers
Malaysian shipper MISC Bhd. confirmed an order for four chemical tankers from South Korea's STX Shipbuilding Co. Ltd. No pricing details were released, but it is said that the tankers were of 38,000 DWT each, for delivery in 2009. Source: Dow Jones
WE, BP to Jointly Invest $9B in Egypt Offshore Gas
According to a July 19 report from The Wall Street Journal, Frankfurt (Dow Jones)--RWE Dea, the gas and oil exploration and production unit of German utility RWE AG (RWE.XE), said it will jointly invest $9b in the development of two offshore gas fields in Egypt. (Source: The Wall Street Journal)
Oil Tankers Booked Off US Gulf For Storage
According to a report from The Wall Street Journal, two oil tankers have been booked for use as floating storage vessels off the U.S. Gulf Coast this month, shipping brokers told Dow Jones Newswires on June 27. Source: The Wall Street Journal
ExxonMobil in Talks with Possible LNG Buyers
ExxonMobil Corp. has started marketing gas from its planned liquified natural gas project in to potential buyers. Discussions with buyers began this month, according to a representative from the company who told the South East Asia Australia Offshore Conference in . ExxonMobil is marketing the gas on behalf of project partners, which include Oil Search Ltd. (OSH.AU). Source: Dow Jones
U.S. Offshore Wind Projects Move Closer To Reality
Dow Jones reported that deal making and development in the wind arena continue even as the economy slows down, with the federal government moving ahead to grant leases for the U.S.'s first offshore wind projects in history and other state-based projects moving to the front burner. Comments on federal rules to govern a host of alternative energy projects proposed in federal waters off the coast of the drew about 225 responses by Monday's deadline, as the U.S. Mineral Management Service, or MMS, moves ahead with plans to lease the outer continental shelf to several companies. Maureen Bornholdt, program manager of the MMS offshore alternative energy program, said the Interior Department remains on track to complete drafting the rules by the end of the year, wrapping up a three-year process.