Low Oil Prices News

22 Oct 2019

ORCA Hub Readies Drones for Offshore Energy

 Image: Heriot-Watt University

A consortium of five universities, including Heriot-Watt University, working with 35 industrial and innovation partners, has unveiled the latest results from its research collaboration.The largest academic center in the world for research into robotics technology for offshore energy infrastructure, the ORCA Hub’s aim is to advance robotics and Artificial Intelligence technologies for the inspection, repair, maintenance and certification of offshore energy platforms and assets.Creating solutions to some of the most challenging…

21 Oct 2019

Temasek Bids $3 Bln for Control of Keppel

(File photo: Keppel Offshore & Marine)

Singapore state investor Temasek Holdings is offering to buy control of conglomerate Keppel Corp in a S$4.1 billion ($3 billion) deal that could hasten a consolidation in the rig building sector which is battling the effects of low oil prices.The announcement, which confirmed what two sources with knowledge of the matter told Reuters earlier on Monday, boosted shares in rig builder Sembcorp Marine by 12% on expectations of a likely shake-up in the industry. Shares in Sembcorp's parent Sembcorp Industries rose 10%.Keppel's offshore and marine unit…

18 Jun 2019

Report: The U.S. Marine Market


Ferry First
Alabama’s Gee’s Bend Ferry recently entered service after being converted from geared-diesel to become the first zero-emission, electric-powered passenger/car ferry in the U.S. Owned by the Alabama Department of Transportation (ALDOT) and operated by HMS Ferries, Seattle-based Glosten provided concept through contract design and shipyard technical support of the vessel conversion to all-electric. Images courtesy Glosten/ALDOT

A ‘work in progress,’ the North American brown water, shallow draft sectors have experienced a tumultuous year of evolution, changing market conditions, a rapidly shifting regulatory environment and new opportunities. Anything but boring; and within the pages of Maritime Reporter’ & Engineering News’ Annual Yearbook, Joseph Keefe, editor of sister-publication MarineNews, takes a deep dive into the issues driving the domestic waterfront.Workboat EmissionsMore than one year ago, Volkswagon learned the ultimate (and painful) meaning of the iconic U.S.

23 May 2019

Heerema Unveils World's Largest Offshore Crane Vessel

(Photo: Heerema Marine Contractors)

Dutch firm Heerema Marine Contractors and Singapore's Sembcorp Marine, on Thursday, showed off the world's largest crane vessel that can be used for the setup and decommissioning of offshore oil and gas facilities.The semi-submersible vessel, which cost Heerema about $1.5 billion, is equipped with two cranes that can reach a height of 220 metres, taller than the top of Singapore's iconic boat-shaped Marina Bay Sands hotel. The cranes have a combined lifting capacity of 20,000 tonnes…

30 Jan 2019

Hyundai Heavy Mulls Stake in rival Daewoo

File Image: AdobeStock / © Nightman

South Korea's Hyundai Heavy Industries Group, the world's biggest shipbuilder, is interested in buying a stake in second-ranked rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday.The comments follow the group's holding firm saying on Monday it planned to sell part of its stake in refiner Hyundai Oilbank to Saudi Aramco for as much as 1.8 trillion won.State-funded Korea Development Bank (KDB) holds a 55.7 percent stake worth 2.16 trillion won ($1.94 billion) as of Wednesday's closing price in Daewoo."Hyundai Heavy held talks to buy the Daewoo stake," th

23 Jan 2019

Offshore Drilling Market to Reach $152.47B by 2026

DrillPlan- Schlumberger Software. Image: Schlumberger

Global offshore drilling market accounted for $79.53 billion in 2017 and is expected to reach $152.47 billion by 2026 growing at a CAGR of 7.5%.Some of the important aspects that driven the market growth are huge investments on new offshore reserves and increasing demand for oil and gas, said a market research report by ResearchAndMarkets.However, the growth of offshore drilling market is inhibited by the regulations regarding environment and low oil prices. One of the major opportunities is the Arctic Discoveries.Based on service…

08 Jan 2019

South Korean Shipbuilding No.1 Again

Image:  Hyundai Heavy Industries Co

South Korea’s shipbuilding industry reclaimed the title of world’s biggest shipbuilder (in terms of orders volume) in 2018 for the first time in six years, since it had conceded No.1 spot to China in 2012.The global orders of Korean shipbuilders stood at 12.6 million compensated gross tonnage (CGT) last year, accounting for 44.2 percent of the total orders, according to Clarkson Research, shipbuilding and marine analysis agency in the U.K. The orders of Chinese shipbuilders were 9.1 million CGT…

03 Sep 2018

5000th Ship Installed Inmarsat Fleet Xpress

Image: Inmarsat

The 5,000th ship installation of Inmarsat Fleet Xpress, the world’s only high-speed, globally-available Ka-band VSAT service designed for mobility and available from a single operator, is set to be completed by the close of the month.Following its launch in March 2016, Fleet Xpress has emerged as the market-leading pathway to digital transformation as shipping companies seek to deliver improved vessel and fleet efficiency, boost profitability and enhance seafarer wellbeing.The latest data compiled by the respected…

16 Aug 2018

New Fuel Rules Push Shipowners to Go Green with LNG

El Coquí, one of the world’s first ConRos powered by LNG (Photo: Crowley)

Tough new rules on marine fuel are forcing shipowners to explore liquefied natural gas as a cleaner alternative and ports such as Gibraltar are preparing to offer upgraded refueling facilities in the shipping industry's biggest shake-up in decades.From 2020, International Maritime Organization rules will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, unless they are equipped to clean up sulphur emissions. This will be enforced…

08 May 2018

Tightening Noose: Venezuela's Crisis Deepens

© Anatoly Menzhiliy / Adobe Stock

The news that Venezuela's PDVSA has diverted a crude tanker from Curacao after ConocoPhillips moves to satisfy a $2 billion arbitration award signals that worst may be yet to come. Reuters is reporting that Venezuela's state-run PDVSA ordered a tanker waiting to discharge at its Curacao terminal to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to seize its inventories and other assets in the island, according to a shipper and Reuters data on Tuesday.

29 Mar 2018

Conrad Industries Announces 2017 Results and Backlog

Johnny Conrad (Photo: Conrad Industries)

Conrad Industries, Inc. (OTC Pink: CNRD) has announced its fourth quarter and twelve months 2017 results and backlog. For the quarter ended December 31, 2017, Conrad had net loss of $3.4 million and loss per diluted share of $0.67 compared to net loss of $836,000 and loss per diluted share of $0.15 during the fourth quarter of 2016. The company had net loss of $2.1 million and loss per diluted share of $0.42 for the twelve months ended December 31, 2017 compared to net loss of $1.7 million and loss per diluted share of $0.33 for the twelve months ended December 31, 2016.

20 Mar 2018

Sharp Contrasts in Markets Impact Van Oord

Photo: Van Oord

The year 2017 was dominated by the difficult market conditions in the dredging and oil & gas sectors, says Pieter van Oord, CEO, Van Oord, the Dutch contracting company that specializes in dredging and land reclamation. The global contractor specialising in dredging, marine engineering and offshore projects (oil, gas and wind) said that the volume of work in offshore wind was stable, and the market dynamic in the offshore wind sector will generate a lot of opportunities for years to come.

04 Jan 2018

Trump Aims to Open Nearly All US Offshore to Oil Drilling

© wanfahmy / Adobe Stock

The Trump administration on Thursday proposed opening nearly all U.S. offshore waters to oil and gas drilling, a move aimed at boosting domestic energy production that sparked protests from coastal states, environmentalists and the tourism industry. The effort to open previously off-limits acreage in the Atlantic, Arctic and Pacific oceans comes less than eight years after BP Plc's Deepwater Horizon oil spill in the Gulf of Mexico - the largest in American history. The disaster…

26 Dec 2017

HHI Group to List Oilbank

File Image (CREDIT: AdobeStock / (c) Burnel11)

IPO seen improving group's financial soundness, transparency; Group sees shipbuilding recovery starting 2019. South Korea's Hyundai Heavy Industries Group plans to list its refining arm Hyundai Oilbank in an IPO in 2018 and raise about $1.2 billion via a share issue by shipbuilder Hyundai Heavy Industries, in a move to bolster its finances. Hyundai Heavy Industries, the flagship company of South Korea's ninth-largest conglomerate, said on Tuesday that Hyundai Robotics, the group's holding company…

11 Dec 2017

Metal Shark's Next-Generation Damen Fast Crew Supplier

 The all-aluminum monohull FCS 7011 (image: Metal Shark)

As an extension of its existing relationship with Netherlands-based Damen Shipyards, Louisiana-based shipbuilder Metal Shark has announced the availability of the new Damen FCS 7011 for the U.S. market. Developed by Damen in response to feedback from leaders in the offshore oil and gas sector, the FCS 7011 has been designed to reduce logistical cost and increase efficiencies in an era of low oil prices. The all-aluminum monohull FCS 7011 is a fast and comfortable crew supply solution for offshore production facilities.

28 Nov 2017

Voices: Paulo Cesar P. Freitas, Norsul

(Photo: Norsul)

To better understand the challenges faced by ship operators in Brazil, Maritime Reporter’s correspondent in Brazil spoke to Paulo Cesar P. Freitas, Fleet Manager for Norsul Shipping company, one of the major shipping operators in Brazil. Established in 1963 and operating continuously ever since, “Companhia de Navegação Norsul”, as it is called in Portuguese, is one of the leading private maritime commerce companies in Brazil. Norsul specializes in dry-bulk, neo-bulk cargoes, general cargo…

27 Aug 2017

Korean Shipyards Still in Rough Sea

File photo: Hyundai Heavy Industries

South Korean shipyards are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, Yonhap reported quoting industry sources. The report said that for decades, the shipbuilding sector has been one of the key growth drivers for Asia's fourth-largest economy. The top three shipyards in the country - Hyundai Heavy Industries Co (HHI), Samsung Heavy Industries Co. (SHI) and Daewoo Shipbuilding & Marine Engineering Co.

16 Aug 2017

Latest Gulf of Mexico Auction Signals Offshore Return

© Mike Mareen / Adobe Stock

Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum. This compared with $18 million in high bids at the Bureau of Ocean Energy Management's (BOEM) Outer Continental Shelf auction last summer. Winners will be announced after a 90-day review. Some producers have signaled that they expect Gulf of Mexico projects to become more profitable now that they have trimmed operations to adapt to low oil prices.

16 Aug 2017

Fog Lifts as Maersk CEO Remains Upbeat

File Image: The Madrid Maersk, one of Maersk's largest boxships. CREDIT: Maersk

Container shipping fundamentals at best since 2010 - CEO. Denmark's A.P. Moller Maersk gave an upbeat outlook for container shipping on Wednesday, lifting its shares by more than 4.5 percent as investors looked beyond one-off second-quarter charges. Maersk has been hit by low oil prices at its energy arm and sliding prices in its shipping business in recent years due to lacklustre global trade and a glut of available ships for hire. But its chief executive Soren Skou, who has staked his future on Maersk as a transport business…

13 Jul 2017

Trump Administration Approves Eni Plan to Drill Offshore Alaska

Image of sea ice in the Beaufort Sea, acquired on 3 June 2017 by the Moderate Resolution Imaging Spectroradiometer (MODIS) instrument, on board the Aqua satellite. (Photo: NASA)

Eni US will become the first energy company allowed to explore for oil in federal waters off Alaska since 2015 after the Trump administration this week approved a drilling plan on leases the company has been sitting on for 10 years. The approval is conditional on Eni getting other state and federal permits, which in past cases are generally granted once BOEM gives the green light. "We know there are vast oil and gas resources under the Beaufort Sea, and we look forward to working with Eni in their efforts to tap into this energy potential," said BOEM's acting Director Walter Cruickshank.

26 Jun 2017

Rolls-Royce & the Future Tech 'Reality'

Rolls-Royce and Finland’s Tampere University of Technology are working on the support systems necessary for autonomous navigation. The systems will be developed and tested using a purpose-built autonomous ship simulator located at the University. (Photo: Rolls-Royce)

Rolls-Royce. The words have been used by many to signify excellence – though not with the company’s permission, of course. Rolls-Royce Marine is taking a leading position in developing and introducing the systems and technologies needed for the running of a successful business in the maritime industry of the 21st century. At a company presentation held in London earlier this year, Mikael Mäkinen, President of Rolls-Royce Marine, outlined the company’s vision for the future and its strategies to put these new systems based on new technologies into place.

16 Jun 2017

Asia Tankers-VLCC Rates Plateau, Could Edge Higher

File Image: CREDIT EuroNav

Floating storage, West Africa cargoes support rates; further storage charters may push rates to W60. Freight rates for very large crude carriers (VLCCs), which were supported this week by a shift to using older vessels for floating oil storage, have plateaued at current levels but could nudge higher on further storage plays, brokers said on Friday. Rates from the Middle East to Asia are currently around 50 on the Worldscale measure and W55 from West Africa to Asia depending on vessel age and actual destination, brokers said.

02 Jun 2017

VLCC Rates Steady Ahead of Possible Rebound

© rob3rt82 / Adobe Stock

Five/six charterers are making storage inquiries; near-term pressure on tanker rates to continue - Frontline CEO. Freight rates for very large crude carriers (VLCCs) are set to hold around the current levels ahead of a possible bounce later this month on renewed crude buying from China, and more interest from charterers taking ships on short-term charter for floating storage, brokers said on Friday. That came as VLCC rates from the Middle East recovered slightly on Thursday from a near two-month low hit on Wednesday.

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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