Q1 Shipbuilding Orders Hit Record High
According to Chosun Ilbo, Korea's new shipbuilding orders during the first quarter of the year amounted to $12bi, a record high. The orders account for 136 ships or a total volume of 4.9 million CGT, or compensated gross tons. The value of orders during the first quarter saw a 34 percent increase on-year. High value-added vessels like liquefied natural gas carriers and gas containers accounted for 37 ships. (Source: Chosun Ilbo)
U.S. Oil Imports Up
U.S. crude oil imports January to June 2001 were above the 2000 level in each month. However, crude oil imports during 3rd quarter were below the 2000-year level for each month. Crude oil imports in August 2001 were about 1.0 mbd below the August 2000 level and the September 2001 level was 0.3 mbd below that of September 2000. Crude oil imports Jan-Sept. 2001 were record high, 0.10 mbd above the Jan-Sep. 2000 level. The highest U.S crude oil imports ever - 9.484 mbd - were recorded in August 2000. U.S. product imports declined dramatically from 3.33 mbd in January 2001 to 2.12 mbd in August, increasing slightly to 2.24 mbd in September 2001. Products imports Jan-Sept. 2001 were also record high, 0.21 mbd above the Jan-Sep. 2000 level. (Source: INTERTANKO News)
Iraq Oil Exports Steady Despite Start of OPEC Cut
Oil exports from Iraq's southern ports in the first nine days of January have held steady at December's record high, according to loading data and an industry source, despite the start of an OPEC agreement to cut production. Shipments so far this month have averaged above 3.50 million barrels per day (bpd), according to the loading data tracked by Reuters and by the industry source. In all of December, Iraq's southern exports reached a record high of 3.51 million bpd, Iraq's oil ministry said on Monday. The Organization of the Petroleum Exporting Countries started implementing an agreement to cut production on Jan. 1. Iraq has said it will cut production by 200,000 bpd as part of the deal.
Oil Exports Reach Record Levels in H1 2017
Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, a 57% increase. Petroleum product exports grew over the same period as well. Crude oil and propane exports each reached record highs of 0.9 million b/d, and distillate exports reached a record of 1.3 million b/d. Although crude oil exports during the period grew, the growth rate in the first half of 2017 was lower than in the first halves 2013, 2014, and 2015 when exports increased at year-over-year rates of 88%, 134%, and 70%, respectively.
Shipbuilders See More Growth with Oil Price Rise
The Korea Times reported that shipbuilders who were enjoying solid sales have also secured an additional growth engine for further expansion rising oil prices. With oil prices hitting record highs, offshore oil exploration has picked up, leading to strong demand for drilling rigs and for the conversion of oil tankers into floating-production, storage and offloading (FPSO) vessels. The unit price of Dubai crude oil, South Korea’s benchmark, rose to a record high of $71.13 in August, an increase of $1.64 from a month earlier, according to data from the National Statistical Office (NSO). The statistics agency added that it is the first time for oil import prices to exceed $70 a barrel. Industry sources said oil prices have quadrupled since 2002.
Brent Oil Rises as Euro Gains Against Dollar
Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0.5 percent against a basket of currencies, making dollar-traded commodities more attractive for holders of other currencies. Brent crude oil was up 74 cents at $55.85 a barrel by 1236 GMT. U.S. light crude oil was up 35 cents at $47.86 per barrel. Germany, Europe's largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo's business climate index showed. Business morale also rose in France to its highest for nearly three years. U.S.
General Maritime May Buy More Tankers
According to a July 22 report from Bloomberg, General Maritime Corp., which just bought five supertankers, may buy more vessels amid low ship prices. Prices of five-year-old very-large crude carriers, or VLCCs, averaged $92.7m in the week ended July 19, according to the London-based Baltic Exchange. Prices were 43% lower than the record high of $162m reached in August 2008, though they have gained 20% this year. (Source: Bloomberg)
GOM Oil Production to Reach Record High
According to a report from the Offshore Magazine, Gulf of Mexico oil production is forecast to increase substantially over the next few years, possibly reaching 1.9 MMb/d in 2013 which would be a record high. This is MMS’ best-case scenario, which factors in industry-announced discoveries and undiscovered resources. (Source: Offshore Magazine)
Taiwan Shipbuilding Output Forecast to Top $1.6b
The production value of Taiwan's shipbuilding industry is expected to amount to $1.6b for 2007, up 21 percent over the year-earlier level, according to tallies released Thursday by the Industrial Development Bureau (IDB) under the Ministry of Economic Affairs. For the first 11 months of this year, Taiwan's state-owned shipbuilder, CSBS Corp., Taiwan, saw its revenue amount to NT$26.2 billion and its pre-tax net profit hit a record-high of NT$4 billion, the officials said. Source: Business in Asia Today
Winter Storm Threatens U.S. East Coast Energy Industry
The U.S. energy industry braced for a major test to refineries and power plants as an intense winter storm roared up the Atlantic Coast, bringing heavy snowfall and high winds to a region already beset with several days of extreme cold. The storm is the product of a rapid and rare sharp drop in barometric pressure known as bombogenesis, or bomb cyclone. Heavy snow pounded the East Coast along a front stretching from Maine as far south as North Carolina early on Thursday, knocking out power, icing over roadways and closing hundreds of schools.
Great Lakes Iron Ore Trade Up
Shipments of iron ore on the Great Lakes totaled 61.6 million tons in 2012, a slight improvement over 2011. The increase, 245,000 tons, is equal to about four cargos in a 1,000-foot-long vessel operating at current drafts which are significantly reduced by the dredging crisis and falling water levels. If a vessel that size was able to load to depths available when the Lakes were at near record highs in 1997, it could carry that much cargo in 3.4 trips. Shipments from U.S. ports totaled 53.7 million tons, a decrease of 2.5 percent compared to 2011.
Boskalis Conclude Good Quarter, Raise Earnings Outlook
Dutch dredging & marine specialists, Royal Boskalis Westminster N.V. (Boskalis) report revenue & profit higher than in the first half of 2012. The order book increased in recent months and stood at a new record high of EUR 4 billion at the end of the third quarter. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results. Boskalis is now expecting net profit to amount to around EUR 230-245 million in 2012. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results.
Petrobras Announces Financial and Deepwater Records
Petrobras has registered two consecutive profit records, set a deep water record for equipment installation, moved up to 12th position in the PIW ranking of the biggest oil companies in the world and is preparing the highest CAPEX budget in its history. Speaking at his first Press Conference at the OTC, Francisco Gros, the new president of Petrobras told the reporters specialized in petroleum, that Brazil’s National Oil company is doing well without its recently lost (1998) oil monopoly and is ready for competition. Gros announced that this year’s Capex Budget will be the biggest in the company’s 49- year history. He also pointed out that in the last two years Petrobras profits were also record high, surpassing the $4 billion figure in both 2001 and 2000.
Gasoline Traders Begin Using Floating Storage
At least two tankers booked in recent days; Gasoline stocks at record high in Europe, U.S. Traders have begun storing gasoline on tankers off the coast of Europe as land storage tanks near maximum capacity, the latest sign of increasing stress in the refined oil products market. While demand for gasoline and its blending components was exceptionally high last year, particularly in the United States and China, a seasonal dip in demand has caused large product build-ups in the Atlantic basin in recent week. At least three long-range tankers have been booked for storage in recent days, according to shipping data, traders and ship brokers.
EMGS Posts 4Q 2014 Results
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 52.5 million in the fourth quarter 2014, up from USD 41.7 million in the third quarter and from USD 44.9 million in the corresponding quarter in 2013. Contract sales totaled USD 25.5 million, while multi-client sales were at USD 27.0 million this quarter. The Company had an EBITDA of USD 18.6 million and a net income of USD 15.1 million. The Company had record-high multi-client sales in the quarter, mostly from the library in the Barents Sea.
Shipbuilders Focus on High-Value Vessels
South Korean shipbuilders are profiting more than ever from selling high-value units such as offshore plants and liquid gas carriers, according to a Korea Times report. Daewoo Shipbuilding and Marine Engineering has already won a record-high $7 billion in building orders this year. Such high performance was largely affected by the sales of four offshore oilrig units, which amounted to $1.9 billion in total. The company also has recorded steady sales of LNG carriers, capped with a $430-million order for a pair of LNG carriers from a Norwegian company last month. The LNG ship has become a lucrative business for shipbuilders, as a 145,000-cubic-meter carrier is now being sold for around $270 million, according to the report.
Aker Kvaerner Releases First Quarter Results
Aker Kvaerner experienced a positive first quarter with an EBITDA of NOK 376 million, reflecting an increase by 20 percent compared to the corresponding quarter last year. The previously stated target of an annualised EBITDA of NOK 1.5 billion in the first half of 2005, was achieved in the first quarter. Few major contracts were announced in the first quarter, but a steady stream of orders resulted in a satisfactory order intake and brought the order backlog to a record-high level of NOK 37.7 billion at the end of the period. Main markets are developing positively, and several important contracts have been booked early in the second quarter.
Singapore's Record Fuel Stocks Move to Floating Storage
Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters, traders and shipbrokers said. Lower oil prices have boosted refinery profits over most of this year, in turn driving refiners to maximise run rates and increase the supply of fuel oil in the region, traders said. Traders are also taking advantage of cheaper freight rates and a steep contango where prices of cargoes loading in the current month are cheaper than those loading in forward months.
Black Sea Wheat Exports Could Rise 12% in 16/17
Leading wheat producers in the Black Sea region - Russia, Ukraine and Kazakhstan - are likely to increase their exports by around 12 percent in 2016/17 due to a bigger harvest than last year, analyst UkrAgroConsult said on Tuesday. It forecast exports from the three countries would total 54.1 million tonnes in the marketing year ending next June. Their wheat production rose to 114.3 million tonnes this year from 101.7 million tonnes a year earlier after the planted area increased by about 800,000 hectares to 46.2 million hectares, UkrAgroConsult said in a report. "In the current season the Black Sea region has become the key player in the world wheat market by achieving record high productivity during the 2016 harvesting campaign," UkrAgroConsult said.
WMO: This Year May be Warmest on Record as Oceans Heat Up
Record high ocean temperatures will make 2014 the hottest year on record, or at least among the very warmest, in evidence of a long-term trend of global warming, the U.N.'s weather agency said on Wednesday. Including this year, 14 of the 15 most sweltering years on record will have been in the 21st century, the World Meteorological Organization (WMO) said of the findings issued during 190-nation talks in Lima on ways to fight climate change. "There is no standstill in global warming," WMO Secretary-General Michel Jarraud said in a statement.
Arctic 'Report Card' 2012 Published
NOAA publishes its annual report tracking recent Arctic environmental changes. What’s new in 2012? New records set for snow extent, sea ice extent and ice sheet surface melting , despite air temperatures - a key cause of melting - being unremarkable relative to the last decade. Multiple observations provide strong evidence of widespread, sustained change driving Arctic environmental system into new state. Record low snow extent and low sea ice extent occurred in June and September, respectively. Growing season length is increasing along with tundra greenness and above-ground biomass.
Seismic Specialists TGS: Revenue Up, New Survey Contracts
Norway-based TGS, report record high late sales in the fourth quarter of 2013, and inform of four new multi-client surveys: a 3D survey in offshore Northwest Australia, two 2D surveys offshore Madagascar and a 3D survey onshore Alberta, Canada. Based on preliminary reporting from operating units, TGS management expects net revenues for the fourth quarter of 2013 to be approximately USD 270 million, bringing total estimated net revenues for 2013 to approximately USD 882 million.
Aker Kvaerner Posts Record High Results
Aker Kvaerner reported record high operating results in the period. The EBITDA for the second quarter of $119m, is an increase of 66 percent compared to the second quarter of 2005. New contract awards in the Subsea, Product & Technology segment and growth in existing contracts, resulted in a $2.5b order intake and an order backlog of $9b at the end of June 2006. Revenues in the second quarter totaled $2.3b, an increase of 44 percent compared with the same quarter last year, reflecting strong markets and high activity in all reporting segments. EBITDA for the three-month period was $119m represents an increase of 66 percent from $71m in the second quarter 2005. The quarterly EBITDA margin was 5.2 percent compared to 4.5 percent in the second quarter last year.