Energy & Oil Prices

The Gudrun platform (Photo: Harald Pettersen/Statoil)

Gudrun on Stream

At 7:25 a.m. on April 7, Statoil and its partners (GDF SUEZ and OMV) started production on the Gudrun oil and gas field in the North Sea. "Gudrun is the first new Statoil-operated platform to come on stream on the Norwegian continental shelf since 2005. This is a red-letter day for the company," said Arne Sigve Nylund,…

Libya's Ports Prepare to Load Oil Tankers

Libya's Zueitina oil port prepared on Monday to load crude on tankers after the government reached a deal with rebels to reopen four terminals that insurgents have occupied since summer. The federalist rebels agreed on Sunday to end gradually their eight-month blockade of Zueitina, Hariga, Ras Lanuf and Es Sider ports, which account for around 700…

James River Coal files for bankruptcy protection

Firm to enter into a $110 mln debtor-in-possession financing facility; continue evaluating alternatives such as sale of one or more parts. Shares slump 41 pct in extended trading. James River Coal Co filed for Chapter 11 bankruptcy protection after struggling with a steep drop in prices and demand for both thermal and steel-making coal.
Denise Krepp

Krepp Comments on GSA Storis Auction

Denise Rucker Krepp, former Maritime Administration Chief Counsel who currently advocates on behalf of the U.S. domestic ship recycling industry, issued a statement at the Coast Guard Shipping Coordinating Committee Meeting March 12, 2014, in Preparation for the April 2014 Maritime Environment Protection Committee Meeting. Below are her comments. Good morning.

Seoul Shares Touch 3-week Low as China Worries Persist

Seoul shares fell in early domestic trade Wednesday, touching a near-three week low as persisting worries about China's economic growth outlook cut appetites for riskier assets. The Korea Composite Stock Price Index (KOSPI) was down 1.2 percent at 1,939.86 points as of 0215 GMT. The index earlier traded as low as 1,938.60, its weakest level since Feb. 20.

Indian Ports' Coal Import on the Rise

India's major state-owned ports handled 17 percent more imported coal in the fiscal year ended March, according to data from the Indian Ports Association (IPA), as its coastal power firms stepped up generation to meet growing demand. A rush to add power capacity after years of under-investment has forced Indian generators…

Wilbur Ross-backed Diamond S Shipping drops IPO

Diamond S Shipping Group Inc's largest shareholder, Wilbur Ross, said the tanker company's initial public offering had been canceled because the suggested price was too low, Bloomberg reported, citing an email from the billionaire investor. "We are not opposed to being publicly owned but not at any price," Bloomberg quoted Ross as saying.

Alfa Laval buys Frank Mohn for $2.17 bln

Swedish engineering group Alfa Laval said on Monday it had agreed to buy Norwegian marine and offshore pumping group Frank Mohn for 13 billion Norwegian crowns ($2.17 billion) in cash. Frank Mohn, headquartered in Bergen, Norway and with approximately 1,200 employees, posted 2013 sales of 3.4 billion crowns and had an order intake of 6.1 billion.
Photo courtesy of USCG

DNV Introduce Vessel General Permit Enviro-Oil Advisory Service

Classification society and consultancy DNV GL inform it has introduced the "Environmentally Acceptable Lubricants" (EAL) Report Service to help ship operators to comply with the new rules set out for the US Vessel General Permit (VGP) without the need for extensive outlays, & provides feedback on areas of concern. The VGP framework…

I can see clearly now ... Via Resolution Optics

A small and relatively new, Halifax-based optics company is optimistic its submersible microscope will soon be getting a closer look as an instrument suited to a variety of applications. Resolution Optics, incorporated in 2009, has developed the submersible microscope that can be used down to a depth of 6,000m. “The company…

Texas City Y Oil Spill Information Session

Representatives of the Unified Command responding to a March 22 oil spill will join community leaders in an informational session on Thursday, April 3, at 6:30 p.m. The event will take place at Port O’Connor Elementary School, 508 Monroe Avenue. Officials from the United States Coast Guard, Texas General Land Office, Kirby Inland Marine, Texas Parks and Wildlife, U.S.

Ex-BP Boss Hayward could Stay Glencore Chair

Glencore Xstrata Plc's interim chairman, former BP Plc chief executive Tony Hayward, is in the running to take the job permanently, the Wall Street Journal reported on Friday, citing people familiar with the situation. Hayward is on a shortlist with Roger Agnelli, the former chief executive of Brazil's Vale SA, and Frank Chapman…

PDVSA to Sell Jet Fuel and ULSD Cargos for April

Venezuela's state-run PDVSA launched tenders to sell one 240,000 barrel cargo of jet fuel and one 240,000 barrel cargo of ultra low-sulfur diesel (ULSD) for delivery in April, according to documents seen by Reuters on Friday. The company launched two previous tenders in recent days to buy heavy naphtha and catalytic naphtha.

US Flies Italian Exec to Florida in Extradition

The United States has extradited a former executive of an Italian marine hose manufacturer to face price-fixing charges in what the Justice Department said was its first extradition on antitrust charges. Romano Pisciotti, a former executive with Italy's Parker ITR SRL, was extradited from Germany and arrived in Miami on…

Moroccan Wheat Trade Pushes for Longer Import Window

Millers and wheat importers in Morocco have asked the government to establish a longer annual window for imports after scrambling to secure shipments this season, trade sources said. Morocco, like other North African countries, depends on imports of staple cereals. It is expected to buy around 2.5 million tonnes of foreign wheat in the 2013/14 marketing year.
Photo: Stolt-Nielsen

Stolt-Nielsen Reports "Disappointing" Q1 Results

Stolt-Nielsen Limited today reported unaudited results for the first quarter ended February 28, 2014, which included lower cargo volumes and down profits in most markets. Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516.7 million, compared with $36.7 million, with revenue of $524.5 million…
Photo: Apostleship of the Sea

Seafarers Charity Aids Crew, Families of Fatal Ship Collision

The dangers of shipping and fishing should not be underestimated, said seafarers’ charity Apostleship of the Sea, following the collision of a car carrier and a fishing boat in Spanish waters. Media have reported that three crew are confirmed dead after the Baltic Breeze, a Singapore-flagged car carrier, collided with a fishing boat near the Spanish port of Vigo in the early morning of Tuesday…
Photo: Harkand

Harkand Names Brown to Gulf of Mexico Management Team

Global inspection, repair, maintenance (IRM) and light construction company Harkand informs it has made a key appointment by securing Mike Brown as general manager of diving services in North America. A U.S. Navy veteran, Brown has considerable experience of commercial diving in the offshore oil and gas sector having held number of senior positions in a career spanning more than 35 years.
Legend-class cutter: Photo courtesy HII

Ingalls Shipbuilding Get Seventh USCG Legend-class Contract

Huntington Ingalls Industries (HII) informs that its Ingalls Shipbuilding division has received a $497 million fixed-price, incentive-fee contract from the U.S. Coast Guard to build a seventh Legend-class National Security Cutter (WMSL 756). "We have a hot production line with this class of ships, and we continue to get better—a tangible result demonstrating the value of serial production…

Wind Power Drop Boosts German Spot

Reuters- An expected fall in Germany's wind power supply lifted spot power contracts slightly on Tuesday while French prompt prices were little changed on stable consumption expectations. "There is some uncertainty about the return of the southern German Gundremmingen C reactor to the grid overnight," one trader said. "Otherwise…