Petrobras steps up at Gulf sale

Brazil's state oil company Petrobras said it had snapped up 26 blocks in the US Gulf of Mexico for $108 million in the US Minerals Management Service’s lease sale.

The company bought the rights for 20 blocks on its own and for six blocks in partnership with Devon Energy. Two of these will be Petrobras-operated. Petrobras said it sought to consolidate its position in areas of the Gulf where it already has exploration activities, particularly in deep-water and ultra deep-water tracts like Walker Ridge. Petrobras has 338 blocks in the Gulf, of which it operates 200.

Read More

Horizon Lines orders 1,200 shipping containers

Horizon Lines Inc. will take delivery of 1,200 new, 45-foot shipping containers this month.

The containers will allow customers to ship more cargo without having to modify existing operations. The delivery is part of the company's equipment-investment program. Since the start of the year, Horizon Lines has ordered 2,200 dry containers. The company also has added more than 1,000 refrigerated containers, about 235 flat racks and five Hunter-Class container vessels.The Charlotte-based company structured its transportation and logistics operations under two subsidiaries, Horizon Lines LLC and Horizon Logistics.

Read More

Riyadh to host third Opec summit

Saudi Arabia will host the third summit of the Organisation of Petroleum Exporting Countries (Opec) from Nov 17 in Riyadh.

The first summit was held in 1975 in Algeria and the second in 2000 in Venezuela. Opec members include Saudi Arabia, Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates and Venezuela. The agenda of the two-day summit will not only focus on energy markets and related issues, but also environmental protection topics. Saudi oil minister Ali Al-Naimi said embracing the summit confirms that the Kingdom remains committed to stability in world oil markets.

Read More

London retains top position

London remains the leading centre worldwide in the supply of a range of business services to the international maritime community.

The new edition of IFSL's Maritime Services report highlights London's position in key sectors. With 23% of premiums in the international marine insurance market, London is the leading centre in the face of fierce competition from Japan, the USA and Germany. London is also the largest centre in the management of protection and indemnity insurance, with P&I clubs operating in the UK accounting for 65% of the global market. In ship finance, the loan book of $49bn provided by commercial banks in London accounts for 18% of the world book. London's 400 shipbroking firms match ships and cargoes for 50% of the tanker and 30-40% of the dry bulk chartering business. They are also involved in the sale and purchase of over half the world's new and second hand tonnage.

Read More

Antarctic Ozone hole shrinks 30 percent

The ozone hole over Antarctica shrank by 30 percent this year compared with the record loss recorded in 2006, the European Space Agency (ESA) said.

Measurements made by the agency's Envisat satellite found a peak loss in the ozone layer of 27.7 million tons, compared to 40 mln tons last year, ESA said in a press release. Ozone layer in the stratosphere filters out dangerous ultraviolet sunlight that damages vegetation and can cause skin cancer and cataracts. However studies reveal that the protectively layer has been badly damaged by man-made chlorine-based chemicals. In 2006, the ozone hole - in essence a thinning of the layer - at its biggest measured 10.81 mln sq. miles; in 2007, it was 9.53 mln sq. miles, or roughly the size of North America.

Read More

Tatas to enter into Shipbuilding

The Tata group is looking at the possibility of entering the shipbuilding business even as India looks to boost its shipbuilding capabilities to meet growing global demand for cargo carrying ships.

The Tata group has shown interest in building a shipyard near Shivrajpur in Gujarat after the state government invited expressions of interest from private firms, according to a senior Gujarat government official. In December 2006, the company signed an agreement to set up a 50:50 joint venture with Japanese transportation firm Nippon Yusen Kabushiki Kaisha (NYK) Line for setting up a shipping company.

Read More