Oslo taken to task over Gassled

Some of the world's biggest energy producers - including supermajors Shell, ExxonMobil and ConocoPhillips - have accused Norway of giving its own companies too much say in running the Gassled pipeline system that carries nearly all Norwegian gas to the UK and continental Europe.

The supermajors were joined by Total, Eni and Dong in filing a joint complaint to Norway's Petroleum & Energy Ministry about what they claim is the overly dominant role of StatoilHydro and state-run Petoro in Gassled. Industry-owned Gassled supplies some 15% of European Union natural gas needs through a 7800 kilometre pipeline system across the North Sea. It is operated by Gassco. The complaint, which seeks to gain more rights for minority investors to safeguard their interests, follows a unilateral decision by the ministry last month over how Gassled passes resolutions, a Reuters report said. The ministry made the decision itself because Gassled shareholders failed to find a compromise in the wake of Statoil's 2007 takeover of Norsk Hydro's oil and gas assets, which effectively increased the say of Norwegian state-controlled companies. "Majority state-owned StatoilHydro and fully state-owned Petoro together have control have about 70% of Gassled," an official from one of the foreign companies issuing the complaint on condition of anonymity. "For the rest of the owners, it is difficult to have any influence and that is not what we are used to in Norway." Unlike many other oil- and gas-rich countries which have succumbed to resource nationalism as energy prices soar, Norway prides itself on equal treatment of all market.
Read More

Dalian maritime portal closes in on 50,000 members

A subsidiary of Dalian shipping conglomerate Winland Group has become one of the stars of the maritime online world.

Shipping Online is rapidly approaching the 50,000 mark in terms of members and its range of services continues to diversify. The landmark membership figure should be hit by year end, officials at the firm reveal. The bilingual site provides industry news, a huge contact database plus a trading section where parts, cargoes and even ships are sold. It now claims to be the largest shipping e-commerce company in China.
Read More

GE Shipping targets spot market

Great Eastern Shipping has announced plans to offer a big chunk of its dry bulk and tanker fleet in the spot market in order to take advantage of strong shipping rates.

“We can reprice our ships every few days depending on the market conditions,” GE Shipping spokesperson Anjali Kumar told DNA. The tactic is one that has already paid off for the Mumbai based company: last year, an estimated 60% of its dy bulk fleet plied the spot market. Although the majority of its tankers were chartered out, the company has indicated a decision to move the vessels over to the spot market when they end their charter contracts. GE Shipping currently has a fleet of 41 vessels, comprising 30 tankers and 11 dry bulk carriers.
Read More

Genco Takes Delivery of Vessel

Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Cavalier, a 2007-built Supramax vessel.

The Genco Cavalier is the second vessel to be delivered to the Company under Genco's agreements previously announced on May 12, 2008 to acquire three drybulk vessels from Bocimar International N.V. and Delphis N.V. The Genco Cavalier is expected to be delivered to its charterer, Samsun Logix Corporation, on or about July 19, 2008, to commence a time charter for 24 to 26.5 months at a cash rate of $48,500 per day, less a 5 percent third party brokerage commission. The charter is due to expire between July 2010 and October 2010.
Read More