London: Shipping shares were in the firing line in Asian trading on Tuesday, as the Baltic Dry Index fell further, to its lowest level for almost 15 months.
Dropping another 3% to 5,492, the Index has now plunged more than 50% since mid-May, reflecting softer demand for major dry bulk commodities such as iron ore and coal as well as concern over the huge volume of dry bulk tonnage due to be commissioned over the next three years. Japanese majors Kawasaki Kisen Kaisha and Mitsui OSK both lost more than 5% whilst Taiwan’s Evergreen fell by 3.7% and South Korea’s Hanjin by more than 4%. Asian banking stocks were also hard hit – with Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ amongst those affected by negative sentiment. The Nikkei 225 lost 1.7% on the day, the Hang Seng index fell by just over 2% and the index for mainland stocks traded on the territory plunged 3.4%. The general battering of stocks in Asia saw markets in London and New York bracing themselves for similar negative sentiment. The oil sector, in particular, has been hard hit as the extent of the global slowdown becomes more apparent. Both Sinopec and PetroChina fell sharply. Meanwhile crude oil prices hit a five-month low in the run-up to the crunch OPEC meeting today in Vienna. October West Texas Intermediate fell to an intra-day low of $104.70 before rising again to close at $106.34 while October Brent closed at $103.44. Hawkish members of the oil exporting countries’ cartel would like to see oil production reined in to boost flagging prices – more moderate members, however, are concerned about inflicting further damage on the weaker global economy.
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Wednesday, September 10, 2008
UAE Minister says Opec will meet demand
OPEC's fundamental policy of ensuring that the market remains well supplied has not changed and will not change when OPEC ministers meet in Vienna on September 9, UAE Minister of Energy Mohammed bin Dhaen Al Hamli said.
"However, it is fair to point out that the determining factor behind any decision on production levels is whether or not the market is well supplied. Commercial crude oil stock levels in OECD countries are within the five-year average level which indicates that the market is well-supplied," remarked Al Hamli who will lead the UAE delegation to the meeting in Austrian capital. He said the upcoming meeting (149th Meeting of the Opec Conference) today will discuss production targets and production levels in the next few months and it is not possible to predict the outcome of the meeting. Asked about his expectation for oil prices until the end of the year, Al Hamli said: "It is virtually impossible to predict oil prices because they are set by international oil markets with little or no influence from producing countries." Markets, he explained, continue to be driven by the same factors – financial speculation, geo-political concerns and adverse weather events as well as fundamental demand and supply factors. "The recent decline in prices simply shows that the oil price had risen too high and too fast." Commenting on suggestions that Opec production in the first quarter of 2009 could be as much as 1.5 million barrels per day above the call on Opec crude, he said: "Our policy is to constantly monitor supply and demand trends and to respond accordingly. The call on Opec crude in 2009 will depend largely on emerging macroeconomic trends and we are closely following worldwide economic growth indicators." He ruled out views that an expected fall in oil prices would affect investment in increasing long-term oil production capacity.
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"However, it is fair to point out that the determining factor behind any decision on production levels is whether or not the market is well supplied. Commercial crude oil stock levels in OECD countries are within the five-year average level which indicates that the market is well-supplied," remarked Al Hamli who will lead the UAE delegation to the meeting in Austrian capital. He said the upcoming meeting (149th Meeting of the Opec Conference) today will discuss production targets and production levels in the next few months and it is not possible to predict the outcome of the meeting. Asked about his expectation for oil prices until the end of the year, Al Hamli said: "It is virtually impossible to predict oil prices because they are set by international oil markets with little or no influence from producing countries." Markets, he explained, continue to be driven by the same factors – financial speculation, geo-political concerns and adverse weather events as well as fundamental demand and supply factors. "The recent decline in prices simply shows that the oil price had risen too high and too fast." Commenting on suggestions that Opec production in the first quarter of 2009 could be as much as 1.5 million barrels per day above the call on Opec crude, he said: "Our policy is to constantly monitor supply and demand trends and to respond accordingly. The call on Opec crude in 2009 will depend largely on emerging macroeconomic trends and we are closely following worldwide economic growth indicators." He ruled out views that an expected fall in oil prices would affect investment in increasing long-term oil production capacity.
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Fincantieri delivers 'Cruise Barcelona'
Italy: Fincantieri has delivered ‘Cruise Barcelona’, the second in a series of four cruise-ferries ordered by the Grimaldi Group.
The new vessel will immediately take up a service connecting Civitavecchia (Rome) to Barcelona every day. Built at Fincantieri’s Castellammare di Stabia shipyard, the ‘Cruise Barcelona’ belongs to a new generation of ships which combines the comfort and entertainment of cruise vessels with the flexibility and loading capacity essential to serve the highways of the sea. Joining her sister ship, the ‘Cruise Roma’, which was delivered in April, the ‘Cruise Barcelona’ completes the voyage between Civitavecchia and Rome in 20 hours. Capable of carrying 2,300 passengers and with 3,000 lane metres for trucks and trailers in addition to 215 cars at a speed of 28 knots, the ‘Cruise Barcelona’ has 478 cabins equipped with all the comforts of a modern cruise ship, from a large wellness centre to a casino. At 225-metres-long and 30.45-metres-wide, the ‘Cruise Barcelona’ has a gross tonnage of 55,000 tonnes, making her, alongside her sister ship the largest ferries in the Mediterranean. The two sister vessels were conceived to respect the environment and save energy, said Emanuele Grimaldi, Co-Managing Director of Grimaldi Group. “By carrying hundreds of trucks and thousands of passengers every day between Italy and Spain, the ships reduce traffic congestion and halve the emissions of carbon dioxide in the atmosphere. “The motorways of the sea are the future of transport in Europe and continuing to invest in their development is an act of social responsibility.” Delivery of a further two sister ships ordered from Fincantieri by Grimaldi Group is due in 2009 and 2010. The total value of the investment is in the order of Eur 600 million (US$848 million) for the four ships.
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The new vessel will immediately take up a service connecting Civitavecchia (Rome) to Barcelona every day. Built at Fincantieri’s Castellammare di Stabia shipyard, the ‘Cruise Barcelona’ belongs to a new generation of ships which combines the comfort and entertainment of cruise vessels with the flexibility and loading capacity essential to serve the highways of the sea. Joining her sister ship, the ‘Cruise Roma’, which was delivered in April, the ‘Cruise Barcelona’ completes the voyage between Civitavecchia and Rome in 20 hours. Capable of carrying 2,300 passengers and with 3,000 lane metres for trucks and trailers in addition to 215 cars at a speed of 28 knots, the ‘Cruise Barcelona’ has 478 cabins equipped with all the comforts of a modern cruise ship, from a large wellness centre to a casino. At 225-metres-long and 30.45-metres-wide, the ‘Cruise Barcelona’ has a gross tonnage of 55,000 tonnes, making her, alongside her sister ship the largest ferries in the Mediterranean. The two sister vessels were conceived to respect the environment and save energy, said Emanuele Grimaldi, Co-Managing Director of Grimaldi Group. “By carrying hundreds of trucks and thousands of passengers every day between Italy and Spain, the ships reduce traffic congestion and halve the emissions of carbon dioxide in the atmosphere. “The motorways of the sea are the future of transport in Europe and continuing to invest in their development is an act of social responsibility.” Delivery of a further two sister ships ordered from Fincantieri by Grimaldi Group is due in 2009 and 2010. The total value of the investment is in the order of Eur 600 million (US$848 million) for the four ships.
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Gunmen hijack OSV offshore Nigeria
LAGOS, NIGERIA: Gunmen have hijacked an offshore support vessel in the Niger Delta with five foreign workers and eight Nigerian workers aboard, according to a private security contractor.
The contractor told Reuters that HD Blue Ocean was attacked at 2:30 p.m. local time (13:30 GMT) at the entrance of the Sambereiro River. The Nigerian military has not yet confirmed the attack. According to HydroDive's Web site, HD Blue Ocean is a 6,000 bhp anchor handling tug supply vessel managed by HydroDive Nigeria and owned by Blue Ocean Maritime. Gunmen recently killed one crewmember and kidnapped another in an attack on the Eni-operated supply vessel Fulmar Lamnco. Another supply vessel belonging to West Africa Offshore was hijacked around three weeks ago.
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The contractor told Reuters that HD Blue Ocean was attacked at 2:30 p.m. local time (13:30 GMT) at the entrance of the Sambereiro River. The Nigerian military has not yet confirmed the attack. According to HydroDive's Web site, HD Blue Ocean is a 6,000 bhp anchor handling tug supply vessel managed by HydroDive Nigeria and owned by Blue Ocean Maritime. Gunmen recently killed one crewmember and kidnapped another in an attack on the Eni-operated supply vessel Fulmar Lamnco. Another supply vessel belonging to West Africa Offshore was hijacked around three weeks ago.
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Nexus lines up Crux farm-out
Nexus Energy said it had signed a preliminary agreement to farm out a stake in its Crux liquids project and adjoining acreage on the Browse basin off Western Australia in a deal worth $309 million.
The company said the memorandum of understanding signed with an unnamed “international energy company” would involve the Crux natural gas project on AC/P23 as well as adjoining exploration acreage on AC/P41. Funds from the farm-out would be used to develop the Crux project, Nexus said in a statement today. Nexus said its partner would farm into a 25% stake in AC/P23 for $275 million, and would fund Nexus’ next three wells on the AC/P41 permit up to #34 million to earn a 20% stake in that permit. Melbourne-based Nexus is hoping to tap enough gas at Crux and the adjoining acreage to supply a liquefied natural gas project, and said it had sought out a partner with significant expertise in liquefied natural gas production. Nexus is spending about $975 million on exploration over the next three years to secure gas to support its LNG ambitions. The deal is expected to be completed by the fourth quarter of this year, and will be effective from July 2008. Nexus said the name of the company would not be disclosed until approval for the farm-out had been received from both boards, as well as from Nexus’ existing partners at Crux. Japan’s Osaka Gas holds a 15% stake in AC/P23, while Nexus holds the remaining 85%. Anglo-Dutch supermajor Shell holds interests in some of the permits
adjoining the Crux field.
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The company said the memorandum of understanding signed with an unnamed “international energy company” would involve the Crux natural gas project on AC/P23 as well as adjoining exploration acreage on AC/P41. Funds from the farm-out would be used to develop the Crux project, Nexus said in a statement today. Nexus said its partner would farm into a 25% stake in AC/P23 for $275 million, and would fund Nexus’ next three wells on the AC/P41 permit up to #34 million to earn a 20% stake in that permit. Melbourne-based Nexus is hoping to tap enough gas at Crux and the adjoining acreage to supply a liquefied natural gas project, and said it had sought out a partner with significant expertise in liquefied natural gas production. Nexus is spending about $975 million on exploration over the next three years to secure gas to support its LNG ambitions. The deal is expected to be completed by the fourth quarter of this year, and will be effective from July 2008. Nexus said the name of the company would not be disclosed until approval for the farm-out had been received from both boards, as well as from Nexus’ existing partners at Crux. Japan’s Osaka Gas holds a 15% stake in AC/P23, while Nexus holds the remaining 85%. Anglo-Dutch supermajor Shell holds interests in some of the permits
adjoining the Crux field.
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