Singapore: Keppel Singmarine yesterday conducted a naming ceremony for Asia’s first two icebreakers, built for owner LUKOIL-Kaliningradmorneft.
The vessels, named Varandey and Toboy, have both been classed by the Russian Maritime Register of Shipping. They are designed to work in the harshest environments, cutting through solid ice over 1.7m thick, equivalent to the height of a grown man, and operating in extreme temperatures as low as -45oC. “This is the first time that icebreakers meant for the Arctic region are built in the tropics,” said Charles Foo, Keppel Singmarine. “It also marks Keppel Singmarine’s entry into the flourishing oil and gas market in the Arctic region. The increasing oil and gas exploration and production activities in the Arctic present tremendous opportunities for specialised and robust vessels such as the icebreaking vessels.” “This is a milestone for Keppel especially since we had secured the contract amidst strong competition from European yards, which have a long tradition in and strong infrastructure of related arctic technology,” he added. The vessels will be deployed to the Barents Sea of Russia where they will help forge passages through the ice for oil tankers plying the Varandey Terminal. According to the latest United States Geological Survey, it is estimated that the Arctic may hold as much as 90bn barrels of undiscovered oil reserves and 1,670 trillion cubic feet of natural gas. This is equivalent to as much as 13% and 30% of the world’s total undiscovered oil and natural gas respectively.
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Tuesday, November 4, 2008
Devon and Chevron exchange assets
Devon Energy and Chevron have completed an asset exchange whereby Devon transferred 14.2 million shares of Chevron common stock back to Chevron and Devon received Chevron’s interest in the Drunkard’s Wash field as well as $280 million in cash.
Devon has held shares in Chevron since Devon bought PennzEnergy in 1999. In August, Devon retired exchangeable debentures originally issued by PennzEnergy that were associated with the Chevron shares. After retiring the exchangeable debentures, Devon was able to enter into this exchange transaction with Chevron. In the exchange, Devon acquired a 44% working interest in the Drunkard's Wash field. The field is about 51,000 net acres with current net production of about 40 million cubic feet of natural gas equivalent per day.
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Devon has held shares in Chevron since Devon bought PennzEnergy in 1999. In August, Devon retired exchangeable debentures originally issued by PennzEnergy that were associated with the Chevron shares. After retiring the exchangeable debentures, Devon was able to enter into this exchange transaction with Chevron. In the exchange, Devon acquired a 44% working interest in the Drunkard's Wash field. The field is about 51,000 net acres with current net production of about 40 million cubic feet of natural gas equivalent per day.
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Fincantieri to upgrade two vessels for Kenya Navy
Italy: Fincantieri has announced that the company has gained an order from the Kenya Ministry of the Defence at the Euronaval international exhibition.
The order is to carry out “mid-life” refitting of two of the Navy’s vessels, the ‘Nyayo’ and the ‘Umoja’. The contract will involve 12 months of work at the company’s yard in Muggiano, Northern Italy. The ‘Nyay’” and the ‘Umoja’, both classified as “fast attack craft”, are currently the only two vessels in operation for the Kenyan Navy and will be tasked with patrolling the coast and intervening against smuggling and piracy. The two 56.7 metre-long vessels have a displacement of 450 tonnes, can reach a maximum speed of 40 knots and accommodate a crew of 40. Currently, the African market is characterised by a substantial increase in demand for new vessels for navies and coast guards, in response to the need to increase patrolling and combat acts of terrorism against maritime traffic.
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The order is to carry out “mid-life” refitting of two of the Navy’s vessels, the ‘Nyayo’ and the ‘Umoja’. The contract will involve 12 months of work at the company’s yard in Muggiano, Northern Italy. The ‘Nyay’” and the ‘Umoja’, both classified as “fast attack craft”, are currently the only two vessels in operation for the Kenyan Navy and will be tasked with patrolling the coast and intervening against smuggling and piracy. The two 56.7 metre-long vessels have a displacement of 450 tonnes, can reach a maximum speed of 40 knots and accommodate a crew of 40. Currently, the African market is characterised by a substantial increase in demand for new vessels for navies and coast guards, in response to the need to increase patrolling and combat acts of terrorism against maritime traffic.
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Iron ore prices into China stable as decreases appear to pause
The recent decline in prices of imported iron ore into China appears to have paused, a number of sources said, agreeing that the market had stabilized.
Iron ore spot prices for 63.5% are still at $64-67/dmt CFR north China and 62% at $57-58/dmt CFR north China. Platts 62% iron ore fines price stayed at $57-58/dmt CFR north China. There was however still very little spot trade, confirmed by the fact that freight rates continue to decrease. Panamaxes from Brazil dropped below $11/wmt to $10.6/wmt, and capes from Australia are down to $4.9-5/wmt. Indian rates for handysize and panamaxes were steady at $6-8/wmt. "I expect Indian rates to slide a bit as both Australian and Brazilian rates have," an Indian trading source commented. In spite of high stock levels at Chinese ports, reported to be still above the 70 million mt mark, sources said that some mills were choosing to purchase imported spot material instead. As sellers with material in the ports were not willing to lower prices right now for material bought at higher prices than those seen currently, buyers have to pay cash to buy these stocks. Whereas credit lines are available for imported material. Following the announcement Friday that the Indian government has changed the export duty on all Fe grades for fines iron ore exported out of India to a flat 200 rupees from 15%, sources said there was a small advantage to the high Fe grades but that the change would make little difference to the lower grades. The two hundred rupees charge is irrespective of Fe content. "At current price levels it does not matter much," one Indian supplier said. "It results in a $2-3/dmt difference, where as previously [when iron ore spot prices were higher] it was more like $10/dmt," an Australian trading source said, referring to the current low spot iron ore prices.
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Iron ore spot prices for 63.5% are still at $64-67/dmt CFR north China and 62% at $57-58/dmt CFR north China. Platts 62% iron ore fines price stayed at $57-58/dmt CFR north China. There was however still very little spot trade, confirmed by the fact that freight rates continue to decrease. Panamaxes from Brazil dropped below $11/wmt to $10.6/wmt, and capes from Australia are down to $4.9-5/wmt. Indian rates for handysize and panamaxes were steady at $6-8/wmt. "I expect Indian rates to slide a bit as both Australian and Brazilian rates have," an Indian trading source commented. In spite of high stock levels at Chinese ports, reported to be still above the 70 million mt mark, sources said that some mills were choosing to purchase imported spot material instead. As sellers with material in the ports were not willing to lower prices right now for material bought at higher prices than those seen currently, buyers have to pay cash to buy these stocks. Whereas credit lines are available for imported material. Following the announcement Friday that the Indian government has changed the export duty on all Fe grades for fines iron ore exported out of India to a flat 200 rupees from 15%, sources said there was a small advantage to the high Fe grades but that the change would make little difference to the lower grades. The two hundred rupees charge is irrespective of Fe content. "At current price levels it does not matter much," one Indian supplier said. "It results in a $2-3/dmt difference, where as previously [when iron ore spot prices were higher] it was more like $10/dmt," an Australian trading source said, referring to the current low spot iron ore prices.
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Parallel lines up profit on hedging gain
Texas producer Parallel Petroleum saw third quarter net income surge on a large pre-tax gain on derivatives, amid record oil and gas prices.
Parallel reported net income of $58.6 million, or $1.41 per diluted share, in the quarter to the end of September. The period included a $65.7 million gain on derivatives. The period compares to net income of about $300,000, or one cent per diluted share, in the third quarter of 2007. The earlier period included a $4.6 million pre-tax loss on derivatives. Revenues for the period were $56.2 million, up from $29.5 million previously. In the period, the company reported oil sales of 274,000 barrels of oil, up from 254,000 barrels of oil previously, and gas sales of 2.89 billion cubic feet from 2.04 Bcf in the 2007 period. The company reported a 176% year-on-year increase in quarterly operating income to $31.2 million. Adjusted quarterly earnings before income tax, debt and amortisation rose 133% to $42.6 million. For the nine months to the end of September, Parallel reported net income of $26.7 million, including a $27.8 million pre-tax loss on derivatives. For the first nine months of 2007, the company reported net income of $3.7 million, or nine cents per diluted share, including a $11.2 million pre-tax loss on derivatives. Revenues for the first three quarter of 2008 were $156.2 million from $80 million previously. The company said it had slashed its fourth-quarter capital expenditure budget by 43% to about $23.6 million. Parallel also said it would fund its entire $118. 8 million 2009 capital expenditure earmark from its operating cash flow.
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Parallel reported net income of $58.6 million, or $1.41 per diluted share, in the quarter to the end of September. The period included a $65.7 million gain on derivatives. The period compares to net income of about $300,000, or one cent per diluted share, in the third quarter of 2007. The earlier period included a $4.6 million pre-tax loss on derivatives. Revenues for the period were $56.2 million, up from $29.5 million previously. In the period, the company reported oil sales of 274,000 barrels of oil, up from 254,000 barrels of oil previously, and gas sales of 2.89 billion cubic feet from 2.04 Bcf in the 2007 period. The company reported a 176% year-on-year increase in quarterly operating income to $31.2 million. Adjusted quarterly earnings before income tax, debt and amortisation rose 133% to $42.6 million. For the nine months to the end of September, Parallel reported net income of $26.7 million, including a $27.8 million pre-tax loss on derivatives. For the first nine months of 2007, the company reported net income of $3.7 million, or nine cents per diluted share, including a $11.2 million pre-tax loss on derivatives. Revenues for the first three quarter of 2008 were $156.2 million from $80 million previously. The company said it had slashed its fourth-quarter capital expenditure budget by 43% to about $23.6 million. Parallel also said it would fund its entire $118. 8 million 2009 capital expenditure earmark from its operating cash flow.
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