Container shipping volumes fell by nearly a quarter in late 2008 for Singapore’s Neptune Orient Lines (NOL).
The company stated that from November 15 to December 26, 2008, its box volume fell 24 percent, as compared with the same period for 2007. In the six-week period in 2008, NOL moved 218,000FEU, as compared with 288,600 in 2007.
Read More
Monday, February 2, 2009
ONGC approves more Mumbai High North redevelopment
NEW DEHLI: India's Oil and Natural Gas Corp. (ONGC) has approved the second phase of the Mumbai High North Redevelopment project.
The project is expected to yield incremental crude oil production of 17.354 million metric tonnes (137 million barrels) and 2.987 billion cubic meters (105.5 Bcf) of natural gas, around 20.34 million tonnes (160.7 million barrels) of oil equivalent, by March 2030.The total cost of the redevelopment project is RS. 7,133.39 crore (US$1.46 billion). The project is scheduled to be completed by September 2012.The first phase of the Mumbai High North Redevelopment was launched in October 2000 and completed in December 2006. The first phase saw 73 new wells and 10 sidetracks drilled. The second phase of redevelopment aims to drill 73 new wells and sidetrack 38 poorly producing wells.
Capital Product Partners L.P. Announces Non-Recurring Exceptional Cash Distribution
Capital Product Partners L.P. announced that its board of directors has declared a non-recurring exceptional cash distribution of $1.05 per unit.
The Partnership's Board of Directors declared an exceptional cash distribution of $1.05 per unit, payable on February 13, 2009, to unit holders of record on February 10, 2009. The payment of the higher than anticipated distribution was unanimously approved by Capital Product Partners' Board of Directors. The Partnership will fund this exceptional distribution from operating surplus and through a decrease in existing reserves. During the last quarters, the Partnership has earned unexpectedly high levels of profit sharing revenue as a result of the high utilization rates of its product tanker fleet and the resilient market in the Suezmax segment.This non-recurring exceptional distribution represents an increase from the previous cash distribution of $0.41 per unit which was paid for the period from July 1, 2008 to September 31, 2008. The minimum quarterly distribution at the time of the IPO was set at $0.375.
Read More
The Partnership's Board of Directors declared an exceptional cash distribution of $1.05 per unit, payable on February 13, 2009, to unit holders of record on February 10, 2009. The payment of the higher than anticipated distribution was unanimously approved by Capital Product Partners' Board of Directors. The Partnership will fund this exceptional distribution from operating surplus and through a decrease in existing reserves. During the last quarters, the Partnership has earned unexpectedly high levels of profit sharing revenue as a result of the high utilization rates of its product tanker fleet and the resilient market in the Suezmax segment.This non-recurring exceptional distribution represents an increase from the previous cash distribution of $0.41 per unit which was paid for the period from July 1, 2008 to September 31, 2008. The minimum quarterly distribution at the time of the IPO was set at $0.375.
Read More
Oz suffers FSO fatality
Australia's offshore safety authority said it is investigating the country's first offshore fatality in five years, with the recent death of a worker on board the floating storage and offloading vessel at the Legendre oilfield off Western Australia.
The death occurred on Christmas Eve on the FSO Karratha Spirit, operated by Teekay Shipping. The accident happened during disconnection of the vessel from its mooring buoy in response to the oncoming Tropical Cyclone Billy, said the National Offshore Petroleum Safety Authority (Nopsa). John Clegg, the chief executive of Nopsa, said the fatality was "a tragic reminder that health and safety must always remain the focus of our day-to-day work". "This is the first fatality to occur in the Australian offshore petroleum industry for five years and with this in mind it is timely for the industry to focus on achieving its health and safety goals in the coming year. In particular, the industry needs to focus on supervision, training and competence, and implementation of safety systems," said Clegg.
Read More
Mcquilling: Tanker market demand on a standstill
While for the most part, 2008 can be hailed as one of the best year for the tanker shipping market, the effects of the global economic crisis managed to restrict the positives by the end of the year.
The international credit paralysis took its toll in the tanker market as well, by freezing sale and purchase activity, dropping asset prices by at least 20 percent and leading spot rates downwards, mainly as a result of OPEC’s cutbacks in production levels, which ended in fewer number of barrels to be transported by sea. These are included in the latest Tanker Market Outlook: 2009 – 2013, compiled by Mcquilling Services, a US-based Marine Transportation Advisors company. The report says “the next five years in the oil markets paints a picture of lackluster crude oil demand growth over this period.
The international credit paralysis took its toll in the tanker market as well, by freezing sale and purchase activity, dropping asset prices by at least 20 percent and leading spot rates downwards, mainly as a result of OPEC’s cutbacks in production levels, which ended in fewer number of barrels to be transported by sea. These are included in the latest Tanker Market Outlook: 2009 – 2013, compiled by Mcquilling Services, a US-based Marine Transportation Advisors company. The report says “the next five years in the oil markets paints a picture of lackluster crude oil demand growth over this period.
Subscribe to:
Posts (Atom)
