Coal shortages across China now acute

China's power shortages are now desperately acute with 17 provinces, municipalities and autonomous regions.

These regions are suffering blackouts, and power grids in central China's Hubei and Hunan provinces and south China's Guizhou and Guangdong provinces seriously damaged, following the worst snow storms in the mainland since 1954 bringing the nation's transport infrastructure to its knees as the world's largest human migration - Lunar New Year - gets underway. Inflation is now very likely, as more than $3bn has already been lost with these transport delays. More than 77 million people have been affected by transport delays and hundreds of power stations have their coal stocks critically low, under two days reserves. Coal exports have been banned, while Beijing has commandeered many bulk ships to urgently relieve China's strained national grid - the shortfall in power now exceeding the equivalent of the entire UK national grid. About 4.5 million tons of coal is expected to arrive at Guangzhou ports on 125 cargo ships, some of which had canceled international missions to assist in coal shipping from north to south.
Read More

Tui flows boost AWE turnover

Australia’s AWE saw revenue rise 159% sequentially to A$223 million in the fourth quarter of 2007, driven by higher-than-expected production from its Tui project off New Zealand.

AWE reported a 24% increase in production compared with the previous quarter to 2.65 million barrels of oil equivalent, with the Tui project producing 3.95 million barrels of oil (1.68 million net to AWE). AWE said in its quarterly report that it now expects the field to produce 12 million barrels in its 2007-2008 financial year, up from its previous estimate of 11 million. The company also said it had boosted proved and probable reserves twice, in August and November last year, by a combined 50% to 41.7 million barrels. The four wells on the project produced an average total of 43,000 barrels per day, while production capacity at the field remained above 50,000 bpd. However, AWE water production also crept up at the field to an average 22,800 bpd. A further development well, Tui-4H would be drilled on the field ibn mid-2009. AWE operates the Tui project with a 42.5% stake. Exploration was continuing on AWE’s prospects on the Otway and Perth basins off Australia, at its 42.5%-owned Bulu production-sharing contract on Indonesia’s East Java basin, and at its holdings on the Taranaki and Canterbury basins on New Zealand.
Read More

Thames pleasure boat scare

Six crewmembers were safely evacuated from a Thames pleasure boat after it hit Westminster Bridge and was in danger of sinking.

The 30-metre long ‘Millennium City', which can seat up to 500 people with two bars and an open top deck, was not carrying passengers at the time, but lifeboats, a fire service boat, and police boats rushed to its aid. The stricken vessel was towed to nearby Westminster Pier where firefighters used pumps to control the ingress of water, by then two metres deep, and successfully seal the engine room. A spokesperson for the Metropolitan Police Marine Support Unit said this morning that Millennium City was no longer in any danger and is now moored awaiting repairs. All six crewmembers on board the river cruiser were safely evacuated by the RNLI after the collision. The Metropolitan Police's Marine Support Unit attended the incident and no arrests were made. It is not known if any of the crew will face charges relating to the collision.
Read More

Knight & Carver Honored as Boatyard of the Year

Knight & Carver YachtCenter, which has emerged in recent years as one of the marine industry's top-rated repair yards for megayachts and other large vessels, has been honored by the American Boat Builders & Repairers Association as the nation's most outstanding boatyard for 2007.

The organization's annual "Boatyard of the Year" award is made annually to the U.S. vessel repair company that, demonstrates excellence in all facets of business through commitment to customer relations, quality management, positive employee and vendor relationships, regard for the safety of their employees and their customers is a good steward of the environment, and innovatively employs technology to enhance marine business. Accepting the prestigious marine-industry award on behalf of Knight & Carver at the recent ABBRA awards ceremony in Atlanta were repair yard manager Mike Alvarez and production manager Giovanni LoCoco. "This award marks a significant achievement in our company's long and accomplished history," said President/CEO Sampson A. Brown. Known for specializing in megayacht refits, Knight & Carver will soon complete a major refit of Helios, a 194-ft Oceanco-built motoryacht that has undergone an extensive five-month renovation and upgrade. Knight & Carver specializes in the repair of large vessels, including luxury yachts, sportboats, commercial and military vessels.

Read More

Coal prices jump, hit by the perfect storm

Coal prices have risen to a record this week in Asia as flooding in Australia, power cuts in South Africa and snowstorms in China restricted output.

This contributed to electricity shortages in China, the world's fastest-growing major economy, and with the Lunar New Year holidays around the corner deep, anger is growing around the nation at these critical power shortages combined with massive queues at train stations - up to 600,000 people are now waiting outside Guangzhou train station. China is experiencing an acute power shortage with a nationwide electricity shortfall at 70 gigawatts, the equivalent of almost Britain's entire generating capacity. State media has described the crisis as China's worst-ever power shortage. So worried is the government that on Friday it put in place a two-month ban on coal exports. The coal shortages have forced the five biggest electricity producers to close 90 power stations - with a combined capacity of more than 20,000 megawatts - in northern and central China. Most parts of central and southern China are set to suffer weather that is more inclement in the next few days with some provinces facing snowstorms, and transport and energy supplies thrown out of kilter.
Read More

Wavefield set for Timor Sea work

A major 3D seismic survey is expected to start before the end of March across the Oilex-operated Block 06-103 in the joint petroleum development area shared by East Timor and Australia.

Oilex said that the Maura 3D survey was awarded to Wavefield Inseis vessel Geowave Champion. The survey will cover 1657 square kilometres and is expected to start in the first quarter of 2008 dependent on the vessel’s current work commitments. "With the purchase of modern third-party 3D data and the addition of the new 3D data to the existing data set, the JV (joint venture) will have a comprehensive seismic database over the entire prospective area of the block by mid 2008," the Australian company said. Oilex added it is hoping to drill two wells in the fourth quarter this year. The partners are operator Oilex (25%) and Indian trio Gujarat State Petroleum Corporation (25%), Videocon Industries (25%) and Bharat Petroleum (25%). The block is located immediately to the east of the Laminaria, Corallina, Kakatua, Kuda Tasi and Elang discoveries/fields and to the north of the Bayu-Undan gas and condensate field.
Read More

Major maritime event for Hong Kong

Hong Kong’s second major exhibition and conference will be held at the Hong Kong Convention and Exhibition Centre from March 12 to 14, 2008.

China Maritime 2008 is again being organized by Baird events, one of the world’s leading maritime publishers and exhibition organizers. China maritime have again garnered the support of the Hong Kong Shipowners Association, the Hong Kong Marine Department, the Hong Kong Maritime Industry Council and all the Baird publications fleet of maritime magazines. “China Maritime is an event for the whole international maritime community”, said organizer Kishore Navani. It is aimed at owners and operators of vessels of all shapes and sizes and their builders and suppliers, he said. The exhibition will showcase the latest in maritime, shipping, port technology and services from around the world. Hong Kong

is one of the world’s top three maritime centres. It is rapidly becoming even more so Chinese and Japanese shipowners flock to relocate themselves in the world’s free commercial centres.

Read More