Shell and Marathon Oil pulled non-essential workers from the eastern and central Gulf of Mexico due to the threat of Tropical Storm Fay, but offshore production was unaffected, the companies said.
Shell said about 200 workers were evacuated yesterday from the eastern Gulf, the same number the company evacuated from that region on Saturday. Marathon said the number evacuated from the central Gulf was not immediately available. Both companies described the evacuations as precautionary in the event the storm may bear toward offshore platforms as it progresses into the Gulf, which US forecasters said should take place today or tomorrow. The sixth cyclone of what experts predict will be an unusually busy Atlantic hurricane season, Fay may near hurricane strength as it approached Cuba yesterday, and be at hurricane strength over the Florida Keys and off Florida's west coast later today, US forecasters said. Fay is the third storm of the 2008 Atlantic hurricane season to menace US offshore oil and natural gas production, which provides 25% of US oil output and 15% of US natural gas production. This year's Hurricane Dolly and Tropical Storm Edouard only temporarily shut fractions of offshore production and did not outweigh geopolitical factors or the US economic outlook in determining crude oil and refined products prices. As of 5pm Eastern Daylight Time (2200 GMT) Fay was off Cuba's southern coast, according to the National Hurricane Centre. Shell, the US unit of Anglo Dutch Shell, is the leading deep-water producer in the Gulf of Mexico, from where it draws 80% of its US oil and natural gas production, according to the company's website. Among Shell's eastern-most Gulf platform is the Ram-Powell. Other eastern Gulf Shell platforms include its Mars and Ursa units.
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Monday, August 18, 2008
Famous Pacific Shipping expands in Zhongshan
Hong Kong: Famous Pacific Shipping (FPS) has established a new office in Zhongshan to complement its string of already-established branches in Mainland China.
Zhongshan is close to Hong Kong and Macau, which it has used to its advantage in its economic development, especially in the manufacturing industries. “Famous Pacific Shipping has has branch offices throughout China and has developed into a leading provider of international freight forwarding and NVOCC services," said FPS group director, Benny Ling (pictured). “All of our offices are strategically placed, with direct connections to the main trading areas of the world. We will continue developing our transport hubs throughout South East Asia for the benefit of our customers,” he added.
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Zhongshan is close to Hong Kong and Macau, which it has used to its advantage in its economic development, especially in the manufacturing industries. “Famous Pacific Shipping has has branch offices throughout China and has developed into a leading provider of international freight forwarding and NVOCC services," said FPS group director, Benny Ling (pictured). “All of our offices are strategically placed, with direct connections to the main trading areas of the world. We will continue developing our transport hubs throughout South East Asia for the benefit of our customers,” he added.
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Nichols Brothers launches third tug
USA: Nichols Brothers Boat Builders has recently launched the third tug in a series of five under contract.
The new tractor tug is owned by Minette Bay Ship Docking, USA. The complete propulsion system will consist of two 2,524kW Caterpillar 3516C diesel engines coupled to the Niigata Z-drive system. The propulsion package produces 85 tonnes of bollard pull and gives the tug exceptional manoeuvrability. The tug was also outfitted with a Fi-Fi 1 fire fighting system. The construction of the tractor tug is scheduled to be complete after final dock and sea trials are completed this month, after which the vessel will sail north to take up its new responsibilities in Prince Rupert Sound. The vessel has a length of 30.5 metres on a 12-metre beam. The vessel has a top seppf of 14 knots and can accommodate a crew of five.
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The new tractor tug is owned by Minette Bay Ship Docking, USA. The complete propulsion system will consist of two 2,524kW Caterpillar 3516C diesel engines coupled to the Niigata Z-drive system. The propulsion package produces 85 tonnes of bollard pull and gives the tug exceptional manoeuvrability. The tug was also outfitted with a Fi-Fi 1 fire fighting system. The construction of the tractor tug is scheduled to be complete after final dock and sea trials are completed this month, after which the vessel will sail north to take up its new responsibilities in Prince Rupert Sound. The vessel has a length of 30.5 metres on a 12-metre beam. The vessel has a top seppf of 14 knots and can accommodate a crew of five.
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Sunday, August 17, 2008
Dalian Port Group to fund new Lvshunkou port projects
Shanghai: The Dalian Port Group has signed an agreement with Dalian's Lvshunkou district government to jointly develop Yangtouwa and Double-Island Bay areas, reports China Knowledge.
Under this new agreement, Dalian Port Group, which operates China's largest crude oil port will increase its investment in the planning, construction, operation of Lvshunkou district. A new venture, named Dalian Double Island Investment and Development Co Ltd, will be established to expedite the construction of an integrated port project and an industrial zone nearby.
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Under this new agreement, Dalian Port Group, which operates China's largest crude oil port will increase its investment in the planning, construction, operation of Lvshunkou district. A new venture, named Dalian Double Island Investment and Development Co Ltd, will be established to expedite the construction of an integrated port project and an industrial zone nearby.
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Iran still hopeful on Turkey deals
Iranian President Mahmoud Ahmadinejad said today he hoped his country and Turkey would soon sign deals, opposed by Washington, in the natural gas and electricity sectors.
Ahmadinejad was speaking in Istanbul during a two-day visit where the two neighbours have failed to conclude expected energy accords. Turkish sources have attributed this to new demands from Iran, including pricing and investment conditions, wrote Reuters. Turkey has come under fire for inviting Ahmadinejad, who has lobbied hard since coming to power in 2005 to visit Turkey. Ankara is a Nato member with strong ties with the US and Israel. Europe has shunned the Iranian leader, who has called for the destruction of Israel and defied international demands for a suspension of his country's nuclear enrichment programme - the subject of ongoing talks between Iran and Western powers. "We have reached important agreements on natural gas and electricity issues. God willing we will complete them as soon as possible," Ahmadinejad said. The US has voiced its opposition to the energy deal amid a standoff between Iran and Western countries and is trying to isolate the Islamic Republic over fears it is pursuing a secret nuclear weapons programme. Tehran denies this.
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Ahmadinejad was speaking in Istanbul during a two-day visit where the two neighbours have failed to conclude expected energy accords. Turkish sources have attributed this to new demands from Iran, including pricing and investment conditions, wrote Reuters. Turkey has come under fire for inviting Ahmadinejad, who has lobbied hard since coming to power in 2005 to visit Turkey. Ankara is a Nato member with strong ties with the US and Israel. Europe has shunned the Iranian leader, who has called for the destruction of Israel and defied international demands for a suspension of his country's nuclear enrichment programme - the subject of ongoing talks between Iran and Western powers. "We have reached important agreements on natural gas and electricity issues. God willing we will complete them as soon as possible," Ahmadinejad said. The US has voiced its opposition to the energy deal amid a standoff between Iran and Western countries and is trying to isolate the Islamic Republic over fears it is pursuing a secret nuclear weapons programme. Tehran denies this.
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Seaspan profit rises 154 percent in second quarter
Boxship owner, Seaspan, announced a net profit of US$85.3 million in its second quarter compared to US$33.5 million in the same period last year.
Dahlman Rose & Co, the brokerage firm told American Shipper that the results were in line with expectations. "The containership market has eased this year, particularly on the Asia-US and Asia-Europe routes, although Eastern Hemisphere trading has remained robust,” he said. During the reported period ending June 30, normalised net earnings were at US$19.3 million compared to US$15.6 million in the same period of 2007. Seaspan's position in the marketplace is based on its access to debt capital for fleet expansion. “The major focus is either sale/leasebacks with top quality liner operators, taking over distressed newbuild construction slots or acquiring smaller companies with cash flow and/or credit shortfalls," said Dahlman Rose.
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Dahlman Rose & Co, the brokerage firm told American Shipper that the results were in line with expectations. "The containership market has eased this year, particularly on the Asia-US and Asia-Europe routes, although Eastern Hemisphere trading has remained robust,” he said. During the reported period ending June 30, normalised net earnings were at US$19.3 million compared to US$15.6 million in the same period of 2007. Seaspan's position in the marketplace is based on its access to debt capital for fleet expansion. “The major focus is either sale/leasebacks with top quality liner operators, taking over distressed newbuild construction slots or acquiring smaller companies with cash flow and/or credit shortfalls," said Dahlman Rose.
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Chevron to Sell Fuels Marketing Business in Brazil to a Subsidiary of Ultrapar Participacoes
Chevron Corporation yesterday announced that two of its subsidiaries have entered into an agreement with a subsidiary of Ultrapar Participações S.A. (Ultrapar) to sell Chevron’s fuels marketing business in Brazil for approximately $730 million plus a working capital adjustment.
The final amount will vary based on exchange rate fluctuations and the actual working capital sold. Under the terms of the agreement, Ultrapar will acquire a network of approximately 2,000 service stations operating under the Texaco brand, an equity interest in associated terminal operations, and Chevron’s commercial and industrial fuels business. Other terms of the agreement were not disclosed. “The proposed sale of our retail fuels marketing operations in Brazil is consistent with our ongoing effort to concentrate downstream resources and capital on strategic global assets,” said Mike Wirth, executive vice president, Global Downstream, Chevron. “By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth.” Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business across the globe. The company’s success is driven by the ingenuity and commitment of approximately 59,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops and commercializes the energy resources of the future, including biofuels and other renewables.
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The final amount will vary based on exchange rate fluctuations and the actual working capital sold. Under the terms of the agreement, Ultrapar will acquire a network of approximately 2,000 service stations operating under the Texaco brand, an equity interest in associated terminal operations, and Chevron’s commercial and industrial fuels business. Other terms of the agreement were not disclosed. “The proposed sale of our retail fuels marketing operations in Brazil is consistent with our ongoing effort to concentrate downstream resources and capital on strategic global assets,” said Mike Wirth, executive vice president, Global Downstream, Chevron. “By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth.” Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business across the globe. The company’s success is driven by the ingenuity and commitment of approximately 59,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops and commercializes the energy resources of the future, including biofuels and other renewables.
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