Crude fell 2.5% on Friday, dragged lower by a sell-off in the gasoline market as dealers bet there would ample fuel supply in the US to meet demand from summer vacationers. US crude for July delivery fell 39 cents to $69.16 by 0157 GMT. The contract fell $1.82 to settle at $69.55 a barrel on Friday, registering a weekly loss of more than 3%. London Brent crude fell 32 cents to $68.87. "In May, the market was pricing in that there would be a gasoline shortage but the latest data is obviously showing that it is not happening," said Ben Westmore, a commodities analyst at the National Australia Bank. "There are also high stockpiles of crude, so the general market sentiment is that the balance of demand and supply in the market hasn't improved too much"
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Monday, June 22, 2009
Oil slides towards $69
Crude fell towards $69 a barrel today after extending the previous session's drop of more than 2% as bearish sentiment over gasoline markets in the US continued to dominate investors' concerns.
Lindo Shipyard might axe 2,000 out of 2,700 jobs
Denmark: Lindø Shipyard may be forced to cut 2,000 jobs in the workforce total of 2,700.
Lindø Shipyard may be forced to cut 2,000 jobs by the second quarter of 2010 if the shipyard does not receive new orders. Lindø has not received any orders since the first quarter of 2008. “The situation does not look good and things have become worse lately,” said Lindo CEO Finn Buus Nielsen in a Maritime Danmark story which quoted the Daily Borsen. “The adjustment is needed when taking into consideration the way our construction programme looks these days. If our products are not purchased we have to throttle down.” According to the report, Lindø yard owner AP Møller-Maersk may even decide to completely shut down the yard with a workforce total of 2,700, once its orderbook to 2011 is fulfilled. A final decision will be reached by the start of the northern summer holidays.
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Safe Bulkers, ,Inc. Announces the Sale of Panamax Class Vessel
The Company announced today that it has entered an agreement to sell a 76,000 dwt Panamax class vessel built in 2003 for $33 million.Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced the sale of a Panamax Class Vessel.
Fleet Update. The Company announced today that it has entered an agreement to sell a 76,000 dwt Panamax class vessel built in 2003 for $33 million, excluding commissions to brokers. The vessel will be delivered to its new owners in December 2009. The extended delivery period, which exceeds the market standard of three months, will permit the Company to employ the vessel in the spot market through December 2009. Proceeds from the sale of the vessel will strengthen the Company's balance sheet.The Company also provided additional details regarding its entry into a resale agreement to acquire a Capesize class newbuild vessel to be delivered in April 2010, which had been previously announced in a press release dated June 8, 2009. The acquisition price for the 177,000 dwt newbuild is $63 million, including commissions, and the vessel will be delivered by the Shanghai Jiangnan Changxing Shipbuilding Co., part of the SWS group
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Sunday, June 21, 2009
India May OK Rig Holiday for Oil Cos Next Week
India is likely to give more time to oil and gas exploration companies for drilling in their deepwater blocks as a shortage of rigs has delayed production schedules, an oil ministry official said Friday.
"The drilling moratorium issue is likely to come up in the next Cabinet meeting," the official told reporters.The government has been considering a rig holiday as the companies haven't been able to adhere to the timeline written into their production sharing contracts with the government, mainly due to a shortage of rigs.The extension is expected to give companies such as Oil & Natural Gas Corp., Reliance Industries Ltd. and Italy's ENI SpA three more years to develop some of the blocks they have been awarded under the government's new exploration licensing policy.
"The drilling moratorium issue is likely to come up in the next Cabinet meeting," the official told reporters.The government has been considering a rig holiday as the companies haven't been able to adhere to the timeline written into their production sharing contracts with the government, mainly due to a shortage of rigs.The extension is expected to give companies such as Oil & Natural Gas Corp., Reliance Industries Ltd. and Italy's ENI SpA three more years to develop some of the blocks they have been awarded under the government's new exploration licensing policy.
Topaz Launches Crew Boat, Kanoo 40
Topaz Energy and Marine Ltd. through its subsidiary Nico Craft has launched a 98.4 ft crew boat named Kanoo 40 for Kanoo Shipping.
The crew boat was designed by Technicraft, New Zealand and all the engineering and construction work was undertaken by Nico Craft in Fujairah. Nico Craft forms a part of Topaz Engineering, the newly formed engineering division of Topaz Energy and Marine. Kanoo 40 is a medium speed catamaran vessel designed to service vessels within a distance of 50 nautical miles from port. The boat is constructed using welded seawater resistant aluminium alloy and the hull is a semi-planning type. The Kanoo 40 has a moulded beam of 32.8 ft and a draught of 3.9 ft.The crew boat has a deck cargo capacity of 376.7 sq ft and can carry a crew of 5 and upto 35 passengers at a speed of 27 knots. The vessel has been built under the Bureau Veritas Certification.
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CPC to ramp up supertanker ownership
Taipei: Chinese Petroleum Corp (CPC) of Taiwan is planning boosting its VLCC fleet dramatically.
The energy giant is in talks with both Chinese Maritime and U-Ming Marine Transport about a joint venture which could initially order seven 300,000-dwt VLCCs and one 80,000-dwt tanker. CPC wants to build up a 35-strong VLCC fleet eventually.
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The world is swimming in oil
Oil tankers are anchored off the Dutch coast, unable to deliver their cargo to the port of Rotterdam because its oil facilities are filled to capacity, but also because it is more profitable.
Last Friday, a total of eight supertankers - very large crude carriers (VLCC) – had anchored off the Dutch coast, half of them fully loaded. Each of them can carry up to 2 million barrels of crude oil, enough to fill up 6 million small cars. These supertankers could reach the port of Rotterdam, Europe's biggest oil refining and trade centre, in less than an hour. But they don't. There just isn't enough room, says Jeroen Kortsmit, commercial manager at Royal Dirkzwager, a maritime advisory company. "The port of Rotterdam is filled to capacity." Rotterdam is being flooded with crude oil, which has become superfluous because of the economic slowdown. The port can normally hold up to 12.8 million cubic metres of crude oil. That's 80 million barrels, or enough to supply all 27 member states of the European Union for five days. Now the Rotterdam port is full and companies active in oil shortage, like Vopak, Oiltanking and Eurotank, are doing good business these days.Read More
Last Friday, a total of eight supertankers - very large crude carriers (VLCC) – had anchored off the Dutch coast, half of them fully loaded. Each of them can carry up to 2 million barrels of crude oil, enough to fill up 6 million small cars. These supertankers could reach the port of Rotterdam, Europe's biggest oil refining and trade centre, in less than an hour. But they don't. There just isn't enough room, says Jeroen Kortsmit, commercial manager at Royal Dirkzwager, a maritime advisory company. "The port of Rotterdam is filled to capacity." Rotterdam is being flooded with crude oil, which has become superfluous because of the economic slowdown. The port can normally hold up to 12.8 million cubic metres of crude oil. That's 80 million barrels, or enough to supply all 27 member states of the European Union for five days. Now the Rotterdam port is full and companies active in oil shortage, like Vopak, Oiltanking and Eurotank, are doing good business these days.
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