Qatar’s Nakilat, the world’s largest LNG shipper, said its net profit rose by 7.9% percent in the first quarter as compared to the same period last year. Nakilat posted a net profit of 240 million riyals (US$66m) for the first quarter, compared to 222 million riyals in 2015. The increase in the comp
Cyprus’ decision on building an onshore LNG plant to develop its offshore gas resources will depend on future gas discoveries. This was stated on Monday by the country’s president Nikos Anastasiades during his press conference on the three years of his presidency. He said that the results of the ong
Watson Farley & Williams and Stephenson Harwood law firms advised on an export credit agency backed US$216 million post-delivery financing of the BW Singapore FSRU deployed in Egypt.
Containership scrapping is expected to intensify in 2016 as charter market demand for Panamax ships is bound to remain muted based on the recent forecast from Drewry. Drewry bases its argument on the rising demolition prices for scrapping which were kept pretty low throughout 2015. Hence, the amount
The Baltic Dry Index (BDI) has experienced a further increase with the continued recovery of the dry bulk shipping industry as it surged by 38 points to a mark of 635 points on April 15. The Capesize index was up by 118 points reaching 949, while the Panamax and Supramax indexes were up by 27 and 11
India, Afghanistan and Iran have finalized the text of the Trilateral Agreement on Transport and Transit Corridors, known as the Chabahar Agreement, at the recently held meeting in New Delhi. The agreement is to pave way for India to access Afghanistan via the Iranian port of Chabahar, bypassing Pak
By Henning Gloystein SINGAPORE (Reuters) – Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Tensions between Saudi Arabia an
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Shell CEO: time to innovate to reduce LNG costs The LNG industry needs to continue to innovate to drive down capital costs across the LNG value chain to make gas competitive with other sources of energy such as coal and renewables, Ben van Beurden, CEO of LNG giant Shell said on Tuesday. Cheniere to
Iran and India have reached an agreement on terminating free shipping of Iranian crude oil to India which was in place for three years during the sanctions against Tehran. Iran decided to ship its oil for free on board its tanker fleet in 2013 as international companies were reluctant to do so follo
The multipurpose shipping market is not expected to recover until the end of 2017, when more bulk demand is anticipated for the Handy vessels and therefore more breakbulk cargoes for multipurpose vessels, according to the latest report from shipping consultancy Drewry. The last 12 months have been d
Growth in global oil demand will ease to around 1.2 million barrels per day (mb/d) in 2016, below the 1.8 mb/d expansion of last year as notable decelerations take hold across China, the United States and much of Europe, the newly released IEA Oil Market Report (OMR) for April has informed. Accordin
India’s minister of state for petroleum and natural gas, Dharmendra Pradhan voiced the interest from Indian companies to invest in LNG projects in Iran during his recent meeting with Bijan Namdar Zanganeh, Iran’s minister of petroleum in Tehran.
By Alex Lawler LONDON (Reuters) – Oil rose above $43 (30 pounds) a barrel to its highest level so far in 2016 on Tuesday, supported by hopes that a meeting of oil producers will agree steps to tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China. […]
