Gulf Marine Services, a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas industry, has posted a 12% rise in revenues for 2015 compared to the year-before. The company’s revenues for 2015 increased from $196.6 million in 2014 to $219.7 million in 2015. D
Oman’s rising domestic demand for power generation has forced the country to reschedule about 5 percent of LNG shipments in 2016.
VLCC, Suezmax, Aframax and product tanker rates are expected to rebound in the second quarter of 2016 supported by oil market fundamentals’ recovery, according to Tanker Freight Forecaster from Maritime Strategies International. Though last month saw a fall in VLCC spot earnings, rates are set to ri
Singapore’s offshore ship owner PACC Offshore Services, aka POSH, has sued a Saudi client seeking a $6.6 million sum. POSH on Monday said the company started legal action against Makamin Offshore Saudi, to recover approximately SAR24.4 million (approximately US$6.6 million) the Saudi operator owes.
Shipping losses continued their long-term downward trend with 85 total losses reported worldwide in 2015, according to Allianz Global Corporate & Specialty SE’s (AGCS) fourth annual Safety and Shipping Review 2016. Although the number of losses remained stable year-on-year, declining by just 3% comp
Iraqi Basrah Gas Company on Sunday said it has exported the first gas condensate cargo from its marine terminal in Umm Qasr.
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By Simon Falush LONDON (Reuters) – Oil rose above $42 a barrel on Friday, hitting its highest this year and extending a rally into a fourth week on expectations of a production freeze by major exporters, stronger seasonal demand and dollar weakness. Brent crude’s front-month contract was up 77 cents
Moody’s Investors Service (Moody’s) has switched its outlook on the global shipping sector to negative as it expects supply growth to outpace demand growth in 2016 by more than 2%, suppressing freight rates, particularly in the dry bulk and containership segments. The outlook for the tanker segment
Petronet LNG’s Dahej terminal in India is set to receive a cargo of chilled gas from Qatar during the weekend. The 155,000 cbm LNG tanker Assem departed from Qatar’s Ras Laffan port on Wednesday and is expected to dock at the Dahej terminal on March 19, according to shipping data. Petronet LNG recei
Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi said that Iran has increased its crude oil export to 1.8 million barrels a day, Shana, Ministry of Petroleum’s news agency has informed. According to Shana, Javadi last week said that post-sanctions development will be the
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Wood Mackenzie, the energy intelligence group, has outlined five things one needs to know when it comes to the effect of the lifting of sanctions on Iran’s upstream industry, and the projects offered under the new fiscal terms of the Iran Petroleum Contract (IPC). 1. This is the beginning of a new
By Libby George LONDON (Reuters) – Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International Energy Agency that said the market may have reached its bottom. Still, analysts cautioned that a large glut of oil remained, with Goldman Sachs wa
