News
ConocoPhillips to chop capex by 4 pct
American energy corporation ConocoPhillips has revealed its plans for the future that include assets sale and reduction of 4 pct in capital expenditure next year compared to this year’s guidance. In a statement on Thursday, the energy giant said its plan is to initiate a $5 to $8 billion divestiture
Advertorial: Online foreclosure auction fleet ABIS Shipping
By BVA-NAUTIC Twelve vessels of ABIS Shipping’s fleet will be auctioned online by BVA-Nautic.com, Europe’s largest online auctioneer to auction boats, ships and (seagoing) vessels. The forced auctions will be held by order of the lender. The auctions will be held online, to give bidders from all ove
UN Security Council: Somali Piracy Still a Matter of Grave Concern
The UN Security Council has renewed its authorization for international naval forces to join in fighting piracy off the coast of Somalia for another year, stressing that while the threat of such crime had declined, “it still remained a matter of grave concern.” Unanimously adopting resolution 2316 (
Indian Subcontinent Remains Shipbreaking Hub
A total of 51 vessels were sold for demolition during October 2016, with the majority of them destined for the Indian subcontinent, VesselsValue data shows. India was the favorite destination for demolition sales, with Bangladesh as the second country where most of the ships were delivered. Bulkers,
Lower sales volumes impact Kogas’ nine-month 2016 profit
South Korean Kogas reported a steep drop in net income and operating profit for the first nine months of 2016.
MCS SWATH 1 Outperforms Other CTVs Working on OWF
Maritime Craft Services reported that the latest addition to its fleet, MCS SWATH 1, has outperformed all other crew transfer vessels (CTVs) at the wind farm they are working on, which the company left unnamed. According to the vessel’s AIS, MCS SWATH 1 is currently deployed at the Gode Wind offshor
India’s Minister of Shipping Calls for Use of IT in Port Ops
India’s Minister of Shipping, Road Transport and Highways, Nitin Gadkari, has released a report on modernization of port systems calling for use of information technology (IT) to improve the efficiency of the country’s ports. The minister said that India’s port authorities need to take more active r
Kogas Oct sales rise 10 pct YoY
South Korea’s Kogas, the world’s second-largest buyer of LNG, said its sales volume rose 1o percent in October as compared to the corresponding month a year ago. Kogas sold 2.43 million mt of LNG in October, it said in a filing to the stock exchange on Thursday. Sales into the power sector were at 1
Oil prices rise as markets recover from Trump shock
By Christopher Johnson LONDON (Reuters) – Oil prices reversed early losses to push higher on Thursday as markets recovered from their initial shock at U.S. President-elect Donald Trump’s surprise victory, although traders said that crude fundamentals remained weak. Trump’s election initially stunned
Japan’s spot LNG contracted in October rebounds
The average price of spot LNG for delivery into Japan that was contracted in October was at US$6.1 per mmBtu. This is an increase of 7 percent compared to September when the contract-based price of spot LNG reached $5.7/mmBtu, Japanese Ministry of Economy, Trade and Industry (METI) said in its month
Engie posts lower revenue
French utility and LNG player Engie on Thursday said its nine-month revenues dropped 11.1% year-on-year to 47.5 billion euros. Engie attributed the drop mainly to lower commodity prices which impacted exploration and production, retail businesses, gas and LNG activities and power generation business
Mammoet delivers last Yamal LNG Train 1 module to foundation
Schiedam-based Mammoet said the longest module for the Yamal LNG liquefaction project has been set on its foundation at the begining of the month.
Ophir, OneLNG to form Fortuna FLNG joint operating company
Ophir Energy and OneLNG, a joint venture between Golar LNG and Schlumberger, signed a shareholders agreement to establish a joint operating company to develop the Fortuna FLNG project off Equatorial Guinea.
Trinidad’s Atlantic LNG sees 2017 as “worst yet” due to gas shortages
Trinidad and Tobago’s sole LNG producing company, Atlantic LNG expects 2017 to be the worst year yet in terms of production due to ongoing gas supply shortages in the country. LNG production at Atlantic’s 14.8 mtpa facility in Point Fortin has been declining for almost two years due to the shortages