By Alex Lawler and Bate Felix PARIS (Reuters) – OPEC Secretary-General Mohammad Barkindo said on Thursday that an overhang in global oil inventories was declining but stockpiles still needed to fall closer to the five-year industry average. “While it is evident that the market rebalancing is now mov
As of 3 April 2017, the idle container shipping fleet stood at 0.97 million TEU, according to Alphaliner’s data, totaling in 4.8 percent of the total fleet. The major plunge from close to 1.6 million TEU at the start of the year is evident across the boxship fleet sizes. Most significantly, the 3,00
Given the mounting pressure on freight rates and continuing fleet growth over the next two years, excess LNG tanker supply will reduce only gradually with the recovery in rates pushed back to the latter part of next year, according to the shipping consultancy, Drewry. The consultancy maintains a bea
Despite the strong rebound of freight rates in March this year that saw the Baltic Dry Index (BDI) pass 1,282 point mark on 27 March 2017, BIMCO expects the sector’s fully-fledged recovery to start taking shape in 2018 and 2019. The BDI going up brought earnings into profitable levels for a couple o
Doha-based Qatar Navigation (Milaha) reported a 33 percent drop in its net profit for the first three months of 2017.
Petrofac has secured several contracts in Iraq during the first quarter of the year. In a statement on Tuesday, the company said the contracts were worth more than $70 million and were for engineering, operations and maintenance services in Iraq. Petrofac’s Engineering and Production Services’ (EPS)
Aqualis Offshore, part of Oslo-listed Aqualis has been contracted by the South Korean Oceanus to provide specialist floatover services for an LNG regasification platform topside offshore Bahrain.
Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipper, saw its first-quarter net profit fall 20.4 percent. Nakilat reported a first-quarter net profit of 191 million riyals ($50.92m), compared with 240 million riyals in the same period last year. The Doha-based LNG shipping giant
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In light of increased maritime piracy attacks, especially off the Horn of Africa, which often include hijacking of seafarers, employers are facing new challenges. Namely, employers are obliged to pay salaries to their workers while in captivity, however, an issue arises on the duration of that payme
Potential liquefied natural gas deliveries from Russia to Kuwait have been discussed during the meeting between Gazprom’s head, Alexey Miller and Abdulaziz Al-Adwani, Kuwait’s ambassador to Russia.
Ithaca Energy, a North Sea oil and gas operator, is ready to get taken over by the Israeli oil and gas company Delek. Ithaca on Friday said that all the conditions of the previously announced cash takeover offer for the shares not already owned by Delek had been satisfied. According to Ithaca, the o
McKinsey Energy Insights (MEI), a specialist energy data and analytics unit within McKinsey consulting firm, has released its latest Global Oil Supply and Demand Outlook, which claims that oil prices will revolve around $60–70/bbl over the next three years. The report identifies five potential suppl
The global very large crude carrier (VLCC) and Suezmax fleet completed 4.6% less ton miles during the first quarter of the year compared to the fourth quarter of 2016, according to VesselsValue. The fleet’s reach was over 2.5 trillion ton miles in the first three months of 2017, with a reduction in
