By Henning Gloystein SINGAPORE (Reuters) – Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year. Front-month Brent crude futures <LCOc1>, the intern
Russian giant Gazprom signed a memorandum of understanding with the National Iranian Oil Company, to cooperate in the field of hydrocarbon prospecting, exploration and production within Iran.
By Tom Finn DOHA (Reuters) – Qatar sees Britain’s exit from the European Union as an opportunity to boost supplies of liquefied natural gas to the world’s fifth-largest economy and is open to investing in British energy assets, Qatar’s energy minister said. The Gulf state has 40 billion pounds ($50
The global fleet of liquefied natural gas (LNG) tankers welcomed 31 new additions in 2016 – in a year where only 10 new orders were placed, GIIGNL, the International Group of LNG Importers said Monday in its latest annual report. The new orders – the lowest number since 2010 – included one floating
Following the first quarter of 2017 optimism seen in the containership industry, as well as the sentiment shift in the markets, the industry could be heading to healthier rates with earnings following the course, according to Maritime Strategies International (MSI). Freight rate improvements have re
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UAE-based rig builder Lamprell has reduced its administrative staff by 20 percent ahead of what the company says might be its toughest year yet. Lamprell said in the 2016 financial results statement on Friday that the reduction in administrative staff was achieved through several rounds of redundanc
Shipowners’ interest is being diverted away from the recycling market with secondhand vessel values rising, according to Clarksons. This causes new tonnage in the market to generate firm competition between cash buyers. The number of Capesize bulk carriers sold for demolition in the year to date is
Representatives of the Iranian Government have signed investment contracts with private entities worth USD 1 trillion to develop Iranian ports, the country’s Ports and Maritime Organization (PMO) said. The contracts include investments of USD 10 billion in Mazandaran Province, USD 20 billion in Khor
Following a slow first half of 2016, port throughput rebounded in the second half of the year pushing the global container volumes up by an estimated 1.8% during the year, compared to 1.4% seen in 2015, according to Alphaliner. The fourth quarter of 2016 was saw a particularly strong volume growth o
Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In February 2017, the average confidence level expressed by respondents was 5.6 out of 10.0, unchanged from
Yemeni Port of Aden is fully ready to receive containers and other cargo traffic as a result of the stabilization of security in the region, Yemen Gulf of Aden Ports Corporation said on March 17. During 2015 and 2016, Aden Container Terminal has been receiving all containers that could not reach oth
The shipping industry is looking for ways to return to faster expansion in volumes as the slowdown in volume growth since the financial crisis focussed the industry’s thoughts on potential barriers to healthy long-term trade growth, according to Clarksons. From 1988 to 2008, growth in world seaborne
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