Out of 239 end-of-life ships sold for breaking in the first quarter of 2016 a total of 79 per cent of ships ended up on South Asian beaches, according to the data collected and analysed by the NGO Shipbreaking Platform. The figure makes this quarter one of the worst ones in the last years for non-be
Six Turkish crew members of Malta-flagged tanker MT Puli who were kidnapped by pirates over two weeks ago while sailing off Port Harcourt, Nigeria have been released. “The six of them have been released and are back in Istanbul. All are in good health,“ Fehmi Ulgener, a lawyer for the shipping firm
The global oil market could face a supply shortfall of 4.5 million b/d by 2035, if exploration success doesn’t improve, a new study by Wood Mackenzie warns. Wood Mackenzie says discoveries in recent years have been disappointing, with the volume of liquids discovered per year more than halving over
Canada’s National Energy Board predicts in its Canada’s Energy Future 2016 that domestic natural gas production and consumption is set to increase over the next decade.
Oilfield services provider Baker Hughes saw its loss deepen during the first quarter of 2016 when compared to the prior-year quarter. On a GAAP basis, net loss attributable to Baker Hughes for the first quarter was $981 million, compared to a loss of $589 million in the same period last year. Includ
Russia’s Novatek, operator of the giant Yamal LNG project recorded almost a four-fold rise in its profit in the first quarter of this year. Novatek’s profit jumped to 116 billion rubles ($1.78 billion), as compared to 31 billion rubles in the first quarter 2015. Profit for the first quarter was boos
Amec Foster Wheeler, a UK-based energy services company, has appointed Jonathan Lewis as chief executive officer, with effect from June 1, 2016. To remind, former CEO Samir Brikho, who had spent nine years in the office, stepped down in January. Ian McHoul, who was then appointed interim CEO, will c
The construction of a freight port north of Nynäshamn, the Stockholm Norvik Port, can start in 2016, after the Swedish Supreme Court issued a positive ruling today by deciding not to allow permission for an appeal to be heard. The planned port is important for the establishment of an efficient, eco-
A recent Capesize market uptick, caused by an increase in iron ore trade, higher steel prices and a rise in scrapping, has revealed its impact as the Baltic Dry Index continued to grow, reaching a mark of 704 points on April 26, up by 14. The Capesize index was up by 48 points, hitting 1135, the Sup
South Korea’s Fair Trade Commission on Tuesday imposed a combined fine of KRW351.6 billion (US$306 million) to 13 construction companies for rigging the bid processes for LNG storage tank construction projects from 2005 to 2012.
FMC Technologies, a provider of technologies and services to the international oil and gas industry, has seen a sharp drop in profit in the first quarter of 2016 compared to the same period last year due to lower activity. The company on Wednesday posted a profit of $19.8 million for the quarter, a
French oil major Total has posted a 40 percent drop in net profit for the first quarter of 2016. The oil company said its profit for the quarter was $1.6 billion, down from 2.6 billion a year ago. Total said its average hydrocarbon price was only $26.4 per barrel, a 37 percent decrease compared to t
Danish Energy Minister, Lars Christian Lilleholt, has appointed former Liberal Party MP, Kim Andersen, as a new Chairman of Energinet.dk’s board. Kim Andersen was energy rapporteur when the Danish parliament formed Energinet.dk in 2004. The minister also appointed three new board members: former pow
Tohoku Electric of Japan informed on Tuesday its LNG consumption for the Fiscal Year 2015 ending March 31, 2016, reached 4.32 million tons.
