Singapore's Sembcorp Marine (Sembmarine) scrapped a deal to merge with Keppel Corp's offshore and marine unit and form new company, in favour of directly buying the unit for S$4.50 billion ($3.19 billion), the Temasek-backed oil rig builder said on Thursday. The new structure also lowers the value of Keppel's unit by S$378 million from the S$4.
A damaged oil pipeline component that disrupted output at several offshore U.S. Gulf of Mexico platforms was repaired late Friday, a Louisiana official said, with producers moving to reactivate some of the halted production.A failed flange connecting two onshore pipelines operated by Shell Plc in Louisiana leaked an estimated two barrels of oil.
U.S. crude shippers are exporting huge amounts of oil to meet strong demand from Europe following Russia's invasion of Ukraine and subsequent sanctions against Moscow. In coming years U.S. oil may find even more buyers overseas, but that could test the capabilities of U.S. export infrastructure.How much crude does the United States typically export?U.S. crude exports averaged 3.
Ohio-based Miller Boat Line has taken delivery of its newest passenger and vehicle ferry Mary Ann Market from Fincantieri Bay Shipbuilding.The ferry left the Sturgeon Bay, Wis. shipyard on July 8 and arrived to her home port Put-in-Bay, on Ohio's South Bass Island, on July 10. The vessel is expected to enter service following its U.S. Coast Guard inspection later this month.
The U.S. Maritime Administration (MARAD) last Friday designated offshore wind vessels as vessels of national interest making them eligible for financial support through the Title XI Federal Ship Financing Program (Title XI). The Federal Ship Financing Program - commonly referred to as "Title XI" based on the part of the Merchant Marine Act of 1936 that established the program - provides for a
The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector have seldom been stronger. Brent crude has been trading above $100 over the past three months
The U.S. Department of Transportation announced that Rear Admiral (Rear Adm.) Ann Phillips, USN, Ret., has been confirmed and sworn in as the 20th Administrator of the Maritime Administration (MARAD). Nominated by President Biden on October 21, 2021, Rear Adm. Phillips was confirmed by the U.S. Senate on May 10, 2022. She is the first woman to lead MARAD as administrator.
The U.S. Senate on Tuesday confirmed Ann C. Phillips as Administrator of the U.S. Maritime Administration (MARAD), filling a position that has been left vacant at the Department of Transportation (DOT) since January 2021. Phillips was confirmed by a vote of 75-22.Phillips, a retired U.S.
The voluntary shunning of Russian commodities by Western buyers, or self-sanctioning, was expected to start hitting exports of crude oil, liquefied natural gas (LNG) and coal from April, but there are already signs that flows are weakening.Russia's invasion of neighbouring Ukraine has prompted numerous Western companies to withdraw from their investments in Russia and scale back or halt their
Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.In the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.
Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several nations including the United States sanctioned
Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.U.S. West Texas Intermediate crude ended $2.