A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits
Even before the effects of the coronavirus, the ‘Phase One’ agreement between China and the US failed to boost volumes of the implicated goods in January. In fact, exports of the manufactured, agricultural and energy goods included in the deal were down 26% from January 2017, which serves as the base year for the agreement.
The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.
The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady.
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.
As autonomy gains a foothold in the maritime world, dredging appears next in line to transition to operations without direct human control.A new design concept unveiled by a prominent Dutch ship design and engineering company aims to deliver major power savings and a larger working window for port maintenance dredging operations.
A Singapore company has paid a NOK 7 million ($763,000) fine after it was caught trying to illegally export a barge carrier vessel from Norway for scrapping on the beaches in Pakistan, Norwegian authorities said.In 2017, inspectors from the Norwegian Maritime Authority (NMA) detained the Harrier, previously named Tide Carrier
At 800 AM EDT (1200 UTC), the center of Hurricane Dorian was located near latitude 29.5 North, longitude 79.6 West.Dorian is moving toward the north-northwest near 8 mph (13 km/h), and a northwest or north-northwest motion is expected through this morning. A turn toward the north is forecast by this evening, followed by a turn toward the north-northeast on Thursday morning.
A fuel barge has become stuck in mud on the Naknek River in Naknek, Alaska, the U.S. Coast Guard said on Wednesday. The Coast Guard said it is responding to the Crowley BC-152 barge, which settled in the mud and began to show signs of structural stress while offloading petroleum product.
Final preparations are underway for a 12-meter-long ship to set sail from Canada and attempt the world's first transatlantic crossing without a crew.The USV Maxlimer, an unmanned surface vessel, is bound for the south coast of England and will conduct deep sea surveys on the way, guided by a skipper in a control station in Britain.The voyage is expected to take about 35 days.
The latest lifeboat to join the fleet of the Royal National Lifeboat Institution, the main sea rescue service in the UK and Ireland, is the waterjet-propelled Shannon class, which the organization says is its most agile and maneuverable all-weather lifeboat yet to be deployed. Designed entirely in-house by RNLI engineers
Coming in the April 2019 edition of Maritime Reporter & Engineering News we report on the latest lifeboat to join the fleet of the Royal National Lifeboat Institution, the main sea rescue service in the UK and Ireland, the waterjet-propelled Shannon class, RNLI says is its most agile and maneuverable all-weather lifeboat yet to be deployed.