Among this week's highlights were interim reports from suppliers Alfa Laval and Wärtsilä as well as an interview with Dan-Bunkering's new CEO, while DSV and the Port of Gothenburg talked about communication in relation to unique situations.
An international court has sentenced Russia to pay USD 6 million in fines in a case related to Russia's imprisonment of 30 Greenpeace activists in 2013. The activists were protesting against oil drilling near the Arctic when Russian special forces boarded their ship.
Shipments of crude oil from Saudi Arabia to the US dropped to a seven-year low last week, and the trend looks set to continue amid OPEC's output cap deal and the country's seasonal increase in domestic oil consumption.
Maersk Oil has, according to the Financial Tribune, submitted a plan for how to develop the oil reserves in Iranian field South Pars. The National Iranian Oil Company is now reviewing the plans, reports the usually well-informed media.
Maersk Drilling has entered a fixed IT deal with US-based conglomerate General Electric. The deal is an extension of a pilot project and involves elements including the use of data to optimize maintenance and operation of drilling rigs.
Statoil has great ambitions for Brazil where the company has now bought a bigger stake in field Caraca. In the long term, Statoil wants to achieve a daily output of around 700,000 barrels per day in Brazil, reports Dagens Næringsliv.
Norwegian oil service company Aker Solutions sees signs of improvement in the market, especially off of Norway. Yet the second quarter was weaker than the same period last year, according to the interim report Wednesday.
Saudi Aramco plans to invest more than USD 300 billion over the next decade on its oil production capacity and natural gas exploration, explains the CEO. Saudi Arabia's government also plans to sell about 5 percent of the company in 2018 in what could be a record IPO.
Major internal battles in the UN IMO regarding shipping's role in terms of the climate and environment, accounts from the world's second-largest bunker group, and the Maersk Group's problems after a hacker attack and chemical discharge in the North Sea made headlines this past week.
Total is planning to a sign a formal contract with Iran this Monday for the development of the country's share of the world's largest natural gas field. Under the preliminary November accord, Total will control 50.1 percent of the project.
The large-scale cyber attack on Maersk crippled significant parts of the group and characterized a week in which future capital and ownership conditions also took center stage among the week's top picks on ShippingWatch.
Offshore carrier Subsea 7 has acquired a series of assets from distressed peer EMAS Chiyoda Subsea. The purchase comes with an order backlog of USD 850 million and will strengthen the company's presence in the Middle East, says CEO.
It came as very good news at a tough time for the offshore sector when Statoil this Wednesday awarded long-term vessel contracts to four carriers for a total value of NOK 3.1 billion. "It's important to secure long-term contracts in today's market," DOF's Chief Exec tells E24.
The Norwegian oil major has taken on a series of offshore vessels on contracts totaling USD hundreds of billions, including ships from Norway's new, large-scale offshore carrier Solstad Farstad and from Havila.
Michel Temer is facing mounting pressure shortly after secret recordings officially drag the president into the Petrobras scandal. He could remain in office despite minimal support from the population,
Maersk is looking for a Nordic bank and an international bank to handle the oil division's IPO, reports Danish media Berlingske. The conglomerate has allegedly issued invitations to a series of banks, including Danske Bank.
The ten most valuable oil and oil service companies listed in Oslo have had a negative return of NOK 67 billion since the beginning of the year. Statoil accounts for the by far biggest share of the price fall, which is attributed to the unexpected low oil price, writes E24.
APM Terminals lays off 160 in Gothenburg in a move to end the protracted port labor conflift. Shipowners look to postpone the ballast water convention by two years. Shippers worry about a shortage of reefer containers. Oil is headed for USD 40. Here are this weeks top picks.
The EU list of yards which are allowed to dismantle European vessels has led to greater interest in Spanish shipbreaker DDR Vessels, says CEO. However, there are still many carriers trying to circumvent the rules.
What was supposed to be OPEC's manifestation of agreement and strength to push the oil price back up, has now crumpled with a whimper and a price that, after sliding for almost 30 consecutive days, is now headed for USD 40 again. Banks are lowering their estimates considerably.
Two of Norway's biggest figures in shipping, Kjell Inge Røkke and John Fredriksen, are behind Norway's new offshore carrier Solstad Farstad which will become the country's largest carrier. "It's a tough market out there," CEO Lars Peder Solstad tells ShippingWatch.
Bunker company Endofa has positive figures on its bottom line for the first time since the company was founded by three Monjasa breakaways and Kenn Søndergaard in late 2012. Revenue grew by more than DKK 100 million.
The Norwegian tax authority has definitively lost a protracted case against Transocean for alleged tax evasion in a case involving the transfer of billions of Norwegian kroner to tax havens via Denmark, reports Dagens Næringsliv.
A bomb threat on a Maersk vessel in the US, a shortage of containers in Latin America's largest economy, and several member states urging the EU not to change national subsidy rules were among this week's top stories on ShippingWatch.
Maersk Oil could be listed on the stock exchange in less than six months, reports Danish media Berlingske, based on information from unnamed sources. Meanwhile, the group is shelving IPO plans for Maersk Supply Service and Maersk Drilling, and the future is unclear for Maersk Tankers.
Global oil production grew 1.25 million barrels per day in May 2017 compared to the same period last year. US shale oil producers in particular contributed to the increase, notes IEA in its latest monthly report.
Norway has produced oil and gas for 50 years, but the reserves are not even halfway depleted, notes the company's petroleum directorate in its latest resource report. Discoveries have been made for volumes totaling more than 4.4 billion barrels, according to the report.
A few years ago, Norway's Noreco faced potential bankruptcy. Today, things have turned around after the company emerged victorious in a Danish insurance claims case. Noreco will now invests large sums on the British and Danish North Sea shelves, reports Dagens Næringsliv.
Employment among those with advanced training in the Norwegian offshore sector is higher today than a year ago, according to new numbers published by a union – though the union warns that the crisis is not yet over.
Arab boycott of Qatar with the potential to create difficulties for Hapag-Lloyd, the collapse of Germany's Rickmers Group, and tanker carriers such as Torm and Hafnia in play in an expected consolidation wave, were among this week's top stories on ShippingWatch.
Statoil has become too powerful a company and is pressuring subcontractors into continuously lowering prices on contracts, says a Norwegian supplier, according to Sysla.no, stressing the need to scrutinize the power of the oil major.
Another consolidation in the tanker industry. US President Donald Trump will pull the US out of the Paris Climate Accord. 180 years of shipping may come to a end at Rickmers Group. News from Nor Shipping. Read this week's top picks on ShippingWatch.
Oil companies are sending positive signals as they seem poised to spend more money, says Prosafe's CEO. He believes in brighter days ahead for the leasing of accommodation rigs – but it will be a long journey, says the Dane with a professional past at J. Lauritzen.
Transocean makes a USD 1.6 billion impairment after selling its jack-up fleet to Borr Drilling, which was established in March by former executives from John Fredriksen's empire. The deal for the 15 rigs is worth a total USD 1.35 billion.
The market for offshore service vessels has bottomed out, concludes analyst firm Pareto Securities in a new, extensive report. Oil companies' growing willingness to invest drives the development, but oversupply and record-high debts weigh down.
BW Group's offshore carrier booked a significantly lower operating profit in the first quarter this year than in the preceding quarter. Following this quarter, the company feels equipped for new projects, citing factors such as a new partnership with ICBC.
After stepping down from his CEO post yesterday after a nine-year run, the 60-year old geophysicist Jon Erik Reinhardsen has now been nominated to the post as chairman of Norway's largest energy company.
Weak markets and idled vessels hurt the offshore carrier in the first quarter, which ended with red numbers on the bottom line. The plan to land a deal with the company's lenders is taking longer than initially expected.
Monjasa suffered massive deficit, while broker Lightship lost a dramatic court case to a former partner. And Dong found a buyer for the company's oil and gas business. Here are this week's top stories on ShippingWatch.
The Fredriksen-controlled rig unit exits the first quarter with a slide in revenue and an operating result virtually slashed in half compared to the same period last year. A new investor could be about to enter the company.
China Petroleum & Chemical Corp., the world's top oil refiner, will process about 1 million metric tons a month less than previously projected for the period June to August. This comes alongside OPEC's weakened resolve to maintain output costs.
Stig Remøy, who controls carrier Olympic Subsea, believes the offshore market has left the worst behind. 10 of the carrier's 11 subsea vessels are now employed following a challenging restructuring six months ago.
Aker Group, which covers six companies operating in oil and shipping and is owned by Kjell Inge Røkke, saw its value drop NOK 2.8 billion in the second quarter. Sliding share prices in Aker BP, Aker Solutions, and Kvaerner, in particular, dragged the group down. But the CEO is optimistic.