The prospect of massive growth in Nigeria made the plans to build Africa's largest terminal in the country look like a clear winner when APM Terminals announced the project back in 2012. Today, the situation looks somewhat different.
It would be a bad step for OPEC if the organization of oil producing countries decides to freeze the oil production at its current high levels. A freeze could also possibly lead US producers to increase supply.
Drilling company Pacific Drilling took an exchange rate hit of USD 2.9 million in the second quarter, which nevertheless ended positive due to a one-off income. A continued focus on costs also impacted the result.
The West African spot market for tanker has declined by four percent in the second quarter. In particular, this is attributable to attacks by Niger Delta Avengers on the country's oil infrastructure, writes Alphatankers in its most recent newsletter.
Rebel group MEND encourages another armed group, Niger Delta Avengers, to put its weapons down and participate in peace talks with the government. Attacks on oil facilities do not solve the problems with corruption and pollution, says a spokesperson.
While the Nigerian economy suffers from the decline in the oil price, the newly founded rebel group, Niger Delta Avengers, which has carried out several attacks on oil infrastructure in Nigeria, has also pulled piracy closer to terminals along the country's coastline, notes Risk Intelligence.
Nigerian oil production is being disrupted by attacks on the country's pipelines and terminal, carried out by rebel groups in the Niger Delta. This can spell bad news for tanker carriers, says shipbroker.