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Oil producers consider output cut extension as support grows

Offshore:

OPEC members weigh an extension of their output reduction deal as member states say more time is needed to reduce the stockpiles. Ministers from oil countries have asked OPEC to make a recommendation a month from now on the possibility of prolonging the cuts.


BY WAEL MAHDI, ELENA MAZNEVA & SAM WILKIN, BLOOMBERG
Published 27.03.17 at 14:48

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Most read Offshore

National Oilwell Varco to lay off as many as 170 people in Norway

Wintershall Norge North Sea nordsø offshore Offshore:

National Oilwell Varco is looking to reduce its workforce in Norway by one in ten employees, reports Dagens Næringsliv. The oil company has been cutting costs since the oil price plunged.

Rosneft finds first oil in the Arctic

Offshore:

Russia's oil company has discovered first oil in the eastern part of the Arctic region. The company is now working to estimate the scope of the new oil field.

John Fredriksen is racing against time to save his empire

Offshore:

A multiple year boom could be coming to an end for the colorful Norwegian shipping magnate John Fredriksen's crown jewel, Seadrill, as the company has turned out to be USD 14 billion in debt and at which a race against time and unsatisfied bond holders has begun.

Maersk Drilling bags short-term contract for unemployed jack-up rig

Offshore:

Maersk Resolve will work for Wintershall for 86 days drilling a well in the North Sea off the coast of Britain.

Norway opens up Barents Sea for extensive oil drillings

Offshore:

Despite warnings from the Norwegian environmental ministry, Norway will now open up the Barents Sea for extensive oil exploration.

Court names Monjasa in protracted bunker fraud case

Offshore:

A Danish court has lifted its court-ordered anonymity in a protracted fraud case against Danish bunker company Monjasa, which was found guilty of perpetrating gross fraud against a Malaysian customer. Partner Jan Jacobsen was also found guilty and given a prison sentence of 3.5 years.

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"An industry downturn is exactly what we need"

Herman Billung.jpg Bulk:

The dry bulk carriers, sore after several tough years, are becoming increasingly optimistic about the future. But Herman Billung, who recently established dry bulk investor Songa Bulk, praises the slowdown in the sector. "Another six months and we'll be home free," he says.

Shippers: Reefer markets will feel the pain from carrier concentration

Container:

Shippers in the Global Shippers' Forum were already sounding the alarm this March about the consequences for importers and exporters of goods such as food. Their concerns surfaced in relation to the merger of Maersk Line and Hamburg Süd and have only grown in the months since.

Maersk Line in major CEO reshuffle in Singapore

Container:

Tim Wickmann steps down as CEO of Maersk Line's Asian subsidiary MCC and leaves the Maersk Group after 27 years. He will be replaced by an experienced Maersk exec who takes over as CEO of the Singapore office in August. Also, a new head of Southeast Asia has been appointed.

Cosco will challenge European dominance on key container routes

Container:

Chinese Cosco Shipping has ordered 14 new container vessels for USD 1.8 billion in order to boost its fleet between Asia and Europe, where carriers such as Maersk Line, MSC and CMA CGM currently dominate.

Ten analysts list the losers among shipping shares

Carriers:

Despite protracted and crushing pressure on the shipping sector, several companies may not have reached the bottom yet. Ten analysts list their pick for the shares they believe will lose additional market value. One company stands out in particular.

South Africa rejects Japanese container merger

Container:

Competition authority in South Africa rejects the planned merger between NYK Line, MOL, and K Line. A merger increases the risks of price fixing in the container market, says the authority.

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