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Oil Majors

DHT Holdings Time Charters 4 Vessels

Announcing a term chartering update, DHT Holdings, Inc. has chartered out a VLCC, two Aframax vessels and a Suezmax vessel.   The VLCC DHT Chris has been chartered to a major commodity house for a period of about 10 months from February 2015 at a rate of $45,000 per day.   Additionally, two Aframax vessels, the DHT Sophie and the DHT Cathy, have been chartered to an oil major for a period of 24 months from April/May 2015 at a rate of $22,500 per day.   Lastly, the Suezmax DHT Target has been chartered to an oil major for a period of 12 months from March 2015 at a rate of $30,000 per day.   These four time charters are expected to generate about $20 million after operating expenses and debt service for the period from April 1 to December 31, 2015.


Ezra Wins UK North Sea Contracts

Image: EMAS AMC

 Offshore service provider Ezra Holdings has announced that subsea division, EMAS AMC, has won global contracts values at over $115m including options, reports Business Times.   These contracts include one for rigid pipe lay for the Aviat field development in the UK North Sea; engineering and offshore support work in West Africa for an oil major which will be undertaken together with Ezra's subsidiary company, EMAS Offshore Limited.  


London Offshore Consultants Expands in Asia

Kenny Ong, Manager of LOCs new Vietnam office in the port of Vung Tau, which will formally begin operations in May 2013. Photo: LOC

New office in Vietnam at the port of Vung Tau announced at Maritime Vietnam London Offshore Consultants (LOC) announced further expansion in Asia Pacific with the opening of a new office in Vietnam. The new office in the port of Vung Tau, which will formally begin operations in May, will be managed by Kenny Ong, who is highly experienced in major offshore oil and gas projects across Asia, especially in Vietnam. The office will provide oil majors, contractors, underwriters


Otto Marine Clinches Australia AHTS Contracts

AHTS Go Spica: Photo Otto Marine

Otto Marine says it has clinched AUD57-million worth of charter contracts in Australia for two of its large deep water AHTS vessels. Otto Marine Limited, which owns and operates a large fleet of offshore support vessels, with shipyard and other specialized offshore services, says that it has secured time charter contracts with two oil majors for its deep water anchor handlers, GO Sirius and GO Spica. Employed in drilling and pre-lay support, the 16


Profitable Year for Shipbuilding Companies

Increased spending on offshore exploration & production (E&P) of oil and gas has increased order-book positions of Indian shipbuilders. ABG Shipyard has an order backlog of Rs 1,300 crore, while Bharati Shipyard has pending orders worth Rs 676 crore on its books. The jump in order books is getting reflected in stock prices of these companies as well. BSL has seen its market cap soar to almost Rs 900 crore from Rs 309 crore at the beginning of 2005


Trafigura Fixes Australian LNG Cargo

Swiss-trading house Trafigura has purchased one of three liquefied natural gas (LNG) cargoes offered by Australia's North West Shelf export plant as part of a tender awarded late last week, four traders said. The winners of the remaining two cargoes are thought to be a mid-size oil major and a Japanese electric utility, traders said, although it was not possible to confirm this. Asian spot LNG prices are trading at around $9 per million British thermal units for March delivery.  


Norway's Statoil to Exit Alaska

Photo: Statoil

Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive.   "Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities," Statoil exploration chief Tim Dodson said in a statement.  


Total Says Nigeria’s Oil Bill Will Hurt Industry

According to a September 21 report from the Associated Press, a top official at French oil major Total SA warned that a proposal to overhaul Nigeria's oil industry would hobble foreign investment, just as the firm prepares to bring a major offshore field into production. Analysts said the petroleum bill would sharply reduce the profits of foreign oil companies like Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell PLC and Total, all of whom have subsidiaries operating oil fields in Nigeria


EMAS Wins US$110-million Subsea & Offshore Contracts

EMAS logo web.jpg

Singapore's EMAS, the operating brand of Ezra Holdings, announce that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have been awarded projects worth US$110 million. These projects will be executed in the Gulf of Mexico and the Asia-Pacific region. EMAS AMC’s project wins come from a national oil company operating in the Gulf of Mexico for a SURF type offshore installation project


Oil Majors to Preserve Dividends Despite Oil Collapse

Oil well

  Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares. Having sold around $120 billion in assets in recent years to boost balance sheets and keep up dividend payouts, companies are expected to increase borrowing and further cut costs as they come to terms with oil prices that have more than halved


Total Seeking to Buy Stake in Iranian LNG Project

Photo: Total

 French oil giant Total held talks with Iranian officials about several projects in the country in 2016, notably a 10 million tonnes per year liquefied natural gas project (LNG), Reuters reported.  It has signed an agreement with Iranian authorities for a 50 per cent stake  in


TEN Strengthens Vessel Base

Photo: Tsakos Energy Navigation

 Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties.   


Asia Tankers-VLCC Weighed by Excess Tonnage

File Image (CREDIT: AdobeStock)

MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market.   Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in


EU Lawmakers Reject Call for Ban on Arctic Oil Exploration

© ggw / Adobe stock

The European Parliament rejected a call to ban Arctic oil and gas exploration on Thursday, in a symbolic vote seen as a barometer for future moves by Brussels to regulate to protect the region. Lawmakers who back the ban, which had drawn the ire of Norway


Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys

Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in


DryShips Opts for Second VLGC Newbuild

DryShips Inc., owner of ocean going cargo vessels, said it has exercised its second option under a previously announced option agreement to acquire up to four very large gas carriers (VLGCs) currently under construction at Hyundai Heavy Industries Co., Ltd. (HHI) for a purchase price of $83


d’Amico Delays Delivery of LR1 Tankers

Photo:  d’Amico ​Società di Navigazione SpA

 Tanker shipping company d’Amico Tankers agreed with Hyundai Mipo Dockyard Co.Ltd. – South Korea to postpone the delivery of its first newbuilding LR1 (Long Range – 75,000 dwt)from April 2017 to October 2017.   This agreement follows a specific request of an oil major


Total in Talks to Buy Iranian LNG Project

Total is in talks to buy a multi-billion dollar stake in Iran's partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves. The French oil major -- the first of its peers to strike deals in Iran after sanctions -- seeks entry into Iran LNG at a


Russian flagged vessels in Russia to be managed by V. Group

Photo V. Group

V.Group has taken its first Russian flagged vessel into full technical management following earlier successful accreditation of the St.Petersburg office from the Russian Register. The ship management services, which will be delivered by V.Ships operations in Limassol and BGI crewing operations in


W. Africa Crude-Asian Tenders, Pending Export Plans Slow Trade

File Image (CREDIT: AdobeStock)

Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan.   * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose.


Traders Rush to Ship US Oil as Export Window to Asia Opens

Cap Guillaume (Photo: Euromax)

Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts.   Traders have estimated that some 700,000 to 900


Keppel Shuts Down Three Yards in Singapore

Photo: Keppel Offshore & Marine

 Keppel Corp, the world's biggest oil rig builder, is still hard hit by the downturn in the oil industry and will now shut down three yards in its homeland.   Singapore-based offshore company Keppel reduced its direct work force by about one third


Shell to sell $3B in North Sea Assets

Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor


Navios Maritime Midstream Posts 4Q Profit

Image: Navios Midstream Partners L.P

 Maritime Midstream Partners LP (NAP), an owner and operator of tanker vessels, has reported fourth-quarter earnings of $6 million. On a per-share basis, the company has a net income of 28 cents.   The operator of contracted crude oil tankers posted revenue of $22


DryShips Buys First Very Large Gas Carrier

Image: DryShips Inc

 DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million.   






 
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