Wednesday, March 25, 2015
Seadrill Semi-Rig West Pegasus
Maritime News

John Fredriksen Sails Into Rig Storm of Up to 3 Years

Billionaire John Fredriksen has sailed through troubled waters before. This time, he plans to make the most of a brutal downturn in offshore drilling amid a slump in oil prices and a glut of new rigs.

March 25, 2015
Total Views: 1


Rosneft Cancels Rig Contract With North Atlantic Drilling

Russian oil firm Rosneft has cancelled a contract for a two-and-a-half year rig contract with Northern Offshore and Seadrill's North Atlantic Drilling Ltd, the Norwegian offshore driller said.

March 25, 2015
Total Views: 2

Tuesday, March 24, 2015
Maritime News

Gulf Marine Bucks Trend to Boost Profit Amid Lower Crude Prices

Gulf Marine Services increased full-year profit after a decline in crude prices boosted demand for its low-cost support vessels for offshore oil production.

March 24, 2015
Total Views: 0

Wednesday, March 4, 2015

Bourbon Profit Hit by Oil Price Slump, 2015 Margins On Deck

Bourbon SA, a French supplier of ships and crew to oil and natural gas producers, said margins may drop this year following a 36 percent profit slump in 2014 as customers reduce investment.

March 4, 2015
Total Views: 8

Tuesday, February 10, 2015

World’s Biggest Oil Trader Says Slump Could Resume as U.S. Supply Grows Dramatically

Vitol said today crude could resume a slump that saw prices fall 61 percent between June and January, as unrelenting growth in U.S. output leads to a “dramatic” build in the nation’s stockpiles.

February 10, 2015
Total Views: 0

Monday, February 9, 2015
falling oil prices crude

Citi: Oil Could Plunge to $20, and This Might Be ‘the End of OPEC’

The recent surge in oil prices is just a "head-fake," and oil as cheap as $20 a barrel may soon be on the way, Citigroup said in a report on Monday as it lowered its forecast for crude.

February 9, 2015
Total Views: 0

Monday, February 2, 2015

Exxon Profit Falls as Industry Reels From Market Crash

Exxon Mobil Corp. reported a steep drop in fourth-quarter profit on lower prices and declining production as the rout in oil ushered in an era of frugality for an industry that reaped $3.2 trillion in sales last year.

February 2, 2015
Total Views: 1

Wednesday, January 28, 2015

Crude Oil Plunge Seen Damping Offshore Supply Vessel, Tugboat Demand

Japan Marine United Corp., Japan’s No. 2 shipbuilder, said demand for offshore supply and support vessels has stalled after crude oil plunged to a six-year low.

January 28, 2015
Total Views: 12

Monday, January 19, 2015
Suhail bin Mohammed al-Mazroui

UAE Oil Minister Says Low Oil Prices Won’t Last For Long

he United Arab Emirates oil minister said on Monday that the drop in oil prices was unlikely to last for long and that the country would not alter its energy strategy because of the price fall.

January 19, 2015
Total Views: 0

Tuesday, January 13, 2015
TI Oceania

Oil Traders Seen Storing 25 Million Barrels of Crude at Sea

Oil traders have booked at least 12 tankers to store 25 million barrels of crude at sea in a further sign of a build-up in global stocks, according to shipping sources and fixture data.

January 13, 2015
Total Views: 6

Friday, January 9, 2015

Frontline Surges Amid Signs of Oil Storage at Sea

Frontline Ltd., the oil tanker company led by billionaire John Fredriksen, surged in Oslo trading amid speculation that a plunge in crude prices is spurring demand for the vessels to store cargoes.

January 9, 2015
Total Views: 1

Thursday, January 8, 2015

Oil Traders Stockpiling Oil at Sea Amid Glut

Some of the world's largest oil traders have this week hired supertankers to store crude at sea, marking a milestone in the build-up of the global glut.

January 8, 2015
Total Views: 10

Tuesday, December 23, 2014
Energy Endeavor northern offshore rig jackup

Oil Drillers Under Pressure to Scrap Rigs

Offshore oil-drilling contractors, who last year were able to charge record rates for their vessels, are now under pressure to scrap old rigs at an unprecedented pace.

December 23, 2014
Total Views: 13

Monday, December 15, 2014
refinery oil production

Crude Seen Falling to $50 in 2015

Crude oil prices are poised to fall below half where they were six months ago, before producers begin dealing with a global glut.

December 15, 2014
Total Views: 4

Friday, December 12, 2014
platform supply vessel north sea sunrise sunset

Oil Prices Sink Below $63 to Lowest in Over 5 years

Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and a sluggish demand outlook.

December 12, 2014
Total Views: 0

Thursday, November 13, 2014
Maritime News

Oil Tankers Stream Toward China as Selloff Sparks Boom

Add oil shippers to the list of winners from this year’s collapse in crude.

November 13, 2014
Total Views: 0

Wednesday, November 12, 2014
Nils S. Andersen maersk
Maritime News

Oil at $80 a Great Price for Maersk CEO With Room to Cut

Nils Smedegaard Andersen, the chief executive officer of A.P. Moeller-Maersk A/S, says today’s oil price isn’t a problem for companies with the scope to continue cutting costs.

November 12, 2014
Total Views: 4

Wednesday, October 29, 2014
Maritime News

OPEC Head Says Oil Market Should Stop Panicking About Price Slump

Everyone in the oil market should stop panicking because crude supply and demand will return to equilibrium, OPEC’s Secretary-General said.

October 29, 2014
Total Views: 0

Thursday, October 23, 2014

High-Cost Projects to Struggle at $80-$85 Crude, Oil Search Says

High-cost energy projects globally will struggle to stay profitable if crude oil prices stay around $80 a barrel to $85 a barrel and some proposed developments may be shelved, according to Oil Search Ltd.

October 23, 2014
Total Views: 7

Tuesday, October 21, 2014

Weak Oil Threatens U.S. LNG Exports, Leaving Asian Buyers Stranded

By Oleg Vukmanovic MILAN, Oct 21 (Reuters) – Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for...

October 21, 2014
Total Views: 0