Maran Nakilat adds three more

Maran Nakilat adds three more

Doha: Maran Nakilat, the LNG joint venture between Angelicoussis Shipping Group of Greece and Qatar’s Nakilat, has bought three LNG carriers, taking its fleet to 11 ships.

UASC introduces new Asia - Europe network

UASC introduces new Asia - Europe networkDubai: UASC has linked up with China Shipping Container Lines (CSCL), Hanjin Shipping and Evergreen Marine Corp to reengineer its Asia-Europe offerings ahead of significant capacity build up for the Middle Eastern line. This new s...

Road freight deal signed in Abu Dhabi

Road freight deal signed in Abu DhabiAbu Dhabi: Abu Dhabi Ports Company (ADPC) has signed a Memorandum of Understanding (MoU) with MICCO, a freight contracting company in the UAE. By signing the MoU, MICCO agreed to provide road freight services for container cargo f...

Tristar looks to build mixed fleet

Tristar looks to build mixed fleetDubai: Tristar Group, a logistics firm headquartered in Dubai with a focus on liquid fuels, is looking to up its shipping revenue base. Speaking to our sister site Maritime CEO, Eugene Mayne, Tristar’s ceo, said that as well as a r...

Damage at Zueitina keeps Libyan terminal closed

Damage at Zueitina keeps Libyan terminal closed Cairo: Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port. "There is some damage (at Zueitina port...

Shipping poll stirs debate

Shipping poll stirs debateSingapore: Our sister title Maritime CEO has opened up a poll to readers, which is already generating lively debate and today we seek the views of this site too.

Duqm celebrates first ship-to-ship transfer

Duqm celebrates first ship-to-ship transferMuscat: The Port of Duqm in Oman has completed its first ship-to-ship transfer. A shipment of soya bean meal was successfully transferred from the bulk carrier, MV Sila, to another commercial vessel, MV Ocean Fortune.

Israel Corp keen to get rid of government’s golden share in ZIM

Israel Corp keen to get rid of government’s golden share in ZIMCairo: With container shipping in the process of a period of consolidation, Israel Corporation is lobbying Tel Aviv to relinquish its ‘golden share’ in ZIM Integrated Shipping Services that allows the government to outvote all ot...

Sohar port readies for August switch

Sohar port readies for August switchMuscat: The Omani government has made it clear that all commercial shipping must shift from Muscat’s Port Sultan Qaboos to Sohar Port by August as the former undergoes a transformation to be a cruise and passenger hub. Sohar Port h...

Plans to develop Anzali port

Plans to develop Anzali portDubai: Iran plans to boost trade and economic ties with its Caspian littoral countries via developing Anzali port in Gilan province. As well as the Qazvin-Rasht-Anzali railway project, construction of a new port in the Caspian Sea...

Tanker calls at Hariga as eastern Libya reopens for oil trades

Tanker calls at Hariga as eastern Libya reopens for oil tradesTripoli: A tanker called legally in eastern Libya yesterday for the first time since last summer as the government has taken control of formerly rebel held oil terminals towards the Egyptian border. The Aegean Dignity arrived at t...

Haifa adding tug to fleet

Cairo: Haifa Port Company (HPC) has awarded an international tender for a newbuild Voith Schneider tug to Zamakona Yards. HPC has tendered a tug which is a sister vessel of the ones already operating in the harbour. The tug has 70 t bollard pull a...

Deal signed to transform Iraqi boxport

Dubai: Nawah Port Management (NPM), a business unit of North America Western Asia Holdings, has entered into a formal agreement with Iraq’s Ministry of Transportation and the General Company for Ports of Iraq to quadruple the size of its terminal o...

Drydocks World grabs Malta jack-up pair

Dubai: Drydocks World has signed an agreement with Malta Oil & Gas to build two jack-up drilling rigs based on Gusto MSC CJ54-X135-A design. Khamis Juma Buamim, chairman of Drydocks World & Maritime World, said: “There is a great demand for new ...

Topaz makes further inroads in West Africa

Dubai: Offshore operator Topaz Energy and Marine has won a new contract for its fast growing West Africa operation. Under the terms of the $11m agreement, Topaz will supply a global oil major with a platform supply vessel, the Topaz Faye, for 18 m...

Walls to protect Suez Canal under construction

Cairo: Local media in Egypt report that the military is halfway to completing rock walls around both the southern entrance of the Suez Canal as well as in the north around Ismalila and Port Said. Major General Mohamed Ali Shams Eddin, commander of ...

Road to link key Iraqi and Jordanian ports

Dubai: Iraq has approved a World Bank-funded project to construct an international highway to Jordan to enhance trade between the two countries. "The highway project will link Umm Qasr port in Basra province to Jordan's Aqaba port to ensure smooth m...

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In Focus

Offshore spending will continue to grow

Standard Chartered analyst bullish on prospects for Asian oil capex

Offshore spending will continue to grow
There’s plenty of scaremongering going on about oil majors reining in their capex this year, sending jitters to many in the offshore sector, however Standard Chartered bank’s point man is convinced the cut backs are mainly onshore, with offshore still set for very solid growth.
Following on from Asia Shipping Media’s Offshore Business Breakfast, held at the Fullerton Hotel in Singapore last month in association with Standard Chartered, we look at the very thorough presentation given by the bank’s director of oil and gas equity research, Duke Suttikulpanich.
Producers’ ROEs have been declining for the last three years, Suttikulpanich said, and while oil prices have been dropping with many saying the price of a barrel might hover around $90, Standard Chartered disagrees saying a barrel will be worth $108 - $115 from 2014 to 2017.
Independent oil companies’ development capex has slowed down from 5% last year to 1% this year, and likely no growth at all next year, Suttikulpanich said, but stressed this decline is mainly onshore. “Offshore is still strong,” he said, with 7% growth expected this year, much to the relief of the 45 people in the room, made up predominantly of OSV and rig owners.
Most Asian producers are moving away from shallow water to deep water, Suttikulpanich noted, adding that there was a need for plenty more semi-submersibles in the region. Asian growth is co ...   More>>