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GC Rieber Shipping: Shearwater GeoServices completes strategic vessel transaction and long-term marine acquisition service agreement with CGG

GC Rieber Shipping: Shearwater GeoServices completes strategic vessel transaction and long-term marine acquisition service agreement with CGG Reference is made to the stock exchange notice on 4 June 2019, where it was announced that Shearwater GeoServices Holding AS (Shearwater) had signed a binding term sheet with CGG S.A. (CGG). Today, Shearwater completed the strategic vessel transaction with CGG, including the takeover of five high-end seismic vessels. Furthermore, the five-year capacity agreement for marine seismic acquisition services between Shearwater and CGG became effective. The transaction includes the five streamer vessels, and ...

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SeaCube Meets Growing Customer Demand for Leased Refrigerated Containers with 5,000 New Carrier Transicold Refrigeration Systems

Helping to keep pace with shipping lines’ growing demand for leased refrigerated containers, SeaCube Containers LLC recently expanded its inventory with 5,000 new 40-foot high-cube containers refrigerated by Carrier Transicold PrimeLINE® systems. Carrier Transicold is a part of Carrier, a leading global provider of innovative heating, ventilating and air conditioning (HVAC), refrigeration, fire, security and building automation technologies. SeaCube’s newest acquisitions include 4,000 containers equipped with PrimeLINE refrigeration units and 1,000 PrimeLINE ONE™ refrigerated containers. “We continue to specify Carrier Transicold for the majority of our refrigerated containers based primarily ...

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Concirrus enters new multi-year deal with Hiscox

Leading Insurtech, Concirrus has announced a new multi-year deal with Hiscox London Market, the market leading insurer of global risks. Hiscox will embed Concirrus’ behaviour-based data analytics platform, Quest Marine Hull, as part of its drive to deliver progressive, analytics-based underwriting. Concirrus’ Chief Executive, Andrew Yeoman says: “Being passionate about innovation, it’s clear to see why Hiscox is one of the most successful Lloyd’s syndicates. We are very proud to have Hiscox recognise the benefits that Quest Marine will deliver, and their adoption further underlines a real change in the ...

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GTT receives several orders to design the tanks of eight new LNG Carriers

At the end of December 2019, GTT has received several orders from Korean shipyards Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) for the equipment of eight new LNG Carriers (LNGC1). Each vessel will offer a capacity of 174,000 m3 and will be fitted with the Mark III Flex technology. Four of these LNGCs will be built by HHI: two on behalf of an Asian ship-owner and two on behalf of a European ship-owner. The others four LNGCs will be built by HSHI on behalf of another European ...

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Port of Salalah joins blockchain-enabled digital shipping platform

As part of its digital initiative to enhance customer experience, Port of Salalah recently joined TradeLens, the blockchain-enabled digital shipping platform. TradeLens, which is one of the leading open and neutral supply chain platforms has been developed in a collaboration between Maersk and IBM. The TradeLens ecosystem presently comprises of over 100 diverse organisations including carriers, ports, terminal operators, 3PLs, and freight forwarders. Currently, the platform handles 10 million events and more than 100,000 documents every week. Port of Salalah which recently handled record yearly volume of 4 million TEUs ...

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Importing Qatari gas helps Kuwait cut expense, pollutants: experts

Kuwait and Qatar signed on Sunday a long-term sale and purchase agreement for the annual supply of up to 3 million tons of Liquefied Natural Gas (LNG) to Kuwait. The agreement on Kuwait importing LNG from Qatar for 15 years, starting in 2022, will help reduce the expense of electric energy production and pollutants, according to Kuwaiti experts. Kuwait, which is rich in oil but falls short in gas production, imports natural gas for power generation and petrochemical industry. Experts expect a high consumption of electricity in Kuwait during the ...

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How Much Oil Do We Import From The Middle East?

As tensions in the Middle East continue to rise, I have fielded a number of queries on how this might impact the world’s oil markets. Today I want to explore that issue. The Middle East presently produces about a third of the world’s oil. The most important producers there, ranked according to 2018 production, are: • Saudi Arabia – 12.3 million barrels per day (BPD) • Iran – 4.7 million BPD • Iraq – 4.6 million BPD • United Arab Emirates (UAE) – 3.9 million BPD • Kuwait – 3.0 ...

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Commodity Tracker: Middle East special edition

1. Business as usual in the Strait of Hormuz S&P Global Platts Analytics cFlow showed vessels continuing to move through the Strait of Hormuz normally during the morning in Europe. But the fallout from Soleimani’s killing continues, with Iran promising retaliation and US President Donald Trump warning of sanctions against Iraq in response to the country’s parliament voting to expel foreign troops. 2. Tensions elevate Brent crude oil prices Front-month ICE Brent crude oil futures traded at $69.22/b on Monday lunchtime in Europe, having earlier broken through the $70/b mark ...

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Soybeans up for 2nd session as easing U.S.-Iran tensions support

Chicago soybean futures rose for a second session on Thursday, with prices supported by signs of de-escalation in tensions between Iran and the United States, although expectations of a record crop in Brazil limited gains. Wheat and corn futures edged higher. U.S. President Donald Trump on Wednesday tempered days of angry rhetoric and suggested Iran was "standing down" after it fired missiles at U.S. forces in Iraq overnight, as both sides looked to defuse a crisis over the U.S. killing of an Iranian general. "Easing of tensions in the Middle ...

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North Sea industry faces new pressures over climate, resource shortfall

Rising oil and natural gas production and an easing of the UK’s political crisis are giving rise to optimism in the North Sea. But concerns loom over an expected longer-term supply shortfall and the growing pressure to address climate change. Europe’s oil and gas industry has adapted well to the sharp downturn in prices in the middle of the last decade; costs have been reined in and production has recovered in both Norway and the UK. Asian refiners have proved keen on the larger crude production streams, such as Ekofisk, ...

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Oil steadies around levels prevailing before U.S.-Iran attacks

Oil prices steadied on Thursday after the previous session’s sharp losses on the back of swelling U.S. crude stocks and easing fears of an escalation in conflict between the United States and Iran. Prices were hovering around where they stood before the Jan. 3 U.S. drone strike that killed a top Iranian general and prompted an Iranian rocket attack on Iraqi airbases hosting U.S. forces, sending crude to its highest in four months. Brent crude futures moved up and down in early European trading after a 4.1% fall on Wednesday. ...

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How fracking changed America forever

The combination of hydraulic fracturing, or fracking, and horizontal drilling has revolutionized U.S. energy. The country has gone from heavily relying on foreign oil to producing enough for its domestic consumption and international exports in less than two decades. The shale revolution has lowered prices, strengthened the U.S. geopolitically and made entrepreneurs and landowners very wealthy. The U.S. is now predicted to become a net energy exporter this year. However, the process of fracking is controversial. The potential harm to the environment and local communities is polarizing. Opponents argue that ...

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Hard as It Is, Frackers Should Ignore Iran

Oil has begun pricing in the Middle East’s next explosion (albeit arguably not enough). Even as restraints pop there, though, discipline appears to be holding up in one crucial corner farther away: the shale patch. The prospect of a conflict-inspired jump in oil prices is, in purely economic terms, like a glass of water in the desert for U.S. energy stocks. The sector closed 2019 as the worst performer of the year and the decade; it has begun 2020 in the green, at least. The short story is that investors ...

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Aramco’s cash could keep US LNG projects on the bubble from bursting

US LNG export terminal developers are stepping up their courtship of Saudi Aramco to secure investments in their projects, following the state-owned oil and gas company’s IPO last month. Aramco has vowed to pump almost $160 billion into growth in the natural gas sector over the next decade, with a sizable portion of that money to be designated for LNG projects overseas. Beyond the Middle East, Russia and Africa, it also has been looking intently at the US, where S&P Global Platts Analytics expects LNG export capacity to more than ...

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Low natural gas prices drive Comstock Resources to increase assets in Haynesville, boosting gas production by over 70%, says GlobalData

Steven Ho, Oil and Gas Analyst at GlobalData, a leading data and analytics company, offers his view on what Cornstock’s Chesapeake’s Haynesville assets acquisition will mean for Comstock: “Comstock’s potential acquisition of Chesapeake’s Haynesville assets will significantly increase its natural gas production from 1.15 billion cubic feet per day (bcfd) up to 2bcfd in 2020, while operational synergy could increase Comstock’s current position net present value (NPV) from US$4.1bn up to US$5.8bn. “Looking at major transactions that took place in the US in 2019, it is quite clear that pure ...

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