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Ocean Yield ASA announces results for the second quarter and first half year ending 30th June 2019. Highlights – Declared dividend for Q2 2019 of USD 0.1910 per share. This is the 24th consecutive quarterly dividend. – EBITDA for Q2 2019 was USD 56.8 million and EBITDA adjusted for finance lease effects was USD 74.5 million. – Net profit after tax for Q2 2019 was USD 5.3 million. This includes an increase in the provision for decommissioning expenses related to the FPSO of USD 4.5 million. Net profit from vessels ...

Scorpio Tankers Inc. has confirmed that it has ordered a further 14 ENVI-Marine™ emission control systems (the “Systems”) for vessels it owns or manages in 2020, at a combined cost of USD$20.3m. The order is on top of the 52 Systems already ordered by Scorpio Tankers, as announced in December 2018. The Systems that are being fitted are a ‘hybrid ready’ design, which allows them to be upgraded to a ‘closed loop’ configuration at a future date. Pacific Green Technologies Executive Director Scott Poulter said: “This is a further vote ...

A diplomatic row between Iran and the UK involving oil tankers escalated Thursday after a standoff in the world’s biggest oil shipping artery raised fresh concerns over global energy security which have also spiked insurance costs for ships transiting the Middle East. The UK government said Thursday that an oil tanker owned by oil major BP, the British Heritage, was approached by three Iranian vessels in the Persian Gulf attempting impede the vessel. The Iranian ships turned back, however, after a British Navy frigate accompanying the tanker intervened. “HMS Montrose ...

U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil. Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data, as the tanker Wisdom Venture unloaded 80,000 tonnes of Bakken crude in Odessa on July 6 for the Kremenchug refinery, the port said. Russia often struggles to export oil from the Black Sea via ...

Deliveries of low-sulphur gasoil for July rose to their highest since October last year at 4,450 lots, or 445,000 tonnes, InterContinental Exchange data showed. The contract expired at $608.75 a tonne, up from $551.50 at the June expiry, when deliveries reached 1,224 lots. Source: Reuters (Reporting by Swati Verma in Bengaluru)

It’s a case of too much of a good thing for Russian farmers –they’re reaping unusually high-quality wheat as the new season starts but the abundance of top-notch grain means traders are reluctant to pay big premiums. Recent hot and dry weather in Russia’s southern wheat belt, where harvesting started a few weeks ago, has boosted the level of protein in the kernels. Higher protein content is linked with gluten, the component that makes bread dough strong and stretchy. At Andrey Burdin’s farm in the southern region of Krasnodar, the ...

Oil prices hovered near six-week highs on Friday and was on track for a weekly gain as U.S. oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East. However, an International Energy Agency (IEA) forecast for a global oil surplus capped the gains. The agency on Friday predicted that surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine ...

Saudi Arabia is fulfilling its pledge to make deeper cuts in oil output than the OPEC+ agreement on output requires, according to the first indication of the kingdom’s production since the supplier group extended curbs earlier this month. The de facto leader of the Organization of Petroleum Exporting Countries will pump less than 10 million barrels a day of crude in both July and August, according to a person familiar with Saudi energy policy. Saudi Arabia will limit exports to fewer than 7 million barrels a day, said the person, ...

Ongoing tensions in the Persian Gulf have left ship operators in the region wary of passing through the chokepoint, the Strait of Hormuz, and heightening geopolitical risks in the oil market. On Thursday morning the UK’s Ministry of Defence said three Iranian vessels ‘attempted to impede the passage’ of the British Heritage as it exited the Gulf. Iran’s Revolutionary Guards have denied responsibility, according to the Fars news agency. The incident follows comments by a senior Iranian official last week that Iran should seize a British tanker in retaliation for ...

Following a heated process of give-and-take, Opec members and non-Opec oil producing countries (Opec+) finally agreed to extend the output cut — of 1.2 million barrels a day — for a further nine months. This came about despite disparities in the positions taken by oil producing countries at the last Opec meeting held in Vienna in early July. It is a fact that an agreement had already been approved at the preceding G20 Summit in Osaka, Japan, last month, after Saudi Crown Prince Mohammad Bin Salman met Russian President Vladimir ...

Energy companies have cut crude oil production in the U.S.-regulated areas of the Gulf of Mexico by 53.39%, or 1 million barrels per day (bpd), ahead of Tropical Storm Barry, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said. Natural gas output in the northern Gulf of Mexico has fallen by 44.5% or 1.2 billion cubic feet per day as of Thursday, according to BSEE. The companies have evacuated 191 production platforms due to the storm, which is churning through the Gulf ahead of landfall expected on the Louisiana ...

Asian and European stocks rose on Friday, at the end of a week that saw central banks in both the U.S. and Europe setting the stage for looser monetary policy. The Shanghai Composite Index gained 0.4% and the Shenzhen A Share index climbed 0.5%, while Japan’s Nikkei ticked up 0.2%. In Europe, the pan-continental Stoxx Europe 600 was up by 0.1%, ahead of eurozone industrial production data due later in the day. Shares of Anheuser-Busch InBev slipped 2.2% after the company’s Asian unit said its IPO would price in the ...

Policymakers, financial salesmen, market commentators and journalists all tend to over-interpret short-term movements in equity prices to support simple narratives about economic success and failure. The U.S. S&P 500 index traded above 3,000 points for the first time on Wednesday and has closed at a series of record highs this month, prompting an outpouring of commentary about the strength of the U.S. economy. But most of it ignores the fact equity prices have exhibited a persistent upward trend for at least a century, with the index setting new records on ...

The pound edged higher on Friday but was set for a record 10th week of consecutive losses against the euro as weak data and the growing possibility of interest rate cuts after a chaotic Brexit kept investors sidelined. Hopes the Bank of England will raise rates have been one of the few supports for the pound in recent weeks, as the Federal Reserve, the European Central Bank and other central banks turned dovish. Recent dismal data have dashed those hopes. At the same time, concern has grown about a no-deal ...

Amid mounting external uncertainties, China has rolled out an array of policies to stabilize expansion of foreign trade with new measures unveiled by the State Council expected to inject new impetus into the sector. China will improve its fiscal and tax policies to further lower the country’s overall import tariff level, refine export tax rebate policies and speed up the tax rebate process, a State Council executive meeting chaired by Premier Li Keqiang decided Wednesday. Li also called for efforts to strengthen financial support for foreign trade firms. In line ...