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Nordic American Offshore Ltd. Announces Completion of Vessel Acquisition and Sale of Common Shares under Equity Line of Credit

Nordic American Offshore Ltd. announced that it has completed the previously announced acquisition of thirteen vessels from Scorpio Offshore Holdings Inc. for 8,126,219 common shares at $2.7774/ share. In a separate transaction, the Company has sold 3,240,418 common shares under its Equity Line of Credit to two affiliated entities which are accredited investors for $2.7774/ share. Clarksons Platou Securities acted as advisor in this transaction. Emanuele A. Lauro, Chairman and Chief Executive Officer, commented “With the completion of this acquisition and the first drawdown under our Equity Line, NAO has ...

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CyberLogitec Improves Logistics Operations Management with OPUS Logistics SaaS Model Solution

CyberLogitec, the leading provider of maritime, port/terminal and logistics operations technologies, today announces the launch of OPUS Logistics SaaS, a new, more robust version of its logistics operations solution, designed for ease of use, implementation and IT infrastructure management. The need for more flexible and efficient technologies that improve visibility across the supply chain is more important than ever as international trade, ecommerce and online retailing continues to grow. As a cloud-based, software-as-a-service, subscription solution, OPUS Logistics SaaS helps freight forwarders, NVOCCs, 3PLs and warehousing operators meet the increasing demands ...

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Protection Vessels International: Weekly Maritime Security Report

Southeast Asia Philippines: Robbers board tanker in Batangas anchorage 26 March Robbers boarded a Marshall Islands-flagged tanker anchored in Batangas Bay by breaking the padlock of the anchor chain pipe at 2030 hrs local time. Crew sighted the intruders and raised the alarm, prompting the robbers to jump overboard with a stolen ship bell. PGI Analysis: Petty thieves intermittently target vessels in the Batangas Bay area, although such incidents have been more common around Manila Anchorage. Robbers often target ships during the night to take advantage of reduced visibility. West ...

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WFW advises Teekay Offshore on US$414m ECA-backed shuttle tanker newbuild loan

Watson Farley & Williams (“WFW”) advised long-standing client Teekay Offshore Partners L.P. (“Teekay Offshore”) on a US$414m debt facility to fund four LNG-fuelled newbuild shuttle tankers. The facility, which bears interest at Libor plus 225 basis points for up to 12 years from each delivery, is funded and guaranteed by both Canadian and Norwegian export credit agencies and commercial banks. The vessels covered are four Suezmax DP2 shuttle tankers due for delivery in 2019 and 2020, two of which will work under Teekay Offshore’s Master Agreement with Norway’s Equinor, with ...

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MPA invests $7.2m in projects on autonomous shipping

Singapore is banking on autonomous shipping, with the Maritime and Port Authority of Singapore (MPA) investing $7.2 million in five projects on such vessels. One of them – a collaboration between the MPA, ST Engineering, Japanese trading house Mitsui & Co and British ship certifying body Lloyd’s Register – aims to develop navigational intelligence for ocean-going vessels. ST Engineering will equip an ocean-going Singapore-flagged car carrier ship with “sophisticated perception and navigation modules”, which will provide data that can be used to develop future autonomous shipping programmes. Separately, a cross-agency ...

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Argentina sees steady growth in light crude exports from Vaca Muerta

Argentina’s state-led YPF is preparing a shipment of light crude from Vaca Muerta, a trend the federal government expects to gain as production increases from the shale play, Argentinian Energy Secretary Gustavo Lopetegui said. “This year for the first time in many years we have started to export light oil from the Neuquen basin,” where the play is located, Lopetegui said at the Argentina Gas and Oil Summit in Buenos Aires. The biggest producer in the play, YPF has made a first shipment already and will make the second in ...

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Corn prices supported by US planting delays; wheat rebounds

Chicago corn futures were little changed on Thursday after closing higher in the last session as storms delayed planting in parts of the U.S. Midwest, although plentiful world supplies kept a lid on the market. Wheat gained ground on bargain-buying after falling for the last five sessions. The most-active corn contract on the Chicago Board of Trade was unchanged at $3.61-3/4 a bushel by 0708 GMT, soybeans rose 0.1 percent to $9.02-1/2 and wheat added 0.6 percent to $4.60-1/2 a bushel. U.S. farmers, who have spent the last month sifting ...

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US 2019 coal production expected to fall 9.2% on year to 684.1 million st: EIA

The US will likely produce 684.1 million st of coal in 2019, the US Energy Information Administration said, cutting its estimate from a month ago by 1.6%. The 2019 production would be 9.2% lower than the 753.7 million st produced in 2018, while 2020 production is estimated at 640.1 million st, the EIA said in its April Short-Term Energy Outlook. The 684.1 million st expected in 2019 would be the lowest production since 670.16 million st was produced in 1978. Power sector coal consumption is projected to be 553.3 million ...

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Disparity between Permian oil and gas prices continue to grow

The price gap between Permian Basin oil and gas will continue to widen as steady demand for crude continues to overwhelm oversupplied natural gas markets, an analysis by S&P Global Platts showed. Permian natural gas prices have fallen to record lows as planned maintenance on key transmission lines strands gas, forcing some regional gas processing plants to flare, according to recent filings with Texas state regulators. However, as takeaway crude pipeline capacity grows, so does demand for oil, pulling up gas production along with it. Disparity between value of the ...

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The next chapter in oil benchmarks?

What can be guaranteed looking at well-trodden mountain range paths? All are interconnected. Consider that the range represents the global oil market and that each path is an oil price benchmark. No benchmark works in isolation, each act as a ‘guide’ to offer market participants the necessary transparency to trek the summits of success in trading ecosystems. The robustness of these symbiotic relationships—in the Middle East and beyond—has a major bearing on the black gold market. Three benchmark markets largely define global crude oil trading— Brent, WTI and Dubai—with Brent ...

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U.S. natural gas-fired combined-cycle capacity surpasses coal-fired capacity

The amount of generating capacity from natural gas-fired combined-cycle (NGCC) plants has grown steadily over time, and in 2018, surpassed coal-fired plants as the technology with the most electricity generating capacity in the United States. As of January 2019, U.S. generating capacity at NGCC power plants totaled 264 gigawatts (GW), compared with 243 GW at coal-fired power plants. Total capacity for generating power in the United States across all types of natural gas-fired generating technologies surpassed coal as the primary capacity resource more than 15 years ago. However, different natural ...

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Why are U.S. natural gas prices in Texas below zero?

In an unusual event, U.S. natural gas prices in West Texas have been trading in negative territory for more than two weeks, largely due to a lack of pipeline space, forcing some drillers to pay those with spare pipeline capacity to take unwanted gas. Spot prices at the Waha hub NG-WAH-WTX-SNL – where prices for gas in the Permian basin are set – fell to a record low of minus $4.28 per million British thermal units last week. Prices have been negative in the real-time or next-day markets since March ...

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Russia to expand annual LNG production to 140 million tons

Russian Energy Minister Alexander Novak expects the country’s output of liquefied natural gas (LNG) to rise more than tenfold to 140 million tons per year by 2035 as global demand for the fuel soars. LNG shipments from Russia amounted to 12.86 million tons last year. According to the minister, annual production will grow to 73 million tons as early as 2025. “Russia has got a wide range of opportunities for expanding LNG production. Lots of LNG plants are currently being projected and becoming operational,” Novak said speaking at the 5th ...

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Europe Is Sinking the Global Economy While Juicing U.S. Stocks

The soft spot for the global economy is a source of strength for the U.S. stock market. A basket of American companies with outsized exposure to Europe is up about 23 percent this year, outpacing the S&P 500 Index’s 15 percent advance and the 12 percent gain in European equities in dollar terms. The situation is a transatlantic conundrum: the International Monetary Fund blames the continent for its softest global growth outlook since the financial crisis, while the Trump administration is readying tariffs on $11 billion in imports from the ...

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Out-of-sync and out-performing China markets lure foreign inflows

Not for the first time, China’s markets are marching to their own beat. Just as investors come to terms with a bleak outlook for global growth and earnings, with weak German industrial and trade data just the latest portents of gloom, China’s economy may be bottoming out, helped by Beijing’s early moves to prop up a stuttering economy. At the same time, Chinese regulators’ drive to open up financial markets to foreign involvement is making the country more accessible, and a potentially rich target for foreign investors looking to diversify. ...

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