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State-owned Container Corporation of India (CONCOR) on Thursday said it will pump in up to Rs 8,000 crore in the next five years to develop dry ports and distribution logistics centres across the country. “We are coming up with 20 distribution logistics centres and 100 dry ports. We are already operating 83 (dry ports) and we will make it 100. The 20 distribution logistics centres will be connected to 100 (dry ports). Total investment in the next five years will be Rs 6,000-Rs 8,000 crore,” CONCOR Chairman and Managing Director ...

Capacity of Visakhapatnam Port Trust (VPT) has been doubled from 67 MMTPA in 2014 to 127 MMTPA in 2019 following completion of modernisation of the port, according to VPT Chairperson MT Krishna Babu. Speaking to mediapersons on Thursday, Krishna Babu said the port was poised to achieve 145 MMTPA capacity in the next two years and it achieved a surplus of `546 crore in 2018-19 against `522 crore in 2017-18. The VPT could successfully overcome challenges from private ports in the region, he added. He said the port recorded 65.30 ...

Libya plans to increase oil output from existing fields to 1.4 million barrels per day (bpd) by the end of 2019 and 2.1 million bpd by 2023, state-run National Oil Corp. said on its website on Thursday. The company cited a speech by its chairman, Mustafa Sanalla at a conference Houston, in which he also cautioned that the ongoing war in the North African nation could jeopardise the expansion. Source: Reuters (Reporting by Maher Chmaytelli; Editing by Kirsten Donovan)

The escalating conflict between the United States and Iran is a major trigger for oil prices, and it’s not getting enough attention from investors, said energy expert John Kilduff. “The situation with Iran is just off the charts right now in terms of being red-hot,” Kilduff, founding partner of Again Capital, said Thursday on CNBC’s “Futures Now.” From the Trump administration’s increasingly hawkish position on Iran, to the U.S. military’s recent involvement in the region, to newly instated U.S. sanctions on Iran’s metal exports, “the potential for an incident … ...

Wage talks between Norwegian oil firms and their employees broke down on Thursday, setting the stage for mediation later this year in order to prevent a strike, Norwegian Oil and Gas (NOG) said in a statement on Thursday. While Norway’s collective bargaining rules prevent the two largest unions involved in the talks from going on strike this year, the smaller of the three, representing close to 1,000 workers, has the right to do so if no deal is ultimately reached. NOG is an industry organization that is negotiating on behalf ...

The Maria field in the Norwegian Sea came onstream a year ahead of schedule and ~$370m underbudget. The field has underperformed, triggering a 71% downward revision to the 207mmboe reserves at sanction, and 50% of the US$1.5 billion capital cost of the project being written off so far. Westwood benchmarking shows that Maria was under-appraised relative to its peers before the selection of a development concept. This is not the only case on the Norwegian Continental Shelf (NCS) and appraisal practice needs to improve if further disappointments are to be ...

The crude oil reserves freed by Hungary’s government are sufficient for supplying the country’s refineries for two months if needed, the Innovation and Technology Ministry said on Friday in an e-mailed response to Reuters questions. Oil shipments from Russia via the Druzhba pipeline were halted last month because of contaminated crude. Source: Reuters (Reporting by Sandor Peto and Marton Dunai Editing by David Goodman)

British wholesale gas prices rose on Friday morning due to lower imports from Norway and low wind generation. * Gas for immediate delivery was up 0.75 pence at 40.00 pence per therm at 0720 GMT, while the day-ahead was up 1.10 pence at 39.00 p/therm. * The weekend gas contract 2.70 pence higher at 39.00 p/therm. * Trader said the rise in prompt prices is due to lower imports from Norway, coupled with low wind output which was driving up gas-to-power demand. * Britain’s gas demand is forecast at around ...

Oil prices were mostly steady on Friday, ending the week slightly lower as trade tensions stoked by a U.S. move to hike tariffs on Chinese goods overshadowed tightened global supplies and expectations of rising U.S. refining demand. Brent crude oil settled 23 cents, or 0.4%, higher at $70.62 a barrel, but posted a weekly loss of 0.3%. U.S. West Texas Intermediate (WTI) crude futures ended 4 cents lower at $61.66, with a weekly loss of 0.5%. After a volatile week, investors were worried over the possibility of a protracted and ...

The British pound was little changed on Friday after data showed the UK economy got a boost ahead of a Brexit that never came, with traders doubtful Prime Minister Theresa May can reach a deal with the opposition on how to leave the European Union. Sterling did rise towards the end of the European trading session, but that was largely down to broad dollar weakness. Britain’s economy grew at a quarterly rate of 0.5% in the first quarter of 2019, in line with the reading expected by the Bank of ...

NASDAQ-Adv: 1,718 Dec: 1,422 NYSE-Adv: 1,928 Dec: 1,015 (Source: Nasdaq)

Ocean Safety, leading safety experts specialising in the worldwide supply, distribution, service and hire of marine and waterside safety equipment, has been appointed a UK distributor of Linelauncher, which propels a rope and flotation device up to 100m to either recover a person or to transfer goods or a heavy duty tow/rescue rope. LineLauncher, which was developed in New Zealand, is the latest product to join Ocean Safety’s portfolio of safety products. The LineLauncher is powered by a 16g CO2 cylinder and when activated propels a hi-vis floating polypropylene rope ...

Shipping giants China Cosco Shipping Co. will be acquiring 5 Chinese units from Singaporean rivals Singamas Container Holdings as the global container shipping market undergoes further consolidation. The global shipping industry in recent years have been dragged down by depressed markets due to a sluggish global economy and rising prices of corrosion-resistant steel which has taken a toll on global shipping companies and their bottom line. Singamas as well has not been spared and the company will sell its 5 Chinese container shipping business units for USD 565 million as ...

Marine Tours is organizing, for the 7th consecutive year, the Maritime Trends Conference, which will take place on May 18th 2019 at the Divani Apollon Palace & Thalasso Hotel, in Kavouri. The Conference has been attributed as a benchmark event in the Maritime sector having identified its name with the qualitative and accurate information on the developments of the Sector. This year’s event focuses on critical issues for the present and the future of shipping, with particular emphasis on modern human resource management standards. Distinguished Greek and international speakers will ...

The federal government has assured the international oil and gas community that the Nigerian maritime sector was safe for investment and special tax regime was under consideration to grow capacity for the industry in the country. Addressing Journalists at a technical workshop on deep sea exploration on the sidelines of the ongoing Offshore Technology Conference (OTC) in Houston Texas, the permanent secretary, Federal Ministry of Transportation, Alhaji Sabiu Zakari, noted that Nigeria was aware of the drift towards deep sea exploration and policies to enhance effective maritime transport were now ...