Russia continues contacts with the members of the OPEC+ organisation of leading oil producers, Kremlin spokesman Dmitry Peskov said on Friday, before the group meets on Sunday to make a decision on its production policy. He declined to comment on the possible outcome of the meeting. OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was ...

Exxon Mobil Chief Executive Darren Woods told an energy industry conference on Thursday he aims to double the amount of oil produced from its U.S. shale holdings over a five-year period using new technologies. “We are beginning to see the signs of some very promising new technologies” that will “significantly improve recovery” volumes, Woods said at the Bernstein Strategic Decisions conference. Exxon currently recovers about 10% of shale resources from its operations. A first wave of new shale technology could come by fracking along much longer lateral well segments, and ...

U.S. natural gas futures rose about 2% on Friday on forecasts for more demand over the next two weeks than previously expected and record exports to Mexico. The price jump occurred despite near record U.S. output and continued low amounts of gas flowing to U.S. liquefied natural gas (LNG) export plants due to maintenance. Front-month gas futures for July delivery on the New York Mercantile Exchange (NYMEX) were up 4.5 cents, or 2.1%, to $2.203 per million British thermal units (mmBtu) at 9:01 a.m. EDT (1301 GMT). On Thursday, the ...

Global additions of renewable power capacity are expected to jump by a third this year as growing policy momentum, higher fossil fuel prices and energy security concerns drive strong deployment of solar PV and wind power, according to the latest update from the International Energy Agency. The growth is set to continue next year with the world’s total renewable electricity capacity rising to 4 500 gigawatts (GW), equal to the total power output of China and the United States combined, says the IEA’s new Renewable Energy Market Update, which was ...

The International Chamber of Shipping (ICS), the International Maritime Employers’ Council Ltd. (IMEC) and the International Transport Workers’ Federation (ITF) are joining forces to host a summit solely focused on the shaping the future of an industry that ensures seafarers remain at its heart – in Manila on 26 June 2023. Director-General of the International Labour Organization (ILO) Gilbert H. Houngbo will open the aptly titled ‘Shaping the Future of Shipping – Seafarer 2050’ summit, which aims to highlight the elements required for a successful transformation of seafarers’ roles to ...

Louis Dreyfus Armateurs’ subsidiary Louis Dreyfus Freight Solutions (LDFS), a 3PL freight forwarder with strong knowledge and skills in transport and logistics involving specific maritime solutions, has called on VPLP Design and Alwena Shipping to develop a wind assisted/propelled container ship solution. It is based on the Trade Wings 2,500 – an innovative concept for “small-size” container ships of 2,500 TEU. With an overall length of 197m and a breadth of 32m, the vessel offers a deadweight of 32,500 tons. Suitable to short sea shipping operations or feedering in Europe, ...

The Berlin-based venture studio Flagship Founders has announced today the spin-off of another startup, Arinto, a software solution enabling ‘Just-In-Time Arrival’ of merchant ships in ports. With this, shipping companies and ship managers will be able to calculate the ideal arrival time of vessels and therefore make voyages much more efficient. This will lead to drastic reductions in fuel consumption, lower emissions, and make shipping more sustainable. Global shipping causes about three percent of worldwide CO2 emissions. A variety of factors contribute to this. One of the biggest and yet ...

DHT Holdings, Inc. announced that it has entered into an agreement to acquire a VLCC built in 2018 at Hyundai Heavy Industries (HHI) for USD 94.5 million. The vessel is scheduled to deliver during the third quarter of 2023. The Company will finance the acquisition with available liquidity and projected mortgage debt, and it is expected to be accretive to DHT’s earnings per share. It was built to a high specification by its current owner, is fitted with an exhaust gas cleaning system and will further improve the DHT fleet ...

RHB Bank Singapore analyst Alfie Yeo is keeping his “buy” call and target price of 6 cents on Marco Polo Marine 5LY 2% even though shares in the company surged by over 20% from 4.3 cents since Yeo’s last update on March 30. In Yeo’s view, the stock remains “on track for growth” as it remains in a “sweet spot” to deploy and operate its first commissioning service operation vessel (CSOV) by December 2023 or in the 1Q2024. This will come at a time when such vessels, which are used ...

Technology group Wärtsilä will partner with Transworld Group to apply the most advanced decarbonisation modelling capabilities to the bulk carriers sector of Orient Express lines of Dubai, owned by Transworld Group and Managed by Transworld Ship Management (TWSM), one of India’s premium private sector ship management firms. The aim of the project is to provide decision-making support by simulating the impact of efficiency upgrade technologies on the vessel’s environmental performance. The order with Wärtsilä was booked in December 2022. By creating and validating a digital model of the ‘TBC Prestige’ ...

End of May, the Schulte Group welcomed 200 guests at the Imperial Hotel in Tokyo to thank its long-standing clients and other business partners. The event was organised to celebrate and strengthen the Schulte Group’s engagement and relationships in Japan which is one of its most important markets. The Schulte Group has been active in Japan since the 1970s, when its first ship orders laid the foundation for the Group’s long-standing relationships with its Japanese business partners. Today, the Group has had its own office in Tokyo for 15 years ...

Ukraine’s combined grain and oilseed crop harvest is set to fall to 68 million tonnes in 2023, from 73.8 million tonnes in 2022, Ukrainian grain traders union UGA said. The grain harvest could include 17.9 million tonnes of wheat and 23.3 million tonnes of corn, the union said. Ukraine harvested 20.2 million tonnes of wheat and 27.3 million tonnes of corn in 2022. UGA said combined exports of grains and oilseeds could total 43.9 million tonnes in the 2023/24 July-June season, against 56.4 million tonnes in 2022/23. It said exports ...

The US flat product market, which is historically vulnerable to peaks and troughs, is set for a downward correction after MEPS sources described current prices as “too high”. The consensus view of market participants, in April, was that further rises taking hot rolled coil prices to above US$1200 per short ton were unlikely to be sustained. Buyers commented that it was inevitable that local values would correct downwards, in line with international trends. Domestic price volatility has been exacerbated by worldwide events in the past few years. The implementation of ...

Copper prices climbed on Friday, heading for their first weekly gain since April, supported by a weaker dollar, as investors cheered the passing of the U.S. debt ceiling bill. Three-month copper on the London Metal Exchange CMCU3 was up 0.3% to $8,271.50 a tonne by 0411 GMT. The contract has gained 1.7% so far this week, reversing a six-week decline. The U.S. Senate on Thursday passed the bipartisan legislation backed by President Joe Biden that lifts the government’s $31.4 trillion debt ceiling. Worries over a potential first-ever default had previously ...

Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend. Brent crude and U.S. West Texas Intermediate (WTI) futures ended last week over 1.5% higher, but fell by over 1% at 1047 GMT on Tuesday. OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, surprised the market on April 2 with further output cuts that pushed up the price of oil. The group meets on ...