March 2022 – Page 29 – Seaview Corporate

Russia-Ukraine conflict to drive up seafarer wage inflation and vessel operating costs

Russia’s invasion of Ukraine will impact seafarer availability to crew the world’s merchant fleet, particularly for officers where supply has tightened, leading to rising wage inflation and higher vessel operating costs. Both Russia and Ukraine have historically provided large numbers of officers and ratings to the global merchant fleet. Drewry estimates the current supply numbers …

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U.S. Gulf of Mexico brimming with LNG tankers as exports rise

A near record number of liquefied natural gas (LNG) tankers on Wednesday continued to jam the U.S. Gulf of Mexico while loading or waiting to load, according to data from Refinitiv Eikon. LNG export terminals are running near full capacity with U.S. exports in high demand amid Russia’s invasion of Ukraine and Europe’s drive to …

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US appetite for Far East imports to face test as February retail sales fall 0.5%

During the pandemic retail sales and personal savings have been increasing in tandem and supported US consumer demand for imports from the Far East. Now, retail sales appear to be receding and the question is whether the past two years’ savings will be enough to support continued high import volumes as consumer sentiment is dropping …

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MABUX: Bunker Price Trend Still Edging Higher

The progress in Russia-Ukrainian talks eased concerns of a possible shortage on the bunker market and pushed the prices down on a Week 11. The 380 HSFO Index fell by 75.93 USD: from 761.79 USD/MT to 685.86 USD/MT. The VLSFO Index declined by 136.70 USD: from 1032.68 USD/MT to 895.98 USD/MT. The MGO index showed …

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Microsoft Climate Fund-backed Nautilus Labs gets $34M to support low-emission shipping

Nautilus Labs, a US-based technology firm advancing the efficiency of ocean commerce through artificial intelligence, has announced $34 million in Series B funding. The post Microsoft Climate Fund-backed Nautilus Labs gets $34M to support low-emission shipping appeared first on Offshore Energy.

ExxonMobil targets Gippsland’s full potential with fresh cash injection

ExxonMobil has sanctioned a project located in the Gippsland Basin off Australia, aiming to expand gas production. The post ExxonMobil targets Gippsland’s full potential with fresh cash injection appeared first on Offshore Energy.

Ørsted’s offshore wind and BP’s CCUS plans clash in UK waters

Ørsted and BP have submitted position statements to the UK Planning Inspectorate with regard to […] The post Ørsted’s offshore wind and BP’s CCUS plans clash in UK waters appeared first on Offshore Energy.

Offshore drilling focus to pay off for Saipem following new $325 million award

Italian oilfield services contractor Saipem has been awarded a contract by Aker BP for a drilling campaign offshore Norway. The post Offshore drilling focus to pay off for Saipem following new $325 million award appeared first on Offshore Energy.

Sabine Pass approved for extra LNG exports amidst energy crisis

DOE will grant an export license to the Sabine Pass LNG terminal to increase international LNG exports amidst energy shortages caused by the Russian invasion of Ukraine. The post Sabine Pass approved for extra LNG exports amidst energy crisis appeared first on Offshore Energy.

UAE player investing in drilling growth with $658 million in new awards

UAE-based ADNOC has awarded framework agreements valued at $658 million for cementing services as it continues to invest in drilling growth. The post UAE player investing in drilling growth with $658 million in new awards appeared first on Offshore Energy.