Fincantieri Marine Group Announces CEO Succession
Fincantieri Marine Group, the U.S. subsidiary of Italian based shipbuilding enterprise Fincantieri, announced that its President and Chief Executive Officer, Francesco Valente, will step down from the position to assume another leadership role within the Fincantieri group.As a result, the Board has selected Dario Deste to assume the role of President and Chief Executive Officer. Valente and Deste are working together to ensure an orderly transition, which is expected to be completed before the end of the year.Valente joined Fincantieri in early 2012 as Senior Vice President for Business Development‐Nava
ExxonMobil Hires Crude Trader in Singapore
Crude oil trader Michael Huang is expected to join Exxon Mobil Corp in Singapore soon as the U.S. major expands its trading team to sell its oil into China, the world's top importer of the commodity, three industry sources said. Huang was recently a Singapore-based crude trader for Chinese independent refiner Wonfull Petrochemical, purchasing feedstock for its Shandong refinery and carrying out hedging activities. He left the company in late June, the sources said on Monday. Before Wonfull, Huang has worked for China's CEFC International Singapore, the Intercontinental Exchange (ICE)
MarTID: The Global Survey of Maritime Training Practices Debuts
, if not the definitive source of knowledge for the global maritime community and its quest for absolute safety. Join us on the journey. – MLPro. World Maritime University: https://www.wmu.se/Marine Learning Systems: https://www.marinels.com/New Wave Media: https://www.marinelink.com Joseph Keefe is a 1980 (Deck) graduate of the Massachusetts Maritime Academy and lead commentator of MaritimeProfessional.com. Additionally, he is Editor of both Maritime Logistics Professional and MarineNews magazines. He can be reached at [email protected] or at [email protected]. MaritimePr
Maersk Oil CEO to Step Down after Total Takeover
The chief executive of Maersk Oil, Gretchen Watkins, will leave the company when Total's acquisition of the company has been completed, Maersk said Wednesday. Watkins joined Maersk Oil as Chief Operating Officer in January 2014 and took the role of CEO in October last year. Prior to joining Maersk Oil, she had worked at Marathon Oil and BP. Total agreed last month to buy the oil and gas business of A.P. Moller-Maersk for $7.45 billion, strengthening the French major's operations in the North Sea. The current COO at Maersk Oil, Martin Rune Pedersen, will become vice president
Oil Rises on Expected U.S. Inventory Decline
Weekly U.S. crude stocks seen down 1.7 mln barrels; Kuwait Petroleum committed to output cut. * OPEC deal compliance meeting set for Jan. 21-22 in Vienna * Saudi expected to lift Asian crude export prices - traders (Adds details on OPEC compliance meeting, updates prices) By Karolin Schaps LONDON, Jan 4 (Reuters) - Oil prices ticked higher on Wednesday on expectations that U.S. crude inventories are falling and signs that oil producers will stick to agreed output cuts that took effect this week. Global benchmark Brent crude futures were up 10 cents at
Skou Replaces Andersen as Maersk CEO
Danish shipping and oil company A. P. Moller-Maersk has appointed Soren Skou, head of its container shipping unit Maersk Line, as new chief executive for the group replacing Nils Smedegaard Andersen who has been in the job since 2007. Soren Skou will remain as CEO of Maersk Line in addition to his position as CEO for the Maersk Group. Andersen will leave the group, Maersk said in a statement. "The Board of Directors has tasked the new management to investigate the strategic and structural options to further increase agility and synergies," it said. Reporting by Teis Jensen
Oil Heads for Third Straight Weekly Loss
Brent set for third yearly loss for first time; WTI-Brent spread recovers from 11-month low. Oil fell on Friday as bearish sentiment driven by oversupply rattled the market and was set to lead prices to a third straight weekly drop, the longest losing streak in four months. Global benchmark Brent crude traded down 24 cents at $36.82 a barrel at 1133 GMT. U.S. crude futures fell to a near seven-year low of $34.41 a barrel but later recovered to $34.51, down 44 cents on Thursday's close. The global supply glut that brought prices close to 11-year lows this week means Brent will post losses for
New Addition to The Shearer Group Team
The Shearer Group, Inc. (TSGI) has announced a new addition to its naval architecture, marine engineering and marine surveying practice. Harrison Brann joined TSGI in October of 2015 as a naval architect. In 2011, Harrison graduated with a bachelor’s degree in naval architecture and marine engineering from Virginia Polytechnic Institute and State University. He has a wide range of knowledge of marine engineering specialties including ship stability, damage analysis, systems integration, ship survivability, and firefighting systems. Previously, Harrison has worked for the American Bureau
Oil Above $55 on Weaker Dollar, Saudi Output
Saudi minister says output near 10 million bpd; wants non-OPEC cooperation on any output cuts. Oil prices edged up on Monday, holding above $55 a barrel as a weakening dollar offset losses after Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day. Saudi Arabia has stood firm on output, saying it would only consider cutting it if other producers outside OPEC also joined. Brent crude oil futures were trading up 8 cents at $55.40 a barrel at 0933 GMT, after hitting a low of $54.12. U.S. WTI crude was down 40 cents at $46.17. Saudi oil minister Ali al
UK Gas Storage Capacity at Risk, Sparks Price Rally
A potential technical problem identified during a routine inspection could reduce capacity at Britain's biggest storage site Rough by 30 percent, potentially tightening supplies and fuelling sharp price gains. "A potential technical issue has been discovered which, if verified, would limit the amount of stock in the Rough reservoir to a range of 29 TWh to 32 TWh," operator Centrica Storage Ltd said in a market message on Wednesday. That equates to a 30 percent reduction in storage capacity or a loss of 1 billion cubic metres of gas supply, said Trevor Sikorski, analyst at London-based
Iraq Lowers Price 2015 Forecast to $55/bbl
Falling oil prices forced Iraq's cabinet on Tuesday to revise its draft 2105 budget, trimming its forecast for oil to $55 a barrel from $60. It trimmed spending to 119 trillion Iraqi dinars ($104.85 billion) for 2015. Reporting by Ahmed Rasheed
Schlumberger Slashing 9,000 Jobs
Shlumberger Ltd, the world's No.1 oilfield services provider, said it will cut 9,000 jobs, or about 7 percent of its workforce, as it focuses on controlling costs amid plummeting oil prices. The company said it took charges amounting to $1.77 billion in the fourth quarter including impairment charges related to its seismic business, Venezuela currency devaluation and job cuts. Schlumberger had said last month that it would take a $1 billion charge related to jobs cuts and the writedown of some seismic vessels. "They did say they would be cutting jobs, but the magnitude of them is definitel
Maritime Regs: Preparing For Future Emission Requirements
A Webinar: December 11, 2014 2pm to 3:15pm (EST) This week, find out why and how choosing ExxonMobil Marine Fuels & Lubricants Mobilgard 410 NC can help optimize the performance of engines that meet Tier IV emission requirements, which continue to be phased in from Jan. 1, 2015, depending on vessel and engine type. This webinar will show you how this specially formulated lubricant can help: Improve engine cleanliness; Minimize liner wear; Optimize the performance of engines that meet Tier IV emission requirements. The EPA requires that new and medium
