The Wednesday Wire - May 20th 2015

With Breakbulk Europe well underway, many of the attendees are discussing the recent Financial Times report, which suggested that more than USD100 bn of spending on new projects by the world's energy companies has been slowed, postponed or cancelled following the oil price plunge.

According to analysis commissioned by the FT, companies such as Royal Dutch Shell, BP, ConocoPhillips and Statoil have led moves to curtail capital spending on 26 major projects worldwide.

The delays and cancellations have come as part of a broad sweeping retrenchment of the oil and gas industry worldwide, with producers targeting some of the highest-cost areas as they have cut back on spending.

But could it be the tip of the iceberg? Goldman Sachs has identified 61 new projects, more than half of those awaiting final approval, as uneconomic at an oil price of USD60 a barrel, placing more than USD750 bn of capital expenditure at risk adding that 17 countries, including Angola, Nigeria, Australia and Algeria, were likely to see investment in projects fall by more than 50 percent between now and 2020, assuming prices stayed low.

Is this having an impact on your business? If you are in Antwerp for the Breakbulk event, do try to catch up with the HLPFI representatives for a further discussion on the situation.

In business

Rhenus to expand Rotterdam quay

Rhenus Logistics and the Port of Rotterdam Authority will today sign a contract for the construction of a new quay at the Rhenus Deep Sea Terminal on the Maasvlakte.

Pentalver invests in Tilbury

Pentalver has invested in its inland container operations facility at the UK port of Tilbury.

Antwerp gives green ship discount

Effective June 1, the port of Antwerp will grant a discount to seagoing vessels that use alternative technology to reduce emissions of particulates.

Hochtief completes offshore sale

Hochtief has finalised the sale of its offshore assets to DEME Group subsidiary GeoSea.

Savannah breakbulk volumes doubled

Georgia's multipurpose facility in the Port of Savannah, Ocean Terminal, almost doubled its breakbulk cargo volumes in April.

Capacity developments

Viking takes Liebherr duo

Viking Cranes has purchased two Liebherr crawler cranes - a 300-tonne capacity LR 1300 with super lift equipment, and a 160-tonne capacity LR 1160 crane.

Collett invests in Doll bogie

Collett Transport has purchased a three-axle Doll hydraulic steering bogie trailer, which has a 55-degree steering angle and a carrying capacity of over 60 tonnes.

Antwerp launches breakbulk application

The Antwerp Port Community System has introduced a new breakbulk application called Cubix, that it says will make copying and recopying of data a thing of the past.

On the move

Lange to head up UTC rail projects

UTC Overseas has promoted Jim Lange to the role of project director of the company's rail department.

Notable shipment

Roll-Lift USA has transported and unloaded 21 barges of project cargo for the UAN fertiliser plant expansion project in Donaldsonville, Louisiana.