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Daewoo International to Build OSV for Swire Pacific (Singapore)

Daewoo International, the trading arm of POSCO, announced on May 25 that it has won a large shipbuilding order in cooperation with Sungjin Geotec, another POSCO affiliate. Under the deal with Swire Pacific Offshore (SPO) of Singapore, Daewoo International will build a $20 million offshore supply vessel (OSV). Daewoo International and Sungjin Geotec will deliver the vessel to SPO within one year.

Sungjin Geotec specializes in offshore plant equipment and modules for global energy markets.

An offshore supply vessel is used for diving assistance or oceanographic surveys for offshore oil platforms. Amid a worldwide boom in marine energy exploration, OSVs are becoming increasingly important.

The victory was a result of Daewoo`s extensive overseas network and information power, combined with specialized technologies of Sungjin, which has long been involved in the OSV market,Daewoo International said in a press release. “This will be remembered as a good example of how partnership between different POSCO affiliates can create synergy“.

The partnership with Daewoo International was the key ingredient to winning the contract,” a Sungjin representative commented. Sungjin Geotec plans to strengthen its ties with Daewoo International to expand its presence in global OSV markets.

Source: World Maritime News – Daewoo International to Build OSV for Swire Pacific (Singapore).

The Chinese Yuan May Become A World Currency

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By Eliot Elwar
Apr 15, 2012

China seeks to replace the diminishing U.S. dollar as the world reserve and trade currency, and efforts are underway in Beijing to set up the Chinese yuan for global currency.

Global economic analysis shows that China’s yuan inches closer to global currency, dollar tumbles as jobs data disappoints many, dollar falls after fed comments, disappointing Italy bond auction weighs on European stocks, and China’s central bank governor suggests creating super-sovereign reserve currency.

According to Forbes, China’s yuan may be two years away from becoming a global trade currency. By 2014, an economic system may be created to settle cross-border yuan transactions, which could increase currency convertibility in Beijing and elsewhere. When this economic system is developed, it will permit nations to settle expenses with Chinese merchandises or in yuans rather than dollars. Over time, the yuan usage, mainly in Asian trade markets, would take demand away from the dollar along with its status as world’s reserve and trade currency.

According to Business Week, the dollar fell among its major peers as data showed the number of Americans filing for jobless benefits since January, making the argument for monetary policy. Additionally, In China, Australia’s largest trading partner, local- currency-denominated loans were 1.01 trillion yuan ($160.1 billion) in March, the People’s Bank of China. This exceeded all 28 estimates in a Bloomberg News survey, reassuring investors the nation may avoid a deep slowdown.

According to Market Watch, the U.S. dollar declined after a second Federal Reserve official emphasized dangers to U.S. financial development, remaining lower against the euro after Italy managed to trade benchmark three-year bonds and other debt. The Australian dollar performed very well after stronger-than-expected Australian jobs data. The euro grew to $1.3199, from the lower $1.3102 during North American trading. The 17-nation shared currency also advanced on the Japanese yen up 0.3% to ¥106.58.

According to Xinhua, Zhou Xiaochuan, China’s central bank governor, has propositioned to make a super-sovereign backup currency to support the international monetary system reform. He said the international monetary system seeks to fashion an international reserve exchange that is disengaged from distinct nations with ability to remain unwavering in overtime, thus eliminating the characteristic insufficiencies produced by operating credit-based national currencies.

Finally, although a super sovereign currency is not currently on the horizon, China still has high objectives for the yuan. China’s ability to internationalize the yuan would give it another way to inflict damage on the US economy and begin gradually replacing the shaky U.S. dollar with the Chinese yuan.

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Baker Hughes Rig Counts: International Offshore Rigs Up by 11 (USA)

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Baker Hughes Incorporated announced today that the international rig count for February 2012 was 1,204, up 33 from the 1,171 counted in January 2012, and up 15 from the 1,189 counted in February 2011.

The international offshore rig count for February 2012 was 320, up 13 from the 307 counted in January 2012 and up 11 from the 309 counted in February 2011.

The US rig count for February 2012 was 1,981, down 27 from the 2,008 counted in January 2012 and up 282 from the 1,699 counted in February 2011. The Canadian rig count for February 2012 was 701, down 19 from the 682 counted in January 2012 and up 78 from the 623 counted in February 2011.

The worldwide rig count for February 2012 was 3,886 up 25 from the 3,861 counted in January 2012 and up 375 from the 3,511 counted in February 2011.

The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States, Canada and international markets. Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of US and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975.

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