Despite cutting capital expenditure aggressively since 2014, concerns that the big oil companies would suffer from underinvesting have proved unfounded, said S&P Global Ratings in a new report.

Japan sold 2.64 million barrels of bonded bunker fuel in March, up 13.5% from February and up 10.3% year on year, according to data released Wednesday by the Ministry of Economy, Trade and Industry.

“During the first quarter of 2018, additional bulk carriers were taken on long-term time-charter in anticipation of further dry cargo market improvements”, says CEO Mads P. Zacho, adding that “earnings for our gas carriers were as expected”.

Hong Kong should cut profits tax by half and provide loans for vessel owners and supporting professionals to lure shipping business back from regional rival Singapore, a task force set up by the government says.

DNO ASA, the Norwegian oil and gas operator, has reported receipt of $47.23 million from the Kurdistan Regional Government as payment for February 2018 crude oil deliveries to the export market from the Tawke license.

The Group started 2018 on a positive note as the average daily Time Charter Equivalent (“TCE”) rate in January 2018 and February 2018 for the 6 vessels was approximately 25% higher than the average TCE rate in Q4 2017. However, the TCEs earned in March 2018 fell short of expectations and were generally below the average TCEs earned in the previous 2 months. As a result, the average TCEs earned by the 6 vessels in Q1 2018 came in below the forecasted rates.

Little changed on the index from last week.