Pieter Schelte ship name change to Pioneering Spirit fraught with superstitious pitfalls

Pieter Schelte ship name change to Pioneering Spirit fraught with superstitious pitfalls

Feb 10th, 2015

by John Donovan. 

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By John Donovan

Following the decision announced on 9 February 2015 that Allseas is changing the name of The Pieter Schelte to the Pioneering Spirit, Ton Biesemaat, the Dutch investigative journalist, posted the following comment on our Shell Blog, which I assume is partly tongue in cheek:

Every seaman knows that changing a ship’s name brings bad luck. Especially if you do not purge all the references to the former name. Not even Pieter Schelte can stay on any documents. However Allseas with their admiration for the Nazi Pieter Schelte Heerema has chosen to rename their Nazi ship into Pioneering Spirit. Which is still a reference to the evil SS-man and even retains the P and S of Pieter Schelte. No sane minded seaman will take the risk to sail on this ship. Evil reigns there. Beware of the bad spirits!

The following information found on the Internet confirms the degree of superstition surrounding changing the names of boats and ships:

Renaming a boat is not something to be done lightly. Since the beginning of time, sailors have sworn that there are unlucky ships and the unluckiest ships are those who have defied the nautical Gods and changed their names improperly.

First, in purging your boat, you must expunge and remove all physical traces of the boat’s old name before the ceremony. This is an involved process beginning with the removal or obliteration of every trace of the boat’s current identity. This is essential and must be done thoroughly. It is easiest to simply remove the offending document from the boat and start afresh. Take all papers that bear the name ashore, including logbooks, engine and maintenance records as well as any charts with the name inscribed. Be ruthless. Remove the old name from the lifebuoys, transom, dinghy, and oars. Don’t forget the life rings and especially the transom and forward name boards. Sand away, as painting over is not good enough. You are dealing with the Gods here, not mere mortals and they will catch any error. If the old name is carved or etched, try to remove it, or at least fill it with putty and paint over it.

Do not under any circumstances place the new name anywhere on the boat or carry aboard any item bearing your boat’s new name until the purging and renaming ceremonies have been completed, as this would be tempting fate! Once you are certain every reference to her old name has been removed from her, all that is left to do is to prepare a metal tag with the old name written on it in water-soluble ink.

12 pages devoted to ship renaming can be found here.

Mr Edward Heerema, the founder and sole owner of Allseas has hopefully taken all appropriate measures.

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Posted in: Allseas, John Donovan, Oil, Pieter Schelte, Royal Dutch Shell Plc.
Tagged: John Donovan · Oil · Pieter Schelte · Royal Dutch Shell Plc · Shell North Sea Platforms

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Big Oil Unable To Increase Reserves To Counter Declining Production

Big Oil Unable To Increase Reserves To Counter Declining Production

Feb 8th, 2015 

by John Donovan. 

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Bidness Etc discusses why major oil firms have been unable to replace their new reserves, despite crude production level falling since last year amid tumbling crude price

By: MICHEAL KAUFMAN: Published: Feb 8, 2015 at 8:40 am EST

According to the quarterly results announced during the past few weeks, major oil companies have reported a mediocre performance for last year, as far as exploration and production of crude oil and natural gas reserves is concerned. At the same time, companies have also reduced their capital spending budgets for this year, which might exacerbate their lower production problem.

Over the last decade, some of the biggest oil companies have seen their production drop and their growth of reserves stutter, even though oil price was going up for the most part. Royal Dutch Shell plc (ADR) (NYSE:RDS.A), BP plc (ADR) (NYSE:BP), ConocoPhillips (NYSE:COP), Exxon Mobil Corporation (NYSE:XOM), and Chevron Corporation (NYSE:CVX) are five of the biggest global oil and gas companies, which saw their production drop 3.25% year-over-year (YoY) on average last year, while failing to replace the crude oil and natural gas – they extracted last year – with new reserves.

As oil price has crashed over the last six months, concerns have been growing about cash flow preservation. After trading over $100 per barrel last summer, crude oil price has halved now. West Texas Intermediate crude oil futures for March delivery are trading at $51.69 per barrel, while Brent crude oil futures are currently trading at $57.80 per barrel.

In attempts to grapple with the low oil price and maintain dividends, companies all over the world have reduced their capital expenditure (capex) budgets significantly. It raises further questions about how the falling production will be increased.

Analysts and industry experts believe that the capex cuts may prove too extreme in some cases, and may hurt the companies in the long term. Some view capex reductions as elongating the problem and not essentially solving it.

ConocoPhillips slashed its capex by 33% YoY, while BP and Chevron have lowered their capital spending budgets by 13% YoY. Shell has not announced a reduction yet, but the company did scrap off a $6.5 billion petrochemicals megaproject in Qatar, where it had a 20% stake.

As the US experienced the shale oil boom, reserve replacement was not much of a concern. North American oil producers were pumping up so much oil that it lead to a supply glut on a global level. However, oil and natural gas extraction from shale reserves is far more costly than that of conventional reserves. In the current low-price environment, companies will find it difficult to derive any significant profits from the shale operations.

According to Jim Chanos, the US shale revolution was uneconomic to begin with. He believes major oil producers will run into deeper troubles as their entire business models stand challenged. In his interview with CNBC last month, Mr. Chanos boldly said: “Days of finding cheap oil is over.”

Oil companies believe the concerns about oil sector’s health are premature, claiming that lower production reflects the companies’ efforts to become lean and focused on profits. However, certain executives do admit that the reductions in capital spending can come back to haunt the sector in the long term. Attractive investment opportunities may be missed, as oil firms restrict their capital budgets.

Another concern is the acceleration in the depletion rates of current oil resources. According to Reuters, oilfields deplete on average by 15% each year. But companies manage to reduce the depletion rates to as low as 3% by using techniques that require significant expenditure. As firms reduce their spending budgets, depletion rates could rise much higher than 3%. A single percentage point increase in depletion rates can reduce oil production by millions of barrels per month.

Companies face a growing need to increase their reserves, which can come from acquisitions or significant capital spending.

SOURCE

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Posted in: Bidness Etc, BP, Chevron, Conoco Phillips, Exxon Mobil, Gas, Oil, Oil Company Profits, Oil Prices, Royal Dutch Shell Plc, Shale Gas, Shale Oil.
Tagged: BP · Chevron · ConocoPhillips · ExxonMobil · Oil · Oil Prices · Royal Dutch Shell Plc

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Why BP And Shell Have Decided To Maintain Dividends Amid Falling Crude Price

Why BP And Shell Have Decided To Maintain Dividends Amid Falling Crude Price

Feb 7th, 2015

by John Donovan. 

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Why BP Plc (ADR) And Royal Dutch Shell Have Decided To Maintain Dividends Amid Falling Crude Price

Bidness Etc looks at why BP and Shell have announced to maintain dividends despite tumbling crude price and lower capital spending budgets

By: MICHEAL KAUFMAN: Published: Feb 7, 2015 

Crude oil price is a major source of concern for energy companies, since it has tumbled over 50% during the last six months. Companies amid the low-price scenario are looking to maintain adequate liquidity. Shareholders are also concerned over the amount of dividends they are likely to receive in the current scenario.

Shares of BP plc (ADR) (NYSE:BP) since the last six months have fallen over 18%, while shares of Royal Dutch Shell plc (ADR) (NYSE:RDS.A) have plummeted 15%. Investors and shareholders are clearly concerned regarding the ability of the energy companies to pay consistent dividends during these troubled times and have caused the energy stocks to crash since the crude oil price collapsed.

However, investors can breathe a sigh of relief as both oil majors have announced that they would maintain dividends despite the tumbling crude oil price. According to the Guardian, BP had announced capital spending cuts of 10%. But the latest announcement by the company came on Tuesday, whereby the oil major indicated to reduce its capital spending by 20% and would compensate the cut by maintaining the dividend payments it had reintroduced last year.

Shell released fourth-quarter results for the fiscal year 2014 on January 29. The results were worse than the analysts had expected. Shellmissed on the revenue and earnings estimates and indicated that it would reduce capital spending by over 15% this year.

Credit Suisse called BP’s decision to maintain dividends as more investor-friendly. Many brokers have given a Buy rating on the stock. According to the Financial Times, The Share Centre rates the stock a Buy along with 13 other brokers. 19 brokers have given the stock a Hold rating and only four brokers rate it a Sell.

Out of the 15 analysts who cover BP stock, six rate it a Buy and nine have given it a Hold rating. The 12-month average target price on the stock is $42.14.

On the other hand, 21 brokers rate Shell stock a Buy, and 16 have given it a Neutral rating. Out of the 16 analysts who cover Shell stock, seven rate it a Buy and eight have given it a Hold rating.

Analyst Adrian Lowcock heads the investing division at the Axa Self Investor. He indicated that the dividends of both the companies will fall below $2 and stand at $0.52 and $1.61, respectively, for BP and Shell. Dividends below $2 represent a sustainable dividend. He also indicated that the two stocks are the top dividend-paying stocks on the FTSE 100 and constitute 10% of UK’s overall dividends.

Mr. Lowcock also indicated that it would be difficult for energy companies to sustain dividends in the long run if the low-price scenario persists. The downstream sector, on the other hand, benefits from the lower price as the sector incurs lower costs of production. Certain funds, for instance JO Hambro Capital Management’s UK Equity Income Fund, have increased their exposure in oil industries. Investments in the sector would be cheaper now due to the falling oil price and could prove to be fruitful in the long run.

SOURCE

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Posted in: Bidness Etc, BP, Oil Prices, Royal Dutch Shell Plc.
Tagged: BP · Oil Prices · Royal Dutch Shell Plc

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RICHARD WOLFF The Game Is Rigged: Winning an Economy for Everyone

article from :

ACLU of Southern California • LA Progressive • Occidental College present:  RICHARD WOLFF The Game Is Rigged: Winning an Economy for Everyone  Tuesday, February 10, 7 to 9 p.m. Booth Hall, Occidental College 1600 Campus Rd., Los Angeles SEATS LIMITED | FREE ADMISSION | RSVP HERE Economist Richard Wolff recently exploded onto the forefront of progressive thought in the United States with his brilliantly insightful bookCapitalism Hits the Fan, which chronicled Wolff’s growing alarm and insights as he watched the economic crisis build, burst and dominate world events. “Richard Wolff is the leading social economist in the country. This book is required reading for anyone concerned about a fundamental transformation of the ailing capitalist economy.”– Cornel West Professor of Economics Emeritus at the University of Massachusetts, Amherst, Wolff is currently a Visiting Professor in the Graduate Program in International Affairs at the New School University in New York. In recent years while delivering public lectures at many colleges and universities, as well as to community and trade union meetings, he has built a reputation for blunt speaking, clarity, refreshing scorn and an enjoyable wit.   RSVP: https://richard-wolff-la.eventbrite.com/ Sponsors: ACLU of Southern California • LA Progressive • Occidental Office of Community Engagement • Occidental Politics Department, • Occidental Economics Department • Occidental Urban and Environmental Policy Department

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Allseas backs down on Nazi ship name

Allseas backs down on Nazi ship name

Feb 6th, 2015 

by John Donovan. 

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By John Donovan 

Associated Press has confirmed that after protests, the Allseas a Dutch-Swiss maritime engineering company said Friday it will change the name of a giant ship that had been christened after a convicted Nazi.

Allseas Group said that due to the “widespread reactions” Edward Heerema has announced that the name of the vessel will be changed.

“It has never been the intention to offend anyone,” the company said in a statement.

Earlier Friday, the company said it had no plans to change the name. The new name was not immediately announced.

“Wonderful, wonderful news. You’ve made my day,” Esther Voet of Dutch Jewish group CIDI said when she was told of the name change.

CIDI supported my petition to rename the ship.

I am pleased Mr Edward Heerema (above right) has decided to do so. All due praise to him for changing his mind when legally he did not need to do so. 

Must be a huge relief at  Royal Dutch Shell and Lloyds Register.

SOURCE

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Posted in: Allseas, Business Principles, Edward Heerema, GoogleNews, John Donovan,Pieter Schelte, Royal Dutch Shell Plc.
Tagged: Allseas Group · John Donovan · Pieter Schelte

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Unconfirmed reports that Allseas is abandoning Nazi ship name: The Pieter Schelte

Unconfirmed reports that Allseas is abandoning Nazi ship name: The Pieter Schelte

Feb 6th, 2015

by John Donovan. 

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In the last few minutes Dutch investigative journalist Ton Biesemaat has advised me that he has heard from two sources that Allseas is dropping the Nazi name of its giant new ship, which has generated so much offence on an international basis. We await confirmation from Allseas or Shell as to whether this information is correct. 

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Posted in: Allseas, John Donovan, Pieter Schelte, Royal Dutch Shell Plc, Shell.

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