The housing sector is expected to be a big beneficiary of better lending conditions. Picture: Jodie Richter.“Based on these considerations, a “no-change” decision seems a certainty from the RBA Board meeting on Tuesday. Indeed the market has only a 4 per cent chance of a change priced in.”For the first time since last month’s cut, Monday saw the RBA Rate Indicator swing in favour of a cash rate target decrease to 0.75 per cent. “As at 5 August, the ASX 30 Day Interbank Cash Rate Futures August 2019 contract was trading at 99.115, indicating a 57 per cent expectation of an interest rate decrease to 0.75 per cent at the next RBA Board meeting.”That might not be enough though — with 96 per cent of experts and economists in the latest Finder RBA Cash Rate Survey convinced there RBA will hold at 1 per cent for several months. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Where tenants are ditching dead money for a mortgage Queensland is expected to see a surge in interest from interstate and other buyers given its relative affordability compared to southern neighbours, including Brisbane over Sydney and Melbourne.After a torrid two months of slashing, the Reserve Bank board is expected to hold fire until November on any further interest rate cuts — but there’s still lots to celebrate for buyers.Experts agree that November is the month the RBA board is most likely to make its next move on rates, as it waits for its shock two cuts in a row to take hold along with government action to boost consumer spending. FOLLOW SOPHIE FOSTER ON FACEBOOK Star puppet Agro making a move More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoRBA assumptions and forecasts. Source: RBA.gov.au”Our view remains that the RBA will deliver another 25bpt rate cut but they will wait until November to deliver that cut,” he said in CBA’s latest Economic Update. “The RBA has, of course, revealed its hand with 25bpt rate cuts in June and July. Successive rate cuts are rare events and normally reserved for dire economic circumstances. But circumstances, as the RBA assures us, are not dire. The RBA has indicated that it is prepared to wait while monitoring developments, especially in the labour market. MORE: The growth suburbs to watch It found 35 per cent of experts believed the next cut would come in November, while 23 per cent thought it would be earlier in October.Either way, Finder insight manager Graham Cooke said the RBA board would be hesitant to cut three months in a row.“The jury’s out on the impact of these most recent cuts — it’s simply too soon to tell,” he said. “Economists feel slightly more confident that recent cuts will have a positive effect on the economy once given time to roll out. While positivity is generally still low, housing affordability remains the most positive economic element.”Mr Blythe said CBA could “only agree” with a comment by RBA Governor Philip Lowe that “it is reasonable to expect an extended period of low interest rates”. Reserve Bank of Australia Governor, Philip Lowe, is expected to see the board hold at 1 per cent cash rate target come Tuesday afternoon. Picture: AAP Image/Dean Lewins.This after the RBA finally moved its cash rate target down to 1.25 per cent in June, followed rapidly by another 0.25 percentage point drop again in July to even out at 1 per cent. Before that it had stagnated at 1.5 per cent since August 2016.Aligned with APRA loosening its grip on lending conditions, boosting the chances of those applying for mortgages, the moves were expected to see some lift in the economy.Chief economist for one of the nation’s Big Four banks, Commonwealth Bank of Australia, Michael Blythe, expected the cash rate to remain at 1 per cent come Tuesday afternoon’s RBA monetary policy meeting.
More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoThree VIVO Villas by Nathan Verri in Port Douglas sold for between $1.7-1.9million in 2019.“The raw render on the block work was probably the most difficult part of the build. Achieving the natural look is really quite difficult and so is protecting it during the build. But it’s rewarding being able to produce something that’s rustic, modern and innovative at the same time.“We also used a lot of cantilevers in the designs.”Mr Verri has just released four luxury villas in the same vein as Vivo at Palm Cove.Luxe on Amphora is 100m from the beach and each home has four bedrooms, five bathrooms, two kitchens and a private swimming pool. Three VIVO Villas by Nathan Verri in Port Douglas sold for between $1.7-1.9million in 2019.The freehold homes have no body corporate fees and are just a short stroll to the former fishing village’s restaurants, cafes and the beach. Mr Verri said the standout designs of the Mudlo St properties were enough to warrant the exclusive prices and buyers have come from overseas, interstate and the Far North.“The raw nature of the materials, the styling, the indoor/outdoor living and what we deliver for the space – four bedrooms, four bathrooms, two kitchens, outdoor kitchens, secluded areas, private living areas and private balconies – that really appeals to people wanting something different. It’s like you’re getting your own tropical paradise,” he said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:22Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:22 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAndrew Winter’s spring selling tips01:23THE sale of three luxury homes for between $1.7-1.9 million each has boosted the Far North’s reputation as a high end real estate destination – and there are more in the pipeline from the same designer.Builder and designer Nathan Verri’s three Vivo villas in Port Douglas have garnered plenty of attention, and a decent price, for their raw and rustic look and modern, spacious layout. Three VIVO Villas by Nathan Verri in Port Douglas sold for between $1.7-1.9million in 2019.As well as the Palm Cove project, Mr Verri has a $3.3 million Port Douglas build coming to market and some hillside designs for properties in Cairns and Port Douglas.He said his niche market means he has been able to ride out the property booms and busts. “We don’t fit into the common trend. When things die off that’s when our clients are spending more because the properties are cheaper,” Mr Verri explained.
Valle Vista is a brand new complex with eight apartments at 76-78 Intake Road, Redlynch.AN incomparable suite of apartments has entered the market in Cairns’ second most searched suburb, in a brand new luxury complex.Built by Plos Constructions, eight quality apartments now stand tall in the Valle Vista complex at 76-78 Intake Road, Redlynch.All apartments have been exclusively listed with LJ Hooker Edge Hill’s Kim Ryan with the first four targeting residential buyers now on the market, with the second lot of four, catering more for holiday letting, to be listed in the future.Valle Vista is a brand new complex with eight apartments at 76-78 Intake Road, Redlynch.MORE NEWSTen FNQ family homes under $250kMost viewed homes this yearAussies unsure how to turn property dream to realityThe spacious apartments each include three bedrooms, two bathrooms including master ensuite, open-plan living areas and double lockup garages with storage, listed at $645,000 negotiable.With each apartment varying between 189sq m to 194sq m, Ms Ryan said there was nothing comparable at Redlynch when it came to large, luxury units.“They’ve been designed for anyone looking for a low-maintenance lifestyle, each apartment is ‘turn key’ – everything is ready,” Ms Ryan said.Valle Vista is a brand new complex with eight apartments at 76-78 Intake Road, Redlynch.“There’s not many new apartments coming on in Cairns and especially Redlynch. The closest you’ll get are the larger complexes, but in terms of floor space and quality of finish, there’s nothing like this.”More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoWith an onsite lap pool, there is also a shared entertainment area, but each apartment also enjoys privacy inside the gated complex with individual private balconies.The sustainable complex also has solar power and elevator access to the apartments.Valle Vista is a brand new complex with eight apartments at 76-78 Intake Road, Redlynch. The waterfall island bench in the kitchen with the illuminated glass panel.Each apartment is tiled throughout, with a central living area and a kitchen featuring a waterfall island benchtop including a bespoke, illuminated glass panel.“You can print a really nice photo and have that placed in front of that kitchen benchtop, inside that panel,” Ms Ryan said.The complex is only minutes to Redlynch Central Shopping Centre.The apartments will be open for viewing on Saturday, August 22, 11am-1pm.
Dutch contractor Heerema Fabrication Group has been awarded a procurement and construction contract for the Peregrino II jacket by South Atlantic Holding B.V. on behalf of the Statoil Peregrino II project off Brazil. The Peregrino field – discovered in 1994 – is a heavy oil field, situated in the South and South West section of the Campos Basin, approximately 85 kilometers of the coast of Rio de Janeiro, Brazil.Statoil is the operator of the Peregrino field, which is presently developed with two wellhead platforms and a floating production, storage and offloading unit (FPSO). A system of pipelines, risers and cables connects this FPSO and the two wellhead platforms.The Peregrino Phase II Field Development will add a third wellhead platform, as this area is not accessible by the existing two platforms. It contains an 8-legged jacket and a wellhead platform with a drilling unit (WHP-C) tied-back to the existing FPSO.Koos-Jan van Brouwershaven, CEO of Heerema Fabrication Group, stated: “With the Valemon jacket, the Gina Krog jacket and the Oseberg Vestflanken 2 Unmanned Wellhead Platform – which we will deliver next month – we have a good track record with Statoil. We are pleased that Statoil still has confidence in the expertise and skills of our company despite the announced reorganization.”According to Heerema, the Peregrino jacket will be approximately 135 meters tall, have a footprint of 66 x 53 meters and will weigh 9,300 tonnes (excluding the 12 piles). Construction is due to start in November 2017 at the Heerema yard in Vlissingen, the Netherlands, in order to be ready for sail away in October 2019.Primary function of the jacket is the foundation for the topside including the drilling and process facilities, utilities, power generation, living quarters and a helideck with a design operational weight of 25,000 tonnes. The jacket is also designed for storage of fresh drill water with caissons for submerged pumps connected to such storage tanks.Phase II will enhance production from the Peregrino field by increasing the number of production wells with a total of 21 – 15 oil producers and 6 water injectors – to be drilled from WHP-C. The water depth is approximately 120 meters. The start of the production of Phase II is expected by the end of 2020 and the estimated recoverable resources from this development until the end of 2040, when the concession period will end, are 250 million barrels.
DONG Energy has partnered with the Grimsby Institute to offer new offshore wind turbine technician apprenticeships.The new three-year apprenticeships will comprise of one year of classroom based learning at the Grimsby Institute followed by two years working on site with DONG. The students will be taught in a new virtual training centre opened by the Grimsby Institute this year.A minimum of four apprenticeships will be available and the application process opens on Monday, 19 June. The new apprentices will start in September 2017.The apprentices will study as a maintenance & operations engineering technician (MOET) with an emphasis on turbine technology. They will undertake a BTEC Level 3 in Engineering, and if they successfully complete the programme will become full-time employees at DONG.“Our new operations hub being built in the Grimsby Royal Dock will help maintain our offshore wind projects in the North Sea, and we want local people with relevant skills to work out of the hub and benefit from a highly rewarding job in a fantastic industry,” Duncan Clark, Programme Director for Hornsea Project One Offshore Wind Farm at DONG Energy, said.“Apprenticeships are a great way to learn on the job and the Grimsby Institute is a state-of-the art facility. We believe this scheme will provide a very attractive opportunity to become a fully qualified wind turbine technician. These roles are exciting and varied – not every job can offer a breath-taking view of the UK coastline!”A wind turbine technician is part of a team responsible for ensuring an offshore wind farm continues to operate successfully for its lifetime, planned to be more than 20 years. The main function of the role is to carry out a variety of manual tasks and fault diagnostics to ensure the wind turbines are working reliably and at maximum efficiency. The work is carried out at sea fixing complex machinery and the turbines can be over 100 meters in height from sea level so the ability to work at height is essential.Transport to the turbines is via sea vessel or helicopter so being comfortable with air and sea travel is also necessary.“Grimsby is home to the wind energy industry and it’s excellent news for the town that the Institute has been selected by DONG Energy to provide the skills, knowledge and key employability skills the apprentices will develop in their first year,” Gill Alton, Chief Executive of the Grimsby Institute, said.”We have invested significantly over the last few years in providing state-of-the-art education and training facilities which will enable the apprentices to learn in realistic working environments. I am looking forward to a long and successful partnership with DONG Energy which will provide outstanding opportunities for people from the area.”DONG Energy is exploring the possibility of expanding its apprenticeship scheme further in the future, potentially into other regions where it operates including Liverpool and Barrow.
Despite falling freight rates for floating storage regasification units (FSRUs), investment returns at current asset prices and charter rates are higher compared with standard LNG vessels, according to Drewry’s LNG Forecaster report.The global FSRU fleet has grown at a CAGR of 21% over the last five years, and currently, there are 24 FSRUs operational with an aggregate LNG import capacity of 82 mtpa. An additional 74 mtpa FSRU import capacity is under construction or in the planning stage. FSRUs are attractive because of various advantages they have over land-based terminals, such as low cost, quick commencement, and flexibility.However, of late rates for FSRUs have come under pressure and are currently around USD 100,000pd, markedly lower than USD 120,000-130,000pd in 2013-15. There are several reasons for this, Drewry says.First, the number of players in the FSRU segment is growing, which is creating competition for the business. Secondly, falling asset prices of FSRUs is making it possible to charter out vessels at lower rates. Third, several old LNG vessels are looking to get an FSRU conversion contract, which adds to the pressure on charter rates.Despite falling rates, owning an FSRU gives a better return than an LNG vessel. Drewry has calculated the rate of return on a newbuild FSRU to be 16% that currently costs USD 250 million and earns a long-term (20 years) charter rate of USD 100,000pd. Meanwhile, the rate of return on a newbuild standard LNG vessel is just 13% that currently costs USD 185 million and earns a long-term charter rate of USD 70,000pd. Therefore, despite falling charter rates, FSRUs are proving to be a better investment option than standard LNG carriers.“We expect long-term charter rates for LNG carriers to improve in the coming years as the market is expected to tighten. However, we do not believe that charter rates for FSRUs will significantly change because of increasing competition and a growing understanding of FSRU technology. We expect charter rates for FSRUs to stay in the range of USD 90,000-USD 100,000pd for the next three to four years, still higher than equivalent LNG charter rates,” said Shresth Sharma, Drewry’s lead LNG shipping analyst.
Offshore watchdog the Norwegian Petroleum Directorate (NPD) has granted Statoil Petroleum a drilling permit for a wildcat well in the Barents Sea offshore Norway. The well 7317/9-1 is located in a prospect named Koigen Central. It will be drilled from the Songa Enabler Cat D semi-submersible drilling rig, after completing the drilling of wildcat well 7435/12-1, known as Korpfjell, for Statoil in production license 859.Statoil gained consent from the Norwegian safety authority to use the Songa Offshore-owned Songa Enabler rig for the Koigen well back in July.The drilling program for the well 7317/9-1 relates to the drilling of a wildcat well in production license 718. This will be Statoil’s fourth Barents Sea well planned for this summer. Other three wells include Blåmann, Gemini Nord (North), and Korpfjell.According to Statoil’s drilling schedule, the rig will transit from drilling the Korpfjell well between August 21-22 and will be set to drill the Koigen well from August 22 until September 17.Statoil Petroleum is the operator with an ownership interest of 60 percent. Other licensees are Dea Norge and Petoro, each holding 20 percent interest.The area in this license consists of the blocks 7317/8 and 7317/9. The well will be drilled about 75 kilometers northwest of the discovery 7319/12-1 (Pingvin) and about 370 kilometers from Hammerfest.Production license 718 was awarded in 2013 in the 22nd licensing round on the Norwegian shelf. This is the first well to be drilled in the license.Offshore Energy Today Staff
Greek dry bulk shipping firm Star Bulk Carriers Corp. has announced pricing of USD 50 million of senior unsecured notes due 2022.As informed, the notes will bear interest at a rate of 8.3% per year, payable quarterly in arrears on each February 15, May 15, August 15 and November 15, commencing on February 15, 2018.They will mature on November 15, 2022, and may be redeemed at the company’s option in whole or in part at any time or from time to time after May 15, 2019, for a price equal to the principal amount of the notes to be redeemed plus accrued and unpaid interest. Prior to May 15, 2019, the notes may be redeemed at the company’s option at a price equal to the principal amount of the notes to be redeemed plus a make-whole premium and accrued and unpaid interest.Star Bulk intends to use the proceeds from the offering to redeem all its outstanding 8% senior unsecured notes due 2019.The notes are expected to commence trading on the NASDAQ Global Select Market within 30 days after they are first issued. The company said that the notes will be issued in minimum denominations of USD 25 and integral multiples of USD 25 in excess thereof.At the end of October, Star Bulk revealed plans to expand and diversify the company’s commercial activity with the launch of the new subsidiary Star Logistics. To be based in Geneva, Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities.
Norway-based cement company JT Cement AS has ordered a pneumatic cement carrier from Dutch Ferus Smit shipyard, Erik Thun said.As informed, the newbuild will be a sister vessel of M/V Greenland and is scheduled for delivery in July 2019.“The vessel will be an improved version of Greenland but with a somewhat larger cargo carrying capacity at 8.000 dwt. In addition, we will increase the LNG tank capacity to 200 m3, improving the steaming time on LNG,” according to Erik Thun.The project will be handled by MF Shipping Group with support from KGJS project department and KGJC cargo handling team.JT Cement AS, which owns a fleet of seven smaller specialized pneumatic cement carriers, recently got another owner. NovaAlgoma Cement Carriers acquired a 25% ownership interest in the company, joining KGJ Cement Holdings and Erik Thun AB.
Van Oord’s cable-laying vessel Nexus has loaded the final batch of inter-array cables for the Borkum Riffgrund 2 wind farm and is now installing them in the German North Sea.The expected date of the completion of the works in the field is August 07, 2018, Van Oord’s spokesperson said.Nexus is deployed to install a total of 110 kilometers of cable to later connect the 56 wind turbines with the offshore substation at the Ørsted’s offshore wind farm.The cables for Borkum Riffgrund 2 were manufactured by Nexans in Hanover.After construction is completed, Borkum Riffgrund 2 will have an export capacity of around 450 megawatts and will be able to supply green electricity for the equivalent of around 460,000 German households.Full commissioning of the offshore wind farm is planned for 2019.