​Krona dip lifts returns on Icelandic pension funds’ foreign assets

first_img“Despite news in international affairs such as the US-China trade war and the UK’s exit from the European Union, the global stock index returned 25.2% in US dollar terms, which translates to 30.2% in Icelandic krona due to the weakening of the krona,” the pension fund said.Almenni said the MSCI Global Equity Index rose by 32.9% in Icelandic krónur terms, with the Icelandic unit having depreciated by 4.1% against the US dollar during the year.“There were also good returns on the domestic stock market, with the total index of the main list rising by 27.8% during the year,” the fund said, adding that on average over the last 10 years the domestic equities index had risen by 13.6% per year.The return on the domestic bond market was also very good in 2019, Frjálsi said, citing falling real interest rates and a drop in the inflation premium as the main drivers.Icelandic pension funds have been in the process of increasing their allocations to foreign assets in the last few years, particularly since the capital controls – which were imposed after the 2008 economic collapse – were lifted in 2017.The funds held an average of 28% of their total assets in foreign investments at the end of 2018, and were targeting a 31% allocation for 2019, according to the figures released last year from the Icelandic FSA, which has since merged with the Iceland central bank. Releasing early reports of their 2019 investment returns, Icelandic pension funds Frjálsi and Almenni both point to last year’s depreciation of the krona against the dollar as a factor giving an extra fillip to the funds’ growing foreign portfolios.Frjálsi announced its highest-returning pension investment option – Frjálsi Risk – produced a 13.7% real return in 2019, while Almenni reported its Portfolio 1 option returned 14.5% in the year.Frjálsi said its Frjálsi 1 option, by far its largest sub-fund, ended the year with a 12.4% return, which was the highest the fund had generated since 2003.The year had been an “eventful” one in financial markets, it said, with foreign equities being the strongest performing asset group.last_img read more

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Queensland’s golden girl Laura Geitz fulfils dream of finding her ‘forever home’

first_imgNetball star Laura Geitz has just bought this property in Brookfield.If the couple are thinking of expanding their family, there is plenty of room in their new home.The house has five bedrooms, plus a study that could become a sixth bedroom, three bathrooms, sweeping verandas, a floodlit tennis court, a creek that spans the length of the yard and a kids playground area — all on just over a hectare of land. FORMER ORIGIN STAR STILL KICKING GOALS IN 2018 There’s also a media room, wine cellar and carport with room for three cars.The property is close to sought-after schools in the area.The house itself was built circa 1886 and moved from Toowong to Brookfield more than 20 years ago. Netball star Laura Geitz has just bought this property.Long known as a high-end housing area for business leaders in the Queensland capital, Brookfield offers sprawling homes on blocks of more than 4000sq m and recreation facilities such as equestrian fields. Queensland netball great Laura Geitz has bought a new home. Picture: Peter Wallis.QUEENSLAND’S golden girl Laura Geitz has fulfilled her dream of finding her ‘forever home’.The netball legend is returning to her rural roots — swapping the city for a quiet life in the suburbs after buying a beautifully restored, historic home in Brisbane’s lush green belt.Geitz, her husband Mark Gilbride, and their son, Barney, are preparing to move out of their Bulimba pad into a sprawling acreage estate in leafy Brookfield. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE The property comes with a floodlit tennis court.The median house price in Brookfield, 12km west of Brisbane’s CBD, is $1.02 million, according to the latest CoreLogic figures.Geitz and her husband bought their current four-bedroom home at Bulimba for just over $1 million in 2011. Laura Geitz playing for the Queensland Firebirds. Image: AAP/Darren England. Inside the Queenslander home netball star Laura Geitz has just bought.It retains all the original character features of its era including polished timber floors, impressive fireplaces, French doors, pressed metal ceilings, VJ walls and bay windows. Instagram pic of Laura Geitz, son Barney and husband Mark Gilbride. Photo posted January 27, 2018.Geitz took to social media to reveal the news to her 70,000 Instagram followers, posting a photo of her husband overlooking the property’s resort-style pool and manicured grounds.The post was captioned: ‘Ahhhhhhh how’s the serenity @mggilbride? As of this afternoon this little pocket of paradise officially became ours. Words cannot explain how excited I am to have space … so much space and a grand old 110 year Queenslander that oozes character and charm! Here’s to the next chapter in our forever home.’ FORMER NRL PLAYER OF THE YEAR ON THE MARKET AGAIN REAL ESTATE: Netball star Laura Geitz revealed she had bought a new home in this post on Instagram. Picture posted June 13, 2018.Records show the property last sold in 2014 for $1.6 million.It was taken off the market after just four days when it was listed again in March this year.The Diamonds and Queensland Firebirds star, who returned to the court at this year’s Commonwealth Games, told The Courier-Mail in 2015 that she always wanted to own an old Queenslander home to raise a family when the time came to swap netball for nappies. “I just have this dream of living in an old Queenslander,” Geitz said.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours ago“I just dream of a big back yard … This was our first house together, but the next one would be our dream family home.” CHURCH TO BECOME HEAVENLY HOME The resort-style pool at the property Laura Geitz has just bought.Geitz will be in good company, with high-profile neighbours including billionaire property developer Maha Sinnathamby, entrepreneur and television host Glen Richards and tech businessman Bevan Slattery.last_img read more

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Radio host holds on to holiday haven

first_img109 The Strand, BulwerEarlier this year when he decided to put his share of the house on the market, Martin said he didn’t want to sell the house but his family rarely got time to use it.The property was originally bought in partnership with a friend, but the radio announcer did a complete backflip and decided to buy the lot. More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours ago“I own the whole thing,” he said.The four bedroom beach retreat has wraparound verandas, water views, and is an easy walk to Bulwer’s beach front, wrecks, and Castaways cafe/store. The bedrooms feature bunks and double beds, and there are two fully-equipped gas kitchens, two dining/lounge rooms, two sheds, an outdoor fire pit, water storage tanls, a generator and solar panels connected to deep cycle Trojan solar batteries.The sale was handled by Ray White Brisbane CBD agent Julian Gardner. Moreton Island is 40km offshore from Brisbane and can be reached by ferry, barge or boat.It is a popular camping spot and home to Tangalooma Resort, which is famous for the dolphins that come in to feed and meet guests most evenings. Triple M breakfast announcers Robin Bailey and Greg “Marto” Martin ahead of the Sunday Mail Bridge to Brisbane (AAP image, John Gass)TRIPLE MMM presenter Greg “Marto” Martin had intended to sell his share of a Moreton Island holiday home. Instead, he bought out his friend and co-owner.He told The Courier Mail that he “couldn’t let such a magic place full of memories go”.The property, known as ‘Stranded at Bulwer’, is located at 109 The Strand in the small village at the northwestern end of Moreton Island. Tangalooma Island Resort. Supplied. Dolphins come in most evenings for a meet and eat. Supplied.Attractions include the Bulwer and Tangalooma wrecks, wartime relics, the Cape Moreton lighthouse, the Champagne Pools and the vast dunes that are perfect for sand tobogganing. It is also provides a great vantage point to watch whales pass by during the migration.last_img read more

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Associations Partner Up on Digital Platform for Future Ships

first_imgUK-based engineering company Rolls-Royce, The Norwegian University of Technology Science (NTNU), research organisation SINTEF Ocean, and classification society DNV GL have joined forces to create an open source digital platform for use in the development of new ships.Under a memorandum of understanding (MoU), the parties would develop the platform which would allow the creation of the so called “digital twins”, which are digital copies of a real ship, including its systems, that synthesizes the information available about the ship in a digital world.This allows any aspect of an asset to be explored through a digital interface, creating a virtual test bench to assess the safety and performance of a vessel and its systems, both before its construction and through its lifecycle.“We are entering a new era with the accelerated uptake of more IT-technology in shipping. Digitalization of information flows will have a positive impact on safety and environmental performance,” Remi Eriksen, Group President and CEO, DNV GL, said.“By creating ships and ship technology in a virtual environment new ideas and technology can be realized and tested in a shorter time frame. A platform like this could form the basis for future class services,” Eriksen added.The project partners intend to open the platform for use by other parties, with some core aspects built on an open source framework – enabling designers, equipment and system manufacturers, yards, ship owners, operators, research institutes and academia to work together to co-create and innovate together.The platform is also designed to serve as a model library for different ship concepts, where concepts can be made generally available or kept part of projects with limited access.Following the signing of the MoU, the project partners are now working to form a steering group that will define and govern the development of the core platform system and its deployment.last_img read more

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Boskalis to Use New UXO Detection Technology at Borssele Zone

first_imgIn October, Australian company Gap Explosive Ordnance Detection (EOD) will deliver a new system for detection of unexploded ordnance (UXO) to Boskalis, recently contracted together with Fugro to survey and identify UXO along the cable routes for the planned grid connection between TenneT’s two offshore platforms and its high-voltage substation onshore.Gap EOD said it invented the technology for Boskalis and thus helped the company win this major contract. The system, called UltraTEM, is a customised remote-operated technology that scans for buried cables and unexploded ordnance underwater. According to Gap EOD, it is the only technology of its kind, with the capability to detect all metals and scan depths of up to 3.5 metres.The EUR multi-million contract won jointly by Boskalis and Fugro has been set to commence this summer and continue for a duration of approximately two years.The grid connection of the Borssele offshore wind area will have a capacity of 1,400MW, consisting of two 700MW connections facilitated through two offshore platforms, Alpha and Beta, and four 220kV subsea cables with a capacity of 350MW each. The cables will run from the two offshore platforms to the high-voltage substation in Borssele, in the south-west of the Netherlands, via the Western Scheldt estuary.Borssele Alpha, the offshore platform which will facilitate grid connection for the Borssele I & II offshore wind project, will go into service in 2019, followed by Borssele Beta a year later. Borssele Beta will provide grid connection to Borssele III & IV offshore wind farm.The Borssele Wind Farm Zone comprises 5 sites. Borssele I & II will be developed by DONG Energy, Borssele III & IV by a consortium of Shell, Van Oord, Eneco and Mitsubishi / DGE, while the Borssele V site has been earmarked for offshore wind demonstration activities.Earlier this month, TenneT and DONG Energy signed an agreement for the realisation of grid connection for the Borssele I & II offshore wind farm.Offshore WIND Stafflast_img read more

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Shell halts two North Sea platforms over Forties pipeline crack

first_imgOil major Shell has suspended production on two of its Central North Sea platforms due to controlled shutdown of the Forties Pipeline System. A spokesperson for Shell told Offshore Energy Today that production from the Shearwater and Nelson platforms in the central North Sea had been suspended following the controlled shutdown of the Forties pipeline system. As reported earlier on Tuesday, Forties Pipeline System that carries the UK North Sea oil to the shore for processing will be shut down for weeks after a crack was discovered in the onshore section. Ineos, which acquired the pipeline late in October, discovered the crack last week.The shutdown means that the offshore fields that use the pipeline will be unable to produce until the pipeline is back on. As news spread, Brent oil price shot over $65 a barrel on Tuesday for the first time since mid-2015.According to Reuters, Brent crude futures were at $65.29 a barrel at 0253 GMT, up 60 cents, or 0.9 percent, from their last close, marking the first time Brent has gone over $65 a barrel since June, 2015.“We are working closely with the pipeline system operator, Ineos to assess the situation,” the Shell spokesperson added.Fluids from the Shearwater platform are exported through the Shearwater Elgin Area Line (SEAL) and Forties Pipeline System. Oil from the Nelson field is also exported via Forties.The Shearwater field is a high pressure, high temperature (HP/HT) reservoir developed with a normally manned integrated process, utilities and quarters (PUG) platform, which is bridge linked to a wellhead (WH) platform. Shell is the operator of the field with ExxonMobil as its partner.Back in October, Shell submitted an environmental statement (ES) in support of the field development plan for its Fram gas and condensate field in the Central North Sea to the UK authorities. The Fram field will be developed as a subsea tie-back utilizing existing Starling infrastructure to the Shearwater platform.The Nelson installation comprises of a single, manned drilling and production platform and a subsea satellite tied back to the platform. The Nelson cluster consists of the Nelson field, Howe and Bardolino are subsea tie-backs. The southern subsea satellite comprises of a cluster of four subsea producer wells.Perfect storm for EU gasWorth noting, LNG World News has reported that an explosion on Tuesday morning hit the major European gas hub at Baumgarten in Austria. One person was killed and 18 injured. The event caused a surge in Austrian, Italian and the UK gas prices.Massimo Di-Odoardo, Principal Analyst, Gas & LNG, at Wood Mackenzie, commented: “The European gas market seems to be going through a perfect storm. The Forties outage will take out more than 1.2 billion cubic feet per day of gas production – more than 10% of UK gas demand. The explosion at Baumgarten has currently halted Russian imports to Italy, representing more than 30% of Italian gas demand.“There is still plenty of storage across Europe to cope with this. But if supply does not resume soon and the cold weather continues, prices will remain strong through the winter. We might well see some competition between Europe and Asia to attract LNG this winter.”Offshore Energy Today Stafflast_img read more

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Repsol aiming to cease Rev field production by April 2020

first_imgSpanish oil company Repsol has filed an application to remove the export pipeline and umbilical of the Rev field, with plans to cease production from the field in the first quarter of 2020.The Rev Field, is located in the Norwegian Continental Shelf, however, the export pipeline and umbilical cross over into the UKCS and connect to Chrysaor’s Armada platform.Repsol is now looking to remove 4.8 km of 12-inch gas condensate pipeline from the UK median line to the flange at the Rev Subsea Isolation Valve (SSIV) close to the Chrysaor operated Armada platform; and 4.9 km of the Rev electrical and hydraulic control cable (umbilical) from the UK median line to the point at which it joins the junction box close to Armada.The Rev Field started production in 2009 but production has decreased to the extent that the field now only produces intermittently (at times of appropriate reservoir pressure).Based on the periodic nature of production of the Rev Field, Repsol is planning to cease production of the field, the latest date is 31st March 2020, but could be earlier.Leave it in the groundAs for the decommissioning, the plan is to leave the buried parts of the pipeline in place and remove the exposed sections of the pipeline within the Armada 500-meter zone. Repsol has said this partial removal option is preferred as de-burying the pipeline, buried between 1 m and 2 m, would take up 10 times the activity required to make the pipeline safe and leave it in place.“Additionally, the potential long-term impacts are minimal due to the depth of burial which has been demonstrated to be broadly constant since installation in 2008. The exposed section of the pipeline up to the 12-inch flexible from the SSIV will be fully removed (150 m),” Repsol said.The umbilical is to be fully removed by reverse reeling.“The umbilical has been left to naturally backfill, and although backfill has occurred the depth of burial and the trench profile combined pose a risk in the long term that significant remedial work may be required to ensure the umbilical is safe. Removal by reverse reeling is achievable, safe and economical in the long term,” Repsol said.The 12-inch export pipeline has in place 22 concrete mattresses and the umbilical has in place 48 concrete mattresses. These will all be removed as part of the Rev UKCS Decommissioning Project.Offshore Energy Today Stafflast_img read more

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Alphaliner: Transpacific Route to See 8 Pct Rise in Capacity

first_imgTotal capacity on the transpacific routes is expected to increase by at least 8% by July this year, according to Alphaliner.So far, two new services were unveiled for the routes, which are expected to add to various capacity upgrades planned on existing services.Overall capacity to both the US West Coast and US East Coast is expected to increase by 8 to 9%, with additional capacity to be progressively phased in from April.Alphaliner informed that OCEAN Alliance carriers are to contribute the bulk of the additional capacity, with overall growth of more than 10%, while SM Line would almost double its capacity with the launch of a new service to the Pacific Northwest in May 2018.APL has also announced a new Eagle Express X (EXX) service, to be launched in July 2018, offering a fast eleven-day transit time from Shanghai to Los Angeles. The new loop is set to challenge the ten-day express service that Matson offers on its China-Long Beach Express (CLX).“The planned capacity increases will have an impact on the ongoing rate negotiations for the new annual Transpacific service contracts from May 1 and spot freight rates are expected to come under pressure as vessel utilisation falls,” Alphaliner said.After the brief recovery of January and February, SCFI spot rates are to register falls in the coming weeks as demands slows after the Lunar New Year holidays in the Far East.last_img read more

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DryShips to Add Two Economou Vessels to Its Fleet

first_imgGreek shipowner DryShips has reached an agreement to purchase two vessels at an aggregate price of USD 93.8 million.Under the deal, the company would buy a 2013-built Newcastlemax drybulk carrier and a 2017-built Suezmax tanker, both of which were constructed in China.The units will be acquired from entities that may be deemed to be affiliates of George Economou, the company’s Chairman and Chief Executive Officer.The purchase price including the associated bank debt of USD 50.3 million.DryShips said that the transaction remains subject to documentation and customary closing conditions, and is expected to close in June 2018.last_img read more

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Sonardyne Tech to Support DOF Subsea Ops in Brazil

first_imgDOF Subsea has chosen acoustic and inertial navigation technology from Sonardyne Brasil to support its deepwater operations from three vessels offshore Brazil.The three vessels will be equipped with Sonardyne’s SPRINT-Nav all-in-one subsea navigation instrument for underwater vehicles.A remote operated vehicle (ROV) on one of the vessels will also be fitted with a Sonardyne Syrinx Doppler Velocity Log (DVL), in place of its existing system. All three vessels are on long-term contract in Brazilian waters.DOF Subsea’s multiple SPRINT-Nav systems will be used to support ROV operations, as part of construction, inspection, maintenance and repair (IMR) work in Brazil’s deepwater pre-salt oil fields, in depths down to 3,000 metres.Andre Moura, sales & applications manager for Sonardyne in Brasil, said: “To meet stringent specifications for subsea inertial navigation, operators are more and more looking for high-performance instruments and our SPRINT-Nav meets their needs. SPRINT-Nav offers unmatchable performance.”last_img read more

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