Latest news from Heavy Lift & Project Forwarding International Magazine

Mixed fortunes in North America 

In announcing its second-quarter financial results, heavy haulage and crane solutions provider, Entrec, said the outlook for its business in the USA continues to be positive, but warns that a more cautious approach is needed in Canada. 

In the USA, demand for the company’s services “continues to grow” in the markets that it serves, said John M. Stevens, Entrec’s president and ceo. 

He added: “We plan to continue to invest in growing our US business through both capital investment in new equipment and through geographic expansion.”

In the second quarter of 2019, Entrec expanded into the state of Wyoming. The company also plans to diversify its business beyond the oil and gas sector and “into other industries including wind power, refinery and petrochemical, and construction,” explained Stevens. 

The outlook for Canada, however, is significantly more cautious. According to Entrec, this is due to macroeconomic factors impacting the oil and natural gas industry in the country’s western regions.

Pipeline constraints have contributed to significant discounts in the market price for the oil produced in Western Canada compared with other jurisdictions, said Entrec. Rising carbon taxes and increasing regulatory requirements to achieve government approvals for large industrial projects are also having a negative impact. 

Looking ahead to the remainder of 2019 and 2020, the company believes it will take time for the oil and gas producers to begin increasing their capital spending levels. 

On a more positive note, Entrec said that it continues to be optimistic about the impact that LNG Canada’s USD40 billion liquefied natural gas (LNG) project in Kitimat will have on the industry, as well as the natural gas sector in northwest Alberta and northeast British Columbia.

www.entrec.com

 

Heavy Lift | News

Trade wars take their toll on confidence thumbnail image

Trade wars take their toll on confidence

October 10 - Confidence in the shipping industry has fallen to its lowest level for two-and-a-half years, according to the latest survey from BDO.
Views: 1149
Rising costs slow US construction projects thumbnail image

Rising costs slow US construction projects

September 30 - Mace North America reports that the growth of the USA's construction sector is waning, despite the country's economy starting the year on a bullish note.
Views: 1709
Multipurpose charter rates rise thumbnail image

Multipurpose charter rates rise

August 13 - Time charter rates in the multipurpose shipping sector have improved slightly over the last month, according to the latest data from shipbroker Toepfer Transport.
Views: 1860

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.