Sir Ian Wood, founder of Wood Group, Warns of Risk to North Sea Oil Facilities

Scottish billionaire Sir Ian Wood warned the UK government that $50 oil prices could lead to decommissioning of North Sea oil facilities and unexploited oil.

Bob Dudley, an America from Queens who succeeded Tony Hayward in 2010 as Chief Executive of BP, said "The North Sea decline is inevitable".

30 year low for Baltic Sea Freight Index

The main sea freight index run by the Baltic Exchange dropped to a 30-year low - it's lowest level since the 1980s. The index tracks daily earnings for dry bulk vessels comprising Capesize, Panamax, Supramax and Handysize.

The largest of these ships are Capesize, they are too large to transit through the Suez Canal (see later note)  or Panama Canal and thus must pass through the Cape of Good Hope or Cape Horn. Specialist brokers exist for Capesize trades.   Capesize bulk carriers are used to transport iron ore, coal and commodity raw materials.

Little know facts:

• The Cape of Good Hope is not the Southernmost tip of Africa. That honour in fact goes to Cape Agulhas.
• After the deepening of the Suez Canal in 2009 (from 18m to 20m) many Capesize vessels can now pass through the Suez Canal.

Capesize vessels can only stop in large ports with deep-water terminals.