Friday, March 21, 2014

The Williston Wire; Chicago's Utility Costs After A Brutal Winter; The Nation's Natural Gas Reserves To 11-Year Low -- The Road To New England

No links; it is easy to subscribe to The Williston Wire.

As Williston begins its downtown streetscape renovation, The Renaissance Companies will begin construction on a seven-story new construction mixed-use property. The Renaissance on Main is scheduled to break ground this year and open in 2015. Anticipating high interest, Renaissance is now pre-leasing the retail and office spaces and accepting apartment inquiries.

Airline boardings in North Dakota last month surpassed 100,000, setting a record for February. The state Aeronautics Commission says 100,999 passengers boarded planes at North Dakota's eight large airports last month, up 8 percent over the year. The airports in Dickinson, Williston, Fargo and Grand Forks all set records for the month. Williston's boardings were up 35 percent over the year and Dickinson's were up 171 percent. Both cities are in the booming western oil patch. Great Lakes Airlines pulled out of Devils Lake and Jamestown at the end of January, but SkyWest Airlines is to begin service to those cities in June.

McKenzie County roads and highways are not the only local infrastructure experiencing an influx in traffic due to an increase in oil activity. Local air traffic has also seen an upsurge. "Air traffic is roughly five times more than what it was three years ago," said Tim Taylor, chairman of the airport board. "A lot of the flights landing and taking off here are related to the building and construction going on in Watford City." In 2014, the airport board plans to begin two major projects: construction of a larger parking apron and new airport terminal for roughly $3.5 million.

Posted earlier: rending on Twitter. Another No. 12 seed in the NCAA men's basketball tournament with upset hopes. North Dakota State pulled it off Thursday, March 20.   Freshman Carlin Dupree, in the game only because Bison star Taylor Braun fouled out, hit two free throws and a key basket in overtime and the Bison won an NCAA Division I men's basketball tournament game Round of 64 for the Summit League for the first time since 1998.  The 80-75 win over No. 5 seed Oklahoma in the West Region second round was stunning in its theater.

*********************************
The Utility Costs For A Brutal Chicago Winter

Chicago Business Journal is reporting:
Chicagoans and North Shore residents better hope it warms up in April.
The price Peoples Gas and sister utility North Shore Gas will charge for natural gas next month will rise to $1.19 and $1.21 per therm, respectively, the most Chicagoans have paid to heat their homes since natural gas prices soared in late 2005 and early 2006 after Hurricane Katrina knocked out much of gas production in the Gulf of Mexico. For March, Peoples customers are paying 93 cents per therm, which is already much higher than the 68 cents per therm being paid by suburban customers of Nicor Gas.
Nicor's gas charge for April will remain 68 cents, making Peoples' and North Shore's about 75 percent higher for the month.
The difference between what Peoples and Nicor are charging is highly unusual. In the past, when natural gas prices spiked, both utilities showed similar increases.
And, despite a brutally cold winter that has reduced gas storage supplies to their lowest levels in more than a decade, the market price of gas has risen only modestly, with the exception of some frigid days during the polar vortex when gas prices shot up.
The average Chicago household will see a $165 gas bill next month, and that's assuming the weather is normal and the cold spring doesn't continue. Last year's April bill for the same household was $105.
********************************
Nation's Natural Gas Reserves Fall to 11-Year Low

The Gillette Star & Tribune is reporting:
Natural gas inventories nationwide reached an 11-year low during the second week of March, the U.S. Energy Information Administration reported Thursday, in what industry analysts said could be a boon for Wyoming.
Nationwide natural gas storage fell to 953 billion cubic feet, the lowest level since May 2003 and almost 50 percent below last year. Natural gas stocks were about 47 percent, or 876 BCF, below their five-year average of 1,829 BCF, the EIA said. 
Producers will need to ramp production to meet the increased demand, said Wyoming Public Service Commission Administrator Darrell Zlomke.
He estimated companies will need to produce an additional three to four billion cubic feet per day to meet the 3.6 trillion cubic feet needed for storage next winter. Much of that production is likely to come from the Marcellus shale formation in the eastern United States and the Eagle Ford formation in Texas, Zlomke said.
"If they can grow that production enough, it will lessen upward pressure on prices," Zlomke said. 
Still, he said it is likely consumers will receive higher utility bills come next winter.
Without coal, the nation is on the road to New England.

*****************************
The Interview

I was in the car today for a about 45 minutes running errands, and happened to catch Rush Limbaugh in between getting in and out of the car, running in and out of stores. [I had to take the car because I was picking up a table on which to play Mah Jongg with the granddaughters.] He played a bit of a CNBC - Squawk Box interview with someone regarding global warming. The interview was interesting; Rush's comments even more so.

The CNBC interview is here (the photograph with the polar bear is priceless). Based on the little I heard at the time (and I'm not re-listening to it now because my wi-fi is very, very slow) this interview may, in fact, just about encapsulate everything I've said about global warming. Again, I've only heard bits and pieces of the interview.

Some take-aways:
  • for the American electorate, global warming is at the bottom of their list of concerns
  • it is not "US warming, it is global warming" -- until China, Russia, Brazil, et al play along, US efforts are meaningless
  • "economic suicide" if the US goes it alone
From the linked site, three reasons why the "global warming movement" has failed, including the fact that Americans have more immediate things to worry about, like the Lehman Brothers collapse in 2008 to worry about

By the way, the cover of September, 2013, issue of the National Geographic is the reason I no longer appreciate the magazine the way I did when I was growing up. The cover was beneath "the dignity" of the National Geographic. Apparently What's Up With That agrees.

Random Update On The Double H Pipeline

Link here. The Bismarck Tribune writes in the last paragraph:
Hiland Crude began courting oil producers this week to reserve space on a new oil pipeline that would run from Dore and Sydney, MT, to an oil storage facility in Guernsey, WY. The company said it expects to transport up to 100,000 barrels per day of crude on the pipeline later this year.
I assume this is the Double H pipeline. 

This is a bit confusing: a few weeks ago there was a report that a company had been given the contract to supply the pipe. Generally, crude oil and natural gas pipelines are not begun until "open season" has concluded the pipelines will be economically viable. In this case it sounds like the pipeline has begun (based on the company that was given the contract for the pipelines) and yet CLR is announcing the "open season" for this pipeline. One possibility: the CLR production will be enough to make the pipeline economically viable; additional production is being sought.

Only Seven Active Rigs From The High This Date Two Years Ago In The Bakken; Ten (10) New Permits -- The Williston Basin, North Dakota, USA

Note: the subject line could be a bit misleading. I believe the "record" number of rigs drilling in the Bakken was 218 or thereabouts, which includes rigs drilling salt water disposal wells. 

Active rigs:


3/21/201403/21/201303/21/201203/21/201103/21/2010
Active Rigs198184205171103

Ten (10) new permits --
  • Operators: CLR (8), Whiting, SM Energy (that was easy)
  • Fields: Dollar Joe (Williams), Indian Hill (McKenzie); Bell (Stark)
  • Comments: SM Energy has a permit for a wildcat well in Divide County
Wells coming off the confidential list were posted earlier; see sidebar at the right.

Cancelled permits:
  • Slawson canceled two Zulu wells, and one Fox well, all in Mountrail County
  • Oasis canceled a Garcia well in Burke County
  • HRC canceled a Fort Berthold well in Dunn County
***************************************
What Does It Matter?

Most folks get one shot in life; some get a couple of shots in life; rarely does one get more than two shots. Ronald Reagan got several shots at life: radio announcer, Hollywood B-actor; California governor, US president, rancher (a derivative), and perhaps a few other shots, depending on the definition of "derivatives."

President Obama got, maybe, two shots at life: Harvard, US president. The Nobel peace prize was a derivative.

Al Gore got one or two shots at life, and he will quietly fade away.

I figure I had one shot at life: graduate school; everything after that was derived from graduate school. Had I not had two grandchildren to take care of, I might have taken another shot. But the grandchildren (fortunately) precluded that.

I thought about that when I saw the WSJ video about the Harold Hamm divorce. His one shot: wildcatter. Everything else, from now on, derives from that. The video suggests that Harold Hamm could have to pay his wife a substantial sum despite the fact that he will retain all shares in his company. (The story certainly has the feeling that it was "released" by his wife's lawyer; certainly, if nothing else, this is simply a report of the wife's "appeal" to the judge.) If I were Harold Hamm, I would give her the company, the entire company, and take one or two billion dollars, call it a life, and retire to the "good life." He had his shot at life; everything from here on out derives from his success as a wildcatter. I can't imagine anything more boring and insubstantial than spending the rest of my life in court, arguing over money. He can take the billion or two and go off and start another company, if he needs to keep active. He needs to look on this divorce as an opportunity for another shot at life. Few folks get such opportunities. Man up. I guess.

[I wrote this note while watching Baz Lurhmann's The Great Gatsby  for the fourth time, the last two viewings in the last 24 hours. Viewing The Great Gatsby, at least for me, puts this post in perspective. Jay Gatsby had, perhaps, four shots at life. His violent death was the reason he lives on; had he not died violently but simply died of old age, it would not have been a story. He died "knowing" that Daisy was calling him.]

New US Post Office To Open In Williston; 6,000 Square Feet; Far North Side

KXNET is reporting.

Elsewhere it was reported (no link):
Senator John Hoeven today announced that the U.S. Postal Service has signed a lease to open a full-service retail postal facility in Williston at the newly constructed Badlands Town Center.
It would be interesting to know how many new postal centers have been built in the past few years. Many have been closed.

So Much For All That Discomfort After Ms Yellin's Comments; After The Election, It Appears Mr Putin Has More Flexibility

Updates

Later, 12: 16 p.m.: hitting new highs today: BK, DAVE, HP, SRE, XLNX, and about 280 others. 

Original Post

Except on rare occasions, I do not watch CNBC. It would be interesting to hear how the talking heads are talking about this "bubble." From Yahoo!In-Play:
Opening Market Summary: S&P 500 Sets New Intraday Record High: The major averages jumped out of the gate with the Dow Jones Industrial Average (+0.6%) in the lead. The S&P 500, meanwhile, trades higher by 0.5% after climbing above its intraday record high of 1883.57 that was established on March 7.

The benchmark index saw all ten sectors take part in the opening rally with energy (+0.8%), financials (+0.6%), and health care (+0.6%) contributing to the opening surge. The top-weighted sector-technology (+0.3%)-began the day among the laggards. Chipmakers displayed relative strength yesterday, but the displayed relative weakness at the open with the PHLX Semiconductor Index trading flat.

On the fixed-income side, the 10-yr note is flat with its yield at 2.77%.
9:39AM Top performing sectors: Sectors pacing the way in early trade include: Gold Miners GDX, Coal KOL, Steel SLX, Utility UTIL, Gold GLD, Copper JJC, Oil Service OIH, Silver SLV, Crude Oil USO, Industrial XLI.
9:36AM New all time high for S&P +11.9 at 1883.97.
9:34AM Solid opening gains for stock indices -- S&P +8.8, Dow +83, Nasdaq Comp +21: The S&P has edged above its all time close high at 1878 with the March/all time intraday peak at 1883.
As I've said for the past week, investors must be looking favorably on Putin's moves in Eurasia. At least one world leader can make a decision. I wonder if the pundits got it wrong. It was always reported that Mr Obama said that after the election, he would have more flexibility. I wonder if the reporters got it wrong. One could argue that Mr Putin was thinking that if Mr Obama was re-elected, he (Putin) would have more flexibility. LOL.

*************************************
A Note to the Granddaughters

I wear my love for this country -- that would be the United States -- on my sleeve, as they say. I love this country. I love the opportunity it provides so many, many folks. This morning in Starbucks, I learn that one of the more-requested, and more successful, general (?) surgeons in the Dallas-Ft Worth area worked his way through medical school as a model for Calvin Klein underwear. Sorry, folks, he recently got married.

I never would have published that bit of gossip except for a bit of trivia from Sylvia Nasar's Grand Pursuit: The Story of Economic Genius. In chapter seven of that book, Ms Nasar discusses the situation of Europe after WWI -- the chapter: "Europe is dying: Keynes at Versailles."

European movers and shakers had moved to Paris to try saving Europe. The British delegation was housed on the third floor of the magnificent Hotel Majestic where Maynard Keynes, the rising Treasury star (think Tim Geithner) was staying. Sylvia writes:
The most extraordinary people floated in and out of the Majestic. Ho Chi Minh, the future leader of the Viet Cong, washed dishes in the kitchen. T. E. Lawrence, aka Lawrence of Arabia, was oftenin the lobby, as were Jean Cocteau, the playwright; and Marcel Proust, "white, unshaven, grubby, slip-faced, wearing a fur coat and white kid gloves." 
I can't think of a more boring subject, economics, but Sylvia does an incredible job with this subject. I don't particularly enjoy it to the extent I might enjoy other books. I find that I can't read more than one chapter at one sitting, and I often find myself skimming several pages until I find something of greater interest. It is definitely a book that can be returned to as a reference book; it is laid out quite nicely.

Sylvia's description of the Majestic at that time reminded me of The Great Gatsby (the recent movie). I watched it for the third time last night (Blu-Ray dvd, of course). I bet if one went through the movie frame-by-frame, one could take 1,000 stills, blow them up (in size), frame them, and devote an entire wing to the "art" in a fine art musum. The movie is more than just a story on film; it is truly a series of art works. It would be "fun" to be a curator of a museum and devote a wing to a movie like The Great Gatsby -- not only "stills" but also short clips on large flat screens. In many ways, The Great Gatsby seems to be a sequel to Moulin Rouge but for some reason I think The Great Gatsby is better art. If that makes sense. And it probable doesn't.

By the way, the next movie I will be watching will be the "second chapter" of The Hunger Games, Catching Fire. On Blu-Ray, a two-disc version is available everywhere, but it is my understanding that only Target has the three-disc version which means a whole lot more extras. Yes, I got the three-disc version from Target but paid cash. Target is practically giving away the first Hunger Games, maybe $9.99 -- I forget -- but the second chapter is fairly expensive right now. It, too, will collapse in price when the third episode comes out, but I couldn't wait. Maybe sometime this weekend. 

Reef Oil & Gas, A Texas-Based Company Operating In North Dakota

Updates

March 26, 2014: another Archer well announced. Move #26007 up to the "top" in the post below.

March 25, 2014: another Archer well announced. Move #26006 up to the "top" in the post below.

March 24, 2014: the company sent me a copy of the original press release. The company is, indeed, partnering with COP (BR). Based on that press release, I can bring a third well up to the "top" in the post below (#25962). A big "thank you" to the company marketing director to send me the press release.
 
Original Post
HoustonBizJournal is reporting:
Oil is gushing out of six new wells drilled by Richardson-based Reef Oil & Gas in the Bakken Shale in North Dakota.
Testing by Conoco-Phillips, a joint venture partner on the project, showed initial production rates between 2,312 to 2,880 barrels of crude oil per day and another 10 million cubic feet of natural gas per day. The next step will be to build the production facilities to put the wells into production.
A huge "thank you" to a reader for sending me this.

Interestingly, "Reef Oil & Gas" doesn't show up on NDIC's "well search" page which shows all operators with permits in North Dakota. I assume COP (through BR) has the permits, and Reef Oil & Gas is "simply" participating. I don't know. There may be more to the story.

A little sleuthing. I assume the "2,312" is an IP, as is the "2,880." If so:
  • 25960, 2,312, BR, Archer 44-25TFH, Charlson, t1/14; cum 29K 6/14;
  • 25961, 2,880, BR, Archer 44-25MBH, Charlson, t2/13; cum 59K 6/14; ICO
  • 25962, 2,592, BR, Archer 34-25TFH, Charlson, t2/14; cum 36K 6/14;
  • 26006, 2,928, BR, Archer 24-25MBH, Charlson, t2/14; cum 58K 6/14; ICO (IP announced March 25, 2014) 
  • 26007, 2,592, BR, Archer 24-25TFH, Charlson, t2/13; cum 53K 6/14;
Other Archer wells:
  • 26419, 2,904, BR, Archer 14-25TFH, Charlson, t2/14; cum 27K 6/14;
  • 17356, 356, BR, Archer 14-25H, Charlson, middle Bakken; OH frack; 600,000 lbs sand and ceramic; t11/08/ cum 228K 6/14;
Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or what you think you may have read here.

I bet there are a lot of small oil-and-gas companies "we" never hear about that are making tons of money in the Bakken using the NOG business model.

For Investors Only: Obama Won't Approve Pipeline From Canada To US But Approves Pipeline From US To Mexico

BlackBerry enters agreement pursuant to which it will sell the majority of its real estate holdings in Canada:
  • The announced transaction is part of co's ongoing program to improve operational efficiencies, optimize resource usage and shift resources to support operations as the business continues to evolve. [Sure.]
  • Under the terms of the agreement, co will sell more than 3 million square feet of space as well as vacant lands. The co will also lease back a portion of the space.
  • Co expects closing to occur in the first quarter of fiscal 2015.
Disclaimer: this is not an investment site. Do not make any investment decisions based on anything you read here or think you may have read here. 

Seven companies announce increased dividends/distributions including Guess, Hewlett-Packard, and Raytheon.

Halcon over at SeekingAlpha. Will Tuscaloosa Marine Shale be final nail in the coffin? I guess that's why HK is up 1.6% in today's early morning trading.

Reuters is reporting:
U.S. energy regulators on Thursday approved a plan by a unit of Energy Transfers Partners LP to build a natural gas pipeline from Texas to Mexico.
The U.S. Federal Energy Regulatory Commission issued a presidential permit to Energy Transfer's Houston Pipe Line Co, which will allow the company to build the pipeline across the federal border.
This is one of several projects proposed by energy companies in the United States to export some of the nation's gas supplies from shale fields to Mexico and other nations.
Musings: oil and gas industry has entered period of austerity. Look for improved balance sheets, better investment returns. And then, of course, all the savings by shifting employees over to ObamaCare.

Life is funny. I post quickly, no real planning, gonzo blogging. I posted the above note (austerity leading to better shareholder returns) and then this story, reported by Reuters:
PetroChina Co Ltd flagged on Thursday a drop in capital expenditure for 2014, its second consecutive annual decline since it became a listed company.
Capital spending is expected to fall 7 percent year-on-year this year to 296.5 billion yuan ($47.85 billion), the company said in its annual earnings statement.
In 2013, capital spending fell 9.6 percent year-on-year to 318.7 billion yuan, it added, the first such fall since its debut on the Hong Kong and New York stock exchanges in 2000.
"In 2013, the group accentuated the principles of quality and profitability, focused on return on investments and reasonably adjusted the pace of project construction," PetroChina said after posting a 21 percent rise in fourth quarter net profit.
PetroChina has vowed to divest more non-core assets such as pipelines and marginal oil and gas fields to reinforce investment in large upstream projects with the aim of boosting shareholder returns.
For those who missed it the first time, this is not an investment site. Do not make any investment decisions based on anything you read here or think you may have read here. 

This is the worst nightmare for CNN, MSNBC, NBC, PBS, BBC, and Rachel Maddog.  I'm sure Larry King is relieved -- if he is even aware -- that he no longer interviews for CNN.

CNBC Waves Red Flag In Front Of Activist Environmentalists

CNBC is reporting:
The first thing you notice at the Spring Creek mine in Decker, Mont., is the size. It's not just the sprawling, 9,000 acre site in Big Sky Country near the Montana-Wyoming line. It's everything about mining the coal.
Giant coal hauling trucks the size of two-story buildings zip around the complex with surprising ease, considering the fact that they are carrying 255 tons of coal per trip. The coal is loaded onto mile-long trains—each car carrying more than 100 tons—that leave the mine 24 hours a day, seven days a week, 365 days a year.
At the same time, massive 13,000-ton cranes known as draglines slowly peel back strips of earth and rock 200 feet deep to reveal the rich, black, 80-foot seam of coal below. As the coal is removed, giant machines are filling the strip back in, then moving over like a gigantic lawn mower and starting the process all over again.
Despite the dizzying amount of activity at Spring Creek, production is well below its prerecession peak. The sluggish economy and an abundance of cheap natural gas have hurt demand. So has the prospect of tougher environmental regulations following the spill of 30,000 tons of toxic coal ash in North Carolina in February and a proposal by the Obama administration for tougher limits on carbon emissions.
But the Spring Creek mine's owner, Wyoming-based Cloud Peak Energy, believes coal is poised for a comeback. The U.S. Energy Information Administration, or EIA, sees a long-term horizon for coal.
"Even the EIA projects that 40 percent of America's electricity in the future, in 2030, is going to come from coal," Cloud Peak CEO Colin Marshall told CNBC Thursday. "Internationally, the demand is tremendous," Marshall said.
The economics of coal are changing, proponents say, particularly for the cleaner, lower-sulfur coal mined in the Powder River Basin of Wyoming and Montana. Natural gas prices are rising, making coal competitive again. Economies around the world are rebounding. And a record cold winter in most of the U.S. doesn't hurt either.
"There's nothing like a cold winter to remind utilities of the value of their coal fleet," said Paul Forward, managing director with Stifel Financial.

Friday -- Propane, Ethane, And PetChems -- RBN Energy

As a reminder, the #1 external link for those trying to understand the Bakken is RBN Energy. 

Active rigs in North Dakota:


3/21/201403/21/201303/21/201203/21/201103/21/2010
Active Rigs195184205171103


RBN Energy: propane exports.
We've done several blogs over the past months about the impact of the back-to-back crop drying and Polar Vortex anomalies on NGL prices in general and propane prices in particular. Today we are going to take a walk further downstream and look at how increasing propane exports, the weather related anomalies and subsequent price spikes shifted the petrochemical feedstock slate. From mid-year 2013 to early 2014, huge volumes of propane were backed out of the petrochemical sector, replaced for the most part by ethane. These swings have important implications for the future consumption of NGL feedstocks by petchems. In today's blog, Kelly Van Hull assesses NGL feedstock switching in the petrochemical sector in "Beyond Hypothermia and Extreme Propane Price Spikes - Petrochemical Feedstock Switching 2013-14."
The Wall Street Journal

I don't think I've seen more childish games at the highest levels than the "sanctions" being imposed between Russia and the US. I think the most childish is Sen McCain hoping he gets on the list. This speaks volumes about how well sanctions work. Putin is an absolute genius. The Iranian sanctions worked so well, Obama unilaterally removed them. I'm waiting for the Iranians to impose sanctions on the Americans. LOL.

Uneven wage gains restrain recovery. Really? In The WSJ?

This is why the Keystone XL won't be approved before the election. Democrats are sticking to their game plansParty looks to Obama for fundraising and steps up drive to mobilize supporters. About the only thing still going for activist environmentalists is the "Keystone thingy."

And now a secessionist movement in Spain. Spawned by Putin and the Crimean. Wasn't Spain about the only country that a) Obama didn't visit on his global apology tour; and, b) that Michelle and the girls have not visited for a vacation?

Under the radar. Obama has thrown the Muslims under the bus. The administration cancels a summit with Mideast least over "splits between Washington's closest allies in the region." Hmmm....

Exxon will share with shareholders how it measures "carbon risk."

White House may cast Blackberry aside. Say it isn't so. I'm shocked. I'm shocked.

BMW will expand South Carolina factory. Cheap energy. Right to work. It's not Germany.

Update on natural gas storage tanks. Of all things.
The nation's effort to stay warm during the harsh winter has left natural-gas supplies at their lowest level in more than a decade, and even as the calendar shows it is spring, some investors are wagering that prices will stay high. 
Natural-gas futures are up 10% from a year ago, and just last month they surged to five-year highs as frigid temperatures drove record demand. A sustained rise in natural-gas prices boosts the chances that consumers eventually will pay higher rates, analysts say.
State regulators often have the final say on retail prices, and futures prices play a prominent role in their decisions on whether to permit rate increases.
Investors bullish on natural gas are questioning the widely held belief that U.S. producers, tapping the country's abundant resources through new fracking technologies, can drill enough to replenish supplies before next winter's onset.
The Los Angeles Times

San Diego Opera will close.  

Recession? What recession? Viking Cruises sets Guinness record -- launches 16 cruise ships in 24 hours:
The Vikings are invading -- again. Viking Cruises set a Guinness World Record for christening 16 river cruise ships in a 24-hour period in the Netherlands, Germany and France on Monday and Tuesday. And the company plans to christen two more ships Friday in Portugal too.
Viking shattered its own record set last year when it christened 10 new "longships" in a day. Nine ships were christened Monday in Amsterdam, followed the next day by three in Avignon, France and four in Rostock, Germany. Two more are slated to debut Friday in Porto, Portugal. All new ships will operate on European itineraries.
Yes, there were the requisite number of ship godmothers too, ranging from cookbook authors Mary Berry (Viking Alsvin) and Anne Willan (Viking Hermod) to travel company executives like Expedia CruiseShipCenters vice president Geraldine Ree (Viking Eistla).
Aside from the record-setting hoopla, the inaugurations underscore how committed the company is to expanding and cashing in on the booming river cruise demand. USA Today reports that Viking plans to add another dozen ships in 2015, Chief Executive Torstein Hagen said Tuesday at the ceremonies in France.
Two more will be christened today, in Portugal.