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Oil Transport News

01 Jun 2023

Singapore Detained Gatik Tanker in May Over Safety Issues

Singapore authorities detained one of the oil tankers from Gatik Ship Management's fleet, a major carrier of Russian oil to India, for three days last month over safety issues, according to port state control data from Tokyo MoU.The Gabon-flagged tanker Lefkada was detained on May 11 after several deficiencies were found, the report from the leading port body showed.They included maintenance of the ship and equipment, fire protection system and life-saving gear.The ship was released on May 13 after the safety issues were rectified, a source familiar with the matter said.The source added the inspection was part of random checks on ships.

30 May 2023

Top Shipper of Russian Oil Secures Indian Cover as Western Certifiers Exit

© Andrea Izzotti / Adobe Stock

An Indian agency has stepped in to provide safety certification for most of Gatik Ship Management's fleet, a major carrier of Russian oil to India, after Lloyd's Register and the American Bureau of Shipping (ABS) withdrew classification for many of its vessels, records show.Mumbai-based Gatik, which has emerged this year as a significant player in Russian oil transport, also recently reflagged at least four of its vessels to Mongolia, according to data from maritime platform Lloyd's List Intelligence.This followed the de-flagging of 36 of the Gatik-managed fleet by St.

24 May 2022

Tanker Firm Frontline Upbeat About Euronav Tie-up

Credit: Euronav

Frontline signaled optimism over its planned merger with rival Euronav on Tuesday, supported by recovering oil tanker markets in the first quarter and expectations of tight vessel supply in the coming years.The crude shipping market has struggled with low earnings since the pandemic first hit oil transport demand two years ago.This year's sanctions against Russia following the invasion of Ukraine has disrupted trade flows, however, and both crude and oil products take longer voyages to reach European markets


05 May 2022

EU Eyes Ban on All Shipping, Financing Services for Russian Oil

Credit: newroadboy/AdobeStock

The European Commission has proposed to ban in a month's time all shipping, brokerage, insurance and financing services offered by EU companies for the transport of Russian oil worldwide, an EU source told Reuters on Wednesday.The measure is part of a proposed embargo on Russian oil that is meant to cripple Russia's oil industry. Read full storyProvided the proposal gets the approval of EU governments, all insurance, finance, and shipping services for Russian oil transport would be banned in a month's time


05 Nov 2020

Oil Tanker Transits Through the Suez Canal Drop 27% YOY -BIMCO

© Val Traveller / Adobe Stock

The number of oil tankers passing through the Suez Canal in October has declined sharply, down 27% for the month year-on-year amid persisting subdued demand for oil transport since the April crash in oil prices that fueled high demand for oil tankers, according to shipping association BIMCO.A total of 3,708 oil tankers passed through this key chokepoint for global shipping between January 1 and October 31, representing 76 less oil tanker transits (or a 2% decline) compared to the same period last year, BIMCO says.

23 Sep 2020

A Killing at Sea Implicates the Armed Forces in Lawless Venezuela

Around midnight on February 23, Eulalio Bravo, a marine electrician, was dozing in his rack aboard the San Ramon, an oil tanker anchored off the coast of Venezuela.Suddenly, he heard footsteps pounding along the passageway outside. His captain, Jaime Herrera, cried for help."Be still!" an unfamiliar voice ordered.A gun fired.By the time Bravo and eight other shipmates emerged to see what had happened, the captain lay dead, a gunshot in the back of his head. Herrera's stateroom had been pillaged, drawers flung open, his bunk overturned. The killers were gone, as were thousands of dollars the captain kept under lock and key, according to crew members interviewed by Reuters.The murder


25 Feb 2020

Euronav Offloads Suezmax Finesse

Crude oil tanker company Euronav said that it has disposed one of its oldest Suezmax vessels, the 2003-built Finesse.The international shipping enterprise which focuses on oil transport by sea informed that it sold the 2003-built, 149,994 dwt for USD 21.8 million.A capital gain on the sale of approximately USD 8.3 million will be recorded during the current quarter. The vessel has been delivered to her new owners."Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to our clients," said a statement.With the transaction Euronav sold one of its oldest Suezmax vessels, bringing the total balance of its Suezmax fleet to 26 vessels (including JVs).

09 Mar 2018

SENER to Present New Material at APM

Photo: SENER

Spain's SENER will be present at the 15th edition of the Asia Pacific Maritime (APM) Exhibition, which will be held from March 14 to 16, 2018 at Marina Bay Sands in Singapore. SENER will participate in this event as part of the Spain Pavilion, organized by the public business entity, ICEX Spain Exportación e Inversiones, whose mission is to promote the internationalization of Spanish companies. At the exhibition, SENER will showcase its latest ship projects, including the project involving the supply of LNG to ships (Ship to Ship) and to land (Ship to Shore)


19 Dec 2017

Hudson River Tales: PAWSA Pauses Parking Project

Image courtesy www.riverkeeper.org

When marine safety collides with environmental advocacy and non-maritime business interests, the discussion can be contentious, confusing and cumbersome. In June 2016, the U.S. Coast Guard (USCG) opened a public comment period regarding new anchorage zones in the Hudson River; usually a rather low-key set of issues. This proved different. Opponents jumped on the proposal – initially suggested by three maritime organizations – as a backdoor way to facilitate a huge expansion in crude oil shipments on the Hudson.

17 Jan 2017

IMO Exhibition on Safe Sea Oil Transport

The 50 years since the grounding of the tanker Torrey Canyon in 1967 have seen dramatic and sustained reduction in major oil spills from ships, thanks to cooperation between Governments and industry. The story of how that incident served as a catalyst for positive change is told in a new exhibition which was launched on Monday (16 January) at the headquarters of the International Maritime Organization (IMO), the United Nations agency with responsibility for the safety and security of international shipping and the prevention of pollution from ships. A series of panels chart the collaborative work which has resulted today in a comprehensive regulatory framework


18 May 2016

Canadian Oil Exports Drop, Supply Hunt on Amid Wildfires

In a sign the massive Alberta wildfire is taking a toll on oil transport, Canadian crude exports to the United States dropped 12 percent last week, while another blend of Canadian sweet crude oil rallied as concerns grow about supply. Overall, trading in Canadian crude was quiet, as the second half of the month is generally inactive. Hot and dry weather and strong winds were expected to push the wildfire burning near Fort McMurray, Alberta eastward on Wednesday, continuing to threaten facilities and work camps in Canada's prized oil sands. With the fire projected to grow further, producers are starting to scramble for needed oil supply.

31 Mar 2016

China Shipping Development Company Proft Surges

China Shipping Development Company Limited (CSDC) achieved 34.95% higher profit for 2015 totaling in RMB417 million ($64.3 million) when compared to figures from 2014, mostly due to a very strong tanker market. The revenue was stable at RMB12.21bn in 2015 compared to RMB12.27bn in 2014 for CSDC, the tanker and bulker unit of China Shipping Group. “In 2015, the oil shipping market was better than in 2014 in general. Affected by beneficial afactors such as the higher shipping prices, significant decrease in fuel prices and gradual realisation of results from various innovative measures of the company, oil shipping business obtained a good result,” CSDC stated. The Shanghai-and Hong Kong-listed company added that lower fuel cost was the “highlight” of its cost controlling efforts.

23 Mar 2016

Maersk Deploys Weathernews Services

Photo: Maersk Line

Weathernews Inc., a privately owned weather company, will provide weather routing services, port forecasts and other weather driven risk communication services to Maersk Line and Maersk Tankers, for safety and bunker saving purposes. Operating from five global operations centers, Weathernews Inc. will provide continuous monitoring and communication year-round twenty-four hours a day for Maersk vessels with its Optimum Ship Routing service. Niels Bruus, Head of Fleet Performance


11 Feb 2016

Six New VLCCs Marks the Start of a Busy Delivery Year

2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO. The six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year, VLCC average earnings currently sit at USD 50,000 per day, in early February. For the full year, an additional 58 VLCCs are scheduled for delivery, but delays and postponements usually decrease that number to a certain degree. Taking that into consideration, BIMCO expects 37 VLCCs to be delivered during the final 11 months of 2016. South Korean shipyards will provide the lion’s share of these newbuilds.

10 Feb 2016

2016 a Busy Year for VLCC Deliveries - BIMCO

File photo: DHT

When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year, VLCC average earnings currently sit at $50,000 per day, in early February, reports BIMCO. For the full year, an additional 58 VLCCs are scheduled for delivery, but delays and postponements usually decrease that number to a certain degree.

18 Jan 2016

Lloyd's of London: Agents Can Offer Iran Insurance for Oil Transport

The Lloyd's of London insurance market said on Tuesday that from a European Union perspective its managing agents can now provide insurance and reinsurance for the transportation of Iranian oil and petroleum products, following the lifting of sanctions. However it added that some restrictions on U.S. trade remain in place. "The U.S. has also lifted sanctions on Iran regarding the oil and shipping sectors, although principally this relief targets non-U.S. persons conducting business with Iran," Sean McGovern, Lloyd's chief risk officer, said in a market bulletin. "With a few exceptions, the general U.S. trade embargo on Iran remains in place and U.S.

19 Oct 2015

A Tanker Statistic You May Not Know?

‘VWGate’ has raised a flag for managers and technicians in the transport business. ‘Efficiency’ used to be left to the market, but the intrepid twins, consumer health and climate change, have changed all that, says a report from Clarkson Research Services. Shipping boasted of being the most ‘efficient’ transport mode, but the twins took a look at what was coming out of the funnel and the rest is history (as is anyone not paying attention to emission regulations). The shipping industry has been squeezing diesel technology for fifty years and faces similar problems to the VW engine designers. The technical cupboard appears fairly empty, so the opportunities for improving performance look slim. The challenge is to find another way to measure and improve performance.

09 Jul 2015

Best Bunkering Practices

Vessel operators have an additional tool in their arsenal for preventing oil spills during bunkering operations. “Bunkering Best Practices: Protecting People and the Environment” is a free, 14-minute training video that demonstrates bunkering best practices applicable to the North American West Coast. That said; any marine operator – located anywhere on the globe – can glean valuable ‘take-aways’ from this video. The states of Alaska, California, Hawaii, Oregon and Washington


25 Mar 2015

Getting Onboard the Regulatory Train

Rail transport activists, analysts and environmentalists get a real taste of what the waterfront has endured for decades. They’ll just have to get in line with the rest of us. This week finds the collective domestic oil industry wringing its hands about the latest in a series of serious oil transport train casualties. This time, on Monday, the news involved a crude-carrying train that derailed in West Virginia, complete with more than one dozen tank cars afire and necessitating the evacuation of nearby towns. Just before that, another train in Canada consisting of about 100 tank cars carrying crude oil derailed in remote Ontario and suffered a similar fate. Both events naturally caught the attention of environmental and safety activists and oil industry analysts.

05 Nov 2014

TEN Charters up to Two Suezmax Shuttle Tankers

Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017, with an option for a second vessel. This project will make a positive contribution to TEN’s bottom line. Shuttle tankers are a highly specialized sector, which calls for state of the art vessels specifically designed for oil transport from an offshore field. Typically, such vessels are committed to industrial projects for long periods and function in a complex operational environment. Nikolas P. Tsakos, President and CEO of TEN commented, “We are pleased to continue our expansion into this niche segment together with a first-class end user.

06 Oct 2014

U.S. Corn Harvest Competes With Oil Transport

The giant corn harvest about to hit full stride in America's Midwest looks set to overwhelm storage and pile up outdoors, grain industry sources said, raising quality issues and making it hard to keep supplies moving. This year's record corn crop of 14.4 billion bushels alone would fill up 60 percent of the country's grain storage of 24 billion bushels. In total, with a record soybean crop too and hefty harvests of other grains including spring wheat, there will be about 20 billion bushels of new crops looking for storage. That would be on top of the 3.5 billion bushels reported in storage as of Sept. 1 by the U.S. Department of Agriculture (USDA).

25 Aug 2014

KNOT Purchases 3 Shuttle Tankers from J. Lauritzen

Knutsen NYK Offshore Tankers AS (KNOT; headquarters: Haugesund, Norway), of which NYK has a 50 percent share, has officially reached an agreement with J. After delivery to NYK, Dan Eagle is assigned to a five-year time-charter for Petróleo Brasileiro S.A. Since their respective deliveries from the shipyard in 2011 and 2012, Dan Cisne and Dan Sabia have each been engaged in a 12-year time-charter for Petrobras Transporte S.A., a wholly owned subsidiary of Petrobras SA., and these two shuttle tankers will continue to provide this service. This purchase will grow the NYK Group’s shuttle tanker fleet to 28 ships, and the group’s offshore business will resultantly expand with a focus on crude-oil transport from the North Sea and the waters off Brazil.

07 Feb 2014

Tankship Ocean Transportation Demand: Forecasting Essentials

Tankship trade factor: Courtesy of McQuilling Services

Marine transport advisors, McQuilling Services, give an insight into how they forecast the development of tanker demand, which is a constituent part of their recently published '2014-2018 Tanker Market Outlook' report. At a global level, marine transportation demand is related to world trade, which is directly related to the state of the world economy. This means that demand for crude oil and petroleum products grows with an expanding global economy. Marine transportation demand for tankers is a derived demand. It arises from the energy consumption requirements of regional economies.

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