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Major Oil News

22 Jan 2024

TEN Sells 2005-built Suezmax Tanker

(File photo: TEN)

Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.In announcing the sale, TEN noted its management is in continuous discussions for further vessel sales in the near future.The company also announced it has taken delivery of two 115…

29 Dec 2023

Venezuela Slams Deployment of British Warship to Guyana

© Grafvision / Adobe Stock

Venezuelan President Nicolas Maduro on Thursday said the deployment of a British warship to waters off the coast of Guyana breaches the "spirit" of an agreement reached between Venezuelan and Guyanese authorities.Guyana and Venezuela agreed earlier this month to avoid the use of force and avoid increasing tensions in the long border dispute over the oil-rich Essequibo territory.The 160,000-square-km (62,000-square-mile) Essequibo region is generally recognized as part of Guyana…

26 Dec 2023

UK to Send Navy Ship to Guyana Amid Venezuela Border Dispute

(File photo: LPhot Luke / U.K. Royal Navy)

Britain will deploy a naval ship off Guyana later this month, its ministry of defense said on Sunday, as the South American nation faces a border dispute with neighbor Venezuela over the oil-rich Essequibo region.The deployment follows a visit by a British junior foreign minister to Guyana earlier this month, intended to offer the UK's support for the country, an ally and former British colony.Guyana and Venezuela agreed earlier this month to avoid any use of force and not to escalate tensions in the long-running dispute.Venezuelan Defense Minister Vladimir Padrino said in a social media post

18 Sep 2023

California Sues Oil Giants

Source: California Office of Governor

The state of California has sued major oil companies including Exxon Mobil, Shell PLC, and Chevron, accusing them of playing down the risks posed by fossil fuels, according to a court filing on Friday.The lawsuit, which also targets BP and ConocoPhillips, alleges the energy giants' actions have caused tens of billions of dollars in damages and accuses them of deceiving the public, the filing in a superior court in San Francisco showed.The American Petroleum Institute, an industry trade group…

13 Sep 2023

Libyan Oil Ports Reopen after Storm Forced Closure

Credit: Wilding/AdobeStock

Four major oil ports in Libya have reopened after shutting down on Saturday because of the powerful storm that swept the country, killing thousands of people, port agent Al Omran International Maritime Agencies said on Wednesday. The eastern ports of Brega, Es Sidra and Ras Lanuf opened on Tuesday and the port of Zueitina opened on Wednesday morning, Al Omran said. Oil prices rose on Wednesday, with Brent firming around a 10-month peak reached during trading a day earlier, as…

27 Jul 2023

Obscure Traders Ship Half Russia's Oil Exports to India, China After Sanctions

© Jouni Niskakoski / Adobe Stock

A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.The new owner of the 100,000 tonnes of Urals crude carried on the Leopard I was a similarly low-profile outfit, Guron Trading, also based in Hong Kong, according to two trading sources.The number of little-known trading firms relied on by Moscow to export large volumes of crude exports to Asia has mushroomed in recent months…

31 May 2023

Europe's Biggest Gas Supplier Says All Clear from Offshore Pipeline Security Checks

©pixone3d/AdobeStock

Inspections of Norway's offshore gas pipelines after the Nord Stream blasts found nothing suspicious, an executive at energy major Equinor told Reuters, in the first official word on the security sweep.However, risks remain after last year's still-unexplained explosions at the Nord Stream pipelines built to carry Russian gas to Germany via the Baltic Sea, warned Jannicke Nilsson, who manages security for Equinor.Europe's largest gas supplier after a drop in Russian flows last year, Equinor also acts as technical service provider for offshore pipelines operator Gassco.

29 May 2023

China Merchants Shipping Orders Methanol-Ready Crude Oil Tankers

Source: CSSC

Shipowner China Merchants Shipping has signed a construction contract for two methanol-ready crude oil tankers to be delivered by China State Shipbuilding Trading, a subsidiary of China State Shipbuilding Corporation, and Dalian Shipbuilding Industry Group.The two 115,000-ton crude oil tankers will have selective catalytic reduction (SCR) to reduce NOx emissions and a scrubber to reduce SOx emissions.On delivery, the vessels will serve the world's top five major oil companies such as PetroChina…

03 Oct 2022

Sweden Sends Diving Vessel to Inspect Leaking Nord Stream Pipelines

Nord Stream Gas Leak in the Baltic Sea - Credit: Swedish Coast Guard

Sweden sent a diving vessel on Monday to the site of Russian gas pipelines in the Baltic Sea that ruptured last week following blasts in the area, to probe an incident that has added new tension to Europe's energy crisis.Europe is investigating what caused three pipelines in the Nord Stream network to burst in an act of suspected sabotage near Swedish and Danish waters that Moscow quickly sought to pin on the West, suggesting the United States stood to gain."The coast guard is responsible for the mission…

03 Oct 2022

Norway Posts Soldiers at Oil, Gas Plants after Nord Stream Leaks

Credit; Norway Armed Forces

Norway's military said on Monday it had posted soldiers to help guard major onshore oil and gas processing plants, part of a wider effort to boost security amid suspicion that sabotage caused leaks in the Nord Stream gas pipelines last week.Russia's Nord Stream 1 and 2 pipelines burst on Sept. 26, draining gas into the Baltic Sea off the coast of Denmark and Sweden. Seismologists registered explosions in the area, and police in several countries have launched investigations.Norway…

30 Sep 2022

Norway Will Patrol its Oil and Gas Platforms with Help from Allies

(Photo: Øyvind Gravås and Bo B. Randulff / Equinor)

Norway will receive help from Britain, Germany and France to patrol the seas around its oil and gas platforms amid suspicion that sabotage caused leaks in Nord Stream pipelines earlier this week, Norway's prime minister said on Friday.Russia's Nord Stream 1 and Nord Stream 2 pipelines burst this week, draining gas into the Baltic Sea off the coast of Denmark and Sweden. Seismologists registered explosions in the area.The European Union said it suspected sabotage had caused the…

24 Jun 2022

DSIC Hands Over New VLCC to China Merchants Steamship

(Photo: China State Shipbuilding Corporation)

A 300,000-ton very large crude carrier (VLCC) built by DSIC, a subsidiary of China State Shipbuilding Corporation, for China Merchants Steamship was named and delivered on June 18.New Valor is the fourth ship in the series of six new-generation energy-saving and environmentally friendly VLCCs built by DSIC for China Merchants Shipping, and also the 23rd 300,000-ton super-large crude oil carrier delivered by DSIC to China Merchants Shipping.The ship has a total length of 333 meters, a width of 60 meters and a depth of 30 meters.

02 Mar 2022

TOP Ships Takes Delivery of Supertanker M/T Legio X Equestris

Credit: TOP Ships

Tanker operator TOP Ships said Wednesday it had taken delivery of the "very high specification" scrubber fitted, 300,000 dwt newbuilding Very Large Crude Oil Carrier (VLCC) vessel M/T Legio X Equestris.Built at the Hyundai Heavy Industries shipyard in South Korea, the vessel is gearing up to start its previously announced time charter in a few days.The charter is with an unnamed major oil trader. The contract is for three years with two yearly extensions at the charterer’s option.

04 Feb 2022

Oil Hits Seven-year High

© Lukasz Z / Adobe Stock

Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.U.S. West Texas Intermediate crude ended $2.04, or 2.3%, higher at $92.31 a barrel after trading as high as $93.17, its highest since September 2014.Brent ended the week 3.6% higher…

29 Oct 2021

'Major' Oilfield Service Firm Books Solstad Offshore's CSV for South America Work

Credit: Normand Samson

Norwegian offshore vessel operator Solstad Offshore has won a contract for its construction support vessel Normand Samson.The CSV Normand Samson was chartered by a major oil service firm for a minimum of 350 days, with the possibility to extend for an additional 150 days, according to the company. Solstad did not say who the client was.The contract will start during Q2 2022. "The vessel will be utilized on a field development project in South America," Solstad Offshore said.Built in 2009, the 121,5 meters long Normand Samson can accommodate 100 people aboard.

15 Sep 2021

Gulf Coast Oil Firms Return to Ida Recovery as Storm Nicholas Recedes

Royal Dutch Shell halted production at its Perdido offshore oil platform due to heavy winds caused by Nicholas - Image Copyright - Stuart Conway/Shell

Energy companies worked to restore pipeline service and electricity after Tropical Storm Nicholas passed through on Tuesday, allowing them to return to repairing the significant damage caused by Hurricane Ida two weeks ago.Nicholas, downgraded to a tropical depression late Tuesday, caused rain, flooding, and power outages in Texas and Louisiana, where some refineries remained offline in the wake of Hurricane Ida. The earlier storm shuttered most U.S. Gulf offshore oil and gas production.Colonial Pipeline, the largest U.S.

14 Sep 2021

Oil Output, Vessel Traffic Halted as Nicholas Lashes Texas

© JACoulter / Adobe Stock

Hurricane Nicholas on Tuesday took another swipe at U.S. Gulf Coast energy facilities, cutting offshore oil and gas output gradually recovering from the last storm and disrupting power to onshore pipeline, gas and chemical plants.Royal Dutch Shell halted production its Perdido offshore oil platform due to heavy winds, and U.S. liquefied natural gas producer Freeport LNG said processing at its Texas coast facility was halted, likely due to a power outage.Power losses briefly cut Colonial Pipeline's main gasoline and diesel lines out of Houston…

08 Sep 2021

Profitability Still a Way Off for Tanker Shipping -BIMCO

© momentscatcher / Adobe Stock

New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.Drivers of demand and freight ratesTo say that the summer has not been kind to the crude oil shipping industry would be an understatement. Average earnings have dropped below $10,000 per day since June for all crude oil tankers, with many trades offering negative earnings; freight rates are not high enough to cover voyage expenses, let alone operating and financing costs.

24 Aug 2021

Maersk Supply Service Nets One-year Vessel Charter Extension in Angola

Danish offshore vessel operator Maersk Supply Service has secured a one-year contract extension for one of its subsea support vessels in Angola.In a social media post on Monday, Maersk Supply Service said it would provide the full scope IRM services for an undisclosed oil major in Angola, supported by one of the company's I-class subsea support vessels.In addition, the contract covers an integrated package of FSV, 2 WROV + Positioning Services as well as project management and engineering services.Osvaldo Sechie, Managing Director, Angola said the contract win gave the company an extended footprint in Angola, a longer-term contract with a valued customer, and ability to continue with the company's local content development plan through its  Cadets program.

20 Jul 2021

China's Port City Qingdao Suffers Worst Algae Infestation

Credit: Igor Groshev/AdobeStock

China's eastern port city Qingdao is experiencing the worst ever algae infestation in the region, with more than 1,700 square km of coastal area blanketed by harmful green seaweed, also known as "green tide." Qingdao has suffered from algae for 15 years. It normally appears from late spring and lasts for three to four months, damaging the local marine ecosystem as algae take oxygen from other organisms and churn out toxic odors while decaying. More than 1 million tonnes of algae are expected to be removed from coastal waters…

12 Jul 2021

Orkim Tankers Fit With Thordon's COMPAC System

(Photo: Thordon Bearings)

China’s Fujian Southeast Shipyard has delivered four in a series of five new product tankers ordered by Malaysia’s Orkim Sdn Bhd.The 9000dwt Orkim Sapphire and Orkim Pearl, and 14,500dwt Orkim Diamond and Orkim Emerald represent the first vessels in the ship operator’s fleet to be fitted with a COMPAC seawater lubricated shafting system from Thordon Bearings.Working with the shipowner’s representative, Shanghai-based CY Engineering, Thordon’s authorized distributor in China, supplied…

10 Jun 2021

Trafigura Posts Highest-ever First Half Profit

Trafigura Chief Executive Officer Jeremy Weir - Credit: Trafigura

Global commodities trader Trafigura on Thursday posted its highest-ever first-half net profit and core earnings, largely driven by the economic recovery.The Geneva-based trader's net profit rose to $2.1 billion for the period ending March 31, from 500 million the previous year. The company's financial year ends on Sept. 30.Revenue rose 19% to $98 billion while core earnings were $3.7 billion, up over 50% from a year before. Gross profit rose similarly to $4.3 billion from $2.8 billion…

09 Apr 2021

IMO Honors 'Exceptional Maritime People'

Peter Hinchliffe (File photo: ICS)

The International Maritime Organization has recognized the contributions of a long-standing maritime industry chief and has presented its highest bravery accolade to two maritime pilots from Brazil and an off-duty seafarer from the Philippines.The event, which premiered on April 7, saw Peter Hinchliffe, former Secretary-General, International Chamber of Shipping (ICS), receive the prestigious International Maritime Prize for 2019.The 2020 IMO Awards for Exceptional Bravery at Sea were awarded to Marcio Santos Teixeira and Fabio Rodrigues Alves de Abreu (Brazil)…

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