Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday. In January, the price of spot oil was around 50 percent lower than a peak hit in June, enabling traders to potentially make money by storing crude for delivery months down the line, when prices were expected to recover. Tanker industry sources estimated in late January that the volume of oil booked for floating storage had reached up to 50 million barrels. The economics of storage can only work if oil prices for delivery in the future are at a large enough premium to those in the spot market - a market structure known in the industry as contango. A backwardation is when the opposite occurs. Glencore's Alex Beard said the pricing structure at the moment was feasible for land-based storage options but was not "at current spread levels attractive enough to encourage large amounts of floating storage". "There were lots of reports of floating storage a few weeks ago. Some of those have been dropped. Some have been used in the market," Beard said during a presentation to investors after the company's annual results. "Super contango and super profits in the crude market are just not there at the moment."
Emergency Response Service for Passenger Ships A cruise ship scrapes a reef. A fire breaks out in a storage room. The many different scenarios the Emergency Response Service (ERS) of Germanischer Lloyd has to handle are often hazardous for passengers, seamen and the environment. The emergency service for ships in trouble, already used by ten passenger ships, is presented at Seatrade Cruise Shipping. It is essential for the rescue service to have a computational model giving all the
A joint venture will provide bundled broadband and mobile communications services for cruise-ship passengers. CapRock Communications and SeaMobile announced the service that will allow passengers plying the seas to stay in touch with those on land using their personal cell phones and other mobile devices. The satellite-based service also delivers encrypted business applications that can be used in concert with the vessels' wired communications systems.
The Coast Guard is amending anchorage regulations for the Lower Mississippi River, prohibiting vessels anchored in the Lower Kenner Bend Anchorage from using or exercising the ship’s hold cargo cranes. Vessels in this anchorage must keep the ship’s hold cargo gear in the down and hawsed position, as rigged for sea transits. Deck-mounted cranes, deck booms, and stiff legs may be used to take on ship’s stores and spare parts and may be used to move manifold hoses
Global Associates, Ltd, contractor for the U.S. Naval Inactive Ship Maintenance Facility, has selected FJORD, Inc. to supply its brand name Chafe-Pro chafing gear for the protection of the mooring lines used by the ships located at the naval reserve fleet in Philadelphia. The facility is used to hold decommissioned U.S. Navy and auxiliary ships pending the determination of their final fate. FJORD, Inc. is a woman-owned small business located in Graham
Fleet management solutions are designed to help cut costs associated with maintaining vessels by streamlining your workflow. FleetPlan manages risk, warranties and supports facility management. HMC’s FleetPlan optimizes fleet planning to reduce downtime. The current competitive market demands efficient operation at all times and rapidly develops to a stage of management science integrated within the business activities
In this photo, a Conductivity-Temperature-Depth array rests on the deck of the American Diver while the ship transits to meet the Pisces, a NOAA fisheries survey vessel that is using a CTD to conduct sub-surface oil surveillance near Grand Isle, Sept. 14, 2010. Various sub-surface oil assessment techniques are being used off the coast of Louisiana in an effort to track, monitor, and measure oil remnants from the spill. U.S. Coast Guard photo by Petty Officer 2nd Class Etta Smith.
Another step forward in the development of the Aquarius System was made recently when workbegun on the detailed design of the wind and solar sail panel. This panel or rigid sail will beused to harness wind & solar energy which will then be used to help power a ship thereby reducing fuel consumption and the emissions. The rigid sails are being developed by Eco Marine Power in co-operation with a number of development partners
'Jumbo Javelin' installs the first transition pieces for the Anholt Offshore Wind Farm International Cranes & Specialised Transport reports that Netherlands-based heavy lift shipping and offshore installation company Jumbo used its DP2 heavy lift vessel Jumbo Javelin for the installation of the first transition pieces (TP) for the Anholt Offshore Wind Farm in Denmark. The first nine TPs were loaded in Aalborg, Denmark before being transported to the offshore location
A Grundfos project aboard a Lauritzen Bulkers cargo ship shows that large vessels could be losing money on wasted energy. A pilot project between Grundfos and Danish shipping operator Lauritzen Bulkers shows that better technology and a sharp focus on pump efficiency can mean big savings on the bottom line. The project, carried out on the 19,889-ton Durban Bulker, focused on efficiency in ship’s pumps.
Spanish ferry operator Baleària has signed up to AkzoNobel’s carbon credits program. The company has enrolled its passenger ferry Martin i Soler into the scheme, which financially rewards ship owners by enabling them to generate income in the form of carbon credits earned by reducing
Gondan Shipyard has celebrated at its facilities in Figueras the keel laying ceremony of the new Oceanographic Research Vessel for the Institute of Marine Research (IMR) of Bergen, Norway. Several representatives from the Norwegian Ministry of Foreign Affairs
A flotilla of nine Iranian military and cargo ships that U.S. officials feared was carrying arms to strife-torn Yemen sailed northeast in the direction of Iran on Friday, a move the Pentagon said helped to ease U.S. concerns. Army Colonel Steve Warren, a Pentagon spokesman
The bridge section of the second Queen Elizabeth Class aircraft carrier set sail today from Glasgow on its first sea voyage to Rosyth. Upper Block 07 is where HMS Prince of Wales will be commanded atop the flight deck and is known as the Forward Island
China’s Wuhan Ship Development and Design Institute (WSDDI) extended its FORAN contract with SENER. At the end of December 2014, WSDDI signed a contract with SENER’s partner in Beijing, United Force Corporation (UFC), about additional licenses of FORAN system and relevant
The sea is not empty. Ports, harbors and waterways have to manage an ever growing volume and mix of recreational activity and heavy commercial activity - at times across the same compact waterspace. This creates a series of challenging marine planning requirements that need to be addressed
Great Lakes Shipyard has been awarded a drydocking contract for Miller Boat Line’s M/V Put-In-Bay. The ferry was hauled out using the 770-ton capacity Marine Travelift at Great Lakes Shipyard. The repair contract includes drydocking, inspection and repairs
Nicholas Scott-Gray has been appointed as the head of UK-based Montrose Port Authority (MPA) – bringing with him more than 26 years’ experience within the port and shipping sectors. He brings with him over 26 years of experience within the port and shipping sectors
TT Club’s Phillip Emmanuel has put into perspective some of the “sensationalism” surrounding the recent growth trend in containerships. Speaking during a plenary session of the TOC Asia Conference in Singapore on Tuesday, he advised ports and terminals to take a measured approach
GE Marine’s LM6000 aeroderivative marine gas turbine PC and PG models have received Lloyd’s Register’s Design Appraisal Document to the Marine Naval Vessel Rules (NVR). According to Ge, the fuel-efficient LM6000 simple-cycle gas turbine delivers over 40% thermal
A Chinese warship stationed near a reclaimed reef in a disputed part of the South China Sea aimed a "powerful light" at a Philippine military plane on a maritime patrol, Philippine military sources said on Thursday. On Monday, the Philippines showed journalists surveillance pictures
Iranian ships are moving northeast away from Yemen, a U.S. official said on Thursday after a convoy of Iranian cargo ships prompted U.S. concerns that Tehran was sending weapons into the region. The official, speaking on condition of anonymity
An Iranian convoy, believed to be carrying weapons destined for the Houthi rebels in Yemen, turned around and is headed north towards home country, WSJ quoted as U.S. defense officials saying. The cargo ships, accompanied by two Iranian warships, shifted course as a U.S
The automated mooring system at the Port of Ngqura in South Africa’s east coast is poised to improve port efficiency and safety, cementing the deep water port’s position as a leading transshipment hub for the Sub-Saharan region. The system comprises 26 mooring units
INTERSCHALT maritime systems AG, a maritime software and services provider of loading computers on board containerships, signed a cooperation agreement with the Shanghai Ship Research and Design Institute (SDARI) in Shanghai for the provision of MACS3 loading software for containerships