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.
The Port of Long Beach will seek bids on the creation of a new fleet of truck chassis for peak periods of the year, complementing the existing equipment used to haul cargo containers to and from terminals. “It’s not enough for us to be a passive landlord; the industry needs
Protea, a global manufacturer of offshore handling equipment, will launch two types of heavy lift cranes at Nor-Shipping 2015 in Oslo, June 2-5. Tomasz Paszkiewicz, Protea’s CEO, said, “The target of any marine crane design is to provide high lifting performance whilst minimizing
An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices throughout the Baltic States and Scandinavia has signed the contract at the occasion of the customer days of Liebherr Nenzing
Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration between Siem Offshore and the yards and to keep control of building processes.
Swiss trader Trafigura has taken up to six liquefied natural gas (LNG) vessels from Norwegian shipping company Golar LNG, likely on a single-voyage basis to transport cargoes, trading and shipping sources said. The vessels are to be put at Trafigura's disposal from now through August or
Passport Systems, Inc. has began construction on a non-intrusive, cargo inspection facility at the Massachusetts Port Authority (Massport), Port of Boston, Conley Container Terminal in South Boston which is designed to increase the effectiveness and efficiency of cargo screening at the Port.
Moran Iron Works, Inc. (MIW) was contracted to fabricate, galvanize and deliver two bulkheads for the U.S. Army Corps of Engineers (USACE), Detroit District for installation in the Soo Lock Complex located in Sault Sainte Marine, Michigan.
Yesterday in Malmö, Sweden, the Korean Shipowners’ Association (KSA) made a donation of $50,000 to the World Maritime University. The donation was handed over by KSA chairman, Youn-jae Lee, at a ceremony attended by Cleopatra Doumibia-Henry (president designate of WMU) and Neil
Port of Antwerp has launched breakbulk application for more efficient freight handling. Antwerp has long been the breakbulk port par excellence in Europe. This status finds expression each day anew in a flexible range of high-quality services tailored to the requirements of the customer
The decision of the EU Council to launch EUNAVFOR Med* was today strongly welcomed by BIMCO, following the association’s statement on 24 April calling for an extension of Operation Triton’s geographical reach. BIMCO’s April statement highlighted the risks to the health
Damen Shipyards has presented a new shipping concept to the market: the Damen Offshore Carrier (DOC) is specifically designed as a smaller heavy transport vessel suitable for offshore installations. In cooperation with Damen, independent engineering and consultancy organization HMC
Imtech Marine informs it has been awarded a third contract to supply the electric and hybrid propulsion system for a hybrid ferry operated by Caledonian Maritime Assets Ltd (CMAL) of Scotland. Ferguson Marine, the Glasgow-based yard which built the first two CMAL diesel electric
The National Defense University of Malaysia has selected Kongsberg Maritime’s Engine Room Simulator platform K-Sim Engine for its facility in Kuala Lumpur. The contract, Signed in April 2015, was won with support from Kongsberg Maritime’s local sales representatives
Small orbital debris objects can threaten vital space-based assets. The Navy's patented compact debris detection device can detect debris in near real-time and provide essential trajectory data for future use. The U.S. Naval Research Laboratory (NRL), Geospace Science and Technology Branch
Transport consultant Drewry’s Carrier Performance Insight (CPI) for April records 67.6%, up by 4.1 percentage improvement on the previous month in the aggregate reliability of ships on the main Asia-Europe, transpacific and transatlantic trades.