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
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.
Naval Sea Systems Command completed the installation of new control systems aboard USS Mount Whitney (LCC 20), April 8, which will reduce fuel usage and crew workload. Engineers from the Naval Surface Warfare Center Carderock Division - Ship Systems Engineering Station SSES installed the new control systems on a number of shipboard engineering components and are specifically designed to improve automation on the optimally manned ships.
The first ship outfitted with the Van der Velden FLEX Tunnel was named Friday, August 14th in Duisburg. The Rhenus Duisburg, the new barge combination from shipping company Rhenus PartnerShip, has been put through extensive tests and trials
North Korean vessels owned by Ocean Maritime Management (OMM) have been seen using Russian ports, says the NK News vessel tracker. OMM was sanctioned for its involvement in smuggling weapons through the Panama Canal in 2013.
A towboat that sank in Texas' Neches River August 21, and caused a temporary closure of the waterway, was lifted out of the water Wednesday Evening. T&T Marine, a contractor hired by the towboat company, refloated and towed the vessel Louise to Bolivar Barge Cleaning Service
Classification society ClassNK announced it will release the world’s first Guidelines on Composite Propellers (Part on Manufacturing/Product Inspection) on August 31. The strength and corrosion resistance of composite materials makes them widely used in fields such as aerospace
A silicone coating that keeps hulls free of marine growth while boosting the vessel’s performance and fuel economy will be featured on the Fujifilm Smart Surfaces stand at Marine Maintenance in Antwerp. The Duplex fouling release system was developed by the U.S
Rose Point Navigation Systems announces the launch of its new Commercial Radar Interface, delivering a solution for interfacing marine radars with Rose Point ECS. The design of the Commercial Radar Interface uses an all-digital interface for data transfer that ensures a high level of
Joined up thinking from two marine technology suppliers addresses impending legislation for Ballast Water Treatment and offers a practical solution for monitoring and recording the correct discharge of ballast water, in real-time. The International Maritime Organizations 2004 Ballast Water
SUNY Maritime College will host the 2015 e-Navigation Underway North America Conference September 28-30 in New York It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships
The Company: Brunswick Commercial & Government Products (BCGP) group has been in the business of building boats for commercial and military applications for more than fifty years. For patrol boat, rescue boat, military boat, research boat, and workboat applications
The Company: Amtech specializes in ship design integration and construction supervision dealing with new propulsion technologies, niche trades and operational efficiencies. Its South Korea office and staff have delivered over 250 ships and the U.S. offices are well versed in U.S
NYK has concluded a contract with United Green for partial ownership of a canola flower field along the Sanriku shoreline, an area that suffered extensive damage from the tsunami that accompanied the Great East Japan Earthquake in 2011.
Test service enhances Bal Seal offering for low-friction seals, verifies friction and leak rate for seals up to 22 in. diameter A new test service introduced by Bal Seal Engineering, Inc. offers verified performance results for Bal Seal low-friction spring-energized seals used in
ALMACO Group informs it has been awarded the design, material supply and supervision contract from Kawasaki Heavy Industries, Ltd. (KHI) in Japan for the first (DRU#1 - Ondina) and second (DRU#2 - Pituba) drillships for the Enseada Industria Naval project
A mini order boom fueled by gas, “green-tech”, tankers and new rules is underway in shipbuilding. It won’t fill all yards, but changes like the July 2015 cap on sulfur emissions garner retrofit and rush orders. Even China’s Directive 55 obliges its mixed bag of yards to
Nakilat-Keppel Offshore & Marine (N-KOM), the joint-venture shipyard of Keppel Offshore & Marine and Nakilat, continues to see strong interest for its ship repair services in 2015, having already delivered more than 450 projects for shipping and oil and gas companies over the past four