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.
Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda. The configuration of the vessels is very flexible and they can thus be employed in both the Stena RoRo and the Stena Line networks
Peel Ports, owners and operators of the Port of Liverpool, has achieved a major milestone in its multi-million investment program to transform the port into Europe’s first semi-automated container terminal. The Navis N4 Terminal Operating System (TOS) and AutoGates are now live and fully
At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework Agreement on cooperation in the area of small scale LNG was signed by the two parties
GAIL India will offer foreign shipbuilders five years to make liquefied natural gas (LNG) carriers in India, double the time allowed to deliver ships from their home shipyards, reports Economic Times. Report says that the company is insisting foreign shipbuilders to build in
IRClass (Indian Register of Shipping) has recently included Energy Efficiency Design Index (EEDI) validation to its service offerings. This is in response to the International Maritime Organization’s (IMO) adoption of the EEDI regulation on January 1
U.K. Royal Navy Ice Patrol Ship HMS Protector is deployed on operations for 330 days a year, mostly in the Antarctic region, making it essential that her underwater hull is protected against the harsh icy conditions she faces. At the end of May
The European Court of Justice (ECJ) ruled on Wednesday that damage to water quality must be considered when authorities approve river dredging to expand ports, in a ruling which could hinder expansion at the German ports of Bremen and Hamburg.
Rolls-Royce announced it will take the lead on a €6.6 million project that could pave the way for autonomous ships. The Advanced Autonomous Waterborne Applications Initiative will produce the specification and preliminary designs for the next generation of advanced ship solutions.
Low-friction, self-lubricating coatings use patented technology to deliver reduced fuel consumption and improved tolerance to idle time. PPG Protective and Marine Coatings announced the launch of SIGMA SAILADVANCE, a new range of antifoulings suitable for a variety of operating conditions
High-tech underwater cameras help uncovering the secrets of HMAS Sydney A recent expedition to survey historic World War II shipwrecks has produced a wealth of stunning imagery of sunken warships HMAS Sydney (II) and the German raider HSK Kormoran, off the coast of Western Australia.
Ships running on liquefied natural gas (LNG) are going to be able to bunker at the Port of Gothenburg, as new regulations for LNG bunkering have been introduced by the Gothenburg Port Authority in collaboration with the Port of Rotterdam and the Swedish Transport Agency.
Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production, signed a memorandum of understanding (MoU) on July 2nd in Vilnius
MBCA Kim Nirvana, a passenger boat carrying 189 people has capsized in the central Philippines, minutes after leaving port, the Philippine Red Cross and coast guard spokesman Cmdr. Armand Balilo said. There were 173 passengers and 16 crew members on board
China National Offshore Oil Corporation (CNOOC) has taken delivery of Asia’s first tugboat Hai Yang Shi You 525, designed to operate solely on liquefied natural gas as ship’s fuel. Hai Yang Shi You 525, the first of two tugs built by the Zhenjiang shipyard for CNOOC
Bestobell Marine, a world leading supplier of cryogenic valves for ships, has won a major new order from Hyundai Heavy Industries (HHI) in South Korea to supply valves for two new vessels. Bestobell’s Globe and Check valves will be used within vessels being manufactured for Greek