In its latest weekly report, London-based shipbroker Gibson noted on China that “certainly, Chinese manufacturers have lost their appetite for commodities which has impacted heavily on demand for coal, iron ore and copper with an obvious impact on the dry cargo market. China has taken advantage of the low crude oil prices to fill both their strategic reserve as well as commercial inventories. Crude oil imports to China hit a record 7.6 million b/d in July and are anticipated to remain at elevated levels into second-half of 2015 despite the slowdown in economic growth. The People’s Republic is continuing to build vast storage caverns to house the expanded strategic petroleum reserve (SPR) which will continue to support crude imports and thus VLCC trade. July’s record crude imports coincided with the opening of the new 15 million barrel SPR at Huangdao. Two additional SPR sites located at Huizhou and Jinzhou with a combined capacity of over 50 million barrels are scheduled for 2015 commissioning. Another 8 million barrel facility at Hainan is also due to commence filling now. As yet it is unknown if the new SPR at Tianjin is closed as a result of the explosion 13th August. Between March-May the facility had been taking around 60,000 b/d but was due to ramp up intake prior to the explosion
MCC Transport launched of a new weekly Indonesia - Japan Service (TS4) that links the ports of Indonesia directly with those in Japan, Taiwan and South China. The TS4 service goes on a 28 days rotation, covering the following ports: Tokyo (Japan), Yokohama (Japan), Nagoya (Japan), Osaka (Japan), Kobe (Japan), Keelung (Taiwan), Taichung (Taiwan), Kaohsiung (Taiwan), Hong Kong (China), Shekou (China), Jakarta (Indonesia), Surabaya (Indonesia), Shekou (China), Hong Kong (China)
Bloated oil freight charges could surge yet higher this year, adding to the already inflated cost of world oil imports, shippers said. Tanker brokers are predicting a mid-November stampede to ship crude from the Middle East, pushing charter rates to new peaks amid a perceived shortage of quality vessels. In January, very large crude carriers (VLCCs) sailing from the Gulf to Japan were fetching a price of worldscale 49, equivalent to 75 cents a barrel
1775 - Congress votes to raise two battalions of Continental Marines, establishing the Marine Corps. 1941 - U.S. escorted convoy WS 12, carrying 20,000 British troops to Singapore, sails from Halifax (Source: Navy News Service)
Cargotec appoints Tom Svennevig Vice President for MacGregor advanced load-handling business. Cargotec has appointed Tom Svennevig as Vice President responsible for the company's advanced load-handling business line as of 24 October 2011. Mr Svennevig is experienced in the offshore business, and he joins Cargotec from Aker Pusnes in Norway where he was Vice President, Deck Machinery. Mr Svennevig is based in Kristiansand, Norway
Inchcape Shipping Services (ISS) has secured an offshore logistics services project in Tanzania from China Petroleum Pipeline Bureau (CPPB) and Anglo Eastern Ship Management. Under the contract, ISS will support the construction of a prestigious $3.2 billion deep water gas pipeline linking the Mnazi Bay gas field to Dar es Salaam. The high capacity, 532km gas pipeline represents a major national infrastructure project for Tanzania and is a key driver in the country’s planned economic
Crude tanker rates from the Arabian Gulf to Asia on 2mn-barrel tankers fell to its lowest in more than six weeks as the ships available at the end of August outnumber cargoes, according to a Bloomberg report. In less than a month freight rates for VLCCs reportedly have dropped 40 percent as charterers held back from hiring vessels, allowing a surplus to build up. GS Caltex Corp, South Korea’s second-largest oil refiner, booked a VLCC, Hebei Mountain to load crude on August 23 at WS 62
On the whole there will only be small downward changes in the 2002 Worldscale Flat rates compared to those for 2001. The reason for this is only a small reduction ($6.50) in the world wide average price for bunker fuel used in the 2002 Worldscale Schedule, and a fairly stable US Dollar. Most changes will be in the -2% to 0% range with only a few marginal increases. The worldwide average price for bunker fuel (380 cst) in the period 1st October 2000 to 30th September 2001 is $143
TOP Ships Inc. (NASDAQ: TOPS) announced that it has taken delivery of the M/Ts Ionian Wave and Tyrrhenian Wave from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The Tyrrhenian Wave and the Tyrrhenian Wave are the third and fourth of six 50,000 dwt product / chemical tankers to be delivered within the first and second quarter of 2009. The Tyrrhenian Wave and the Tyrrhenian Wave have entered into respective bareboat time-charter employments for a minimum period of seven
Tests by the US Maritime Administration show potential exists for cleaner, renewable marine fuel The Maritime Administration has announced its analysis of a test conducted with algae-based biofuel on one of its large commercial-size vessels. This cutting-edge research used marine engines aboard the Great Lakes Maritime Academy training ship, the TS State of Michigan, to measure emissions reduction impacts. The project is part of a joint effort by the Departments of Defense and
BOEM has received unsolicited lease requests from two companies seeking to develop offshore wind energy on the Outer Continental Shelf (OCS). These requests are for areas located offshore New York and Massachusetts and are not in response to a formal call for interest.
ABS, the leading provider of classification and technical services to the offshore industry, collaborated with industry experts during its annual Special Committee Meeting held recently to discuss the ABS Rules for Building and Classing Mobile Offshore Drilling Units (MODUs)
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties.
DONG Energy has decided to retire “Vindeby”, the world’s first offshore wind farm, which 25 years ago marked the birth of the offshore wind industry. Today, offshore wind is a recognised and proven renewable energy technology
Norwegian offshore vessel owner DOF has been awarded charter contracts for a platform supply vessel (PSV) and an anchor handling tug supply vessel (AHTS). DOF said on Wednesday that the company won a two-year firm contract plus options with Asco Marine for the Skandi Aukra PSV.
CWind, an integrated service provider in the offshore wind industry, has announced that it supplied Crew Transfer Vessels (CTVs) to assist with blade repair operations at the offshore wind farm for E.ON, the wind farm site owner at Robin Rigg.
Royal Dutch Shell has been shortlisted by the U.S. government to make a bid for an offshore wind project licence in the waters off North Carolina, as it comes under pressure from shareholders to diversify into green energy. Shell, as well as Norway's Statoil
Van Oord has been awarded the contract for East Anglia ONE offshore windfarm by ScottishPower Renewables (part of the Iberdrola Group) for the transport and installation of 102 three-legged jacket foundations. The East Anglia ONE offshore windfarm is located in the southern North Sea
Bibby Offshore, provider of subsea installation and services to the offshore oil and gas industry, said it has secured a long-term extension to the charter of its dive-support vessel (DSV) Bibby Topaz, owned by Volstad Maritime. The terms and conditions of the extended charter arrangement
Rig contractor Diamond Offshore Drilling Inc's Chief Executive Officer Marc Edwards said on Monday oil prices needed to be "well over $60" to spur a recovery in offshore drilling. The company's shares reversed course and were down 2.3 percent at $16
ELA Container Offshore GmbH said it has delivered two offshore living quarters to Belgium based G-Tec Offshore s.a. The containers were placed on board of the multipurpose drilling vessel MV Omalius off the coast of France. The solution on deck turned out to be very successful as the units
Offshore managed to deliver all required containers from scratch in only 3 months from project kick-off, including design and development up to turnkey delivery on an offshore converter station in the German North Sea. “To come up with the best suitable container type
Mitsui O.S.K. Lines, Ltd. today announced a plan to acquire a 5% share in Seajacks International Limited (Seajacks) Group, which owns and operates five Self-Elevating Platform vessels(*1), from Marubeni Corporation. This is a new offshore business for MOL, following FPSO(*2), FSRU (*3)
Following President Trump’s address to the joint session of Congress, National Ocean Industries Association (NOIA) president Randall Luthi weighs in on shifting U.S. policy and its effects on offshore energy and the American economy.
Subsea 7 S.A. said it has been awarded a “sizeable” contract by Cooper Energy Ltd for the Sole Development Project, offshore Australia. Subsea 7 defines a sizeable contract as being between $50 million and $150 million.