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W&T Offshore

China’s Crisis Not Impacting Tanker Market

Graph: Gibson Consultancy and Research

 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’s New Weekly Indonesia to Japan Service

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)


Oil Freight Charges To Go Higher?

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


This Day in U.S. Naval History – November 10

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 Svennevig as VP

Tom Svennevig, Cargotec Vice President

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


ISS Wins Gas Pipeline Logistics Contract

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


Gulf Tanker Rates Fall

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


Worldscale Rates Down Slightly for Year

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 Takes Delivery of 3rd & 4th Newbuilds

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


Bio-fuel's Potential Shown by Marad Tests

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


Denmark, US to Partner on Offshore Wind

Photo: Denmark.dk

Denmark and the United States have signed a memorandum to strengthen cooperation on offshore wind energy projects, the U.S. Bureau of Ocean Energy Management (BOEM) announced.   On May 4, 2016 at the Embassy of Denmark in Washington, D.C


Subsea 7 Awarded $1bn Wind Farm Offshore UK Deal

Subsea 7 awarded  contract worth over $1bn Photo Subsea 7

Subsea 7 S.A. informed today the details of the major(1) contract award that was first announced on 20 May 2016 . The contract was awarded by Beatrice Offshore Windfarm Limited (BOWL)(2), for the engineering, procurement, construction and installation (EPCI) of the Beatrice wind farm turbine


Seacat Services Secures Burbo Bank Charter Deal

Seacat Endeavour (Photo: Seacat Services)

DONG Energy has awarded  offshore energy support vessel operator Seacat Services with the supply contract for all crew transfer services at its 258MW Burbo Bank Extension project under development in the Irish Sea. The four-vessel charter contract, with durations of three to 11 months


VOS Sugar First Charter

Photo: Vroon

 The newest addition to Vroon’s fleet, subsea-support vessel (SSV) VOS Sugar, recently started work in the BARD Offshore 1 Offshore Wind Farm (OWF). The vessel is supporting dive operations and maintenance work on wind-turbine foundations for clients NDE Offshore.  


Bureau Veritas Approves FPSO Composite Repair System

Photo: Bureau Veritas

Classification society Bureau Veritas has approved in principle the repair of offshore structures using the bonded composite product Coldshield, developed by Paris-based start-up Cold Pad. Coldshield is a composite structural reinforcement specifically developed for the harsh environments of


Bibby Offshore Wins First Norwegian Contract

Olympic Ares (Photo: Bibby Offshore)

Bibby Offshore’s Norway division, Bibby Offshore AS, has secured its first contract in the region with ConocoPhillips Skandinavia.    Managed from Bibby Offshore’s Stavanger office, the workscope involves project management, installation engineering


BV Guidelines for Offshore Access Systems

OAS in action Acta Orion (Courtesy Acta Marine)

Leading international classification society Bureau Veritas has developed guidelines for walk-to-work (W2W) motion compensated Offshore Access Systems (OAS) which are used to transfer industrial personnel to and from offshore installations. Guidance Note NI629 Certification of Offshore Access


New BV Guidelines for Offshore Access Systems

Classification society Bureau Veritas has developed guidelines for walk-to-work (W2W) motion compensated Offshore Access Systems (OAS) which are used to transfer industrial personnel to and from offshore installations. Guidance Note NI629 Certification of Offshore Access Systems provides a clear


Seacat Services Supports Dong Construction Race

24 month, four-workboat, charter service agreement to provide DONG Energy with construction support across the Race Bank offshore wind project   DONG Energy, a developer of offshore wind projects, and offshore energy support vessel operator Seacat Services, today confirmed a two-year


Aqualis Offshore and CSDC Join Forces

Aqualis Offshore and China Ship Design & Research Center Co., Ltd (CSDC) have signed an agreement to cooperate on engineering projects both in China and internationally.    CSDC, a subsidiary company of China Shipbuilding Industry Corp (CSIC)


Statoil Buys Half Arkona Offshore Wind Farm Stakes

Illustration from the Amrumbank West Wind Farm. (Photo E.ON)

Statoil today enters the German offshore wind market, through a 50% acquisition of the Arkona offshore wind farm. Statoil and E.ON also announced the final investment decision on the 385 megawatt project. The estimated total investment for the project will be in excess of EUR 1.2 billion.


Ulstein Verft's First Wind Service Vessel Launched

(Photo: Ulstein Group/Marius Beck Dahle)

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.   The service operation vessel (SOV) for the offshore wind industry is one of two being constructed for Bernhard Schulte Offshore


Bibby Offshore Bags Mega North Sea Contract

Howard Woodcock, chief executive Photo Bibby Offshore

Bibby Offshore, a leading subsea services provider to the oil and gas industry, has announced a multimillion dollar contract with a global energy player, to provide first gas and construction support on its assets in the Southern North Sea.


New Offshore Wind Project Launched in China

Joint venture between European offshore wind pioneer and Chinese shipping giant; China COSCO Shipping and DEME team up to develop offshore wind energy in China   The Belgian dredging, environmental and marine engineering group DEME and China COSCO Shipping – the largest shipping


Emas Reels in $32m Contract

Photo: Emas Offshore

 Singapore-listed offshore firm EMAS Offshore Limited wins $32m of new business  has secured new awards and letter of intents for charters amounting to approximately US$32 million, including options.   These new charters will see EMAS Offshore’s Anchor Handling Tug (AHT)






 
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