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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

Plan Introduced to Drive US Offshore Wind Energy

Photo: U.S. Dept. of Energy

A new collaborative strategic plan has been published today which aims to continue accelerating the development of offshore wind energy in the United States.   Announced by U.S. Secretary of Energy Ernest Moniz and U.S. Secretary of the Interior Sally Jewell, the plan

First Offshore Exhibition at Maritime Museum Rotterdam

Frits Loomeijer, General Director of the Maritime Museum

Over forty-five leading companies in the shipping and offshore maritime sector are among those who have contributed to the funding for the first ever exhibition in the Netherlands dedicated to the offshore sector, to be housed at The Maritime Museum Rotterdam for the next seven years

Fresh Paint Job for the Queen Mary

The iconic steamship Queen Mary is being restored to its former glory with help from a fresh coating (Photo: AkzoNobel)

Restoration work has started on iconic steamship TS Queen Mary, which is in the process of being transformed into one of the U.K.’s largest interactive maritime exhibits.   Regarded as the vanguard of 1930s Scottish engineering, Queen Mary was built in 1933 and is the last of its

ClassNK to Host Floating Offshore Wind Round Table

Photo: ClassNK

ClassNK, Japan’s an  international certification and classification society, will host a round table discussion about floating wind technologies on the sidelines of Wind Energy Hamburg (WEH) on September 26.   “ClassNK is one of the leading classification societies

NOIA Applauds Passage of House Interior Appropriations Bill

NOIA - Randall Luthi President of the National Ocean Industries Association

NOIA President Randall Luthi released the following statement after the House of Representatives passed the 2017 Interior and Environment Appropriations bill: “NOIA applauds members of the House of Representatives for passing the first Interior and Environment Appropriations bill since

Staying Afloat Down Under?

Graph: Clarksons Research

 In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the prospects for Australian gas projects that have yet to be sanctioned are looking increasingly uncertain due to weaker LNG

MPI Adventure Installs first Offshore Wind turbine on Sandbank

Courtesy Vroon Group

Wind Turbine Installation Vessel MPI Adventure installed the first of 72 SWT-4.0-130 offshore wind turbines on the Sandbank offshore wind farm. MPI Adventure is capable of installing 6 of these complete offshore wind turbines per cycle. After MPI Adventure completed its contract to assist with

Workboat Spotlight: Russian Tugs from Pella Shipyard

Courtesy of Pella Shipyard

Russia’s Pella Shipyard advertises a range of five ASD tugs. Their model 90600 has proven popular with customers returning for sister ships. Currently the yards has one of these handy-sized 25.4 by 8.8-meter tugs under construction for the ship and submarine builder JSC Admiralteiskie Verfi

Inspectors Get Tough on ECDIS

Alternative onboard competency assurance training using modern smart technology, such as iPads and smart phones (Image: ECDIS Ltd)

ECDIS ACAT (Annual Competency Assurance Training): the Inspectors training in ECDIS has without doubt increased safety at sea as it highlights that not all is well, regardless of certificates held.   Few are aware that the world is halfway through an international project to train around 1

Gibdock Records Busiest Season

Gibdock played host to four offshore support vessels at the same time at the end of June. Photo Gibdock

Simultaneous attention to four offshore support vessels at Gibdock demonstrates that the Gibraltar yard is now a regional hub for this specialized repair, maintenance and renewal work, operating as a base for mobilisation and de-mobilisation projects.

MISC Enters Thai Offshore O&G Market

Pairoj Kaweeyanun, President of Chevron Offshore Thailand, Ltd., and Tuan Syed Hashim Syed Abdullah, Vice President Offshore Business of MISC Berhad, after the signing of agreement between Chevron Offshore (Thailand) Ltd. and MISC Offshore Floating Terminals (L) Limited. (Photo: MISC Berhad)

    Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.   MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Limited (MOFT) signed a contract for

Better Turbocharger Performance, Proven Tech

Above: Working principle of the MAN ECOCHARGE Two-Stage Turbocharging System. (Image: MAN D&T)

Engineer wisdom: Nothing is worse as the right idea at the wrong time. But with the new ECOCHARGE Two-Stage Turbocharging System MAN D&T has reached both goals.   Aside from the ever-popular “Fuel Consumption Reduction,” a leading player in the development of large

New Crane Orders for Huisman

illustration of the 5,000mt Allseas Tub Crane

Huisman has secured new crane contracts with a total value of around 300 million Euro from various major offshore, shipping and wind farm installation contractors: •    2 x 900mt Heavy Lift Mast Cranes for BigLift Shipping;

Onshore Spending on the Cusp of Recovery?

Graph Source: Douglas-Westwood World OFS and OFE Market Forecast Reports Q2 2016

 DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will see the start of a barren period for the offshore OFS and OFE sectors.  

Worldscale Flat Rates to Fall Again

Graph: E A Gibson Shipbrokers Ltd

 The concept of Worldscale is not an easy principle to grasp, particularly for those outside the tanker industry, says Weekly Tanker Market Report by Gibson.   The task gets even more complicated as Worldscale flat rates are reset at the start of each year due to fluctuations in

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