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Oil Pricing News

17 May 2021

TECH FILE: The Scrubber Uptake - Economics & Technologies

Should the economics driving scrubber uptake appear compelling for an individual owner, they must first consider, for instance, space availability and any structural changes and reinforcements that may be needed, said Olli Somerkallio, COO, Foreship. Image courtesy Foreship

Expectations are high that exhaust gas scrubber technology demand will soon be resurge. But what lessons have been learned from installations and which type will dominate?Installing scrubber systems on ships that were never envisaged to have them on board has brought well documented challenges for older tonnage, with accurate drawings and documents sometimes hard to source. Where class documentation is concerned, meanwhile, different societies can have subtly different requirements…

17 Aug 2020

China Ramps up US Oil Purchases Ahead of Trade Deal Review

Š nevskyphoto / Adobe Stock

U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S. concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal.China had emerged as a top U.S.

21 Apr 2020

Reinauer Group Ramps Up for the Business of Offshore Wind

Photo: Courtesy Senesco

The promise of a vibrant U.S. offshore wind business has been long in the making. While questions remain on timing and pace, there is renewed confidence in the offshore wind sector, particularly in the northeast United States (global pandemic notwithstanding). Investment in the sector had escalated to start 2020, embodied best by Reinauer Group and its WindServe Marine unit, which when combined with its Senesco Marine boatbuilding and logistics hub give its an ‘ A-to-Z, soup-to-nuts’ enviable position to build…

03 Jan 2019

DNO Bid Undervalues Faroe by 48 %

North Sea player Faroe Petroleum published an independent valuation of its assets by Gaffney, Cline & Associates (GCA), which is said to highlight the inadequacy of DNO ASA's GBP608 million at 152p per share takeover offer.Faroe Petroleum could be worth more than USD1bln (GBP800m) according the review that values the company well above the bid made by Norwegian oil giant DNO. The findings imply a valuation for Faroe itself in the range of 186 pence to 225p per share, representing a 22% to 48% premium to DNO's offer price of 152 pence.The calculation reflects current market oil pricing and "further reinforces the board's view that DNO's offer is opportunistic and substantially undervalues Faroe"…

01 Nov 2018

Cautious Consolidation for OSV Companies Brings Market Change

A Gulfmark offshore support vessel (CREDIT: Gulfmark)

Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.

10 Oct 2017

Universal Energy Faces Millions in Claims

Universal Energy entered voluntary liquidation on Oct 3, tightening credit in Singapore's bunker fuel market. Shipping fuel suppliers are filing millions of dollars in claims over unpaid marine fuel bills against now defunct Singapore-based peer Universal Energy, formerly one of the city state's largest bunker suppliers but which has now entered liquidation. Universal Energy, ranked as Singapore's third-largest bunker fuel supplier by volume in 2016, had its shipping fuel licences revoked by the Maritime and Port Authority (MPA) in August for actions that could give a false impression of how much fuel it was delivering to buyers. Overall creditor claims against Universal Energy - which went into voluntary liquidation on Oct.

16 Jun 2017

Mercuria, PetroChina Selling Offshore Stored Fuel Oil

Three to four tankers storing fuel oil, down from eight or nine. Independent trading house Mercuria and Chinese state oil giant PetroChina are selling fuel oil stored in vessels off Singapore and southern Malaysia on strong demand from the shipping and power sector, several trade sources said on Friday. The number of vessels storing fuel oil has halved from a month ago as Mercuria and PetroChina may have resold cargoes purchased over March to May, the sources said. Geneva-based Mercuria and PetroChina bought over 6 million tonnes of fuel oil over those months in oil pricing agency S&P Global Platts' trading period known as market-on-close (MOC). Their deals made up nearly three-quarters of the volumes traded in that period, according to data compiled by Reuters.

06 Jun 2017

Qatari Export Costs to Rise as Port Ban Disrupts Trading

Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs. The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port, forcing ships to sail further for fuel or pay higher prices. Saudi Arabia and the UAE, along with Egypt, Yemen and Bahrain, on Monday cut diplomatic ties with Qatar amid accusations the country supported terrorists. The Arab allies are applying many economic pressure points, including barring Qatari flagged ships from entering their waters. Around half a dozen oil…

13 Mar 2017

The March 2017 Edition of Maritime Reporter is Now Available

Maritime Reporter & Engineering News (March 2017)

The March 2017 edition of Maritime Reporter & Engineering News, with U.S. President Donald Trump on the cover, is now available. Read it online here. As this is Maritime Reporter & Engineering News’ ‘Green Marine’ annual, one might be surprised to see a recent photo of President Trump gracing our cover. Regardless of your personal feeling or political view, the story of President Trump and his new administration is arguably the maritime story of the year, as it touches on nearly every sector, from defense and national security to international commerce and infrastructure.

18 Jan 2017

World Energy Trends: What’s New in Floating Production

Where FPSOs are Being Planned. (Source: IMA/World Energy Reports)

Oil pricing continues to hover in the mid-$50s, market confidence is slowly returning and the production floater fabrication market is stirring. A major order for a production semi was placed in early January -- with Samsung receiving a contract to build the production semi for BP's Mad Dog Phase 2 project. The $1.27 billion unit will have capability to produce 110,000 b/d oil from 14 production wells. It will be used to develop further oil discoveries near the original Mad Dog Spar in the Green Canyon area of the GOM.

27 Dec 2016

Crowley's Petroleum Transport Unit Takes the Long View

(Photo: Crowley)

The mantra at Crowley is “safety” and “people,” but it’s not simply words, rather embedded practice starting from the top. Robert Grune, SVP & GM, Crowley Petroleum Services talks to Maritime Reporter regarding this ubiquitous company’s historic success and promising future in the petroleum transport sector. Robert Grune leads one of Crowley’s six business units, responsible for U.S. flag Jones Act oil transportation business. The current fleet consists of 17 Articulated Tug Barges (ATBs) ranging in size from 150,000 to 330,000 barrels capacity, as well as four U.S. flag MR oil tankers.

09 May 2016

Tanker Shipping: Signs of Weakness are Appearing, But Still Money to be Made

Supported by slow fleet growth and ongoing positive refinery margins, VLCC earnings in Q1-2016 were up from a year ago, but down from Q4-2015 as we expected at $58,367 per day for VLCC (+5.7% year on year). For the minor crude oil carriers, rates were down from Q1-2015 and Q4-2015. Rates in Q1-2016 were $37,914 per day for suezmax (-25% year on year), $30,197 per day for aframax (-24% year on year). For the oil product tankers, Q3-2015 stands out as the peak quarter of the current cycle. Earnings in Q1-2016 were the lowest since Q3-2014 when the markets started to rise. The same patterns of slightly falling freight rates reappears in the time charter market. BIMCO recommended back in January putting some capacity away on time charter. Time charter rates have dropped somewhat since then.

05 May 2016

Offshore Casualty: Harkand Group Collapses

The versatile Harkand Go Electra is a DP2 multi-purpose ROV, survey and air diving vessel and has recently completed its first campaign in the Caribbean. (Photo: Harkand)

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.bbc.com. The company was a high-flyer building an enviable fleet of advanced tonnage. Established in 2012 and headquartered in London with operations bases in Aberdeen, Houston, Mexico, and Ghana, global subsea IRM group Harkand has been expanding its business operations rapidly throughout North America…

06 Apr 2016

Floating Production's Future: The 6 Things You Need to Know Now

Bonga FPSO (Photo: Shell)

No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending. But deepwater production will rebound – oil demand keeps growing -- and though the signs are mixed we see indications of the rebound starting. First some numbers about the state of the business. 261 oil/gas floating production units are currently installed on offshore fields.

26 Aug 2015

Interview: Germán Carlos Suárez Calvo, CEO of Astican & Astander Shipyards

How did you find a career in the maritime industry? As a consequence of my father´s dedication to the industry, as founder of a shipping agency in the early eighties as well as partner in a large shipping company and shipyard´s ownership, I grew up in this atmosphere and orientated my academic training towards being able to continuing what he and his business partners created and developed. Although I did start my professional career dealing with other type of businesses within my family, the core root of our family wealth has always been in the maritime industry.

19 Aug 2015

Platts Mulls Asia Crude Liquidity Boost

Platts also studies more ship transfer locations, faster trading. Oil pricing agency Platts is looking at approving more Middle East crude grades to boost liquidity in the daily assessment of Asia's Dubai benchmark, company executives said on Wednesday. Monthly volumes have twice hit records in the past year, raising concerns that cargoes that can be delivered over Platts' pricing mechanism may have hit an upper limit. Also, record daily Dubai crude trades by two Chinese state companies this month have pushed the benchmark higher, even as other grades are pressed lower by a global glut. Output of Dubai, Oman and Upper Zakum - the grades…

31 Aug 2015

Björn Rosengren: Power Boss (Part II)

“When we talk about gas at Wärtsilä, we become a little bit excited.      		... We love gas. We think this is the fuel of the future.” Björn Rosengren

At Norshipping in Oslo, Wärtsilä introduced the Wärtsilä 31, self-described by the company as a transcendent power plant in terms of fuel efficiency and economy, a claim validated by the Guinness World Records which has stamped it as the most efficient four-stroke diesel engine in the world. Björn Rosengren, President and CEO of Wärtsilä, sat with Maritime Reporter to lend perspective and insight to this development and the maritime market as a whole. Wärtsilä President & CEO Björn Rosengren was beaming at the introduction of the Wärtsilä 31 to the world at last month’s Norshipping…

01 Jun 2015

Cool Runnings: New Onboard Cooling Soultions

Sperre says it has a superior solution for equipment coolers onboard ships. Late last year it teamed with W&O to distribute its Sperre Pleat Coolers in the U.S. MR spoke to from Sperre’s Gard Sem (pictured) for insights. While Sperre Pleat Coolers are designed to provide customers several advantages, including performance and the compact size, Gard Sem, vice president of sales and marketing, was most eager to discuss the maintenance characteristics of the system. The Sperre Pleat…

12 May 2015

Insights: Jane Bugler - Technical Director, IMCA

Jane Bugler (Photo: IMCA)

Our Offshore Annual edition of MarineNews headlines Jane Bugler, the Technical Director of the International Marine contractors Association (IMCA). Jane is a chartered chemical engineer who worked in the chemical industry for several years before joining the UK Health & Safety Executive (HSE), where she worked in a variety of roles (including work regarding pipeline regulation) before joining IMCA in 1997, when she became Technical Director. Today, Jane has overall responsibility for the extensive and varied technical program of IMCA and for liaison between IMCA and external organizations…

20 Apr 2015

They said it ...

Joseph Bennett, EVP and Chief Investor Relations Officer, Tidewater, Inc., on rapid decline in oil pricing from mid-2014 to today.

“While the dry cargo market was depressed in most of 2014, the year ended with sharply increasing rates in the tanker market, and our tanker department generated the best results since 2008. “People keep losing sight of the fact that about 90 percent of all goods are transported by sea – but only 4 percent of the emissions are related to vessels. However, ships must fulfill the strictest rules. Alfred Hartmann, ship owner and new President of the Association of German Shipowners (VDR). “No one saw this [price collapse] coming.

15 Apr 2015

Talking Offshore Employment with Faststream’s Chief Executive

Mark Charman

With the energy market swoon in full blossom, Maritime Reporter checked in with Mark Charman, chief executive of global recruiting leader Faststream, for his insights on the breadth and depth of the impact to the offshore employment market. Uncertainty. If there is one word that summarizes current global energy market conditions, it is uncertainty. The sudden downturn in oil pricing – which started nine months ago and collectively caught much of the global market by surprise…

08 Apr 2015

US Tank Barge Regs Loom, Laborde Presses Mitsubishi’s 'Mechanical Advantage'

Owners of tank barges eye November 15, 2015 with trepidation, as by then they must ensure that tank barge power units meet USCG Class 1, Division 1 requirements for non-sparking machinery in a hazardous environment. Laborde Products – with the “mechanical advantage of the Mitsubishi” – claims to have the solution. Covington, La.-based Laborde Products is not your standard diesel engine distributor. While Laborde Products was founded in 1998 by Tracy Laborde, the Laborde family has been heavily involved in the marine industry since 1954…

16 Mar 2015

First Supertanker Docks at Vopak-Dialog Terminal

A supertanker carrying about 1 million barrels of Middle East crude docked on Monday at a terminal jointly run by Vopak and Dialog Group in Malaysia, the companies said. The arrival of tanker MT Mesdar marked the start of operations at southeast Asia's first commercial crude oil tank farm. The tanker had been chartered by CSSA, the shipping arm of French oil major Total, and it loaded the crude cargo at Fujairah in the United Arab Emirates in February, Reuters shipping data showed. Located in Pengerang, in the southern state of Johor, just across the Johor Strait from the Singapore trading hub, the site can hold 420,000 cubic metres of crude (2.6 million barrels) and also offers blending and distribution services.