Bulk Oil Tanker News

As the cost inflation is set to accelerate on higher insurance premiums, average vessel operating costs rose modestly for the second year in succession following two years of marked declines, according to the latest report published by global shipping consultancy Drewry.The report titled 'Ship Operating Costs Annual Review and Forecast 2018/19' said that typical ship operating costs accelerated moderately in 2018 as the uncertain recovery in freight markets across most cargo sectors gained momentum.Opex costs are heavily linked to developments in the wider shipping market as some costs, such as insurance, are connected to asset values…

1806  - Spring pole cable drilling developed in US. 1844  - Fluid circulating rotary well drilling patented in England. 1845  - Circulated fluid used to remove drill cuttings for first time. 1860  - Fluid circulation rotary diamond coring drill developed in France. 1869 – T homas Fitch Rowland  patents  a “submarine drilling apparatus,” a fixed, working platform for drilling offshore to a depth of almost 50 feet. The anchored tower had telescoping legs, similar to modern offshore platforms. 1878  - First bulk oil tanker begins operation in the Caspian Sea. 1891  - First ocean-going tanker launched. 1897  - Wells drilled off piers in Summerland, Calif. 1905 – Oil discovered in the Caddo Pine Island field in Lousiana. 1911  -  Gulf Refining Co.

Update: No Injuries in Strait of Hormuz Collision. No one was hurt when a U.S. Navy guided-missile destroyer and a large Japanese owned merchant vessel collided near the Strait of Hormuz Aug. 12. The collision between USS Porter (DDG 78) and the Panamanian-flagged bulk oil tanker M/V Otowasan occurred at approximately 1:00 a.m. local time. Porter transited under its own power to Jebel Ali, UAE and is now pierside for assessment and repair. The incident is under investigation. USS Porter is on a scheduled deployment to the U.S.