Crude Oil News

25 Feb 2020

FSL Trust Sells Crude Tanker FSL Shanghai

Image: First Ship Lease Trust

FSL Trust Management Pte., the trustee-manager of First Ship Lease Trust, has announced the sale of the crude oil tanker FSL Shanghai.FSL Trust Management has executed a Memorandum of Agreement (MoA) to sell the crude oil tanker to an unaffiliated third party and has received the initial 10% deposit in escrow.FSL Shanghai, is a South Korean, 2007-built 115,000 DWT crude oil tanker.Completion of the disposal is scheduled to take place before the end of March 2020. The net proceeds…

25 Feb 2020

Euronav Offloads Suezmax Finesse

Image: Euronav

Crude oil tanker company Euronav said that it has disposed one of its oldest Suezmax vessels, the 2003-built Finesse.The international shipping enterprise which focuses on oil transport by sea informed that it sold the 2003-built, 149,994 dwt for USD 21.8 million.A capital gain on the sale of approximately USD 8.3 million will be recorded during the current quarter. The vessel has been delivered to her new owners."Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to our clients…

18 Feb 2020

Robust Dredging on America’s Inland Waterways

(Photo: Inland Dredging Company)

Inland Dredging Company helps keep commerce flowing on America’s inland waterway system.Dyersburg, Tenn. based Inland Dredging Company completed dredging projects spanning eight states and across four U.S. Army Corps of Engineers Districts. Beginning in July and finishing in December (2019), Inland Dredging crews dredged ports and harbors along the Mighty Mississippi River, Ouachita River, Red River, Black Warrior River, Atchafalaya River, Tennessee–Tombigbee Waterway, and the Gulf Intercoastal Waterway from Apalachicola to Morgan City.Richard Jackson…

14 Feb 2020

Coronavirus Leaves China-bound Tankers Stranded

© Riekelt / Adobe Stock

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

13 Feb 2020

Port of Rotterdam Throughput Flat in 2019

Image: Port of Rotterdam Authority

The largest seaport in Europe Port of Rotterdam saw a freight throughput of 469.4 million tonnes in 2019, fractionally higher than in 2018 (469 million tonnes).According to a release, investments by the Port of Rotterdam Authority were again at a high level, with gross investments including participation amounting to €338.3 million (2018: €408.1 million). The net result excluding taxes amounted to €241 million (2018: €254.1 million).Significant underlying shifts were observable between the various commodities.

13 Feb 2020

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

AdobeStock_45230 / Adobe Stock

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures…

12 Feb 2020

US Seaborne Crude Oil Exports Up 51%

© Mitya Nevsky / Adobe Stock

December could boast another all-time high for US seaborne crude oil exports, totaling 13.9 million metric toes and exceeding the previous October record by almost a million metric tons. In 2019, 133 million metric tons of sweet US crude oil was exported by sea, a 51% increase from 2018.Due to the US shale revolution, the country became a net seaborne crude oil exporter in October 2019, and the record-breaking exports in December solidified the trend, as imports for the month amounted to 11.5 million metric tons crude oil.

07 Feb 2020

Are OSVs Fit for Refit for Offshore Wind?

BEFORE: Island Clipper: Island Offshore of Ulsteinvik, Norway, has had success with conversions.  “before” and “after”.  Photos: Island Offshore

While it is generally agreed that the nascent offshore wind energy market in the U.S. will be a newbuild market, there is a repair and conversion possibility for some stacked OSVs.Though estimates on the pace of the offshore wind energy market in the U.S. vary widely, the direction is clear: offshore wind will be a huge marketplace for construction and support vessels to be deployed in U.S. waters over the next decade. The starting point for estimated vessel demand is the raft of projects along the U.S. East Coast, and to a lesser extent, in the Pacific waters, now in the pipeline.

06 Feb 2020

US Trade Deficit Narrows for First Time in Six Years

©  Mariakray / Adobe Stock

The U.S. trade deficit fell for the first time in six years in 2019 as the White House’s trade war with China curbed the import bill, keeping the economy on a moderate growth path despite a slowdown in consumer spending and weak business investment.The report from the Commerce Department on Wednesday also showed the Trump administration’s “America First” agenda decreased the flow of goods last year, with exports posting their first decline since 2016. President Donald Trump, who has dubbed himself “the tariff man…

05 Feb 2020

India to Buy Russian Crude Oil

Vladimir Putin Introduces the Largest Shipyard in Russia to Narendra Modi. Photo: Rosneft

Russian oil and gas giant Rosneft has signed a contract with India’s largest fuel retailer Indian Oil Corporation (IOC) for supply of 2 million tonne (MT) crude oil to India by end 2020.The Moscow-headquartered integrated energy company said in a press release that the oil will be shipped to the refiner via the port of Novorossiysk.The signing took place during the visit of the Chief Executive Officer of Rosneft Igor Sechin to New Delhi. During this visit, a working meeting was also held with Dharmendra Pradhan…

05 Feb 2020

Coronavirus Paralyzes Oil, Gas Sales into China

© Riekelt / Adobe Stock

Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as the coronavirus slows economic activity and cuts demand and buyers ponder legal action to avoid having to honor purchase agreements, trade sources said.Typically, trade would have revived after the Lunar New Year holiday at the end of January, but China has extended the break into February to try to contain the fast-spreading coronavirus, which has claimed nearly 500 lives.As a result…

03 Feb 2020

Russia Leads E&P Race in Arctic Region

Image: GlobalData

Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData.GlobalData's report, ‘Arctic Exploitation’, discusses how Russia is keen on hydrocarbon appraisal and…

03 Feb 2020

Royston Completes Engine Overhaul Work on Tanker

Royston has completed an overhaul of engines on the Henrietta PG (Photo: Royston)

Royston completed work to overhaul a high-speed diesel engine on a Pritchard Gordon Tanker.Engineers undertook the 51,000 running hour service on the No.2 generator onboard the 127m length Henrietta PG in Trinidad as part of a planned refurbishment and maintenance program. The Henrietta PG is one of 10 purpose built shallow draft, double hull tankers from 6,200 dwt to 10,600 dwt in the Pritchard Gordon Tankers’ fleet. The company specializes in the transportation of crude oil…

02 Feb 2020

PGNiG Acquires Duva Field in Norway

Image: PGNiG

PGNiG Upstream Norway, a subsidiary of Polish Oil and Gas Company (PGNiG), has obtained a final administrative consent to purchase additional 10% interests in the PL636 and PL636B licences in the North Sea.Following the transaction, PGNiG Upstream Norway’s (PUN) interests in both licences increased to 30%. As a result, the volume of Duva field gas production attributable to the Company will rise to 0.2 bcm per year.“Acquisition of fields on the Norwegian Continental Shelf is one of the investment priorities of the PGNiG Group.

03 Feb 2020

International Seaways Signs Refi Deal

Image by International Seaways, Inc.

New York-headquartered product tanker company International Seaways has closed on senior secured credit facilities worth a total of USD 390 million.The crude oil and petroleum product tanker company said that the facilities consists of a 5-year USD 300 million senior secured term loan facility, a 5-year USD 40 million revolving credit facility, of which USD 20 million has been drawn, and a 2.5-year USD 50 million senior secured term loan credit facility.The NYSE-listed ship owner…

02 Feb 2020

MOL in Restructuring Excercise

Image: MOL

Japanese shipping major Mitsui O.S.K. Lines (MOL) has unveiled a number of new restructuring measures effective April 1, 2020.According to a press release, the  marine transportation provider intends to establish three new divisions and integrate its two tanker divisions to achieve synergy.MOL will establish the Offshore Gas Project Division as an organization focused on businesses related to the LNG field in energy value chains (FSRU projects, LNG bunker vessel project, etc.) to accelerate the enhancement of the offshore business…

30 Jan 2020

Kirby to Acquire Savage Inland Marine Fleet

(Photo: Savage)

Houston-based Kirby Corporation said it has signed a definitive agreement to acquire Savage Inland Marine's towboat and tank barge fleet for approximately $278 million in cash and the assumption of leases.Kirby will acquire Savage's inland fleet consisting of 46 towboats and 90 tank barges with approximately 2.5 million barrels of capacity, primarily used for transporting petrochemicals, refined products and crude oil on the Mississippi River, its tributaries and the Gulf Intracoastal Waterway.

28 Jan 2020

Teekay Tankers Closes $533M Credit Facility

Image: Teekay Tankers

Bermuda-based operator of mid-sized tankers Teekay Tankers has closed a new five-year, $533 million revolving credit facility to refinance 31 vessels.The size of the new debt facility was reduced since announcing the term sheet signing in November 2019 as a result of excluding five vessels from the new facility, including the three vessel sales noted above and a potential for further opportunistic vessel sales.The proceeds from the new debt facility will be used to repay approximately $455 million of the company’s existing debt.

28 Jan 2020

Surgutneftegaz Awards 380,000 T of February Urals

© Vladimir / Adobe Stock

Russia's Surgutneftegaz awarded 380,000 tonnes of Urals crude oil loading from the Black Sea port of Novorossiisk and the Baltic's Ust-Luga in February, traders said.A cargo of 100,000 tonnes loading from Ust-Luga over Feb. 19-20 was sold at dated Brent minus $1.80 a barrel when adding freight to an original FOB differential, traders said. French oil major Total was the buyer, they said.Surgutneftegaz also awarded two Urals cargoes of 140,000 tonnes each for loading from Novorossiisk Feb. 15-16 and Feb. 17-18.

24 Jan 2020

Coronavirus Places Shipping on High Alert

Ports in Singapore have started screening inbound travelers on passenger and commercial vessels for coronavirus symptoms (© hit1912 / Adobe Stock)

The Wuhan coronavirus outbreak has placed the shipping industry on high alert amid a rising death toll in China and reports that the fast-spreading illness is reaching new shores.The flu-like coronavirus, first identified in Wuhan, Hubei Province, China on December 31, has killed more than two dozen people in China and is believed to have infected more than 900 worldwide, according to several media reports. Cases have been confirmed in Beijing, Shanghai and Guangdong, and internationally in travelers returning from China to Japan…

22 Jan 2020

South Korea Anti-piracy Unit Heading to the Strait of Hormuz

© Nicolas Parneix / Adobe Stock

South Korea's military said on Tuesday it plans to expand the deployment of an anti-piracy unit now operating off the coast of Africa to the area around the Strait of Hormuz, after the United States pressed for help in guarding oil tankers.Attacks on oil tankers in the Strait of Hormuz off the coast of Iran last year prompted U.S. officials to call for allies to join a planned maritime security mission.While South Korea, a key U.S. ally, will deploy its forces to the area, including the Gulf…

21 Jan 2020

Norwegian OSV Player Enters Tanker Game

Illustration; Oil Tanker - Image by alexyz3d - AdobeStock

Standard Drilling, an offshore driller turned offshore support vessel owner, has now decided to make another shift in its game.The company, which in 2013 sold off its offshore drilling rigs, only to return as offshore vessel owner in 2016, on Tuesday said it would enter the tanker market by acquiring a 33.3% ownership in a newly built VLCC.Delivery from the yard, Daewoo Shipbuilding & Marine Engineering Co in Korea, is expected later this week. The purchase price of the VLCC is $106 million.Standard Drilling will invest $36.5 million…

20 Jan 2020

Guyana's First-Ever Oil Cargo Sets Sail for the U.S

Photo courtesy of Hess

A vessel carrying about 1 million barrels crude oil from Guyana set sail on Monday for the United States, according to vessel tracking service TankerTrackers.com, ushering the tiny South American nation into ranks of the world's oil exporters.The first cargo of Liza crude departed from the floating platform Liza Destiny off Guyana, operated by U.S. companies Exxon Mobil, Hess Corp, and China's CNOOC . (Reporting by Marianna Parraga; editing by Diane Craft)

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