Low Tanker Rates Boost Long-distance Trade -EIA
Recent expansion of the global crude oil and petroleum product tanker fleet has resulted in falling or lower tanker rates for much of 2016 that have widened the geographic scope for economically attractive trade at a time when inventories of both crude oil and petroleum products are at high levels, according to the U.S. Energy Information Administration (EIA). In recent years, growing global oil production and growth in global refining capacity in markets distant from crude sources led to an increase in orders for new vessels in anticipation of an increasing need for tanker transportation.
Gener8 Miltiades Delivered
Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25, 2016 from Shanghai Waigaoqiao Shipbuilding Co. Ltd. ("SWS"). The Gener8 Miltiades represents the sixteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Miltiades entered Navig8 Group's VL8 Pool. The Gener8 Miltiades is the sixth "ECO" VLCC delivered by SWS to Gener8 Maritime, concluding our newbuilding program with the yard.
Polarcus Achieves High Utilization at Low Costs
Polarcus Limited announced release of its third quarter 2016 financial statements. The third quarter financial results reflect a continued competitive market in which Polarcus was successful in maintaining high fleet utilization. Revenues of USD 64.6 million were recorded, down USD 3.3 million (5%) compared to the second quarter 2016. Contract revenues increased by USD 12.7 million (31%) to USD 54.1 million, driven by a shift of vessel capacity to contract from Multi-Client as well as higher achieved contract day rates.
KONGSBERG Integrated Automation for LNG Fuelled Bulker
Kongsberg Maritime has been chosen to supply a full integrated automation solution including the first delivery of its advanced new Fuel Gas Supply System (FGSS) for a newbuild 50,000 DWT LNG Fuelled bulk carrier, ordered by South Korean ship owner, Ilshin Shipping Company. The new bulk carrier will be built at Hyundai Mipo Dockyard and is scheduled for delivery during the fourth quarter of 2017. It is the first dual-fuel merchant vessel to be built in South Korea. Ilshin’s new bulk carrier signals the beginnings of a move towards LNG bunkering in the far east…
Offshore New York Land to be Auctioned for Wind Energy Development
As part of President Obama’s comprehensive Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior Sally Jewell and the Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper today announced that 79,350 acres offshore New York will be offered in a December 15 commercial wind lease sale. “Today’s announcement not only marks another milestone for the U.S. offshore wind energy program…
Antarctica’s Ross Sea Gets Protection
The Commission on the Conservation of Antarctic Marine Living Resources (CCAMLR) today agreed to set aside more than 1 million square kilometres of the Ross Sea in recognition of its incredible scientific and biodiversity values. CCAMLR committed to creating a system of marine protected areas in the Southern Ocean in 2009 and has been discussing the creation of MPAs in the Ross Sea and East Antarctica for several years. Claire Christian, director of the Antarctic and Southern Ocean Coalition…
Wärtsilä EGC Gets First Flag Approval in Asia
The Singapore flag state authorities have approved Wärtsilä's exhaust gas cleaning (EGC) systems, making it the first EGC to be approved by an Asian flag authority. The approvals relate to Wärtsilä EGC systems ordered for two new RoRo vessels owned by a Japanese shipowner and currently being operated by Wallenius Wilhelmsen Logistics, the privately owned Swedish/Norwegian shipping company. The ships entered into service this year. The International Maritime Organization's…
Reliance Inaugurates New Ethane Carriers
In a ceremony held in Geoje (South Korea), Indian's largest private sector company Reliance Industries Limited (Reliance) inaugurated its very first two VLEC (Very Large Ethane Carrier), in the presence of the shipyard Samsung Heavy Industries (SHI) and other key partners of the project. These vessels, Ethane Crystal and Ethane Emerald, are the world's first ethane carriers to feature GTT's membrane technology. They are the first of a series of six vessels, ordered by Reliance in 2014, which will be fitted with GTT's membrane containment systems.
Statoil Aims for at Least 10% of Coming Brazil Gas Market
Norwegian oil company Statoil ASA hopes to have 10 to 15 percent of Brazil's natural gas market in coming years, Pal Eitrheim, the company's most senior executive in the country, told journalists on Wednesday. Eitrheim added that major gas production in Brazil is likely to start after 2020. (Reporting by Jeb Blount; Editing by Ana Mano and Alistair Bell)
Fugro: Contract for US Offshore Wind Development Project
Fugro has been awarded the contract by Vineyard Wind, formerly named OffshoreMW, to perform a marine geotechnical site investigation within its wind development lease, offshore Massachusetts. Fugro’s state-of-the-art, 105-meter drilling vessel M/V Fugro Synergy will perform the study, which will include numerous seabed CPTs and exploration boreholes, along with sampling and downhole CPTs. Following the fieldwork, a program of laboratory testing and reporting will be performed by Fugro’s offices in Houston TX and Norfolk VA.
Statoil Cancels Rig Contact
Statoil decided to cancel the contract with Stena Drilling for the mobile rig Stena Don. The rig has been on contract to Statoil since February 7, 2014, performing operations for the Troll and Fram licences. The original contract termination date is February 7, 2017. The cancellation will take effect after the plugging activity on the Troll field has been completed, in early November. After this, Stena Don was committed to the Fram licence. However, the licence does not have any work program for the rig, nor does Statoil have any other activities where the available capacity can be used.
Smith Joins Woods Hole Group
Woods Hole Group has made a strategic staffing addition to the company. Rob Smith joined Woods Hole Group on October 20, 2016 as the new Business Development Manager/Senior Oceanographer. He will reside in the Texas Office, and support the company’s domestic and worldwide activities. Rob comes to Woods Hole Group with nearly 30 years of expertise in applied, commercial oceanography and marine environmental science in support of offshore and coastal engineering and marine environmental operational challenges.
Iran Crude Oil Exports to Hit 4-month Low
Iran's crude oil exports are set to decline 5 percent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal demand in Europe takes the edge off its post-sanctions export bonanza. Iran's oil exports typically hit a low around October or November each year, reflecting peak refinery maintenance seasons in Europe and in Asia. Next month, however, shipments to Asia look to be steady to higher as China's purchases rebound from an October dip to its lowest Iran imports for the year so far. Overall, OPEC's third-largest producer has been regaining market share at a faster pace than analysts had projected since sanctions were lifted in January…
Navig8 Tankers Add New Vessel
Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Stellar, a 25,000 DWT stainless steel chemical tanker from Kitanihon Shipbuilding Co., Ltd. The Navig8 Stellar is the fourth of six vessels contracted at Kitanihon to be delivered to the Company and is the second and final vessel to be delivered under the sale and leaseback arrangements entered into with subsidiaries of SBI Holdings, Inc (“SBI”) announced on September 15, 2016.
Boskalis Wins Work for Hornsea Offshore Wind Farm
Royal Boskalis Westminster N.V. said it has been awarded a contract by DONG Energy Wind Power A/S for the transport and installation of the foundations for a part of the Hornsea Offshore Wind Farm Project One. The entire wind farm will generate a total capacity of 1,200 MW and is located approximately 120 kilometers off the Yorkshire coast, U.K. The transport and installation of the foundations will be executed by Boskalis' new offshore transport and installation crane vessel for which an existing F-class heavy transport vessel is currently being converted. The vessel will be equipped with a 3,000-ton mast crane, dynamic positioning (DP2) and additional accommodation for up to 150 people.
Australia, France Meet to focus on Future Submarine Program
The Minister for Defence, Senator the Hon Marise Payne, and her French counterpart, Minister Jean-Yves Le Drian, today agreed to strengthen the Australia-France defence relationship by establishing formal annual Australia-France Defence Ministers meetings. Minister Payne said Australia and France have a close and long-standing Defence relationship, based on shared interests in contributing to the rules-based global order and strong cooperation in the Pacific. “Building on these links…
Shell Resumes Crude Exports from Forcados Terminal
Royal Dutch Shell has resumed crude exports from the Forcados terminal in Nigeria's restive Niger Delta following repairs after a militant attack, the Nigerian presidency said on Tuesday. "The Shell Director, Mr. Andrew Brown, informed the President of the resumption of oil exportation through the Forcados terminal following its restoration," the presidency said after a meeting between Brown and President Muhammadu Buhari. (Reporting by Felix Onuah; Writing by Ulf Laessing; Editing by Ruth Pitchford)
Torrent Power Seeks 38 LNG Cargoes
Indian private-sector power utility Torrent Power is seeking 38 cargoes of liquefied natural gas (LNG) for delivery over four years beginning April 2017, in what is likely to be the firm's first import tender. The firm is seeking offers for 22 cargoes to be delivered to Dahej LNG import terminal on India's west coast between April 2017 and December 2019. It is also seeking 8 cargoes per year for delivery in 2020 and 2021, according to a copy of the tender document seen by Reuters. Each LNG cargo is to be between 125,000-175,000 cubic meters, the copy of the tender document shows. Sellers can offer the cargoes on either a fixed price basis, Brent-linked price formula or opt for a mix of both pricing options. The tender will close on Nov. 14.
Future Unmanned Naval Systems for MMCM Program
Thales, BAE Systems and their partner SAAB, ECA Group and ASV Global welcome the confirmation by the Organization for Joint Armament Cooperation (OCCAR) that the UK Ministry of Defense (MOD) and French Defense Procurement Agency (DGA) will continue its collaboration for the combined United Kingdom and France MMCM (maritime mine counter measures) program. Initiated in 2010 under a cooperation agreement between France and the United Kingdom, the MMCM program develops a prototype autonomous system for detection and neutralisation of sea mines and underwater improvized explosive devices (UWIEDs). The agreement signed at Euronaval today between Harriet Baldwin…
MPI Resolution’s Leg Extensions Raises Capabilities
MPI’s wind-turbine installation vessel (WTIV), MPI Resolution, is currently undergoing installation of leg extensions at the company’s Tees Offshore Base in Middlesbrough, UK. Following these modifications, MPI Resolution will be able to operate in water depths of up to 35m, depending upon the site-specific data. This represents a gain of up to 7m on the previous jacking capabilities of the vessel and substantially increases the operability as a result. Modification works started…
Wood Group Bags Hibernia Deal
Wood Group has secured a five year contract to provide engineering, procurement, construction and maintenance services to the Hibernia platform, offshore Newfoundland, from Hibernia Management and Development Company Ltd. (HMDC). The contract will be executed by Wood Group’s Eastern Canada operations, in St. John’s, Newfoundland & Labrador, and has the potential of two additional five year contract extensions. Michele McNichol, CEO for Wood Group’s Asset Life Cycle Solutions business in the Western Hemisphere…
MODEC Connects Offshore Fleet with O3b/RigNet
O3b Networks, technology solutions company RigNet and floating production service provider MODEC, entered an agreement to provide high-throughput, low latency connectivity for MODEC’s Floating Production Storage and Offloading (FPSO) vessels off the coast of Brazil. RigNet will integrate the O3b satellite network solution, enabling MODEC to deliver operational decisions in real-time through advanced collaborative environments. Experts at onshore monitoring centers can now work directly with offshore operators, using real-time information to make better and faster decisions, resulting in increased production and enhanced operating efficiency. O3b connectivity significantly contributes to the governance of the Control of the Work required on board.
Ulstein, SeaOwls Partner for Heavy-lift Jack-Up Design
Ulstein Design & Solutions B.V. (part of Ulstein Group) and SeaOwls B.V. are partnering to combine the former’s track record in heavy lift vessel design with the latter’s experience in jack-up technology and engineering to jointly develop the next generation self-propelled heavy lift jack-up vessel. The new design aims to serve the needs of offshore wind industry, but will also be suitable for operations in the offshore oil and gas market. Rather than developing a scaled-up version of a conventional heavy lift jack-up vessel, a complete new design is being developed by the two companies.
Egypt Launches Record LNG Tender for 96 Cargoes
Egypt launched the world's biggest tender for liquefied natural gas (LNG) as officials from top energy companies and trading houses converged on Cairo undeterred by new rules that could force them to wait for as long as six months to get paid. After months of speculation and delay, state-run Egypt Natural Gas Holding (EGAS) released tender documents on Sunday bidding to secure 96 LNG shipments in 2017 and 2018, participants in the tender told Reuters. An additional 12 optional cargoes were included in the tender, which EGAS may decide not to award, they said. At a price-tag of several billion dollars, it is the biggest mid-term LNG buy tender ever issued, trade sources said.
Bumi Armada Berhad Names Its News FPSO
Bumi Armada Berhad, Malaysia-based international offshore energy facilities and services provider celebrated the naming ceremony of the Armada Olombendo Floating Production Storage and Offloading (FPSO) last weekend. Armada Olombendo FPSO represents Bumi Armada’s largest FPSO and it will operate in Angola on Block 15/06, East Hub, a wide area of 2,984 square-kilometer (km2) in the Angolan deep offshore, located approximately 350 km northwest of Luanda and 130 kilometer west of Soyo.
Shoreham Port, Arcadis win BB Award for Oil Seepage Investigation
The Award, for the ‘Best Scoping or Operation of a Site Investigation’ was presented to Tony Parker, Director of Engineering at Shoreham Port and George Flower, Technical Director at Arcadis at a prestigious awards ceremony in London last week. The mysterious smell and oil seepage were discovered to be caused by an oily substance seeping out onto the beach at extreme low water and this was discovered to have originated from the giant coal gas works that once occupied the Portslade end of the Port.
Launching of HOS Warhorse at Gulf Island Shipyards
Gulf Island Shipyards will launch the HOS Warhorse the newest vessel of Hornbeck Offshore services. The HOS Warhorse is the first of the 400 ES Class MPSVs in Hornbeck’s fleet. The Launching ceremony will commence on Tuesday, November 1st, 2016 at 9:00 at Gulf Island Shipyards’ facility in Jennings Louisiana (111 Bunge Street, Jennings, LA 70546).
Tidewater Gets Waiver Extensions
As previously reported, Tidewater Inc. (NYSE: TDW) has been in discussions with its principal lenders and noteholders to amend the company's various debt arrangements to obtain relief from certain covenants. Pending the resolution of those discussions, the company received limited waivers from the necessary lenders and noteholders which waived compliance with these covenants until October 21, 2016. The company has now received extensions of these waivers until November 11, 2016.
Changing Spill Risk in a Changing Arctic Landscape
Industry analyst and environmental consultant Dagmar Schmidt Etkin, PhD, takes a hard look at a rapidly shifting operational landscape in the Arctic. Always an honest broker of information, Etkin tells it like it is. Oil spill risk is present anywhere that oil is present in reservoirs, or is transported, consumed, stored, and handled in some way. The Arctic is no exception. Not only are there oil reserves in the Arctic, some of which are being or will soon be considered for exploration and production, there is also oil being transported as cargo or as fuel to Arctic communities.
US Drillers Extend Rig Recovery
The number of rigs drilling for oil in the United States rose again this week, extending its second-best streak of no cuts into a 17th straight week, with analysts expecting more additions as crude prices hold over $50 a barrel. Drillers added 11 oil rigs in the week to Oct. 21, bringing the total count up to 443, the most since February, but still below the 594 rigs seen a year ago, according to energy services firm Baker Hughes Inc on Friday. That 17-week streak of not cutting rigs matched a stretch in 2010, making it the second-longest run since 1987, following 19 weeks in 2011. The Baker Hughes oil rig count plunged from a record of 1…
Russia to Reduce Urals Oil Exports from Baltic Ports
Russia will export 2.9 million tonnes of Urals crude oil from the Baltic ports of Primorsk and Ust-Luga on November 1-16, down 0.8 million tonnes from the same period of October, according to a preliminary schedule, seen by Reuters. Russia will increase Urals and Siberian light oil exports from the Black Sea port of Novorossiisk by 0.36 million tonnes to 1.6 million for November 1-18, the schedule showed. (Reporting by Gleb Gorodyankin; writing by Denis Pinchuk; editing by Polina Devitt and Jason Neely)
EMGS Amends Deal for Atlantic Guardian
Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel Atlantic Guardian with North Sea Commander Shipping AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 1 October 2016. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 27% and a new 5 year term for the charter. "We are pleased to see that our suppliers are contributing to the targeted cost savings in the Company.
GasLog Orders New LNG Carrier from SHI
GasLog Ltd. today announces that it has signed a time charter party with Centrica plc. ("Centrica") to charter a vessel for a period of seven years. The vessel, a 180,000 cubic meter LNG carrier with XDF propulsion, has been ordered from Samsung Heavy Industries ("Samsung") in South Korea. Centrica will charter the vessel from GasLog for a period of seven years commencing in the second half of 2019. The daily charter rate is in line with GasLog's average long-term charter rate.
Sea Trucks Wins IMR Work in West Africa
Netherlands-based Sea Trucks Group (STG) said it has secured a contract award from an oil major in West Africa. STG was awarded an inspection, maintenance and repair contract for anoil major in West Africa with commencement during Q4 2016. Graeme Pennycook, Sea Trucks Group’s Managing Director, commented, “We are delighted that, in the present difficult market, Sea Trucks has been awarded this significant contract. This award demonstrates our ability to offer clients a tailored project solution based around the client’s requirement and utilization of our unique marine assets.
Duterte Aligns Philippines with China to Resolve Sea Dispute
Philippine President Rodrigo Duterte announced his "separation" from the United States on Thursday, declaring he had realigned with China as the two agreed to resolve their South China Sea dispute through talks. Duterte made his comments in Beijing, where he is visiting with at least 200 business people to pave the way for what he calls a new commercial alliance as relations with longtime ally Washington deteriorate. "In this venue, your honours, in this venue, I announce my separation from the United States…
As Iran Oil Tenders Near, Investors Still in the Dark on Terms
Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni, Royal Dutch Shell and LUKOIL have all travelled to Tehran this year, since the EU sanctions ended in January. Their teams spent weeks meeting local officials ahead of investment tenders due to start next month. But several senior executives and members of their negotiating teams told Reuters they still had not been given sufficient information about the geology of Iranian fields or contract terms.
Excess Tonnage Weighs on Asia Dry Bulk-Capesize Rates
Capesize market "absolutely dead" on Thursday - broker. Vale says no new cargoes but owners sail empty vessels to Brazil. Freight rates for large capesize dry cargo ships on key Asian routes will continue to fall next week as too many ships chase available cargoes, brokers said on Thursday. "The market is absolutely dead today - it's all very doom and gloom," said a Singapore-based capesize broker on Thursday. While BHP Billiton and Rio Tinto have been active charterers this week, Fortescue Metals Group has stayed out of the market, the broker added.
Skangas Secures Framework Agreement with Statoil
Skangas has entered into an agreement with Statoil for delivery of liquefied natural gas (LNG) fuel for their platform supply vessels (PSV). The LNG will be delivered to several bases along the Norwegian west coast by ship. Skangas will in addition deliver LNG to Statoil’s tugs at Kårstø. The agreement is valid from 1 April 2017 until the end of 2020 with an option for two plus two years. The supply bases are located at Mongstad, Florø (Saga Fjordbase) and Kristiansund (Vestbase).
CMA CGM, ENGIE Ink LNG Deal
CMA CGM and ENGIE signed a Memorandum of Understanding to promote LNG as the marine fuel for tomorrow’s container vessels. Farid Salem, Executive Officer of the CMA CGM Group, and Isabelle Kocher, CEO of ENGIE, signed the agreement today at the Marseille headquarters of CMA CGM. * A study about the development of engineering specifications for a bunkering vessel adapted to LNG powered container ships, so as to improve over time the logistics chain necessary to fueling this type of vessels, thus promoting their deployment.
VOS Start Equipped with Barge Master Gangway
Vroon has announced that walk-to-work vessel VOS Start is to be equipped with the brand-new Barge Master Gangway. This unique combination will enable safe and efficient transfer of personnel and cargo. The Barge Master Gangway incorporates an access tower with elevator, providing stepless access. The adjustable pedestal provides full flexibility in landing heights. With the participation of Bosch Rexroth in the Barge Master team, the highest quality and safety standards are guaranteed. This unrivalled, next-generation walk-to-work vessel will be available to the offshore industry in Q2 2017.
LR, SCC Release Low Carbon Pathways 2050 Study
Lloyd’s Register (LR) and Shipping in Changing Climates, a $4m multi-university and cross industry research project funded by EPRSC, have today released Low Carbon Pathways 2050 – a new study that details a number of potential pathways for the shipping industry’s transition to a low carbon future. The report underlines the need for shipping to start its decarbonization imminently – as stringency increases over time, increasingly high-cost mitigation steps are required. The later we leave decarbonization, the more rapid and potentially disruptive it will be for shipping.
LNG Sector Ready to meet Industry Demand
Ahead of the 70th Session of the IMO’s Marine Environment Protection Committee (MEPC), the cross-industry coalition 'SEA\LNG' has highlighted the ability of the liquefied natural gas (LNG) sector to meet the future emissions requirements of the global shipping industry. The recently formed coalition has issued a position statement which outlines the benefits of LNG as a marine fuel and offers its support for the implementation of MARPOL Annex VI for the prevention of air pollution by ships.