Expiration News

Venezuela's loss of a key U.S. license that allowed it to freely export and increase investment in its oil sector will hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S deal authorizations.U.S. officials had warned that absent progress by President Nicolas Maduro on implementing an electoral roadmap agreed last year, the U.S. would not renew license 44, which since October had eased oil sanctions in place for the last five years.On Wednesday…

The Biden administration said it would not renew a license set to expire early on Thursday that had broadly eased Venezuela oil sanctions, moving to reimpose punitive measures in response to President Nicolas Maduro’s failure to meet his election commitments.Just hours before the deadline, the U.S. Treasury Department announced on its website that it had issued a replacement license giving companies 45 days to “wind down” their business and transactions in the OPEC country's oil…

Diplomatic efforts are underway to try to find a "climbdown" for Yemen's Houthis, the special U.S. envoy to Yemen said in a video recording released on Tuesday, in an apparent reference to finding a face-saving solution to ending their attacks on ships in the Red Sea.U.S. Special Envoy Tim Lenderking recorded his comments on Friday for a think-tank conference before flying to Oman for talks on the crisis that has triggered retaliatory U.S. and British strikes against Houthi weapons sites.Oman has been a mediator with the Iran-aligned Houthis…

Brazil’s commodities export hubs are strained with record volumes of soy, corn and sugar to be moved at a time of the year when rains start to increase in southern ports, according to traders, analysts and shipping data.Exporters are reporting delays in coffee shipments due to a tight availability of trucks and containers, while loading waiting times for vessels have jumped, resulting in additional costs for traders and delays for the commodities to reach destinations.Brazil ports have been dealing with high volumes this year…

Massachusetts Maritime Academy (MMA) is set to open a new office on campus that promotes diversity, equity and inclusion through programs, events and student support initiatives.MMA's Office of Intercultural Engagement named its new office the Captain Paul Cuffe Center for Inclusion, in honor of the master mariner, philanthropist, abolitionist and education advocate. Approved by unanimous vote of the Massachusetts Maritime Academy Board of Trustees, the Cuffe Center is housed…

Norwegian offshore vessel owner Golden Energy Offshore Services AS (GEOS) has secured a contract extension with Repsol for its Energy Swan platform supply vessel in Norway.The contract is a direct continuation of the current charter contract from 2021.The large PSV Energy Swan was chartered in 2021 for a firm period of one year, plus another optional year.Since the expiration of the firm period, the two companies have agreed to several extensions, with this latest being for two more months, until November  1, 2023. Financial details of the latest extension were not disclosed.The are no more options available for Repsol Norge AS after November 1, 2023. The 2005-built Energy Swan is a ST 216 design large PSV / pipe carrier.

The European Commission is helping the United Nations and Turkey try to extend a deal allowing the Black Sea export of Ukraine grain and is open to "explore all solutions," a European Union spokesperson said on Thursday, ahead of the deal's possible expiration on Monday.The U.N. and Turkey brokered the Black Sea Grain Initiative with Russia and Ukraine in July 2022 to help alleviate a global food crisis worsened by Moscow's invasion and blockade of Ukrainian ports. Ukraine and…

Performance Shipping, a shipping company specializing in the ownership of tanker vessels, has entered into a time charter contract with ST Shipping & Transport Pte Ltd., for the 2010-built, 105,304 dwt, LR2 Aframax oil product tanker, the M/T P. Aliki. The gross charter rate will be based on a fixed floor rate of US$45,000 per day for a period of minimum of four months to a maximum of five and a half months at the charterer's option, plus a 50/50 profit share provision above the floor rate. The charter started on June 26, 2023, and is expected to generate approximately a minimum of US$5.5 million to a maximum of US$7.5 million in gross revenue to Performance Shipping…

Norwegian offshore vessel owner Solstad Offshore has sold the anchor-handling tug supply vessel Far Sabre for an undisclosed fee.The 2008-built vessel has been in layup since 2019. Delivery of the vessel to the new owner took place on Tuesday. Solstad did not say who the buyer was."The sale of the vessel will result in a minor positive accounting effect to be reflected in 1Q 2023," Solstad Offshore said.Earlier on Tuesday, Solstad said it would redeliver two anchor handlers to owner Ocean Yield upon the expiration of their current contracts.

The U.S. Coast Guard announced in the Federal Register that it proposes to further delay the effective date for certain facilities affected by the final rule entitled “Transportation Worker Identification Credential (TWIC)—Reader Requirements,” published in the Federal Register on August 23, 2016.The current effective date for the final rule is May 8, 2023. The Coast Guard proposes delaying the effective date for: facilities that handle certain dangerous cargoes in bulk, but do not transfer those cargoes to or from a vessel…

Solstad Offshore, a Norwegian company that owns and operates offshore support vessels, has won a contract for the subsea construction vessel Normand Baltic and a contract extension for the subsea construction vessel Normand Navigator.The contracts are for renewable energy projects in North Europe and Asia, with extension options available upon the expiration.The Normand Baltic contract will cover the majority of Q4-22 and Q1-2023, while the Normand Navigator now has a firm contract to Q4 2023…

Norwegian oil and gas company Equinor has exercised an option to extend the contract for Solstad Offshore's Normand Ferking AHTS vessel for one more year to November 2023.Equinor has the option to extend the contract for a further one year after the expiration of the current contract. Normand Ferking has been on contract with Equinor since 2007 and will continue to support Equinor's activities on the Norwegian Continental Shelf.

President Joe Biden's administration on Friday unveiled a five-year proposal for offshore oil and gas development in areas of existing production, and said the final plan may have anywhere from zero to 11 lease sales.The range of options, between two auctions a year and none at all, sought to balance the administration's efforts to fight climate change with its calls to increase oil and gas supplies in the face of soaring fuel prices.The proposed plan includes no more than 10 possible sales in the Gulf of Mexico and one in the Cook Inlet off the coast of Alaska…

The Biden administration on Thursday delayed the rollout of a proposed five-year offshore oil and gas development plan that had been promised by the end of the month, according to sources.Interior Department Secretary Deb Haaland in May had vowed to unveil the draft proposal ahead of the June 30 expiration of the current plan. The department will not be able to hold any offshore oil and gas lease sales until a new plan is finalized.Briefings with officials meant to take place Thursday ahead of a public announcement were unexpectedly delayed, according to sources.

The U.S. Interior Department has recommended to the White House that all federal offshore oil and gas drilling auctions over the next five years be located in the Gulf of Mexico, where the drilling industry has already been focused for decades, according to two sources familiar with the matter.The recommendation to exclude all other waters from offshore oil and gas development comes as U.S. President Joe Biden seeks to balance his goal to transition the country away from fossil fuels against a Congressional requirement to hold regular drilling auctions…

American Shipping Company ASA (AMSC), A Norwegian-based ship finance company focused on the intercoastal U.S. Jones Act shipping market, announced it has entered into bareboat charters for two of its vessels commencing in December 2022 with U.S. tanker operator Keystone Shipping Co.The bareboat charters have minimum terms of three years which may be extended at the charterer’s options. The charters are secured by back-to-back time charters of the same duration between Keystone and a major U.S. based oil and refinery group.AMSC said the new charters add almost $60 million to its existing charter backlog, excluding any proceeds from the profit share component of the charters.AMSC CEO Pål Lothe Magnussen said…

The Biden administration will propose a new five-year plan for offshore oil and gas development by June 30, the date when the current plan expires, Interior Secretary Deb Haaland said on Thursday.The announcement comes as the administration has faced pressure from Republican lawmakers to expand domestic drilling to address soaring fuel costs. President Joe Biden, however, wants to reform the federal government's oil and gas program to consider its impacts on climate change.Haaland testified before the Senate energy committee to answer questions on the administration's 2023 budget proposal…

Gulf Island Fabrication, Inc., a steel fabricator and service provider to the industrial and energy sectors, today announced that its Chairman of the Board of Directors, Michael A. Flick, will retire effective upon the expiration of his current director term in connection with the company’s 2022 annual meeting of shareholders. With Flick’s retirement, the Board will be reduced to six members.Flick has served as a director of the company for 15 years and as Chairman of the Board since 2020. He also has served, at various times, as a member of the Audit Committee, member and Chairman of the Compensation Committee, and member and Chairman of the Corporate Governance & Nominating Committee.The Board unanimously elected William E.

Four UN organizations have called for continued global collaboration to address the crew change crisis that at times during the COVID-19 pandemic has left more than 400,000 seafarers stranded at sea.In a joint statement issued on February 28, the International Labor Organization (ILO), the International Maritime Organization (IMO), the United Nations Conference on Trade and Development (UNCTAD) and the World Health Organization (WHO) say new challenges and variants of concern like Omicron threaten to worsen the plight of the world’s seafarers…

Offshore services firm Global Marine Group has extended the contract for Solstad Offshore's construction support vessel Normand Clipper.The contract extension is for three years more, with the vessel now expected to stay with Global Marine Group until May 2026. Global Marine Group will have additional extension options upon the expiration of the firm contract.Global Marine Group will continue to utilize the vessel to support its worldwide cable lay operations."The commercial terms and conditions are confidential between the parties…

The U.S. labor secretary on Tuesday met with unions and employers at the nation's busiest port complex in Southern California as anxiety builds ahead of next year's contract negotiations covering roughly 22,000 West Coast dockworkers.The contract expires in July, and the stakes are particularly high at the Los Angeles/Long Beach port complex that handles some 40% of U.S. imports. Docks at the side-by-side ports are crowded with cargo boxes and more than four dozen container ships…

Oilfield services giant TechnipFMC has shed more light on vessel contracts it recently secured with Petrobras in Brazil in cooperation with the Norwegian offshore vessel owner DOF.DOF last week said it had, in JV with TechnipFMC, secured three-year contracts for two pipelay support vessels Skandi Vitória and Skandi Niteroi, without sharing further details on the scope of work awarded nor on the value.TechnipFMC on Tuesday issued a separate statement in which it said the contracts were "significant" which for TechnipFMC means as having a value between $75 million and $250 million.The Brazilian-built and flagged vessels are owned by DOFCON Navegação Ltda, a 50/50 JV between TechnipFMC and DOF Subsea.

Triumph Subsea Services last week said it had cancelled a letter of intent with Infrastrata related to the proposed construction of an offshore wind development vessel, and said it wouldn't build any vessels with Infrastrata or any of its shipyards. Responding to Triumph, Infrastata said Triumph had not achieved any of the milestones required to proceed with the shipbuilding project.The two companies had signed the Letter of intent for one firm and one optional ST designed 200m x 35m Windfarm Development Vessels (WDV)…