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Heavy Oil News

14 Mar 2024

NYK and Astomos Energy Christen New Jointly-Owned Dual-Fuel LPG Carrier

Gas Garnet vessel (Credit: NYK)

As their first jointly owned liquefied petroleum gas (LPG) carrier in 21 years, NYK and Astomos Energy have named the new vessel Gas Garnet.The companies held a naming ceremony at the Sakaide Works of Kawasaki Heavy Industries on March 1, 2024.The 86,953 m3 capacity vessel was christened Gas Garnet by Yoshihito Takahashi, senior executive officer of Astomos Energy. This is the first jointly owned LPG vessel by the companies after they shared ownership of Gas Capricorn from 2003.The vessel has a breadth of 37.2 meters…

07 Feb 2024

Japan’s First LNG-Fueled Capesize Bulk Carrier Delivered

SG Ocean (Credit: NYK)

An LNG-fueled capesize bulk carrier, ordered by NYK and to be deployed to transport iron ore and coal from Australia to Japan under a long-term consecutive voyage charter contract with JFE Steel Corporation (JFE), has been delivered.The naming ceremony for the vessel was held on January 30, 2024, at Japan Marine United Corporation's Tsu Shipyard in Mie Prefecture.The vessel is the first capesize LNG-fueled bulk carrier to be built at a shipyard in Japan, according to an NYK research.The vessel was named ‘SG Ocean’ to reflect the ‘SG’ of NYK's ‘Sail GREEN’ brand…

25 Jan 2024

NYK Sets Out Plans for Full-Scale Biofuels Trials in 2024

Frontier Jacaranda, a bulk carrier that conducted a short trial of biofuels in 2021 (Credit: NYK)

Japanese shipping company NYK has unveiled plans to conduct full-scale trials of long-term use of biofules for its existing heavy oil-fired vessels starting from 2024.Considered to have net-zero CO2 emissions, biofuels are produced from biological sources (biomass), such as waste cooking oil. Usable in heavy oil-fired engines, biofuels are considered to be one of the critical solutions to reducing greenhouse gas (GHG) emissions.In this trial, NYK will use biofuel continuously for three months on multiple vessel types.

04 Dec 2023

India Resumes Imports of Venezuelan Oil

© Fotos von Schiffen / Adobe Stock

Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance RELI.NS set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.Trade resumed between the OPEC producer and the second largest destination for its oil after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a flurry of spot sales of crude and fuel through middlemen and traders…

09 Nov 2023

World's First: Japanese Firms to Looking to Build Sustainable Bulk Carriers for Copper Transport from Chile

Signing ceremony
First from left, Masashi Suda, President, NBP
Second from left, Koichi Kawamura, Director, OSHIMA
Third from left, Norihiko Nonaka, Managing Executive Officer, SUMITOMO
Fourth from left, Máximo Pacheco, Chairman of the Board, CODELCO - Credit: NYK Lines

Japan's NYK Line said Thursday its NYK Bulk & Project Carriers Ltd. (NBP), Oshima Shipbuilding Co., Ltd. (OSHIMA), and Sumitomo Corporation (SUMITOMO) had signed a memorandum of understanding to study, design, and construct the world’s first Handymax bulk carrier (ammonia dual fuel type) dedicated to the transport of copper products, that will reduce CO2 emissions to zero.The MoU signing comes just a year after Corporación Nacional del Cobre de Chile (CODELCO), a Chilean state-owned company and one of the world's leading copper producers, and NYK Bulk & Project Carriers Ltd.

10 Aug 2023

Cuban Oil Tankers Becoming Regular Visitors to Mexican Ports

Cuba has begun using its own tankers to ramp up crude imports from Mexico, which in the second quarter surpassed Russia as a key oil provider to the fuel-thirsty island, according to vessel monitoring data.Following days-long lines to fill drivers' tanks and power blackouts, the communist-run nation saddled with harsh U.S. economic sanctions has broadened its sources of oil imports in a move to ease fuel scarcity, replenish stocks and reduce dependence on its traditional and largest supplier, Venezuela. Washington has also sanctioned Venezuela's oil industry since 2019 over election-fraud claims.Mexico has emerged as a top provider, sending oil on a vessel owned by state oil company Petroleos Mexicanos (Pemex) and ships managed by Cuba.

28 Jun 2023

China's Shandong Starts Releasing Oil Stranded at Ports after Inspections, Sources Say

©komi$ar/AdobeStock

China's Shandong refining hub has begun releasing millions of barrels of oil that were stuck at ports after inspections curbed imports into the province, trading sources said following a meeting this week between officials and refiners.The easing of curbs placed on China's top oil importing province in mid-April will help free up inflows of heavy crude from Venezuela and Iran, they said. In a meeting hosted by the Shandong government on Tuesday between customs officials and independent refiners…

10 May 2023

Toyota Tsusho Establishes Biofuel Supply in Japan

The car carrier Toyofuji Maru (Toyofuji Shipping) and bunkering ship Shozan (Toyota Tsusho)

Toyota Tsusho and subsidiary Toyotsu Energy have launched Japan's first continuous, commercial supply of biodiesel blended fuel at the Port of Nagoya.Toyotsu Energy is supplying Toyofuji Shipping's car carrier Toyofuji Maru after earlier conducting ship-to-ship bunkering trials.Toyota Tsusho, in cooperation with Daiseki Eco. Solution, is procuring waste cooking oil collected from the employee cafeterias and other facilities of Toyota Group and Toyota Tsusho Group companies, which…

21 Mar 2023

Chevron-chartered Tanker Collides with Sanctioned Vessel in Venezuela

A Liberia-flagged oil tanker chartered by Chevron Corp had a minor collision with another vessel, the Bueno, in Venezuelan waters on Sunday, according to sources and a shipping report seen by Reuters on Monday. The Bueno has not navigated international waters since the U.S. Treasury Department last year imposed sanctions on it and four other vessels for alleged involvement in moving Iranian-origin shipments, which led to the loss of its Djibouti flag.Chevron-chartered tanker Kerala, which is scheduled to load about 240,000 barrels of Venezuelan heavy oil at the Bajo Grande terminal at Lake Maracaibo this week, was near the Amuay ship-to-ship transfer area on Sunday night when it collided with the Bueno.Incidents involving vessels…

13 Mar 2023

Venezuela to Ship Fuel to Cuba on US-blacklisted Supertanker

© Igor Groshev / Adobe Stock

Venezuela's state-run oil company PDVSA on Monday was loading a supertanker with crude and fuel for Cuba, maritime documents showed, an unusually large volume to help its political ally overcome an energy crisis with repeated blackouts.Several big electrical outages this year have left many in Cuba concerned about power supplies this summer, when residents crank up air conditioning to stay cool in the Caribbean heat.Cuban officials have blamed the intermittent power on difficulties processing heavy sour Cuban crude and fuel shortages on the island…

27 Jan 2023

NYK to Build Fifth LPG Dual-Fuel VLGC

Image courtesy NYK/Kawasaki Heavy Industries

NYK ordered its fifth liquefied petroleum gas (LPG) dual-fuel very large LPG/liquefied ammonia gas carrier (VLGC) from Kawasaki Heavy Industries Ltd. (KHI). The ship will be built at the KHI Sakaide Works shipyard and is set for delivery in 2026.This vessel is the seventh in NYK's fleet of LPG-fueled LPG carriers and the fifth in a new type of vessel that is also capable of carrying ammonia and will be equipped with separate cargo tanks designed to carry LPG and ammonia at the same time to flexibly respond to various trade patterns.In addition to the LPG dual-fuel engine…

05 Jan 2023

Lack of Dredging Could Delay Chevron's Venezuela Oil Exports

© momentscatcher / Adobe Stock

A shipping channel snafu is slowing Chevron Corp’s efforts to load tankers at one of its four Venezuelan joint ventures and bring heavy crude to the United States, three people familiar with the matter said on Wednesday.Washington in November authorized the last major U.S. firm still operating in Venezuela to restore lost output and begin exporting oil as a way to encourage talks between Nicolas Maduro’s government and the country’s political opposition.But a plan to move heavy…

05 Jan 2023

AiP for Ammonia Floating Storage and Regasification Barge (A-FSRB)

Image of A-FSRB (courtesy of NYK Line)

ClassNK issued an Approval in Principle (AiP) for an ammonia floating storage and regasification barge (A-FSRB) jointly developed by NYK Line, Nihon Shipyard Co., Ltd. (NSY), and IHI Corporation (IHI), reportedly the world's first AiP for A-FSRBs handling ammonia as cargo.Ammonia, which does not emit CO2 during combustion, has attracted attention for its use in thermal power plants and other applications as a potential fuel for decarbonization, while the development of onshore facilities for storage and regasification is a challenge.

30 Nov 2022

Venezuelan Oil Exports Flow Using False Documents, Ships Linked to Iran

When the supertanker Young Yong sailed to the Chinese port of Qingdao in September last year, it had quality certificates for its cargo stating it was transporting Malaysian crude oil, according to the documents reviewed by Reuters.But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions.The Young Yong is one of three vessels identified by Reuters that were chartered by little-known companies to export Venezuelan oil and used false documents to conceal its origin, according to shipping documents and 11 sources with knowledge of the trade.Two of those tankers, including the Young Yong, were designated this month by U.S.

02 Nov 2022

NYK to Order Two LNG-Fueled Large Coal Carriers

©NYK

Japan's NYK is set to order two LNG-fueled large coal carriers from Oshima Shipbuilding Co., Ltd. The vessels are scheduled to be delivered in 2025."This ship order is a part of a bulk carrier fleet development aimed at achieving net-zero greenhouse gas (GHG) emissions in the NYK Group's oceangoing businesses by 2050," NYK said.NYK says that compared to conventional heavy oil-fueled ships, the two new ships will emit zero sulfur oxides (SOx), 80% less nitrogen oxides (NOx), and 30% less carbon dioxide (CO2).

26 Sep 2022

Tankers to Discharge Iranian Crude, Condensate at Venezuela's Main Port

Tankers carrying about 1.22 million barrels of Iranian crude and 2 million barrels of condensate are scheduled to discharge at Venezuela's Jose terminal in the coming days, according to a document from state oil company PDVSA.Venezuela relies in Iran for a large portion of the diluents that PDVSA uses to convert its heavy oil to exportable grades. Iranian crude also is being refined in the South American country to produce motor fuels.One of the tankers that arrived this month in Venezuelan waters is the Iran-flagged very large crude carrier (VLCC) Huge, operated by National Iranian Tanker Company (NITC), according to the document. Non-profit organization United Against Nuclear Iran and monitoring service TankerTrackers.com confirmed its identity.For the second cargo…

16 Jun 2022

US Steps Up Heavy Crude Imports

© a166f105 / Adobe Stock

U.S. refiners last month imported the most heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil.Higher heavy-crude imports are common in summer-driving months, but this year's increase comes as the Biden administration is calling on for refiners to ramp up output and shave profit margins to ease soaring prices. The administration has asked for a parley to explore further efforts.Heavy crudes are cheaper than lighter shale oils produced in the United States and typically make more diesel and less gasoline.

06 May 2022

Venezuela's Oil Exports Drop 8% in April amid Quality-linked Delays

© JosIsaac/AdobeStock

Venezuela's oil exports fell 8% in April from the previous month amid continued delays linked to poor-quality crude grades and insufficient oil upgrading capacity available, according to documents and vessel monitoring data on Thursday.U.S.-sanctioned Venezuela recovered a portion of lost production last year, but crude shipments have been volatile, bouncing some 200,000 barrels per day (bpd) in the space of a few months as its ability to turn its extra-heavy oil into exportable grades has waxed and waned.State-run oil firm PDVSA and its joint ventures exported an average of 644…

28 Apr 2022

NYK to Build Its Third LPG Dual-Fuel Very Large LPG / NH3 Carrier

NYK ordered f its third liquefied petroleum gas (LPG) dual-fuel very large LPG / liquefied ammonia gas (NH3) carrier (VLGC) from Kawasaki Heavy Industries Ltd. The ship will be built at the KHI Sakaide Works shipyard and is set for delivery in 2024.Like our first two ordered LPG dual-fuel very large LPG / NH3 carriers, the vessel will be equipped with separate cargo tanks designed to carry LPG and ammonia at the same time to flexibly respond to various trade patterns.In addition to the LPG dual-fuel engine, the ship will have a shaft generator that can generate electricity during the voyage by using the rotation of the shaft that connects the main engine to the propeller.

28 Mar 2022

NYK Takes Delivery of Plumeria Leader Car and Truck Carrier

Credit: NYK

Japanese shipping company NYK last week took delivery of the Plumeria Leader, an LNG-powered pure car and truck carrier (PCTC).The vessel, delivered on March 24, was built at the Shin Kurushima Dockyard of Shin Kurushima Toyohashi Shipbuilding Co. Ltd. This is NYK's second LNG-fueled car carrier following the delivery of the Sakura Leader."By vessel modification and the switch to LNG, Plumeria Leader will make the ship up to approximately 40% more energy efficient (by reducing CO2 emissions per unit of transport) compared to ships using conventional heavy oil-fired engines.

16 Feb 2022

Iranian Condensate Cargo arrives in Venezuela

A 2.1 million barrel cargo of Iranian condensate arrived in Venezuela's waters this week, vessel tracking data and a company document showed, ferrying supplies to state-run oil firm PDVSA to dilute its extra heavy oil for export.U.S.-sanctioned Venezuela and Iran last year agreed to a contract for exchanging Iranian condensate, a very light form of oil, for Venezuelan heavy crude. The trade has proven key to sustaining PDVSA's production and expanding its exports.The Iranian-flagged very large crude carrier (VLCC) Dan, operated by state-owned National Iranian Tanker Company (NITC), entered Venezuelan Jose port's anchorage on Tuesday…

11 Jan 2022

Report: Venezuela to Export Diluted Crude after 9-month Pause

Illustration only - Credit: JosIsaac/AdobeStock

Venezuelan state-run oil firm PDVSA this week will resume exports of diluted crude oil (DCO) for the first time in nine months, according to a document seen by Reuters.Since U.S. trade sanctions were imposed on PDVSA in 2019, a lack of diluents, especially heavy naphtha, has hurt its ability to produce exportable grades from its largest production region, the Orinoco Belt. Its extra heavy oil must be diluted with naphtha or condensate for transportation and exports.A key swap…

08 Dec 2021

NYK to Build Two LPG Dual-Fuel Very Large LPG / NH3 Gas Carriers

Image courtesy NYK/Kawasaki Heavy Industries

NYK ordered its first two liquefied petroleum gas (LPG) dual-fuel very large LPG / ammonia (NH3) gas carriers (VLGCs) from Kawasaki Heavy Industries, Ltd., both to be built at the KHI Sakaide Works shipyard and are set delivery in 2024.Both ships will be equipped with separate cargo tanks designed to carry LPG and ammonia at the same time to flexibly respond to various trade patterns. Ammonia is attracting attention not only as a raw material for chemicals and fertilizers but…

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