VLCC Rates Surge as U.S. Sanctions COSCO
Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said.The company now has conditionally booked the Pacific M at a new record of $12.35 million…
Wind Energy Workboats: A US Offshore Build-up
Block Island — U.S.-based Deepwater Wind’s five-turbine, 30-megawatt wind park — was the first. It showed what was possible, what might not have been optimal and how long it all takes. Since then, incentives for onshore-wind have been curbed, while a tax credit for offshore wind has been extended. Wind parks are in the works. States have power companies buying offshore wind energy, and experienced offshore operators are hiring the new wind-service vessels from elements of their oil-and-gas supply chain. The Jones Act, too, is being overcome by fleet owners and designers joining the U.S.
Libyan Port Fire Destroys 1.8m Barrels of Crude
A fire raging at an oil storage facility at Libya's Es Sider port has destroyed up to 1.8 million barrels of crude, a top oil official said on Tuesday. Total damage so far, including the lost oil, is estimated at $213 million, al-Mabrook al-Buseif, the top oil official of the recognised Libyan government, told Reuters. (Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by David Goodman)
FPSO Contract Suspension Could Cost Petrobas US$15-bln
Profit at Petrobras, Brazil's state-led oil company, could be reduced by $15 billion between 2014 and 2018 if it had to suspend oil platform contracts with Holland's SBM Offshore NV, the company said in a securities filing. The potential reduction in profit is based on an estimate of the amount of lost oil and natural gas output and additional spending needed if Petrobras had to stop using the floating oil production platforms leased from SBM, it said in the Saturday filing. The estimate was made in response to a request by Brazil's Office of the Comptroller General (CGU), Petrobras said in the filing. The CGU is the Brazilian federal-government agency responsible for the protection of public property.
