Million Mt News

Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns.As a result of the European Union ban on Russian fuel that started on Feb. 5, tankers carrying clean oil products such as gasoline, diesel, jet fuel and naphtha are traveling between 16 and 18 days to bring Russian supplies to Brazil or U.S. cargoes to Europe…

Clearlake Shipping, a wholly-owned subsidiary of Gunvor Group, has fixed a new building 37,000 deadweight ton (dwt) asphalt carrier, the White Pearl, to be delivered before year end.White Pearl will complement Gunvor’s growing asphalt trading business, which has been active since 2016, adding to the company’s position in the trade, storage, and transportation of asphalt products. Gunvor’s trading desk operates worldwide, moving approximately 1 million MT of bitumen annually, and has a dedicated fleet of four existing fixed vessels and multiple spot charters.

Swedish Alfa Laval has struck a deal to acquire weather intelligence and decision support services provider StormGeo.Alfa Lava, specializing in heat transfer, centrifugal separation, and fluid handling, said the acquisition would accelerate its digital services offering and to add an important tool to the decarbonizing toolbox offering. StormGeo provides weather-centric services to more than 2,200 customers globally in a variety of industries, including shipping, energy, and onshore industries such as healthcare…

Italy’s d’Amico International Shipping (DIS) said that its Ireland-based subsidiary d’Amico Tankers has signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of  MT High Voyager for a consideration of US$ 25.7 million.MT High Voyager is a 45,999 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea.According to a press release from the global operator in bulk carriers and product/chemical tankers markets, this transaction allows d’Amico Tankers to generate at the Vessel’s delivery around US$ 9.6 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan…

American multinational energy corporation Chevron signed a new sales and purchase agreement with South Korean oil refiner GS Caltex Corporation for the delivery of liquefied natural gas (LNG) to South Korea.As a joint venture between Chevron and GS Energy, GS Caltex has signed a long-term agreement and will begin receiving LNG in October 2019, said a press release from the U.S. oil and gas major.Chevron’s President of Global Gas, Hugh Connett stated the agreement is another indication of the significance of the long-standing relationship between Chevron and GS Caltex.“We’re proud of our partnership with GS Caltex and we welcome this opportunity to build on that relationship by supplying LNG to South Korea’s growing market…

Maersk and PBF Logistics LP announce agreement for production and storage of 0.5% sulphur fuel on the U.S. East CoastPBF Logistics terminal facility in New Jersey to deliver approx. 10% of A.P. Moller – Maersk’s annual fuel demand as Maersk continues preparations for the International Maritime Organization’s (IMO) 2020 global sulfur regulation.A.P. Moller - Maersk and PBF Logistics LP announced an agreement for Maersk to source and PBFX to process crude oil at CPI Operations LLC, a PBF Logistics LP terminal facility in New Jersey, United States.The agreement enables Maersk Oil Trading to supply IMO 2020-compliant 0.5% marine fuel to its customers on the US East Coast. Annual production will be around 1.25 million metric tonnes (mt), the equivalent of approx. 10% of A.P.

Russian gas producer Novatek said that it had signed a deal with German tech giant Siemens to buy compressors for its new Arctic LNG 2 natural gas liquefaction plant.Novatek's second LNG export facility after Yamal LNG, the 19.8 million mt/year Arctic LNG-2 project is moving closer to the reality after this deal.The scope of supply under the contract includes three feed gas compressors and six boil-off gas compressors. The document also provides for localizing the equipment fabrication for the Project’s third train in Russia.“Siemens and Novatek have a successful working relationship as they supplied gas turbine generators and boil-off gas compressors for our Yamal LNG plant.” noted Alexander Fridman…

Geneva based commodity trading company Trafigura increased its liquefied natural gas (LNG) traded volumes by 22% to 9.9 million mt in its financial year ending September 30 2018, driven by sales to China and South Korea, with the Asian share of our LNG business jumping to 30 percent.According to the annual report from the multinational commodity trading company, which is legally registered in Singapore,  the big story in the LNG market in 2018 was a surge in demand in Asia. In China, efforts to clean-up the energy mix led to a 45 percent increase in LNG imports year-on-year, while South Korean purchases also rose sharply owing to the country’s low nuclear output as well as a severe winter and hot summer.Japan also experienced seasonal extremes keeping gas imports strong…

Russia's Novatek has begun production of the commissioning LNG from its third 5.5 million mt/year train at the Yamal LNG project, bringing the plant's total capacity to 16.5 mln tonnes of LNG per year.“We have successfully launched all three LNG trains at our flagship Yamal LNG project according to our revised early launch schedule,” Novatek’s head Leonid Mikhelson said.Russia’s largest independent natural gas producer said in a press release that the third LNG train was launched more than one year ahead of the planned original schedule. All three technological trains have been launched on budget, it said.This fact is unprecedented for the industry plagued by massive cost overruns and project delays…

South Korean state-owned Korea Gas Corporation (KOGAS) will invest 10 trillion won (US$8.84 billion) by 2025 to expand its natural gas capacity and infrastructure for hydrogen vehicles and other clean energy sources, reports Yonhap.Kogas, which has a monopoly on domestic natural gas sales,  unveiled a long-term business plan on the 35th anniversary of its foundation as it expects to play a greater role under the government’s energy transformation policy. The world’s second-largest importer of LNG said it will buy LNG at cheaper prices in future contracts and make joint efforts with other Asian buyers to have greater bargaining power…

As part of its Coastal Community Development Program under Sagarmala, the Ministry of Shipping has sanctioned Rupees 10 Crore ($1.5 mln) as part of the first instalment to the Gujarat Maritime Board for capacity building and safety training of 20,000 workers involved in the ship recycling activities at Alanag- Sosiya recycling yard in Bhavnagar district in Gujarat. The total project cost is estimated to be Rupees 30 Crore over a period of 3 years. The initiative has been identified in the National Perspective Plan (NPP) of Sagarmala for the upliftment of the coastal community and aims to provide health and safety training to the skilled and semi-skilled workers which is required while performing their work at ship recycling yards.

Veresen, the developer of the Jordan Cove LNG facility in Oregon, has announced a preliminary agreement on key commercial terms with Itochu, including the purchase of 1.5 million mt/year of LNG (190 MMcf/d or 70.1 Bcf of gas) for an initial term of 20 years. Veresen recently signed another commercial agreement with JERA Co. in March. "This is the second major customer agreement for the Jordan Cove LNG project and it represents further proof of the market support for this project. ITOCHU is a leading global energy company and we are pleased to have them as an additional foundation customer for the Jordan Cove LNG project,” said Don Althoff, President and CEO of Veresen.

The British government opened talks on Tuesday with potential buyers for Tata Steel's UK operations, including Sanjeev Gupta's commodities company Liberty Group, as it stepped up its battle to find a buyer for the loss-making business. Accused by opposition lawmakers of being "asleep at the wheel" when India's Tata Steel put its entire British operations up for sale last week, Prime Minister David Cameron also met ministers to discuss the options for a business which employs 15,000 people. Britain's business minister Sajid Javid met with Gupta in London to establish how firm his interest was in the business. He was later due to fly to Mumbai to meet Tata Chairman Cyrus Mistry to agree the process for a sale.

January 28, 2016: APM Terminals Pipavav (Gujarat Pipavav Port Ltd), operating one of western India’s gateway ports, reported a net profit of INR  533 million for the quarter ended 31st December 2015 as against INR 531 million in the previous quarter. Income from operations for the quarter ended 31st December 2015 stood at INR 1,521 million as against INR 1,404 million for the previous quarter. EBIDTA for the quarter was INR 1,001 million and EBIDTA margin stood at 61 %. Container cargo business for the quarter stood at 178K TEUs and Bulk business at 0.44 million MT during the quarter under review. Commenting on the results, APM Terminals Pipavav (Gujarat Pipavav Port Ltd), Managing Director, Mr.

The Port of Rotterdam reported record volumes 466.4m tonnes in 2015 boosted by increased oil trade. Goods throughput in Rotterdam increased by a total 4.9%. “Low oil prices result in high margins for the refineries, so they have large quantities of oil shipped in for refining,” Port of Rotterdam Authority CEO Allard Castelein said in a statement, adding that “this not only applies to the refineries in Europe but also to those in Russia. As a result of the healthy fuel oil volumes from Russia, as well as increased shipments of gasoil and diesel, oil product throughput at the port increased by 18%. LNG throughput nearly doubled but remained in absolute terms at 2.3 million mt “still small”, the port said.

Petrogas Private Limited, a joint venture company between Isomeric Holdings Bhd from Malaysia and LEPL Ventures Pvt Ltd (LEPL) from Vijayawada, has signed a facilitation MoU with Krishnapatnam Port Company Ltd (KPCL) and Andhra Pradesh government for setting up a regasification and floating storage Terminal at Krishnapatnam Port. Petrogas will commit a direct funding of over $500 million at Krishnapatnam, SPS Nellore District, Andhra Pradesh within the fields of LNG Regassification Terminal and allied industries. “Petrogas will construct a 5 million tonnes per annum (MTPA) capacity regasification and storage plant and related ancillary facilities such as floating LNG storage tanks…

Krishnapatnam Port Company inks agreement with Government of Andhra Pradesh and Petrogas Pvt. Ltd. Krishnapatnam, India’s largest; all weather, deep water port on the east coast of the country in the Nellore district of Andhra Pradesh on Monday said that it has signed a memorandum of understanding (MoU) with Petrogas Pvt. Ltd. and the Government of Andhra Pradesh for setting up a LNG Regassification Terminal. Petrogas will commit a direct investment of Rs. 3,000 crore at Krishnapatnam, SPS Nellore District, Andhra Pradesh in the fields of LNG Regassification Terminal and allied industries. The MoU which is between Krishnapatnam Port (represented by C.

Singapore’s September bunker fuel sales fell 10.3% in September on month but rose 9.3% on year to 3.85 million mt. The port of Singapore has recorded a fall in container throughput in September. These finding are based upon the data released Tuesday by the Maritime and Port Authority (MPA) of Singapore. The month-on-month drop in bunker fuel sales in the world's biggest bunkering port follows the all-time monthly high of 4.29 million mt seen in August. Traders expect volumes to dip further in October due to an underlying rise in crude oil prices. Container throughput moved in September was recorded at 2.43m teu, a decrease of 13.5% compared to the previous corresponding period.

Cheniere concluded its maiden LNG spot trade earlier this week at for late-July delivery to an Asian buyer, reports Platts quoting a source with direct knowledge of the deal. Sources told Platts that the maiden trade was completed at $7.20 per mmBtu and the cargo will be delivered onboard the 162,000 cbm Clean Ocean LNG carrier to the Asian buyer. The cargo will be loaded aboard the LNG carrier Clean Ocean, currently idled offshore Singapore and on charter to Cheniere. Cheniere has chartered the vessel from Dynagas on a five-year deal ending in the second quarter of 2020 with an option to extend the deal for additional two years. The vessel has been chartered together with two Teekay’s 173…

EIA's AEO2015 projects that U.S. The Annual Energy Outlook 2015 (AEO2015) released today by the U.S. Energy Information Administration (EIA) presents updated projections for U.S. energy markets through 2040 based on six cases (Reference, Low and High Economic Growth, Low and High Oil Price, and High Oil and Gas Resource) that reflect updated scenarios for future crude oil prices. "EIA's AEO2015 shows that the advanced technologies are reshaping the U.S. energy economy," said EIA Administrator Adam Sieminski.

Maritime and Port Authority (MPA) of Singapore said that Singapore bunker fuel sales rose 5.34% month on month and up 12.33% year on year, to 3.58 million mt in March reports Platts. The vessel arrivals in Singapore for bunker fuel rose to 3,295 in March, up 9.65% from February and up 0.61% year on year, the data showed. According to official figures released by the MPA, the March volumes included 2.65 million mt of 380 CST high sulfur fuel oil, 56,100 mt of 180 CST HSFO and 721,400 mt of 500 CST HSFO. For the low sulfur grades, demand for 380 CST low sulfur fuel oil continued falling in March, dropping to a record low of 100 mt from 200 mt in February, according to MPA data. LSFO sales also included 200 mt of 500 CST.

Iron ore shipments to China from Western Australia's Port Hedland, the world's biggest terminal for shipments of the steelmaking raw material, rose 3.3% from February to 31.2 million mt in March. While the rise is partly attributable to fewer shipping days in February, it also underscores efforts by Australian miners to displace China’s domestic production of iron ore. It also indicates that demand remained strong despite weakness in the market. March exports to China were the third highest ever, after 31.7 million mt in October last year and 32.1 million mt in August. Total iron ore exports from Port Hedland in March rose to 36.6 million mt, up 2.5% from February, according to data released by the Pilbara Ports Authority.

Singapore bunker fuel sales fell 7.7% month on month but rose 3.62% year on year, to 3.4 million mt in February, official figures released by the Maritime and Port Authority of Singapore Friday. Bunker volumes drop to lowest level in eight months, but sales during the first two months are the highest ever recorded. Total sales at the world's leading bunker port decreased last month by 284,100 tonnes, or 7.7 percent, to 3,396,000 tonnes, down from 3,680,100 tonnes in January. It is the third-lowest figure in the last 12 months (between March 2014 and February 2015). In comparison with the corresponding month last year, February volumes were up by 118,600 tonnes, or 3.6 percent.