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Oil Products News

29 Feb 2024

Barge Fuel Exports Help Russia Negotiate Tanker Shortage

© Yulia / Adobe Stock

Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges because of a lack of bigger tankers owing to EU sanctions and price cap limitations, market sources said and LSEG data showed.Some ship owners have avoided Russian ports since the EU embargo and price cap on Russian refined oil products went into effect in February last year, forcing shippers to turn to a so-called shadow fleet of ageing tankers.The shadow fleet has supported the flow of Russian barrels…

19 Dec 2023

How Could Red Sea Attacks Affect Oil and Gas Shipping?

© Vallehr / Adobe Stock

Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world's main East-West trade route, following attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea.The attacks raised the specter of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.IS THE RED SEA ROUTE IMPORTANT FOR…

07 Dec 2023

Russia Pledges More Oil Data to Ship Trackers

© AUUSanAKUL+ / Adobe Stock

Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the vast country, sources at OPEC+ and ship-tracking firms told Reuters.Russia is the only member of OPEC+ which contributes to export cuts rather than production cuts as part of its participation in the group's agreement to curb supplies. Market analysts have struggled to verify…

21 Nov 2023

Committed Owners Supporting Green Financing Landscape

Erlend Sommerfelt Hauge, Co-Founder and Managing Partner, oceanis

Hamburg-based ship finance platform oceanis’s Q4 State of Ship Finance Report comes with a thank-you to shipping companies that are committed to the green transition.Over the past decade, oceanis has seen large changes to the ship financing landscape towards greener projects. The most obvious green financiers are the Poseidon Principles banks, the initiative launched in 2019 whose signatories manage 70% of the world’s shipping loans. At the same time, many other banks and funds are moving away from financing ‘brown’ assets and trades.

21 Nov 2023

River Rhine in South Germany Closed to Shipping, May Reopen Soon

© CL-Medien / Adobe Stock

Parts of the river Rhine in south Germany remained closed to shipping on Tuesday after heavy rain this month but falling water levels could lead to a reopening later on Tuesday, navigation authorities said.Rhine river shipping remains stopped around the chokepoint of Maxau in south Germany, the German inland waterways navigation agency WSA said.

16 Nov 2023

High Water Closes Parts of Rhine River in South Germany to Shipping

Maxau Rhine Bridges - Credit: waechter-media.de/AdobeStock

Parts of the river Rhine in Germany have been closed to shipping because of a rise in water levels following recent heavy rain, German authorities said on Thursday.Rhine river shipping has been stopped around Maxau in south Germany, the German inland waterways navigation agency WSA said.High water means vessels do not have enough space to sail under bridges, preventing vessels reaching Switzerland.Central and northern sections of the river are open to shipping.Water levels are forecast to fall, allowing shipping to resume later on Thursday or on Friday, said the water level forecasting service

20 Oct 2023

Strait of Hormuz: The World's Most Important Oil Artery

© Lotharingia / Adobe Stock

The Israel-Hamas war has raised the spectre of a wider regional conflict which could embroil Iran and other regional factions.Analysts and market observers say the conflict could prompt the United States to tighten sanctions on Iran, which may spur Tehran to take retaliatory action against ships in the Strait in Hormuz.The Marshall Islands registry, one of the world's top shipping flags, last week flagged that vessels with links to Israel or the United States may face a heightened threat of attack within Israeli territorial waters…

18 Oct 2023

Russia's Western Sea Port Oil Exports Seen Falling as Refinery Runs Rise

© AUUSanAKUL+ / Adobe Stock

Russia's oil exports via its western sea ports in November may fall by some 300,000 barrels per day (bpd) after ample supplies in September-October as domestic refineries are expected to raise runs as seasonal maintenance ends, three sources familiar with the plans said.Urals, Siberian light and KEBCO crude oil exports from Primorsk, Ust-luga and Novorossiisk ports are set to decline by some 300,000 bpd from October to slightly above 2 million bpd, according to the sources familiar…

16 Oct 2023

Tanker Hits Mine in Black Sea

A Liberian-flagged oil products tanker hit a mine on Sunday in the Black Sea off the coast of Romania and sustained minor damage, but the crew was safe, sources said on Monday.It is the second vessel this month to have been hit by a floating mine in the Black Sea, in a reminder of the continued perils faced by commercial ships in the region.The Ali Najafov tanker was sailing near to the Sulina channel near Romania when the blast occurred on Sunday, Yoruk Isik, head of the Bosphorus Observer consultancy, told Reuters.A Ukrainian source separately confirmed the vessel had struck a mine.The vessel's Istanbul-based manager Palmali, listed in shipping databases, did not immediately respond to a request for comment.

11 Oct 2023

DNV: “The Pace of the Transition is Far from Fast Enough”

Source: DNV

DNV has released the 7th edition of its Energy Transition Outlook highlighting that global energy-related emissions are still climbing and are only likely to peak in 2024. “The pace of the transition is far from fast enough for a net-zero energy system by 2050,” states the report.Over the last five years (2017–2022) renewables met 51% of new energy demand and fossil sources 49%. In absolute terms, fossil-fuel use is still growing.“Our prediction is that emissions from oil use will peak in 2025 and those from natural gas in 2027,” says Remi Eriksen, Group president and CEO.

05 Oct 2023

Low Water Hampers Rhine River Shipping in Germany

Credit: CL-Medien/AdobeStock

Low water levels after recent dry weather are preventing cargo vessels from sailing fully loaded on the Rhine river in Germany with surcharges added to the usual freight rates, commodity traders said on Thursday.Low water is hampering shipping on most of the river south of Duisburg and Cologne, including the chokepoint of Kaub, traders said.Some vessels can only transit Kaub about 50% full, depending on ship type, they said.Shallow water means vessel operators impose surcharges on freight rates to compensate for vessels not sailing fully loaded, increasing costs for cargo owners.

04 Oct 2023

Russia's Sovcomflot Transfers Ships to New Management Firm to Boost Trade

Russia's leading tanker group Sovcomflot has transferred dozens of ships into a new Dubai based management company aiming to boost trade through this entity amid growing pressure from financial restrictions, according to maritime industry data and shipping industry sources.State-owned Sovcomflot (SCF) is subject to sanctions and other restrictions by the UK and the European Union, while Washington has restricted its financial activities. Sovcomflot - whose fleet in the region of 80 vessels including crude, oil products and liquefied natural gas tankers - has had to deal with these capital restrictions over the past year. It has also had to rebase its overseas operations from Cyprus to Dubai.Since July…

21 Sep 2023

Russia Cuts September Seaborne Diesel Exports to Meet Domestic Shortage

Credit:  borissos

Russia cut its seaborne diesel and gasoil exports by nearly 30% to about 1.7 million metric tons in the first 20 days of September from the same time in August, as local refineries went into seasonal maintenance and the domestic market faces a fuel shortage and rising prices, traders said and LSEG data showed.Idle primary oil refining capacity for September is estimated at 4.657 million tons, up 45% from August, according to Reuters calculations.Due to the domestic fuel shortage…

20 Sep 2023

VIDEO: Cargo Ship Crew Evacuated after Explosion Near Romanian Danube Port

Credit: ARSVOM

The crew of a Togo-flagged general cargo ship bound for one of Ukraine's Danube river ports was evacuated early on Wednesday after an explosion on board near the Romanian port of Sulina, Romanian officials said.The Seama ship reported an explosion early on Wednesday and requested the evacuation of the 12-person crew near Sulina, where the Danube flows into the Black Sea."At the moment the causes ... are unclear, whether it was a mine or merely an explosion in the engine room," Romanian…

18 Sep 2023

US Government Boosts Oil Tanker Fleet in National Shipping Overhaul

The United States is boosting access to commercial products tankers as part of a security drive to safeguard oil shipping for its armed forces in times of crisis, a top Department of Transportation (DOT) official said.The U.S. flagged commercial fleet comprises a few dozen tankers with the majority involved in domestic trade and there has been concern over possible disruptions to the U.S. economy if those vessels were sought for use by the military, according to a Department of Defense study.The Tanker Security Program has aimed to charter 10 internationally trading vessels for 2023 that can move oil products. Each would receive an annual payment of up to $6 million and had to be U.S. operated and have U.S.

05 Sep 2023

Russia's Seaborne Diesel Exports on the Rise

© Arestov Andrew / Adobe Stock

Russia's seaborne diesel and gasoil exports in August rose by 2% from a month earlier to about 3.85 million metric tons on healthy fuel production, data from traders and LSEG showed.Idle primary oil refining capacity for August was estimated at 3.1 million metric tons versus 2.458 million metric tons in July, Refinitiv Eikon data and Reuters calculations showed.After the full EU embargo on Russian oil products took effect on Feb. 5, Turkey remains the main destination for Russian diesel and gasoil seaborne exports…

14 Aug 2023

Romania Deploys Vessel, Helicopter to Find Stray Black Sea Mines

© Grispb / Adobe Stock

Romania's navy said it deployed a ship and a helicopter on Monday to scout for stray mines on the country's Black Sea coast, after a pier in the seaside resort of Costinesti was damaged in an explosion.Russia invaded Ukraine in February 2022, and mines have since then been laid in the Black Sea by the combatants. Romanian, Bulgarian and Turkish military diving teams have been defusing those that have drifted into their waters.The sea is crucial for shipments of grain, oil and oil products and is shared by Bulgaria…

14 Aug 2023

Ships Urged to Stay Away From Iranian Waters to Avoid Seizure

An L3 Harris Arabian Fox MAST-13 unmanned surface vessel, front, the U.S. Coast Guard fast response cutter USCGC Charles Moulthrope (WPC 1141), the dry cargo and ammunition ship USNS Amelia Earhart (T-AKE 6) and the guided-missile destroyer USS Thomas Hudner (DDG 116) transit the Strait of Hormuz, Aug. 6, 2023. (U.S. Navy photo)

U.S.-led naval coalition in the Gulf has warned ships in the region to stay away from Iranian waters to avoid possible seizure, the U.S. Navy said.The warning shows tensions remain high in and around the Strait of Hormuz, where Iran seized tankers in late April and early May, while Washington and Tehran finalize a deal to free five U.S. citizens detained in Iran and the U.S. allows $6 billion in Iranian funds held in South Korea to be unfrozen. "The International Maritime Security…

04 Aug 2023

Russian Warship Damaged in Ukrainian Attack on Novorossiysk Naval Base

Image for Illustration only - A Russian Navy Ship in Novorossiysk Credit: olgavolodina/AdobeStock

A Russian warship was seriously damaged in an overnight Ukrainian naval drone attack on Russia's Black Sea navy base at Novorossiysk, two sources said on Friday, after Russia said it had fended off the attack.The civilian port, which handles 2% of the world's oil supply and also exports grain, temporarily halted all ship movement before resuming normal operations, according to the Caspian Pipeline Consortium which operates an oil terminal there. Russia's Defence Ministry said…

03 Aug 2023

US Could Offer Armed Troops to Commercial Vessels in Strait of Hormuz

File photo: U.S. Navy patrol coastal ship USS Tempest (PC 2) transits the Strait of Hormuz, December 2020 (Photo: Indra Beaufort / U.S. Navy)

The United States could soon offer to put armed sailors and Marines on commercial ships traveling through the Gulf's Strait of Hormuz, two U.S. officials said on Thursday, amid alleged attempts by Iran to hijack ships in international waters.The Pentagon last month sent additional F-35 and F-16 fighter jets along with a warship to the Middle East in a bid to monitor key waterways in the region following Iran's seizure and harassment of commercial shipping vessels.After taking a commercial tanker last month, Tehran said it had an order from an Iranian court to seize a tanker in Gulf waters.

02 Aug 2023

Rhine River Levels in Germany Back to Normal after Rain

Credit: diegograndi/AdobeStock

Heavy rain has raised water levels on the river Rhine in Germany to levels allowing cargo vessels to sail fully loaded, data from German inland waterways agency WSA said on Wednesday.Data from the WSA’s website Pegelonline showed that the last shallow sectors of the river around Cologne had now reached levels generally permitting full vessel loads.Dry weather in June meant the river became too shallow for vessels to sail fully loaded and ship operators imposed surcharges on freight rates to compensate for vessels sailing partly empty, increasing costs for cargo owners.

27 Jul 2023

Obscure Traders Ship Half Russia's Oil Exports to India, China After Sanctions

© Jouni Niskakoski / Adobe Stock

A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.The new owner of the 100,000 tonnes of Urals crude carried on the Leopard I was a similarly low-profile outfit, Guron Trading, also based in Hong Kong, according to two trading sources.The number of little-known trading firms relied on by Moscow to export large volumes of crude exports to Asia has mushroomed in recent months…

27 Jul 2023

Contracting of Product Tankers Jumps

Source: BIMCO

The product tanker orderbook to fleet ratio has surged from 5.4% in December 2022 to 9.3% in June 2023, driven by a remarkable 337% y/y rise in contracting during the first half of this year.“A spike in freight rates and product tanker demand is likely behind the surge in contracting,” says Filipe Gouveia, Shipping Analyst at BIMCO.By June 2023, product tanker contracting reached 8.9 million DWT. This means that more product tankers were already ordered in the first half of 2023 than during all of 2022.While the contracting of MR and LR1 ships saw notable growth…