Oil Trades News

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…

The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they're snapping up old tankers that might normally be scrapped.The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.

A U.S. Treasury official has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports despite a proposal last week by U.S. senators.Democratic and Republican senators last week proposed that U.S. President Joe Biden's administration use secondary sanctions on international banks to strengthen the price cap aimed at capping Russia's oil revenues while minimizing the impact on global markets and prices."We don't think secondary sanctions are needed," Catherine Wolfram, deputy assistant secretary for climate and energy economics at the U.S.

Singapore has suspended the licenses to sell ship fuel held by a subsidiary of defunct oil trader Hin Leong Trading Pte Ltd since it could no longer meet the licensing requirements, the Maritime and Port Authority of Singapore (MPA) said on Monday.The MPA suspended the licenses for Hin Leong's subsidiary Ocean Bunkering Services Pte Ltd (OBS), an agency spokesperson said in an emailed response to questions from Reuters sent on Oct. 12.MPA typically issues licenses to supply bunker…

There’s a barge full of reasons why many operators turn to ATBs.A  mainstay of the U.S. coastwise dirty and refined products trades, articulated tug barges (ATB) have increasingly filled a void left as the fleet of Jones Act tankers (with crew complement requirements exceeding that of tugs) has aged out. With the cargo capacity of the larger ATBs – some with barges exceeding 300,000 barrels capacity – rivalling that of workhorse tankers that had served oil consuming regions, the concept certainly makes sense from a supply and distribution perspective.With 50…

Nigerian crude sells into tenders, while Angolan trades more quickly on spot. * ExxonMobil had purchased two of the three Olombendo cargoes sold this week, traders said. * All three are likely to sail to the Mediterranean or the United States rather than China, the usual destination. * Angola's Sonangol sold its cargo of Dalia, which it had been offering at dated Brent minus 70 cents a barrel. The buyer was not clear, but traders said it was a western company rather than Asian. * Statoil had also sold a cargo of Angola's Saturno. * Sonangol was still offering another cargo of Dalia at dated Brent minus 70 cents a barrel and a cargo of Saxi at dated Brent plus 75 cents a barrel. * Nigerian crude cargoes Erha and Forcados were selling into tenders, but spot trade was limited.

Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day, their highest since June 2015. Brent crude futures, the international benchmark, were also flat at around $66.80 after hitting a May 2015 high of $67.29 a barrel earlier in the day.

Exports of British Forties crude will be 380,000 barrels per day in September, up from 271,000 bpd in August, an industry source who has seen the loading programme said on Friday.   The programme consists of 19 cargoes of 600,000 barrels each, up from just 14 cargoes in August. But the total is still down compared with July at 21 cargoes.   Exports hit a three-year low in August. Forties, together with the North Sea Brent, Oseberg and Ekofisk grades, underpin the dated Brent benchmark price that is used for most of the world's oil trades.   Reporting by Julia Payne

Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan. * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose. * Nigerian oil minister Emmanuel Ibe Kachikwu said the country lost up to $100 billion in oil revenues last year due to militant attacks. The vice president travelled to the oil-producing Delta this week to further talks with militants. * Oil majors Royal Dutch Shell and ENI have asked a Nigerian court to lift a temporary forfeiture of a long-disputed oilfield, a copy of the court documents filed by the two firms showed. * Tenders from India, and scattered demand on the U.S.

Trade in the Port of London in 2016 reached the highest this decade, rising 10% to top 50 million tonnes for the first time since 2008. The strong performance reflects continued growth at terminals along the Thames. The volumes of oil, containers and building materials all rose markedly. Prior to 2016, port throughput had been increasing at between two to three percent, year-on-year. PLA chief executive, Robin Mortimer said, "Our long term Vision is for 60 to 80 million tonnes of cargo to be traded every year through the Port of London - more than at any time in the Thames' history. The tonnage of cargo handled at terminals on the Thames last year was 50.4 million tonnes, five million tonnes (or 11%) up on 2015.

The Port of London saw larger ships than ever calling last year as the tonnage of cargo handled at Thames terminals climbed to 45.4 million metric tons (up 2 percent from 2014). PLA chief executive, Robin Mortimer said, “Last year a number of operators introduced new, bigger ships and records were broken. The record breakers included containership, UASC Barzan and cruise ship Viking Star. The 400 -meter-long Barzan set a new benchmark as the biggest-ever ship on the Thames when she called at London Gateway Port in September.

Marine fuel prices are set to fall further after plunging to their lowest since late 2013, with traders in Singapore, the world's largest ship refuelling hub, saying they are looking to sell quickly in the face of a global supply glut. End users of marine fuels, also known as bunkers, typically pay a premium over the cost of larger cargoes to account for logistics costs, but that flipped to a discount from early June. "The market is flooded with oil and everyone is desperate to sell quickly, so you have a price war," said a Singapore-based trader. The 380-cst marine fuel grade traded at a discount of $1.95 a tonne below the prices of large cargoes on Monday, after hitting a discount as wide as $5.38 a tonne late last week.

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year. The performance - driven by a 9% rise at the Fos 2XL deep sea terminals - was two points better than the trend at other French ports, the port authority said. Container tonnage contributed 8.5 million metric tons to the general cargo total of 13.3MT, with the balance coming from 2.8MT of ro-ro traffic – down 7% - and just over 2MT in conventional trades (+2%).

First-half container traffic at leading French port Marseilles Fos totalled 583,287 teu – up 7% on the first six months last year - marked by a 10% increase at the deepsea Fos terminals. Dry bulk and cruise passenger volumes also rose significantly, the port announced today, but total cargo throughput fell 6% to 38.23 million metric tons as oil trades continued to decline in line with market trends. The container performance drove a 2% rise in general cargo to 8.88MT. Conventional traffic contributed 1.41MT with a 3% improvement led by incoming project cargo…

Traffic to the end of March at French port Marseilles Fos saw major rises in container, dry bulk and cruise passenger volumes, but total cargo throughput fell 6% to 18.8 million metric tons, down by 1.2MT on the first quarter last year – due to declining oil trades in a changing market. General cargo improved 1% to 4.3MT, led by 2.8MT in container tonnage. In unit terms, box traffic rose 9% to 287,929 teu, with monthly throughput hitting a landmark 100,000 teu in both February and March.

Dutch-based Peters Shipyards introduces revolutionary Inland Shipping concept. Planned, developed and built by Dutch Peters Shipyards, located in Kampen, a unique inland tanker is now the world’s first river vessel driven by combustion engines consuming purely natural gas. In April, the innovative new vessel was handed over to its time charterer, Shell Netherlands, who will operate the “MTS Greenstream,” via Interstream Barging, between the Netherlands and Germany; primarily on the river Rhine.

Drewry’s Chemical Tanker Freight Rate Index dropped during the first quarter, registering its first quarterly decline since 3Q10. Transpacific westbound rates lost as much as 13%. The next quarter is traditionally a lean period, with Drewry forecasting rates to bottom out before climbing in the latter stages of the year, but this might not be good news for everyone. Overcapacity remains the bane of the market, so owners are hoping for a surge in freight rates coupled with a fall in bunker prices, which have eroded their earnings. Otherwise, they will struggle to maintain service levels and avoid serious cash-flow problems and insolvencies. Owners are responding by reducing their fleets to cut costs.

Tsakos Energy Navigation Limited (NYSE:TNP) announced a three-year time-charter extension for its 2004-built double hull 37,500dwt product tanker Delphi to the same South American state oil company that had previously chartered the vessel. The charter is expected to generate gross revenues in excess of $22.6m over the corresponding charter period. With this contract and based on TEN’s current operating fleet of 45 vessels of which 39 are under various forms of period employment, TEN’s charter coverage rises to 91% employable days secured for the remainder of 2008 and 70% of employable days secured for 2009. These fixtures translate to…

Tsakos Energy Navigation Limited (NYSE:TNP) announced a three-year time-charter extension for its 2004-built double hull 37,500dwt product tanker Delphi to the same South American state oil company that had previously chartered the vessel. The charter is expected to generate gross revenues in excess of $22.6m over the corresponding charter period. With this contract and based on TEN’s current operating fleet of 45 vessels of which 39 are under various forms of period employment, TEN’s charter coverage rises to 91% employable days secured for the remainder of 2008 and 70% of employable days secured for 2009. These fixtures translate to…

When OPA 90 was introduced in wake of the Valdez accident, the stipulation that tankers trading in the U.S. must be double hulled was roundly panned throughout the world, as industry experts bemoaned the fact that one country have such a deciding impact on vessel design. How soon they forget. Ten years and a few tragic sinkings off European shores have let to Italy's sudden plan to ban single-hulled tankers from seven key port areas, a move which some contend will cripple a pipeline feeding oil to Germany from the Italian port of Trieste, a leading brokerage warned. "The ban will be felt in Germany and Austria," said Italy's largest brokerage Banchero Costa.

Morgan Stanley plans to expand its oil tanker business as global demand for crude rises, according to two people briefed on the discussions, according to Bloomberg. The company is considering operating suezmaxes, 1 million- barrel vessels that would be the largest Morgan Stanley controls, said the people, who declined to be identified because the plan is still being debated. The ships often haul crude from West Africa and the Black Sea to the U.S. and Europe. Morgan Stanley, which has traded crude oil since 1984, wants to bolster its shipping unit to compete with companies such as Glencore International AG and Vitol Group. The New York-based company purchased a tanker operator last year for $200 million.

Eurofin, the specialist ship finance adviser, has launched its specialist ship investment fund vehicle, Merlin Tankers Inc. The new company has purchased two 38,000 dwt tankers which will be dedicated to the vegetable oil trades. The purchase of a third vessel is about to be completed. Merlin Tankers Inc is an investment company managed by the Eurofin Group which will buy and operate ships focussed on veg oil carriage. Commercial management of the ships will be carried out by Bergen-based Champion Tankers, which is a leader in the edible oil trades. Technical management will be provided by Piraeus-based Genoa Maritime, which has extensive experience with these trades and with sister ships to those purchased by Merlin Tankers.

Eurofin, the specialist ship finance adviser, has launched its specialist ship investment fund vehicle, Merlin Tankers Inc. The new company has purchased two 38,000 dwt tankers which will be dedicated to the vegetable oil trades. The purchase of a third vessel is about to be completed. Janos Koenig, managing director of Eurofin, says, “We are delighted with the uptake of Merlin Tankers and confident that our specialist focus will give us a competitive advantage. There is a reservoir of capital from non-shipping investors which is seeking an entry into shipping but which would be uncomfortable with a play focussed on the volatile mainstream tanker or dry bulk markets. Merlin Tankers is focussed on new opportunities in edible oil transport.