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Refined Products News

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…

13 Dec 2023

Panama Canal Woes Mean Longer Haul for Many

Tanker Strinda inside the Gatun locks on the Panama canal. Copyright Moments by Patrick/AdobeStocks

As low water level continue to plaque the Panama Canal, shipowners and managers are paying the price in the form of longer hauls and higher fuel (and emissions) costs to deliver product to market.In one example, oil tanker Cururo is taking the long way from Houston to Chile: sailing the length of South America's Atlantic coast, across the Strait of Magellan and heading up the Pacific coast before discharging.The voyage could take 32 days and travel more than 10,000 nautical miles (18…

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

China Unlikely to Repeat Last Winter's Surge of Fuel Exports

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A surge of diesel and gasoline exports from China in the last northern winter eased then-prevailing fuel shortages in Asia but a repeat performance this year is unlikely.China's exports of refined products have eased from high levels in recent months, partly as a result of stronger domestic demand, but a lack of available quotas and shrinking profit margins for fuels have also played a role.In the northern winter of 2022-23 China played an outsized role in easing a squeeze on the availability of refined fuels…

17 Oct 2023

US Bolsters Its Sealift and Tanker Support Fleets

The United States has bolstered its fleet of U.S.-flagged sustainment sealift vessels and product tankers to support the Department of Defense (DoD) during times of armed conflict or national emergency.The U.S. Department of Transportation’s Maritime Administration (MARAD) in recent months has been building up fleets of commercial vessels under its Maritime Security Program (MSP) and Tanker Security Program (TSP), and on Tuesday it announced full enrollment in each.The newly selected MSP vessels Liberty Power and Tulane operate under Liberty Global Logistics, LLC of Lake Success, N.Y. and American Roll-On Roll-Off Carrier Group Inc.'s (ARC) shipowning component Fidelio Limited Partnership of Ponte Vedra Beach, Fla., respectively.

30 Aug 2023

Kinder Morgan Says Idalia Caused Minimal Damage to Florida Terminals

(Image: NOAA)

Kinder Morgan KMI.N on Wednesday said its Port Manatee, Port Sutton and Tampaplex terminals in Florida sustained minimal damage due to Hurricane Idalia, and that it was also planning to shut its Charleston area terminals later in the day.The U.S. energy company said it was planning to reopen the terminals on Thursday, while its Tampa facilities including the Tampa refined products terminal and Central Florida Pipeline system have resumed normal operations.The Port Manatee, Port Sutton and Tampaplex terminals handle commodities such as fertilizers…

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.

31 Jul 2023

Pakistan's Import of Russian Crude Facing Obstacles

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Pakistan is unlikely to meet a target for Russian crude to make up two-thirds of its oil imports, despite attractive prices, hampered by a shortage of foreign currency and limitations at its refineries and ports, officials and analysts say.The cash-strapped South Asian nation became Russia's latest customer snapping up discounted crude that has been banned from European markets due to Russia's war on Ukraine. Its first cargo arrived in June and a second is now under negotiation.It is targeting 100…

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…

18 Oct 2023

'Hydrogen Hubs' to the Fore

Image courtesy ABS

The path to decarbonization is defined by partnership and fueled by government funding. This month we examine the players, partnerships, and evolution of Hydrogen Hubs in the Gulf of Mexico.The Green Shipping Challenge, organized by the United States and Norway at COP 27 held in late 2022, brought about dozens of announcements on maritime decarbonization. Among these was a joint statement from the Blue Sky Maritime Coalition (BSMC) – a consortium of North American shipowners and…

27 Mar 2023

Spain Tightens Rules on Ship-to-ship Oil Transfers

© Vallehr / Adobe Stock

The Spanish government has tightened its rules around ship-to-ship oil transfers after an uptick in the activity along its coastline.Oil tankers seeking to carry out operations off the Mediterranean and Atlantic shores, even outside territorial waters, will have to seek authorization from the closest Spanish port captaincy, according to a new rule due to come into force 20 days after it was published on March 22.Boats seeking to service these tankers loaded with crude oil, refined products or other chemicals will also have to request specific authorization, the rule said.Fuel trading has been

24 Mar 2023

ADNOC Eyes June Listing of Marine & Logistics Unit

©ADNOC

State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.ADNOC, which raised $2.5 billion from listing its gas business in March, is gearing up for a June listing of ADNOC Logistics & Services (ADNOC L&S), said the sources, declining to be named as the matter is not public.HSBC was appointed as joint global coordinator on the syndicate this week…

20 Mar 2023

French Strikes Continue to Block Refinery Shipments and LNG Terminals

© Wojciech Wrzesień / Adobe Stock

Shipments of refined products from French refinery and depots were blocked on Monday by a 13th day of strike action, though some refineries operated with a reduced flow, a company spokesperson said.The industrial action is part of a nationwide movement against pension system changes that lift the retirement age two years to 64. The changes were forced through parliament without a vote last week.There is an increasing expectation of diesel supply shortages in France and Europe as a result of the strike-caused outages…

14 Mar 2023

UAE's Fujairah Port Set for Robust Growth as Russian Trade Reshuffles

(File photo: Fujairah Port)

Storage demand and transit volumes are poised to grow further at the United Arab Emirates' Fujairah port this year as Russian trade flows continue to flood the hub, industry executives said on Tuesday.Russian oil barrels have been flowing into popular ship-to-ship transfer hubs in the Middle East and Asia since last year as Western sanctions led to the reshuffling of trade flows."We have seen a huge influx of Russian barrels coming into Fujairah ... particularly urals and naphtha…

07 Mar 2023

Campbell Acquires NGL's Towboat and Barge Fleet

Houston, Penn.-based Campbell Transportation Company, Inc. (CTC) on Monday announced it has signed a definitive purchase agreement to acquire the majority of the marine assets owned by NGL Marine, LLC, a subsidiary of Tulsa, Okla.-based NGL Energy Partners LP.The $111.65 million cash deal, which is expected to be finalized by the end of March, includes a fleet of 13 towboats and 25 tank barges that provide waterborne transportation of refined products and crude oil for customers on the Gulf Coast, NGL said. A majority of the fleet will go to Campbell, and another portion will go to an unnamed buyer.For Campbell, the acquisition marks another step forward in its strategic plan to diversify its marine business line, the company said in a statement.

24 Feb 2023

Singapore Companies Should Manage Own Risks in Russian Oil Trade, Minister Says

© mrnai / Adobe Stock

Companies in Singapore will have to consider and manage any potential impact on their business activities, transactions, and customer relationships when dealing with Russian crude oil and refined products, a government official said on Friday.Russia's oil trade faces multiple restrictions imposed by the West and Moscow in the wake of the Ukraine war.The European Union has imposed bans on Russian crude and oil products imports while the Group of Seven nations, EU and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced abo

09 Feb 2023

Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia

© komi$ar/AdobeStock

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…

02 Feb 2023

Price Cap on Russian Refined Fuels Set to Disrupt Trade

© AUUSanAKUL+ / Adobe Stock

The European Union's ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil.Although Western sanctions could force Russia to cut crude production and refining runs, which would further tighten global supplies, some analysts said the ban on products may ultimately have little impact on overall availability."Barrels will get out and find a market…

31 Jan 2023

Western Tankers Ramp Up Russian Oil Shipments

Copyright MAGNIFIER/AdobeStock

Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow's flagship Urals grade held below an international price cap, according to market sources and Eikon data.The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec. 5.The cap allows non-EU countries to import seaborne Russian crude oil, but prohibits Western shipping and insurance companies from handling…

06 Jan 2023

Venezuela's Oil Exports Fall in Spite of Iranian Assist

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Venezuela's oil exports last year declined due to infrastructure outages, U.S. sanctions and rising competition in its key Asia market despite assistance from ally Iran, according to shipping data and documents.Exports this year are expected to get a lift after the United States relaxed oil sanctions by authorizing some partners of state-run firm Petroleos de Venezuela (PDVSA) to resume taking Venezuelan crude.Iran expanded its role in Venezuela last year, sending supplies to boost exports and technicians to repair a refinery.

23 Nov 2022

Russia's Tanker Fleet Too Small to Bypass Oil Price Cap

© AUUSanAKUL / Adobe Stock

Russia's oil tanker fleet is too small to fully circumvent a plan by the European Union, G7 countries and Australia to enforce a price cap on its maritime crude exports starting on Dec. 5, analysts and market watchers say.The amount Russia would be unable to export is expected to increase when EU sanctions on Russian refined product shipments take effect on Feb. 5.In all the shortfall could mean Russia halts exports of around 1 million barrels per day (bpd), compared with current flows to the world market of around 3.5 million bpd.

11 Nov 2022

Crude Exports Lift Port of Corpus Christi to Q3 Tonnage Record

(Photo: Port of Corpus Christi)

The Port of Corpus Christi reports it set another tonnage record in the third quarter of 2022, driven in large part by record exports of crude oil.The new quarterly tonnage record of 48.3 million tons surpassed the previous tonnage record set in the second quarter of 2022 of 46.4 million tons, a 4% increase on overall tonnage. The growth primarily was a result of strong exports of United States produced crude oil to Western European buyers who have moved away from Russian crude imports. The U.S.

31 Oct 2022

Trinidad Designing LNG Hub to Feed the Caribbean

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Trinidad and Tobago's state-owned gas company has started work on designing a small-scale liquefied natural gas (LNG) hub that could help the Caribbean move away from oil-based power generation, the firm told Reuters.Trinidad is Latin America's largest LNG exporter and the project, expected to be operational by 2025, will have a handling capacity of up to 500,000 tonnes a year, National Gas Company (NGC) said. The facility, capable of storing, handling and shipping LNG for the region…