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Sherry News

28 Nov 2023

LNG Carrier Loses Power, Unable to Leave Terminal

Historical image courtesy of Bechtel, designer of the natural gas complex.

Shipments of LNG from Australia Pacific LNG have come to a halt after a loaded tanker docked at the site lost power, operator ConocoPhillips and co-owner Origin Energy said on Tuesday.So far two LNG cargoes have been delayed, and Origin warned "it expected that more LNG cargoes will be deferred", as the stricken vessel was blocking other tankers from entering the facility on Curtis Island off Australia's east coast.APLNG, which has a capacity of 9 million metric tons per annum (mtpa) of LNG…

15 Dec 2022

Baltic Dry Index Logs Best Day in Nearly Three Months

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's dry bulk sea freight index rose on Thursday to mark its biggest one-day percentage gain since mid-September, underpinned by a jump in capesize rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 127 points, or about 9.1%, to 1,528 - its highest since Oct. 28.The capesize index climbed 372 points, or about 21.6%, to 2,095, its highest level since Oct.

27 Oct 2022

High LNG Prices Spur Demand for Dual-fuel Tankers - Executive

©alexlmx/AdobeStock

Even as liquefied natural gas (LNG) is seen as a key transitionary fuel for bunkering, soaring prices of the super-chilled fuel have led to higher demand for ships with dual-fuel tankers, said an industry executive. The global shipping industry is seeking to reduce its reliance on oil as it tries to meet carbon emission reduction targets set out by the U.N.'s International Maritime Organization. These include cutting carbon emissions by 40% from 2008 levels by 2030, and overall greenhouse gas emissions by 50% by 2050."We believe that LNG will be one of the major fuels for bunkering.

05 Aug 2022

Atlas Receives $3.64 Billion Takeover Offer from Poseidon

© Björn Wylezich / Adobe Stock

Asset manager Atlas Corp said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp in an all-cash deal for $3.64 billion.Poseidon, which comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family, and Japanese shipping company Ocean Network Express Pte Ltd, has made an offer to the asset manager for $14.45 cash per common share.The offer represents a 24.9% premium to Atlas' closing price of $11.57 on Thursday at the New York Stock Exchange, as per Refinitiv data.The board will

11 Apr 2022

Shell Restarts LNG Shipping from Prelude FLNG

The Prelude FLNG facility, with the Valencia Knutsen berthed side-by-side (File Photo: Shell)

Shell Plc said on Monday it has resumed shipping liquefied natural gas (LNG) from its Prelude floating LNG facility off northwest Australia after a four-month shutdown due to a major power failure.A cargo completed loading and left the site on Sunday night, a Shell spokesperson said, declining to disclose the destination."Our focus at Prelude remains on the long-term and delivering safe, sustained and reliable performance into the future," Shell said in a statement.The 3.6 million-tonnes-a-year Prelude FLNG facility lost power on Dec.

25 Mar 2022

Australia's First LNG Import Terminal Seen Ready by Late-2023

Illustration only - © Mariusz/AdobeStock

Squadron Energy, the private company building Australia's first LNG import terminal, expects its Port Kembla facility in New South Wales to be ready to take its first gas shipment by the end of 2023, its commercial director said on Tuesday.Squadron Energy, owned by Australian mining billionaire Andrew Forrest, is vying against four other proposed LNG import projects looking to fill a shortfall in gas supplies expected in southeastern Australia from as early as 2024, and across eastern Australia from 2027.Earthworks at the Port Kembla site about 90 kilometers (56 miles) south of Sydney have bee

09 Feb 2022

Petronas, MOL Sign Liquefied CO2 Shipping MoU

During the MoU signing, PETRONAS was represented by Executive Vice President and Chief Executive Officer of Upstream, Adif Zulkifli and Head of CCS Enterprise, Nora’in Md Salleh while Mitsui O.S.K Lines was represented by President, Chief Executive Officer, Takeshi Hashimoto ©Petronas

Malaysia's state energy firm Petronas said on Wednesday it has signed an agreement with Japanese shipping company Mitsui O.S.K Lines (MOL) to explore opportunities in liquefied carbon dioxide (CO2) shipping in Asia Pacific and Oceania regions.Both parties will jointly study liquefied CO2 transportation for the carbon capture, utilization, and storage (CCUS) value chain, Petronas said in a statement.Liquefied CO2 transportation helps connect CCUS sites safely and efficiently over long distances where pipelines are not economically viable."This collaboration is important as long-haul liquefied C

18 Jan 2022

Rio Tinto Sees Soft Iron Ore Shipments in 2022

© Zdenar Adamsen / Adobe Stock

Rio Tinto forecast slightly weaker-than-expected 2022 iron ore shipments on Tuesday, citing tight labor market conditions and production delays from the new greenfields mine at Gudai-Darri project.The world's biggest iron ore producer said it expects to ship between 320 million and 335 million tonnes (Mt) in 2022 from the Pilbara region in Western Australia, a forecast with a mid-point below RBC estimate of 332 Mt and UBS' estimate of between 330 Mt and 340 Mt.Rio shipped 321.6 Mt of the steel-making commodity last year…

07 Jan 2022

China Steel Hopes Drives Iron Ore Demand

Copyright martinfredy/AdobeStock

Dalian iron ore rose on Friday and advanced nearly 6% this week as traders returned from New Year holidays feeling optimistic about potential demand recovery in top steel producer China.Iron ore's most-active May contract on China's Dalian Commodity Exchange ended daytime trading 1.4% higher at 719 yuan ($112.78) a tonne, rising for a fourth straight session and touching 725.50 yuan earlier in the day, its highest since Oct. 27.On the Singapore Exchange, the steelmaking ingredient's most-traded contract expiring by end-February climbed as much as 0.7% to $128.25 a tonne…

10 May 2021

Valero Charters Tanker for Storage as Cyber Attack Shuts U.S. Pipeline

Valero Energy chartered an oil products' tanker for storage in the U.S. Gulf Coast on Friday amid a cyber attack that shut the Colonial pipeline, the biggest U.S. fuel pipeline, two sources familiar with the matter said on Sunday.The tanker, called the Nave Titan, is currently in the Mississippi River in southern Louisiana, according to Refinitiv Eikon shipping data.Nave Titan can hold up to 330,000 barrels of oil, according to the tanker data.Other Gulf Coast refiners were looking to book tankers for storage this weekend as the outage affected shipments of refined products to the East Coast, according to the sources.Valero did not immediately respond to a request for comment. (Reporting by Laura Sanicola; Editing by Christian Schmollinger, Kim Coghill and Sherry Jacob-Phillips)

07 Apr 2021

Saga Posts Surprise Profit Amid Cruise Shutdown

Saga on Wednesday reported a stronger than expected annual profit, sending its shares sharply higher, as lower motor insurance payouts during lockdowns offset losses in its over-50s tour and cruise operations.The British company, hit hard last year by a shutdown of cruises globally and collapse of other travel, said it was ready to resume its tour and cruise businesses this year after suspending them in March 2020, with timing subject to government restrictions.“Customer demand remains strong, with evidence of significant pent-up demand from customers ready to travel,” Saga said.Saga’s shares jumped nearly 10% to 3.81 pounds by 1010 GMT.Saga plans to launch its Spirit of Discovery cruise at the end of June…

18 Mar 2021

DP World Optimistic for 2021 Amid Pent-up Demand

(Photo: DP World)

Ports operator DP World gave an optimistic outlook for 2021 on Thursday, citing pent-up demand for cargo and an easing of geopolitical tensions after the change of U.S. administration.Sultan Ahmed bin Sulayem, who is chairman and chief executive of the Dubai state-owned global ports operator, said that demand and supply chain capabilities had also improved as a result of the coronavirus pandemic.“You are always cautious ... (but) the outlook this year looks good for many reasons…

09 Sep 2020

List: Major Oil Spills from Ships

The Exxon Valdez ran aground on Bligh Reef in Prince William Sound, Alaska, March 23, 1989 spilling 11 million gallons of crude oil. (Photo: U.S. Coast Guard)

The Sri Lankan navy said on Tuesday an oil slick had been spotted a kilometer from a loaded supertanker carrying roughly 2 million barrels of oil that has been engulfed in intermittent fires since an explosion on September 3.Oil from the engine room of the 20-year old New Diamond tanker “appears to have leaked out to the sea” following regular bouts of water-dousing by fire-fighting vessels, the navy spokesman said.The oil slick has raised concerns about the potential of further leakage from the cargo holds…

21 Jul 2020

Canada: Hibernia Oil Platform Shuts Output after Leak

Hibernia oil platform offshore Canada (Photo: Suncor Energy)

The Hibernia oil platform in Canada was shut after a leakage of drilling and production fluids, the Hibernia Management and Development Co (HMDC) said late Monday.Hibernia sits roughly 315 km (200 miles) east of St. John's, Newfoundland and Labrador. ExxonMobil owns the largest stake in the oil platform, followed by Chevron Canada and Suncor Energy Inc."Water sampling late on July 19, during drill well flow back operations, indicated an exceedance on the produced water discharge…

29 Apr 2020

China to Issue VLSFO Quotas in Move to Grow Bunker Market Share

© masterskuz55 / Adobe Stock

China is set to release its first-ever quotas to export very low sulphur fuel oil (VLSFO) with total volumes of 10 million tonnes for this year, six industry officials with knowledge of the matter said on Tuesday.The quotas, which came in the wake of Beijing’s policy in January to offer tax sweeteners to boost local production of the fuel, paves the way for Chinese refiners to almost fully cover the demand from its coastal bonded marine fuel market of 12-14 million tonnes annually.The quotas will be issued to four state-run firms - Sinopec Group, CNPC, China National Offshore Oil Company (CNOO

11 Mar 2020

Baltic Index Hits 1-1/2-Month High

© MagioreStockStudio / Adobe Stock

The Baltic Exchange's main sea freight index on Wednesday hit its highest in more than a month, lifted by an uptick in rates for capesize and supramax vessels.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 4 points, or 0.6%, to 631 - its highest since Jan. 21.The capesize index fell 3 points to -350.However, average daily earnings for capesizes, which typically transport 170,000 tonne-180,000-tonne cargoes including iron ore and coal…

06 Mar 2020

Baltic Index Posts 4th Weekly Gain

© Valentin Kundeus / Adobe Stock

The Baltic Exchange's main sea freight index rose on Friday to its highest in more than six weeks, marking the fourth straight weekly gain, as earnings increased across all vessel categories.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, increased by 18 points, or 3%, to 617, its highest since Jan. 22.The index climbed more than 15% this week, registering its fourth consecutive weekly gain.The capesize index fell 5 points to -312.Average daily earnings for capesizes…

02 Mar 2020

Baltic Index Edges Up on Firm Rates

 © Alex Stemmer / Adobe Stock

The Baltic Exchange's main sea freight index inched up on Monday, helped by strong demand for panamax and supramax vessels.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, edged up 4 points to 539, its highest since Jan. 27.The capesize index slipped further by 20 points to -348, its lowest on record. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal…

29 Apr 2019

Ichthys Ramps Up Output

(File photo: INPEX)

A tanker carrying liquefied natural gas (LNG) has been floating off Australian waters for nearly two weeks as production at Ichthys project ramps up, industry sources told Reuters.The tanker 'Symphonic Breeze' has been moored at Darwin anchorage since April 17 after loading a cargo from the recently launched Ichthys LNG facility, shipping data from Refinitiv Eikon showed.The LNG cargo has already been sold to a North Asian buyer, who chose to lift it at a later date due to high inventory in its tanks, an industry source familiar with the matter said.The "floating cargo" situation has been part

20 Nov 2018

China CNOOC receives first LNG shipment from Russia's Yamal project

(Photo: Novatek)

China National Offshore Oil Co, or CNOOC, offloaded a liquefied natural gas (LNG) cargo on Nov. 11 shipped from Yamal, first of its kind the Chinese firm received from the Russian Arctic gas project, CNOOC said on its website on Tuesday.The cargo, purchased from Russian firm Novatek, was delivered into CNOOC's receiving terminal in Putian of southeastern province of Fujian.Novatek controls Yamal LNG, which is co-invested by France's Total, China's CNPC and the Silk Road Fund. Yamal launched its second LNG train in August with an annual capacity of 5.5 million tonnes.

19 Nov 2018

Bangladesh Resolves FSRU Issues

(Photo: Excelerate Energy)

Bangladesh will resume liquefied natural gas (LNG) imports this week after resolving issues with its sole floating storage and regasification (FSRU) unit, a senior official said on Monday.Two cargoes, meant to be delivered on Nov. 7 and Nov. 15, had been cancelled as the FSRU was closed due to problems with a hydraulic line that operates an emergency shutdown valve."The problem with the hydraulic line has been resolved now," said Mohammad Quamruzzaman, managing director of Rupantarita Prakritik Gas Co…

06 Nov 2018

China to Encourage Shipping Consolidation

© Kalyakan / Adobe Stock

China will encourage mergers and consolidations among central government-held shipping companies, the head of the state assets regulator said on Tuesday.Xiao Yaqing, chief of state-owned Asset Supervision and Administration Commission (SASAC) was speaking at a forum on the sidelines of China International Import Expo (CIIE) in Shanghai.(Reporting by Tom Daly and Beijing Monitoring Desk, Editing by Sherry Jacob-Phillips)

26 Oct 2018

Fugro Q3 Revenue Jumps

(Photo: Fugro)

Dutch deep-sea prospector Fugro has reported a 29.1 percent rise in third-quarter revenue on a comparable basis, driven by the expansion of offshore wind developments and a recovery in the global oil and gas market.Rising oil prices have helped Fugro by making it more economic to prospect for the hard-to-reach subsea deposits in which it specializes."In our early cyclical marine site characterisation activities we are experiencing sharp growth and improving prices, resulting in strongly improved profitability…