Oil And Products News

U.S. sanctions are limiting tanker activity for Russia's top shipping group, Sovcomflot, the company's head said on Tuesday, as Washington tightens the screws on Moscow.The U.S. imposed sanctions on Sovcomflot on Feb. 23 as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its military actions in Ukraine.Sanctions have impacted the company's operations, "limiting our geography and commercial prospects", Sovcomflot CEO Igor Tonkovidov told reporters.He added that as sanctions are a relatively new instrument to the shipping market…

A severe storm in the Black Sea region has disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhtsan and Russia, according to state's officials and port agent data.Oil loadings from Novorossiysk and the Caspian Pipeline Consortium (CPC) terminal in nearby Yuzhnaya Ozereyevka have been suspended since last week.Kazakhstan's largest oilfields - Tengiz, Kashagan and Karachaganak - are cutting combined daily oil output by 56% from November 27 as the storm disrupts loadings at CPC…

The U.S. on Thursday imposed the first sanctions on owners of tankers carrying Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one in the United Arab Emirates, in an effort to close loopholes on the mechanism designed to punish Moscow for the war in Ukraine.The U.S., other G7 countries and Australia imposed the cap last year, seeking to reduce Russia's revenues from seaborne oil exports as part of sanctions for its invasion of Ukraine.The cap bans Western companies from providing maritime services, including insurance, finance and shipping, for Russian seaborne oil exports sold above $60 a barrel, while seeking to keep oil flowing to markets. Caps also were imposed on Russian fuel exports.U.S.

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.

Insurance companies have notified charterers of ships operating in Russia's Black Sea ports of an increase in additional payments known as "war risk premiums", four traders said.A war risk premium was added to the common insurance costs for tankers last year after the start of Russia's military action in Ukraine, which Moscow calls a special military operation.Military actions in the Black Sea area of Russian and Ukrainian Black Sea ports have escalated since the grain export deal fell apart in mid-July.Most recently Russia reported several attacks at its Black Sea ports.

Marlink will support shipmanager Thenamaris in its digital business transformation with the integration of Starlink within its smart hybrid network.Thenamaris is an existing user of Marlink’s Sealink VSAT with L-Band backup in part of its fleet and plans to add new LEO services – to provide an additional layer of capability onboard its vessels – a concept Marlink has created as a next generation solution. Sealink NextGen combines GEO VSAT and MSS back-up with customers’ required mix of LEO or MEO connectivity…

Asian countries remain the lead destinations for Russian vacuum gasoil (VGO) and fuel oil exports after the European Union's embargo, traders said and Refinitiv data showed. "Pretty stable flows for refining and bunkering", one trader said. According to Refinitiv data, China and India, which became main importers of embargoed Russian oil, were respectively accounting for about 2.6 million tonnes and 2.1 million tonnes of exports of dirty oil products from Russian ports since the start of the year…

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

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…

Eni's subsidiary Eni Sustainable Mobility and offshore services company Saipem have entered into a Memorandum of Understanding (MoU) to utilize biofuels on Saipem's drilling and offshore construction vessels, focusing on operations in the Mediterranean Sea.Saipem, based in Italy, has a global fleet of 45 vessels for construction and drilling."The MoU represents an important milestone for Eni and Saipem, confirming the mutual commitment to diversifying energy sources and to reducing the carbon footprint across offshore operations…

Russia ramped up seaborne Urals oil exports to Asia to 50% of the total over the Oct. 1-20 period ahead of a December EU embargo on the state's oil and products, according to traders and Refinitiv Eikon data.EU countries which have been primary consumers of Russian crude oil for decades will stop buying it from Dec. 5 due to the embargo imposed by the bloc.Bulgaria is the only state allowed to continue seaborne imports beyond the date, while Hungary, Slovakia and the Czech Republic will continue buying via pipeline.Russian Urals oil shipments to Asia rose to 2.08 million tonnes during Oct.

Japan's Nippon Yusen said on Wednesday it will invest in Pertamina International Shipping (PIS), a unit of Indonesia's state energy firm Pertamina, without disclosing terms of the deal. ,The move by Japan's biggest shipping company is aimed at expanding business in Indonesia, where energy and energy transportation demand are expected to increase in tandem with the country's economic growth, a spokesperson for Nippon Yusen said. Nippon Yusen plans to complete the deal by the end of 2022.

Russia's biggest oil exporter Rosneft has expanded its tanker chartering business to ease oil shipments for buyers amid looming Western sanctions on insurance of Russian oil shipments, three sources familiar with the matter said.Previously, state-controlled Rosneft, which produces more than 40% of Russian oil, would sell its oil at the port of loading, meaning the buyer would have to find tankers and handle freight and insurance costs for the voyage.But with new, tighter Western sanctions looming…

The Port of Rotterdam has blazed a path for ports globally in terms of automation, digitalization and decarbonization. As he enters the final year of his tenure, Allard Castelein, CEO, Port of Rotterdam, says there is still much work to do.While many global organizations are adept at ‘talking the talk’, the Port of Rotterdam stands out as ‘walking the walk’ in regards to real investment and innovation in robotics, digitalization and infrastructure improvements to facilitate the efficient, effective transfer of ship’s cargo for distribution globally.

The volume of total cargo throughput in the port of Rotterdam was 0.8% higher in the first half of the year (233.5 million tonnes) than in the same period in 2021 (231.6 million tonnes). In many segments, the war in Ukraine led to significant changes. For example, imports of both LNG and coal rose very sharply as an alternative to reduced European imports of Russian gas by pipeline. The throughput of crude oil increased, with oil products falling off. Throughput of iron ore, agricultural…

Day rates for vessels that move oil and refined products between U.S. ports rose after the United States banned Russian oil and product imports this year, Kinder Morgan Inc Chief Executive Steven Kean said on Wednesday.Pipeline and terminal operator Kinder Morgan, which owns about 16 Jones Act vessels, saw a "meaningful" uptick in demand spurred by the U.S. ban following Russia's invasion of Ukraine, Kean said at the Bernstein Annual Strategic Decisions conference.The Jones Act requires goods moved between U.S. ports to be carried by ships built domestically and staffed by U.S. crews. Kinder Morgan vessels carry crude oil, refined products and fuel blend stocks to the Mid-Atlantic and Northeast ports.Daily chartering rates were moving toward the bottom end of pre-pandemic rates of $60…

The merry-go-round of liquefied natural gas (LNG) between Europe and Asia appears to be tilting back toward Asia as buyers in the top-consuming region start to chase cargoes ahead of the summer demand peak.The dynamics of the LNG market for the first four months of the year was that Europe was prepared to bid up prices for spot cargoes in order to secure supplies.This competition for LNG came as Europe first battled a winter shortage of natural gas, and then was blindsided by…

Like every sector of cargo and passenger shipping, “digitalization”—where computerized processes are replacing onboard routines previously handled manually— is an ongoing trend coastwise, on the waterways and harbors. Regulatory compliance, especially with Subchapter M for towing vessels, has also driven choices of onboard equipment with digital interfaces to software and online platforms for record-keeping and for generating inputs for forms and documents.Improved performance has also shaped the capabilities of equipment in the wheelhouse and the view from the bridge.

Global energy trader Gunvor Group reported a net profit of $726 million for 2021, the highest since 2015, buoyed by its natural gas and liquefied natural gas (LNG) divisions, the company said on Tuesday.The profit was the highest since 2015 when net profit was boosted by the sale of most of its Russian assets and was up on the $320 million the Geneva-based company made in 2020 when refining impairments took the shine off its record gross profit.Gunvor's rivals have seen record profits on higher oil volatility and skyrocketing natural gas prices in the second half of 2021.

Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports, five industry sources with knowledge of the matter told Reuters.Losing access to refueling points in the Mediterranean Sea poses major logistical problems for Russian oil tankers going from Baltic ports to Asia and also creates safety concerns over potentially being stuck at sea with flammable cargoes, shipping sources say.Russia…

Foreign ship owners are becoming increasingly wary of moving cargoes of Russian oil due to the conflict in Ukraine and the impact of Western sanctions on Moscow, the head of leading private Greek shipping group Angelicoussis said on Wednesday.U.S. President Joe Biden has imposed a ban on Russian oil and other energy imports following Moscow's invasion of Ukraine and there is growing uncertainty over potentially tougher restrictions across Europe.Maria Angelicoussis, CEO of Angelicoussis Group…

State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering (IPO) of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.ADNOC Logistics & Services (ADNOC L&S) has been selected for a potential float in Abu Dhabi in 2022, said the sources, declining to be named as the matter is not public.A deal could follow after testing investor appetite and market conditions, they said.ADNOC declined to comment when contacted by Reuters on Sunday.Gulf oil producers are looking at sales of stakes in energy assets…

The Suez Canal temporarily suspended traffic on Thursday as efforts to dislodge a 400 m (430 yard) long container vessel that has blocked the waterway continued for a third day, with eight tugs working to straighten the ship.The Ever Given vessel, almost as long as the Empire State Building is high, ran aground diagonally across the single-lane stretch of the southern canal on Tuesday morning after losing the ability to steer amid high winds and a dust storm.It is now blocking transit in both directions through one of the world's busiest shipping channels for goods…