As Shale Oil Gains Slow, Deepwater Port Struggles for Customers
As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.In April, Enterprise Products Partners' SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could load two supertankers, each of which can carry up to 2 million barrels of oil at a time.But multi-year regulatory delays…
Belships Expands Its Newbuild Program
Belships announced has expanded its newbuild program with two new 64,000 dwt Ultramax bulk carriers scheduled for delivery in 2028.The Norwegian-based company now has a total of 10 newbuilds under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are leased on time charter for a period of 7 to 10 years from delivery, with purchase options around current market levels. There is no obligation to purchase any of the vessels.
TEN Sells an Aframax Tanker
Greek shipowner Tsakos Energy Navigation (TEN), Ltd. announced it another vessel sale as part of its ongoing fleet renewal program.Sold was the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the company built between 2007 and 2010.The sale will add approximately $37 million to the company’s cash balances, TEN said.“Following the sale of nine tankers over the last 12 months with an average age of 18.5 years…
Great Lakes Towing to Launch Caribbean Shipping Service
The Great Lakes Towing Company (GLT) on Monday unveiled plans to roll out a new breakbulk and RoRo shipping service serving the Caribbean.The Cleveland, Ohio-based company announced the formation of Great Lakes East (GLE), effectively reactivating Crimson Shipping Company’s former domestic and international marine transportation business, based out of Mobile, Ala. However, GLE will shift the primary load port to Fernandina Beach…
Navigation and Wind Farms: Competing Ocean Uses Raise Existential Questions
“Wind Turbines: The Bigger, the Better” -USDOE Office of Energy Efficiency & Renewable Energy, August 24, 2023Last December the Bureau of Ocean Energy Management (BOEM) published a proposed sale notice regarding new development areas for utility scale wind projects in the central Atlantic Ocean. The notice includes an upfront issue: the need to mitigate conflicts with U.S. Department of Defense (DOD) activities.
China's Imports of Russian Oil Near Record High
Russia remained China's top oil supplier in March, data showed on Saturday, as refiners snapped up stranded Sokol shipments.China's imports from Russia, including supplies via pipelines and sea-borne shipments, jumped 12.5% on the year to 10.81 million metric tons, or 2.55 million barrels per day (bpd) last month, according to data from the General Administration of Customs.That was quite close to…
Port of Detroit Unveils Plan to Decarbonize Operations
The Detroit/Wayne County Port Authority on Monday revealed details of a program to slash carbon emissions to net zero by 2040 in an effort to improve air quality and the health of residents.Working with technical experts from sustainability consultancy Tunley Environmental, and thanks to funding from the State of Michigan, it established that operations across the port region were responsible for 27…
USCG Seeks 18 Members for National Towing Safety Advisory Committee
The U.S. Coast Guard said it is seeking to fill 18 vacancies on the National Towing Safety Advisory Committee, which advises the Secretary of Homeland Security, via the Commandant of the U.S. Coast Guard on matters relating to shallow-draft inland navigation, coastal waterway navigation, and towing safety.The Coast Guard said it will consider applications for the following 18 vacancies:Seven members to represent the barge and towing industry…
BHP Aims to Receive First Ammonia-fueled Bulk Carrier in 2026
Australia's BHP Group is planning to receive its first ammonia-fueled bulk carrier in 2026 as part of the company's plans to cut shipping emissions, a senior executive said.The global mining giant has shortlisted eight companies for the building, operation and fuel supply for at least one such vessel, Rashpal Singh Bhatti, vice president of maritime and supply chain excellence at BHP told Reuters late last week.However…
ABS Publishes Advisory on Methanol Bunkering
Classification society ABS has published what it says is the industry's first advisory on methanol bunkering as the cleaner-burning fuel continues to gain interest among shipowners seeking to reduce their environmental footprint.A key component of the methanol value chain and the overall scalability of the fuel will be the ability to bunker methanol, either by truck-to-ship, ship-to-ship or land storage tank/terminal-to-ship…
Wah Kwong Orders More LNG Carriers
Hong Kong-based shipping company Wah Kwong is finalizing a deal later this month to double the number of liquefied natural gas (LNG) carriers that it has ordered to four, as it eyes growing global trade in the superchilled fuel, its chairman said.The ships would be delivered from 2027 onwards, Wah Kwong's Executive Chairman Hing Chao told Reuters on the sidelines of the Singapore Maritime Week ShipZERO28…
MOL Orders Value Maritime’s Carbon Capture Unit for Tanker
Dutch company Value Maritime and Japanese shipping giant Mitsui O.S.K. Lines (MOL) have signed a contract for the supply an Exhaust Gas Cleaning System (EGCS) and carbon capture feature for an LR1 product tanker.With a deadweight (DWT) of 75,000, this is the largest vessel, in terms of DWT, and the first LR1 tanker that will sail with a Value Maritime’s 15 MW EGSC Filtree and carbon capture unit.The installation is expected to take place before the end of the year…
TotalEnergies, OQ Reach FID for Marsa LNG Project in Oman
French energy giant TotalEnergies and Oman National Oil Company (OQ) have reached the final investment decision (FID) on the Marsa LNG project, which will feature an LNG plant completely powered by renewable energy that will produce LNG for use as a marine fuel for maritime transportation.Through their joint company Marsa Liquefied Natural Gas (Marsa), TotalEnergies (80%) and OQ (20%) have launched the integrated Marsa LNG project which combines upstream gas production…
Advanced Digitalization Discussed at Singapore Maritime Week
The Maritime International Advisory Panel (IAP) held its third annual meeting on April 16, 2024, during the Singapore Maritime Week 2024. This year, the Maritime IAP held in-depth discussions on the key developments in the maritime sector, including decarbonization, green financing, digitalization and cybersecurity.Established in 2022 by the Ministry of Transport (MOT) and the Maritime and Port Authority of Singapore (MPA)…
Ship Recycling Markets Face Varied Fundamentals
This week, various holidays concluded across the globe just as Indian sub-continent ship recycling markets started to perk up amidst fundamentals that have independently enjoyed varying degrees of volatility and resurgence over recent weeks, reports cash buyer GMS.“Steel plate prices in Bangladesh and Pakistan remained flatlined at respectively firm levels - the effects of which has only helped these…
Esgian Week 16 Report: Rigs on the Move
Esgian reports on the many rig movements that occurred last week in its Week 16 Rig Analytics Market Roundup.Report SummaryContractsADES Holding Company has received a letter of award from an international oil company for a one-year firm drilling contract for a jackup offshore Qatar.TotalEnergies has exercised a three-well option for Transocean 12,000-ft drillship Deepwater Skyros offshore Angola at a rate of $400…
NOIA Appoints New Executives
The National Ocean Industries Association (NOIA) has appointed and approved the 2024-2025 term of the NOIA Board of Directors and Executive Committee. Jon Landes, President, Subsea of TechnipFMC has been elected as the NOIA Chair and Joe Leimkuhler, Chief Operating Officer of Beacon Offshore Energy, as the incoming NOIA Vice Chair.NOIA President Erik Milito said, “We are at a critical juncture where it's imperative to ensure that energy policy from Washington, D.C.
Third Temporary Channel Opened in Baltimore
The Captain of the Port (COTP) has established the Fort Carroll Temporary Alternate Channel, which is on the northeast side of the main channel in the vicinity of the Francis Scott Key Bridge and will provide limited access for commercially essential vessels.The channel has a controlling depth of 20 feet, a 300-foot horizontal clearance, and a vertical clearance of 135 feet, and will facilitate additional…
IMO Legal Committee to Discuss Seafarer Abandonment
The Legal Committee of the IMO will meet for its 111th session at IMO Headquarters in London from April 22 to 26, 2024. The Committee deals with any legal matters within the scope of the IMO, including issues relating to liability and compensation, fair treatment of seafarers and the registration of ships. This meeting will discuss:1. Abandonment of seafarersSeafarer abandonment happens when shipowners fail to fulfil obligations to seafarers related to timely repatriation…
Two Japan Navy Helicopters Crash
Two Japanese navy helicopters crashed into the sea during a training exercise, killing at least one of the eight crew members on board, the defence minister said on Sunday.The two SH-60 patrol helicopters were conducting anti-submarine exercises on Saturday night near Torishima in the remote Izu island group, off the southern coast of central Japan.Defense Minister Minoru Kihara told a press conference the cause of the crash is under investigation.