Hedge Funds Watch U.S. Refinery Restarts
Hedge funds are betting crude oil stocks will adjust quickly to the aftermath of Hurricanes Harvey and Irma but gasoline and distillate inventories may take more time to normalise. Hedge funds and other money managers increased their combined net long position in the five major petroleum contracts linked to crude, gasoline and heating oil by 46 million barrels in the week to Sept. 5, according to the latest regulatory and exchange data.
US Denies Iran Report of Confrontation with US Vessel
An Iranian military vessel confronted an American warship in the Gulf and warned it to stay away from a damaged Iranian fishing boat, Tasnim news agency reported on Sunday, but the U.S.
Irma to Weaken by Tuesday Afternoon: NHC
Hurricane Irma was losing strength as its center moved toward the northwestern coast of the Florida Peninsula on Monday and was forecast to weaken to a tropical…
Bangladesh shortlists Trafigura, Gunvor for LNG Terminals
Bangladesh has shortlisted global commodity traders Trafigura and Gunvor to arrange the installation of two floating liquefied natural gas (LNG) import terminals in 2018 as the country transforms into a major LNG consumer. "Trafigura and Gunvor have been shortlisted out of 13 companies for two 200 million cubic feet/day LNG import terminals," a director at state-run energy firm Petrobangla's LNG division told Reuters.
Post-Irma Focus: SAR & Restoring Power
Federal officials were focused on Monday on search and rescue operations and restoring power to millions of people after Hurricane Irma tore across the Florida Keys…
Fuel Tanker Sinks off Piraeus
Product tanker Agia Zoni II reported water ingress, sinking, in the early hours of Sunday in Saronikos Gulf, south of Athens at anchorage west of Piraeus, with some 2500 tons of fuel on board, and two crew. The local media reports that Aghia Zoni II took on water while it was anchored and sank at 2.45 a.m., after sailing from the Aspropyrgos distilleries in the early hours of Saturday carrying 2,200 metric tons of fuel oil and 370 metric tons of marine gas oil.
Skuld Announces Positive Half Year Results
Skuld announced a positive bottom-line result of USD 8 million for the six months ending 20 August 2017, compared with USD 29 million at the half year in 2016. The period has been marked by a small number of substantial claims. However, the cost of these claims has been partly offset by the positive contribution from commercial operations which continue to produce a surplus. The technical result at the half year shows a negative outcome of USD 22 million and an overall combined ratio of 111%.
MPC Containerships to Use USD 100mln Bond Proceeds for Fleet
MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million. The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed. The net proceeds…
Wreck Removal Treaty Comes into Force in Singapore
Skuld Singapore has reminded all members that Singapore has ratified the Wreck Removal Convention (WRC) which entered into force in Singapore on 8 September 2017. "As members will be aware, the WRC requires among other matters owners of ships over 300 GT to have in place insurance to cover the costs of wreck removal. Skuld, like all the clubs within the International Group, has appropriate wreck removal cover available to their members…
Premier Oil Contracts VOS Famous for Catcher FPSO job
Dutch provider of offshore support vessels Vroon has entered into a five-year charter plus options with Premier Oil for one of its emergency response and rescue vessels (ERRV). "We are pleased to announce that VOS Famous has entered into a five-year charter (plus options) with Premier Oil, following a competitive tender. This is to attend their newly arriving Catcher FPSO (Floating Production, Storage and Offloading)," said a press statement from the company.
Technology Drives Growth of India’s Major Ports
Technological advancement for modernization of major ports and reforms for enhancing ease of doing business are driving and sustaining the growth trend line at India’s major ports. The country’s 12 major ports together handled 273.96 Million Tonnes of cargo between April to August, 2017 as against 265.31 Million Tonnes handled during the corresponding period of previous year, an overall growth of 3.26%.
Fire Kills Five at ASL Marine's Batam Shipyard
The vessel owner-operator and shipbuilder ASL Marine Holdings said that a fire occurred in its shipyard in Batam, Indonesia. ASL press release that initial investigations showed the incident occurred on board a tanker that was being repaired at one of its dry docks. The fire likely started inside and was confined to the pump room, the company added in its statement. Whilst this may restrict damage and deaths…
Asian Piracy Up
The number of incidents of piracy and armed robbery against ships in Asia in August 2017 had increased slightly compared to the same period in 2016, said ReCAAP ISC. Four incidents were reported in August 2017 compared to three incidents reported in August 2016. However, the total number of incidents during January-August 2017 was the lowest among the 10-year reporting period of January-August 2008-2017.
Piraeus Port Pact for Cosco Dalian Floating Dock
The Piraeus Port Authority (PPA) SA has announced the completion of a tender and finalization of a contract with Cosco SH (Dalian) Shipyard for the purchase of a new floating repair dock, an initiative that the port's management has pursued over the past year. The 240-meter floating repair dock will also have a width of 45 meters, a draft of 18 meters and a 205,66t capacity. The dock will be transported…
Swiss Climate EcoCare to Provide IMO DCS Services for Liberian-flagged Ships
Swiss Climate EcoCare is the first native German Company to enter a strategic agreement with the Liberian Registry with regards to the emissions guidelines, referring to EU-MRV and IMO DCS. Swiss Climate is a longtime expert in emission related topics. For more than 10 years, Swiss Climate has provided consultancy services to companies and organisations in setting up holistic climate strategies and sustainability concepts.
Braemar Acquires NAVES
Braemar Shipping Services plc announced the conditional acquisition of the entire issued share capital of NAVES Corporate Finance GmbH. Braemar is a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries. NAVES is a corporate finance advisory business focused on the maritime industry to create a new division within Braemar to be known as the Financial Division.
VDL AEC Maritime to Reduce Ship Emissions
Following on from the electrification of heavy duty mobility in the form of cars, buses, automated guided vehicles and tractor units, VDL Groep intends to continue help reducing the emissions from means of transport. The family-owned international industrial business headquartered in Eindhoven will now be supplying systems for ships that comply with the latest international requirements on the emission of harmful substances.
MOL Launches 2017 Session of 'One MOL Global Management College'
Mitsui O.S.K. Lines (MOL) has announced that the in-house training program "One MOL Global Management College was launched on September 4. One MOL Global Management College started in 2014 with the aim to improve management skills in a cross-cultural environment and develop the next generation of executives who will be leaders in the MOL Group's global management. The 2017 session marks the fourth year MOL has offered the program.
NAVFAC Southeast CERT Prepares for Hurricane Irma
Naval Facilities Engineering Command (NAVFAC) Southeast is forming Contingency Engineering Response Teams (CERTs) in preparation of any damage to Naval facilities in the path of Hurricane Irma. "Teams returned last week from Naval Air Station (NAS) Kingsville and NAS Corpus Christi after performing damage assessments after Hurricane Harvey made landfall in Texas," said Integrated Product Team Gulf Coast Assistant Operations Officer Cmdr. Anant Patel who is the CERT officer in charge.
Diana Shipping TC Contract for m/v Ismene with DHL
Diana Shipping Inc. has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with DHL Project & Chartering Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Ismene. The gross charter rate is US$12,000 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 15 months. The charter is expected to commence on September 16, 2017.