Marine Link
Thursday, October 19, 2017

May Buy

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets. The government has pledged to support sanctions-hit companies irrespective of their shareholder structure, using National Wealth Fund as one of the options. Under the plan, NWF may buy bonds issued by some of such firms. The Economy Ministry received Novatek's request for support in the amount of 100 billion to 150 billion roubles ($2.6-3.9 billion) - in line with the figures provided by Finance Ministry on Friday. "We will give our conclusion on the strategic importance of this project in October and by the end of the year I think we can move toward granting the NWF funds," Deputy Economy Minister Nikolai Podguzov said on Saturday. Podguzov added that Novatek's bonds that the NWF could buy would likely carry an interest equal to an annual inflation rate plus 1 percentage point and have a maturity of around 20 years. Novatek leads the $27 billion Yamal LNG project in Russian Arctic, which is expected to more than double Russia's share on the global liquefied natural gas market. France's Total and China's CNPC co-own the project

Shifting Oil Market Dynamics Key to Tanker Trade Prospects -MSI

© Kovalenko I/ Adobe Stock

The Q3 2017 tanker market is proving vexatious for owners still struggling with the effects of fleet oversupply. But in its latest monthly forecast, Maritime Strategies International (MSI) observes that changing trade patterns could help stabilize the market toward year-end and into 2018.   With all-OPEC crude exports setting record highs in July, the cartel’s attempts at lowering production are clearly open to question

Petroecuador Tenders to Buy High Octane Naphtha

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State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23, according to documents seen by Reuters on Thursday.   The big imports by Ecuador's oil company come as it prepares to completely halt its largest refinery, Esmeraldas, from October to November for a major renovation.   The company previously launched a similar tender earlier this month to buy 14 cargoes of

Colombia's Ecopetrol Offers To Buy ULSD & Gasoline

  Colombia's state-run Ecopetrol launched a tender to buy a 68,000-70,000 barrel cargo of ultra low-sulfur diesel (ULSD) and a 91,000-95,000 barrel cargo combining ULSD and gasoline, according to a document seen by Reuters on Wednesday. The shutdown of a key pipeline in Colombia since March has affected the oil company and other producers in the Andean country. Exports of medium Vasconia crude have declined in recent weeks, according to traders.

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to Bahri in 2017. The deal included an option to buy five more, which Bahri is now taking up according to the latest announcement.

COSCO Mulls Hanjin Port Asset Purchase

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China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships, Caixin cited the Chinese firm's Chairman Xu Lirong as saying. Hanjin Shipping collapsed last month. Earlier on Wednesday, a South Korean court said it has not yet decided whether a sale of the company is necessary

Frontline Buys Two Tankers

Norwegian shipping firm Frontline is to buy two 1993 tankers from Wilh. Wilhelmsen for a total of $90 million in shares and cash. It will reportedly pay Wilhelmsen 2.96 million Frontline shares and $62 million in cash for the two VLCCs, Tartar and Tarim. Wilhelmsen would book a loss of $15 million from the sale, Frontline said. The vessels are scheduled to be delivered during May/June.

American Superconductor Announces Filing of Amendment to Public Offering

American Superconductor Corporation announced has filed an amendment to the registration statement it filed with the Securities and Exchange Commission on August 29, 2003 for its proposed public offering of 4,000,000 shares of its common stock. The offering will include an option for the underwriters to purchase up to an additional 600,000 shares to cover over-allotments, if any. The lead underwriter for the offering will be

PetroChina May Buy Overseas

Prices Ease Though Argentine Demand Limits Losses

Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu), down 5 cents from the previous week. Traders said prices were supported by Argentina's tender to buy 19 LNG cargoes for May to August delivery, following a large purchase earlier in the week

India's Reliance Makes First Purchase of US Crude

India's Reliance Industries Ltd, owner of the world’s biggest refining complex, has bought its first ever crude oil cargoes from the United States, drawn by the oil's economics after the price spread between U.S. crude futures and Brent futures widened, three trade sources said on Tuesday.   Reliance bought 1 million barrels each of West Texas Intermediate (WTI) Midland and Eagle Ford crude which are expected to arrive in November, they said.    

Offshore Rig Firms See End to Historic Downturn

Aker BP recently awarded a contract worth up to $68 million to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger in the Norwegian Sea and the Barnts Sea (Photo: Aker BP)

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said.   While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves.  

IOC to Lift U.S. Crude for December Delivery

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Indian Oil Corp, the country's largest refiner, has bought two new types of U.S. crude for December delivery as it tests different grades from the United States, trade sources said on Tuesday.   IOC bought 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month.  

Newest Outpost for US Crude Exports: India

© sedi78 / Adobe Stock

India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports.   U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.  

NAT CEO Hansson Buys 180,000 Company Shares

Photo: Nordic American Tankers

Nordic American Tanker (NAT) says a company owned by chairman and CEO Herbjorn Hansson and his immediate family on August 31 bought 180,000 shares in NAT at an average price of $4.61 per share​. As of August 31, immediate Hansson family holds 3.6 million common shares of NAT. Nordic American Tankers is a shipping company focused on Suezmax crude tankers, each of which can carry up to 1 million barrels of oil.

Asian Traders Mull U.S. Crude Liftings in Harvey's Wake

File Image (CREDIT: AdobeStock / (c) mikesjc)

Harvey closed nearly a quarter of U.S. refining capacity; helping to push WTI-Brent spread to widest in two years.   Some oil traders in Asia are looking to snap up crude cargoes from the United States after Hurricane Harvey closed U.S. refineries, denting local demand and pushing out the price spread between U.S and Atlantic Basin crude benchmarks.   Hurricane Harvey barrelled into the U.S. Gulf of Mexico coast around 10 days ago

Rickmers to Continue Ship Management under New Owners

(Photo: Rickmers)

German shipping group Rickmers, which filed for insolvency in June, said on Thursday its ship management unit had the all-clear to continue business after it was bought by Bremen-based Zeaborn Group and owner Bertram Rickmers. The company said in a statement that a consortium consisting of Zeaborn and Bertram Rickmers bought the division, which has its main sites in Hamburg, Singapore and Cyprus after they won a bidding process.

Winson Oil, Unipec Snap up Gasoil Cargoes

File Image (CREDIT: AdobeStock / (c) Carabay)

Both traders buy over 12 million barrels in September.   Oil traders Winson Oil and Unipec have snapped up over 12 million barrels of gasoil in just under two weeks and are booking vessels in Singapore to either store the fuel or export it, shipping and trading sources said on Wednesday.   Winson Oil, based in Hong Kong and registered in Singapore, bought the bulk of the cargoes at over 9 million barrels in oil price agency S&P Global Platts' market since the start of

Six Companies Buy Oil from US Emergency Crude Reserve

Six companies bought 14 million barrels of oil from the U.S. Strategic Petroleum Reserve in a sale required by law to help fund medical research and the federal government, said the Department of Energy on Thursday.   BP Oil Supply, Exxon Mobil Corp, Phillips 66 , Shell Trading, Valero Marketing and Supply Company, and Macquarie Commodities Trading bought oil from the reserve, which is held in salt caverns on the Texas and Louisiana coasts.  

DP World to buy Dubai Maritime City, Drydocks World

File Image: A DP World Port Terminal (DP World)

DP World said on Monday that it had entered into a deal to buy two other Dubai state-owned maritime companies for a total of $405 million.   The Dubai-based ports operator will acquire Maritime World, the 100 percent owner of Dubai Maritime City, for a purchase consideration of $180 million, and 100 percent of Drydocks World by means of a capital injection of $225 million.   Both deals are expected to close before the end of the first quarter of 2018, it said.

Mitsui OSK Targets 26% Stake in Swan's Indian LNG Unit

Japan's leading shipper Mitsui OSK Lines aims to buy at least a 26 percent stake in a floating storage regassification unit (FSRU) in India, a company official said, to boost its exposure in the west coast project of Swan Energy.   Swan Energy is building a 5 million tonnes a year FSRU and floating storage unit (FSU) at Jafrabad in western Gujarat state, with Mitsui awarded a long-term contract for operation and maintenance services.  

Australian Navy: Getting On Board the Gap Year

Gap Year sailors watch from the flight deck as a United States Marine Corps MV-22 Osprey from USS Bonhomme Richard, lands aboard HMAS Adelaide, off the coast of Queensland during Indo-Pacific Endeavour 2017. Photo: Royal Australian Navy

 The Australian Defence Force Gap Year – Navy is an opportunity for young Australians to experience military training, service and lifestyle through a year-long program, with no further obligations on the participant to continue to serve.   The program allows people to experience Navy life as a ‘try before you buy’ scheme during which every opportunity is given to participants to apply for transfer to Permanent Navy workforce categories

France Sees Quick Accord on STX, Sees Naval Deal Taking Longer

(File photo: STX France)

France hopes for agreement over the future of the STX France shipyards at a Franco-Italian summit on Sept. 27, but a separate deal on warship co-operation would take longer to negotiate, French Finance Minister Bruno Le Maire said on Thursday.   "I would like us to have an agreement between the French and Italian governments on STX for the summit on September 27," Le Maire told reporters after a meeting with suppliers in the aerospace sector.  

Fincantieri to Take Control of STX France

File Photo: STX France

Italian shipbuilder Fincantieri will take effective control of STX France under shared ownership, an Italian government source said on Wednesday, ending a dispute that has soured bilateral relations.   France had angered Italy by ordering a "temporary" nationalization of STX, cancelling a deal in which Fincantieri and another Italian investor had agreed to buy 55 percent.   French Finance Minister Bruno Le Maire said earlier on Wednesday he now hoped to be able to form

US Fuel Exports Recover after Harvey

Fuel exports from the U.S. Gulf Coast are rising rapidly as refineries recover from weeks of disruptions due to Hurricane Harvey, offering respite to buyers in Latin America and Europe.   The gradual resumption of operations in the region that has become a major oil export hub has prompted a drop in benchmark gasoline and diesel refining margins on both sides of the Atlantic. Margins measure the profit from converting crude into fuels.  

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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