MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in the market, brokers said. Cuts in the output from Iraq and West Africa this month as part of an agreement between oil producers to curb crude production to bolster oil prices are also expected to weigh on the tanker market as the number of voyages are curtailed, brokers said. "Older, cheaper ships are workable out of the Middle East rather than West Africa, that's why we see slightly higher rates from West Africa," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore. Typically, shipowners discount rates for older vessels, while oil majors in West Africa limit charters to more modern ships. Supertanker charter rates have diverged over the last week with prices from the Middle East to Asia nudging lower while freight rates from West Africa climbed to their highest since Feb. 28. "The disparity in rates between modern and old ships remains while rates for the longer voyages like West Africa/East have been better maintained," said Norwegian ship broker Fearnley in a note on Wednesday.
Topaz Energy and Marine, an offshore support vessel company with primary operations in the Middle East and Caspian, announced a new contract win for its fast growing West Africa operation. Under the terms of the $11 million agreement, Topaz will supply a global oil major with a platform supply vessel, the Topaz Faye, for 18 months to support its offshore production operations. This contract comes on the back of several recent contract wins in West Africa and further strengthens
CMA CGM introduced its new PEX 3 service rotation linking US Gulf Coast and US East Coast (South Atlantic) to Asia, Africa and Mediterranean. Effective March 9th, 2016 in Houston with m/v CMA CGM CHATEAU D’IF voy. 062PGW, the new rotation will be the following: Houston - Mobile - Miami - Jacksonville - Charleston - Tangier - Singapore - Hong Kong - Chiwan - Shanghai - Ningbo - Pusan PEX 3 will then offer the following features:
Ship service providers WSS open their own premises in the port after 15 years of operation through sub-agents & service providers. Simon Hutt, Area Director for North and West Africa paid tribute to the hard work of the area operational team in West Africa who have been managing the business development activities and securing the future of the new office, saying: “WSS has operated in West Africa for the last fifteen years through various sub-agents and service
Hapag-Lloyd will restructure and further enhance the dedicated West Africa Service Network, the company said in its press release. Effective mid of March 2016, existing weekly West Africa Express Service (WAX) will be upgraded by deploying an additional vessel, which will enable us to extend port coverage in the existing product. With the restructured service, Hapag-Lloyd will have a direct Apapa call on the southbound leg
Aegean Marine Petroleum Network Inc. an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced that it plans to launch a new service center located on the Gulf of Guinea in West Africa during the fourth quarter of 2007, expanding the Company's global network of marine fuel service centers. The company also announced it has entered into an agreement to purchase a 1985-built 83
As part of its continued supply network growth in West Africa, Hutton’s Group has opened a new facility in Equatorial Guinea to boost its supply chain in the region. Operating as part of Hutton’s Remote Site Services, the new base in Luba Freeport will enhance the successful supply solutions already being delivered by Hutton’s West Africa depots in Ghana and Ivory Coast. As the only ship supplier based within Luba Freeport
Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced a new contract win for its fast growing West Africa operation. Under the terms of the US$ 11 million agreement, Topaz will supply a global oil major with a platform supply vessel, the Topaz Faye, for 18 months to support its offshore production operations. This contract comes on the back of several recent contract wins in West Africa and further
Power struggle breaks out between between owners and charterers; West Africa cargoes hit a monthly record. Freight rates for very large crude carriers (VLCCs), which surged to a four-month high on Thursday, to hold steady as ship owners await the release of November cargoes, ship brokers said on Friday. "There's a power struggle going on between owners and charterers," said a European supertanker broker on Friday.
Rates to climb to around W65 from MidEast to Asia; W70 from West Africa. Freight rates for very large crude carriers (VLCCs) are set to rise further as Asian refiners rebuild inventories after plants were reactivated following maintenance outages, brokers said on Friday. However, gains are likely to be capped due to the availability of additional ship capacity and charterers' holding back cargoes if they think rates are too frothy, broker added.
Shark fins have been discovered on two Chinese fishing vessels during a joint surveillance conducted by Greenpeace and Guinean fishery authorities. One of the vessels also had illegally altered fishing nets on board, while a third Chinese vessel was caught using illegal nets
CMA CGM announced a significant improvement of its product from Montreal, Canada to Africa West Coast strategic markets. Starting May 6th, 2017 with the opening of the new service Med Canada, CMA CGM will connect Montreal cargo to West Africa with our 6 EURAF services via the hub of
CMA CGM has announced the strengthening of its position on Europe > West Africa route by becoming vessel operator on its current service EURAF 5. Effective April 5th, 2017, CMA CGM operates 2 vessels on EURAF 5 between North Europe and West Africa South Range.
40 MidEast VLCC cargoes fixed for early April loading. Freight rates for very large crude carriers (VLCCs), which have fallen to six-month lows, are likely to hold steady around current levels as owners resist charterers' attempts to push rates lower, brokers said.
Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end. "I haven't seen a collapse in rates like this for some time
South Africa’s competition watchdog is seeking to fine Japan’s Kawasaki Kisen Kaisha (K-Line) as much as 10 percent of its annual revenue in the country for colluding on a tender for the transport of Toyota Motor Corp. vehicles, reports Reuters.
MidEast tanker rates fall to $22,000 a day, below breakeven; 52 VLCCs to be delivered this year, highest since 2011. Freight rates for very large crude carriers (VLCCs), which fell to four-month lows this week, face an uncertain direction next week as refinery maintenance and excess
The Greenpeace ship My Esperanza has docked at the port of Praia in Cape Verde. For eleven weeks the Esperanza will sail the waters of six West Africa States - Cape Verde, Mauritania, Guinea Bissau, Guinea, Sierra Leone and Senegal to raise awareness on the state of fisheries
Around 30 VLCC charters in Feb so far, versus 50 last month. About 40 refinery facilities to close for maintenance. Freight rates for very large crude carriers (VLCCs), which fell to multi-week lows on Thursday, could slip further as refinery maintenance in Asia weighs on cargo volumes
Cairn announced the appointment of Eric Hathon as Director of Exploration. Dr Hathon, who has more than 25 years experience in the international oil and gas industry, will join Cairn from Marathon Oil Corporation where he held the position of Director Conventional Exploration
Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan. * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose.
Traders prep rare East Coast gasoline exports; cargoes already sailing with exported distillates. Traders are preparing to export cargoes of coveted gasoline from the U.S. East Coast after months of heavy importing and local production swamped the region.
Pirates have kidnapped seven Russians and one Ukrainian after attacking the cargo ship the BBC Caribbean off the coast of Nigeria, the Russian embassy said on its official Twitter account. The embassy has asked Nigerian authorities to assist in locating the abducted people
Keppel Offshore & Marine subsidiary Keppel Shipyard Ltd is on track to deliver a floating production storage and offloading (FPSO) vessel to Yinson Production (West Africa) Pte Ltd (Yinson), a subsidiary of Yinson Holdings Berhad, marking the first FPSO delivery of 2017.
Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Yinson Production (West Africa) Pte Ltd (Yinson), a wholly-owned subsidiary of Yinson Holdings Berhad