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Crude Oil News

06 May 2021

Tanker Firm Euronav Says Large Crude Tonnage Still Abundant. Sees Slow Freight Rates Recovery

File photo: Euronav

Belgian tanker operator Euronav on Thursday reported higher-than-expected first-quarter earnings, but said the shipping market was pressured by restricted crude supply and a slow recovery in freight rates.The group, one of the largest tanker companies in the world, said COVID-19 restrictions were depressing demand for crude oil and high levels of compliance with OPEC+ output supply cuts have restricted the number of cargoes available for commercial transit, deferring a recovery in freight rates.The Antwerp-based company posted earnings before interest…

29 Apr 2021

A Symphony Lightering Operations Set to Start on Friday

© Andrey Erofeev/ Adobe Stock

Work to siphon off the remaining cargo from a stricken tanker was expected to commence on Friday, the vessel's manager said on Thursday, two days after hundreds of tonnes of oil spilled into the Yellow Sea following a collision in dense fog.The size of the spill from the Liberia-flagged tanker A Symphony was revised down to about 400 tonnes (2,920 barrels) on Thursday, from the original estimate of 500 tonnes, and one Chinese maritime official said it seemed to have been contained.A…

29 Apr 2021

HSFO Sales Rebound After Pre-IMO 2020 Correction -BIMCO

© Rex Wholster / Adobe Stock

In the first quarter of 2021 high-sulpfr fuel oil (HSFO) has been the only bunker fuel to experience year-on-year growth in Singapore, the world's largest bunkering hub. HSFO sales are up 47.2% from Q1 2020, reaching 3.1 million tonnes. This is however still less than a third of high-sulfur fuel sales in Q1 2019, before the IMO 2020 Sulphur Cap came into force.The 1 million tonne increase in HSFO sales exceeded the fall in low-sulfur fuel oil (LSFO) and marine gas oil (MGO) sales, though only marginally, with total bunker sales in Singapore up by 0.8% in Q1.

29 Apr 2021

Indonesia to Stop LPG and Fuel Imports by 2030

© Alex Stemmer / Adobe Stock

Indonesia will stop both liquefied petroleum gas (LPG) and fuel imports by 2030 and plans big changes to its energy infrastructure to meet that target, a top energy official said on Thursday.President Joko Widodo has tasked the National Energy Council, a board made up of seven ministries and other stakeholders that plans energy policy, to devise a strategy to allow for a halt on LPG and fuel imports, said the council's secretary general, Djoko Siswanto.Once a former OPEC member, maturing fields and investment lags has turned Indonesia to a net importer of oil and gas.

29 Apr 2021

Oil Spill Clean-up in China's Yellow Sea Depends on Weather

(Photo: @TankerTrackers / Twitter)

Chinese officials were waiting for better weather before deciding whether to siphon off the remaining cargo from a stricken tanker after hundreds of tonnes of oil spilled into the Yellow Sea after a collision in dense fog two days ago.The size of the spill from the Liberia-flagged tanker A Symphony was revised down to about 400 tonnes (2,920 barrels) on Thursday, from the original estimate of 500 tonnes, and one maritime official said it seemed to have been contained.An official at the Shandong Maritime Safety Administration told Reuters the amount of oil on the tanker…

27 Apr 2021

Clean-up off Qingdao Continues After Oil Spill from Ship Collision

© Tony Hogwood / MarineTraffic.com

Clean-up work continued on Wednesday near the Chinese port city of Qingdao, a day after a yet-to-be determined quantity of oil spilled into the Yellow Sea after a tanker carrying around a million barrels of bitumen mix collided with a bulk vessel in thick fog.“There are oil spill experts on the scene that have started clean-up operations,” said a spokesman for Goodwood Ship Management, manager of the Liberia-flagged tanker, A Symphony, that was at anchor when involved in the collision with bulk shipping vessel Sea Justice.China’s Shandong Maritime Safety Administration on Tuesday instructed sh

16 Apr 2021

Clean Crude? Oil Companies use Offsets to Claim Green Barrels

Credit:fuzzy3d/AdobeStock

In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral.While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits under a U.N.-sponsored program called CORSIA.Carbon credits…

15 Apr 2021

U.S. Crude Oil Exports: When 'Less is More'

© SHUTTER DIN/AdobeStock

Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020. The fall could however have been much worse; In volume terms, seaborne crude oil exports have fallen by 18.8%, to 20.9m tonnes, a 4.8m tonnes decline compared with last year, according to data from the US Census Bureau.While seaborne crude oil exports to all regions have fallen, those to Asia are among the least affected, down just 1.0%, or equivalent to one Aframax load (101,088 tonnes).

13 Apr 2021

ADNOC L&S Adds Two More VLCCs to Its Fleet

Credit: ADNOC L&S

Abu Dhabi-based ADNOC Logistics & Services, the shipping and maritime logistics branch of Abu Dhabi National Oil Company (ADNOC), has ordered two additional Very Large Crude Carriers (VLCC), bringing the total number of VLCCs added to its fleet in 2021 to eight.ADNOC L&S said Tuesday that the VLCC fleet expansion played a significant role in supporting ICE Murban Futures, which is expected to boost trading of the UAE’s flagship Murban crude oil, enabling it to reach new customers and markets around the globe.

09 Apr 2021

Sanmar Delivers Two Line-handling Pusher Crafts to Scottish Operator

(Photo: Sanmar)

Turkey-based Sanmar Shipyards delivered two line-handling pusher crafts to Scotland-based Targe Towing for operations at the Hound Point oil export terminal on the Firth of Forth.Targe has provided services for Ineos at Hound Point, Scotland’s largest oil export terminal, for almost 30 years and the main task of the new additions to its fleet will be line handling operations assisting the berthing of large crude oil tankers up to VLCC. They will also support pollution response…

05 Apr 2021

Sangomar FPSO Construction Starts in China

Image: SOFEC, A MODEC Group company

The conversion of a VLCC into an FPSO bound for Woodside's Sangomar project in Senegal has recently kicked off in China, the Australian oil firm said in a recent report.The 323 meters-long very large crude carrier (VLCC) Astipal in February arrived in China, where it will, in Woodside's words, undergo "a metamorphosis" into the floating production storage and offloading (FPSO) facility for the Sangomar field. Japanese firm MODEC is responsible for the delivery of the FPSO for the Sangomar field, Senegal's first offshore oil development. The FPSO conversion will take around two years.

01 Apr 2021

NTSB Finds Complacency, Lack of Procedural Compliance in Recent Marine Accidents

Alton St. Amant (Source: Blessey Marine Services / NTSB)

A lack of procedural compliance and complacency were key factors in several marine accident investigations concluded so far in 2021, according to the National Transportation Safety Board (NTSB).The agency said it determined the probable cause of the flooding of the towing vessel Alton St. Amant on May 17, 2020, in Harvey Canal, New Orleans, Louisiana, was the absence of shipyard pre-inspection and monitoring procedures for water transfer, which resulted in potable water tanks…

29 Mar 2021

Top Three Takeaway Lessons From the Suez Canal Blockage

© Cnes2021, Distribution Airbus DS

For a week the world was gripped by the extraordinary sight of a massive container ship that had run aground in the Suez Canal in Egypt. The Ever Given is 400m long (1,312ft) and weighs 200,000 tonnes, with a maximum capacity of 20,000 containers. It was carrying 18,300 containers when it became wedged in the canal, blocking all shipping traffic. Efforts to free it finally paid off when it was partially dislodged in the early hours of Monday 29 March. Adejuwon Soyinka asked maritime…

29 Mar 2021

Giant Ship Blocking Suez Canal Partially Refloated

Credit: Suez Canal Authority

A massive container ship blocking Egypt's Suez Canal for nearly a week has been partially refloated, the Suez Canal Authority (SCA) said on Monday, raising hopes the busy waterway will soon be reopened for a huge backlog of ships.The 400-meter (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting shipping traffic on the shortest shipping route between Europe and Asia.After further dredging and excavation over the weekend…

26 Mar 2021

The Suez Canal: A Vital Transit Route With an Ancient History

(Photo: BlackSky)

The Suez Canal, blocked by a giant container ship that ran aground on Tuesday, is the quickest sea route between Asia and Europe and about 15% of global shipping traffic moves through it.The 193-km (120-mile) waterway, run by the state-owned Suez Canal Authority, is a vital source of foreign currency for Egypt.How much oil goes through the canal?Of the 39.2 million barrels per day (bpd) of crude oil imported by seaborne methods in 2020, 1.74 million bpd went through the Suez Canal…

26 Mar 2021

Race to Dislodge Suez Blockage as Shipping Rates Surge, Vessels Divert Away

© Cnes2021, Distribution Airbus DS

The Suez Canal stepped up efforts on Friday to free a giant container ship blocking the vital trade waterway that has sent shipping rates for oil product tankers soaring and disrupted the global supply chains for everything from grains to baby clothes.Shipping rates for oil product tankers have nearly doubled after the 400 meter long Ever Given, almost as long as the Empire State Building is high, ran aground in the canal on Tuesday.Efforts to free the vessel may take weeks and be complicated by unstable weather conditions…

24 Mar 2021

Oil Gains More Than $3/bbl After Suez Canal Ship Grounding

(Photo: Suez Canal Authority)

Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S. refiners are mostly recovered from the cold snap that slammed Texas in February.Brent crude settled at $64.41 a barrel, gaining $3.62, or 6%, after tumbling 5.9% the previous day.

18 Mar 2021

Scrubber-fitted Ships Nearly Double Since January 2020 -BIMCO

© zheltikov / Adobe Stock

As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be compliant with the International Maritime Organization's (IMO) 2020 global sulphur cap that came into force on January 1, 2020, overall bunker sales rose in the world’s by far largest bunkering hub: Singapore.Total bunker sale volumes grew by 5% in 2020 and have continued to climb in the first two months of 2021 (+2.7% y/y),a n indication of the shipping industry’s ability to deliver all the way through the pandemic.

16 Mar 2021

VIDEO: Topsides Modules Lifted on Guyana-bound Liza Unity FPSO

 Guyana-bound: The Chinese-built Liza Unity FPSO last year arrived in Singapore for topsides integration. The FPSO is destined for the ExxonMobil-operated Liza field development in Guyana. (Photo: SBM Offshore)

SBM Offshore, the Dutch-based FPSO company, said Tuesday that the topsides lifting campaign for the Liza Unity FPSO was recently completed. The FPSO is being built for deployment at ExxonMobil's Stabroek offshore block in Guyana."Thanks to the efforts of the integrated team, over 26,000 tons of topsides were safely lifted in position at Keppel Shipyard in Singapore since the vessel came out of dry-dock in October of last year," SBM Offshore said.© SBM OffshoreSBM Offshore said…

15 Mar 2021

Woodside, Trafigura Load First Carbon Offset Condensate Cargo at Pluto LNG

Image Credit; Trafigura/Twitter

Australian oil and gas firm Woodside and its Pluto LNG joint venture partners have delivered their first cargo of carbon offset condensate to commodity trading company Trafigura.The cargo was loaded at Pluto LNG plant in Western Australia, which processes gas from the offshore Pluto and Xena gas fields.The carbon dioxide equivalent emissions associated with extraction, storage and shipping of the 650,000- barrel cargo will be offset through a combination of efficiency measures, which reduce emissions, and surrender of high-quality carbon offsets, Woodside said.

11 Mar 2021

Secondhand Prices Put a Damper on Tanker Demolitions -BIMCO

© aerial-drone / Adobe Stock

The year 2021 has been tough on crude oil tanker freight rates across the board so far. Consequently, the industry buzz has been all about largescale scrapping of tankers, but so far, it has been all talk and very little walk, as the secondhand market has proved a much-preferred alternative, says industry group BIMCO.Although demolitions are up from the start of last year, only two shuttle tankers and two Aframax crude oil carriers (450,000 DWT) have been confirmed demolished in the first two months of 2021, according to data from Clarksons.

03 Mar 2021

Israel Says It Tracked Down the Ship Linked to Recent Oil Spill

© Graham Flett / MarineTraffic.com

Israel accused Iran on Wednesday of being linked to a recent oil spill off its shores that caused major ecological damage, calling the incident environmental terrorism.The spill was caused by an oil tanker that was carrying pirated cargo from Iran to Syria last month, Israeli Environmental Protection Minister Gila Gamliel said.The vessel sailed through the Gulf and the Red Sea without radio contact, switching its tracking devices back on before passing through Egypt's Suez Canal…

25 Feb 2021

Corpus Christi, Rotterdam Ports Announce Partnership

© Rawf8 / Adobe Stock

The U.S.’ largest energy export gateway and Europe’s leading industrial deepsea port have entered into a Memorandum of Understanding that will allow the two global entities to collaboratively improve their global maritime operations.The Port of Corpus Christi and the Port of Rotterdam have outlined a number of shared objectives, which include codeveloping trade and commercial opportunities, fostering an exchange of information, and advancing the development and deployment of innovative technologies specifically related to navigational safety and environmental protection.Sean Strawbridge…

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