Crude Oil News

19 Apr 2019

Oil Spill Dispersant Market to Reach $23.6bln by 2026

Oil spill containment. Image: Canadyne Technologies

The global Oil Spill Dispersant Market is anticipated to grow at a constant CAGR around 3% during the forecast period 2019 to 2026 and reach the market value around USD 23.6 billion.The growth of the market for oil spillers depends directly on the frequency, the time and volume of petroleum spill events, said a market report by Acumen Research and Consulting.Oil pollution is a common term for seawater, land water or land contamination due to oil release due to an accident or human error. Oil contamination is spread throughout the world and is boiled both onshore and offshore.

18 Apr 2019

Volume Rises at Port of Rotterdam

Pic: Port of Rotterdam

Port of Rotterdam posted a record overall freight tonnage in the first quarter of 2019, up 5.1% on the same period last year, thanks to strong growth in container traffic.In total, 123.9 million tonnes were handled compared with 117.8 million tonnes in the same period in 2018."The increase mainly concerned the throughput of containers (+7.3% in TEU, +5.9% in tonnes) and fuels. Mineral oil products, iron ore and scrap throughput fell," said a press release from the largest port in Europe…

18 Apr 2019

WinGD: Strong 1Q 2019

WinGD's X92DF engine. Image: WinGD

As the clock ticks toward January 1, 2020 and the implementation of strict new emission regulations from the International Maritime Organization, WinGD is reporting a solid order intake for the first quarter of 2020 for their low-pressure, dual-fuel two-stroke engines, powered by a newbuild order spree of LNG carriers specifying WinGD’s XDF engines. In addition, WinGD reports a broadening range of vessel types are selecting dual fuel solutions, including Chemical & Crude Oil Tankers, Asphalt Carriers and Container Feeders.

15 Apr 2019

Hyundai Heavy Sells Oil Stake to Saudi Aramco

Group photo of Saudi Aramco and HHIH executives and team members after the signing ceremony. Photo:  Saudi Arabian Oil Co.

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s…

11 Apr 2019

Gazprom’s Arctic Offshore Platform Hits Milestone

Image: Sovcomflot (SCF Group)

Russian shipping company Sovcomflot (SCF Group) said that the Arctic shuttle tanker Mikhail Ulyanov loaded the milestone 10-millionth tonne of commercial oil produced at Prirazlomnaya offshore platform in the Pechora Sea.The energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production said that this cargo of oil has become the 150th shipped from the platform since the transportation began in April 2014.Symbolically…

15 Apr 2019

BIMCO: US Seaborne Crude Oil Exports Hit Record High

ULCC_AdobeStock_CREDIT Jose Gill

US exports of crude oil have, since August 2018, continued to rise every month, with a new record high in January of 9.6 million tonnes. Exports rose in January on the back of increased sales to Europe, which rose from 2.7 million tonnes in December to 4.8 million tonnes in January.A strong end to 2018 meant that volumes for the full year totalled 87.4 million tonnes, 96.7% higher than the 44.4 million tonnes exported in 2017. This is good news for the crude oil tanker sector…

08 Apr 2019

OSV Market: Which Way is Up?

OSV "THUNDER" owned by Jackson Offshore serving floater "DEEPWATER CONQUERER"
Source: Jackson Offshore

Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipment…

08 Apr 2019

Tsuneishi Delivers First LRI Tanker

Image: Tsuneishi Shipbuilding Co

Tsuneishi Shipbuilding Co, ship repair and manufacturing company in Japan, has delivered its first long-range-one (LRI) (77,000 DWT) Product/Chemical Tanker."This first ship was constructed at Tsuineishi Group (Zhoushan) Shipbuilding, Inc., the Group’s shipbuilding site in China," said a press statement.The new LRI Product/Chemical Tanker was built to address the rising global demand for petroleum and chemical products.It fulfills the requirements of MR Product/Chemical Tankers that are used mainly to transport such products…

07 Apr 2019

New Aframax Tanker Makes First N. American Call

The crude oil tanker ProStar discharges jet fuel at Port Canaveral’s North Cargo Berth 2. CEO Capt. John Murray, left, and Seaport Canaveral General Manager David Smith, right, present plaques to ProStar Capt. Alexander Ivanishvili. (Photos: Canaveral Port Authority)

The Aframax tanker ProStar recently made its first North American delivery to discharge 442,131 barrels of jet fuel at Seaport Canaveral."820-foot-long ProStar – first of its kind vessel to berth at Port – makes its inaugural North American delivery of transportation fuels to Seaport Canaveral," the Canaveral Port Authority announced in a statement.Built in 2018, the 144-foot-wide ProStar has a crew of 23 and a summer dead weight tonnage of 115,000 tons.Port Canaveral cargo operations…

05 Apr 2019

World’s Largest STS Transfer Hub Comes in Malaysia

Seated: Dato. Shahrul Amirul (left), Chairman of KA Petra and Mr. Eric Ip (right), Group Managing Director of Hutchison Ports. Standing (left to right): Mr. Anthony Loke, Minister of Transport of Malaysia; Tun Dr. Mahathir Muhammad, Prime Minister of Malaysia; Dato Sri Saifuddin Nasution Ismail, Minister of Domestic Trade and Consumer Affairs of Malaysia. Photo: Hutchison Ports

KA Petra, a Malaysian ship-to-ship (STS) transfer specialist, has signed a Heads of Agreement (HOA) with Hutchison Port Holdings to jointly develop the world’s largest STS transfer hub in the country.Under the terms of the HOA, KA Petra will have 70% interest in the project, whilst Hutchison Ports will take a strategic 30% stake.Based on preliminary studies, construction of the STS Hub is estimated to cost USD150 million to USD180 million, and will be funded by a combination of internally generated funds and debt financing.

29 Mar 2019

Port of Corpus Christi Readies VLCC Terminal

Pic: Port of Corpus Christi

The fourth-largest port in the United States in total tonnage, Port of Corpus Christi has leased land where it hopes to build the nation's first export terminal to load very large crude carriers (VLCC).The Port of Corpus Christi Commission approved today a long-term (50-year) lease agreement with Lone Star Ports, a joint venture between the Carlyle Group and the Berry Group, for approximately 200 acres on Harbor Island to develop a state-of-the-art petroleum export terminal.Featuring the latest in safety, security and environmental technologies, the facility will connect U.S.

28 Mar 2019

Tanker Bottleneck Eases for Port of Houston

The sprawling Houston area refining complex adjacent to the Houston Ship Channel. CREDIT: AdobeStock / © Irina K)

Four tankers on Thursday were preparing to offload or pick up cargoes in the busiest U.S. oil port, the first signs of an easing of the bottleneck that cut 1 million barrels per day of shipments, according to vessel tracking data.The Houston Ship Channel reopened this week with operating restrictions following a fire at Mitsui & Co Inc's Intercontinental Terminals Co (ITC) in Deer Park, Texas. That blaze sent fuel and chemicals into the waterway, which connects Houston to the…

15 Mar 2019

TEN Charters for Two LNG Vessels

Pic: Tsakos Energy Navigation

Greek shipping company Tsakos Energy Navigation (TEN) announced new charters for two LNG carriers, the Neo Energy and the Maria Energy to significant international energy concerns for an aggregate period of 36 months. The total gross revenues from these two fixtures, over the duration of the respective contacts, is expected at about $60 million, said the provider of seaborne crude oil and petroleum product transportation services worldwide.“LNG is on top of the agenda for TEN’s diversified energy fleet.

15 Mar 2019

Kirby Closes Cenac Fleet Acquisition

File Image (CREDIT: Cenac)

Kirby Corporation announced the completion of the acquisition of the marine transportation fleet of Cenac Marine Services, LLC, an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States. The total value of the transaction was approximately $244 million and was financed with additional borrowings. Cenac’s fleet consists of 63 30,000-barrel inland tank barges with approximately 1.9 million barrels of capacity, 34 inland towboats, and 2 offshore tugboats.

14 Mar 2019

U.S. Natural Gas Production Sets New Record

Graph: EIA

According to the U.S. Energy Information Agency (EIA), US natural gas production registered an increase by 10.0 billion cubic feet per day in 2018, noting an 11% rise in comparison to 2017.The development reported was the largest annual increase in production on record, establishing a record high for a second year in a row, it said in a press release.U.S. natural gas production measured as gross withdrawals averaged 101.3 Bcf/d in 2018, the highest volume on record, according to EIA’s Monthly Crude Oil, Lease Condensate, and Natural Gas Production Report.U.S.

14 Mar 2019

Newbuild VLCC's Lift Gasoil, Head Westward

File Image: AdobeStock / © Jose Gill

Ship builders in Asia are sending a record number of supertankers west carrying middle distillate oil products, such as diesel, data intelligence firm Vortexa said on Thursday, adding more volumes might follow.Very large crude carriers (VLCC) often carry refined, or clean, oil products on their maiden journey before switching to crude oil."New build VLCCs are loading clean gasoil for maiden voyages at record levels in 2019," data intelligence firm Vortexa said on Thursday."So far this year…

08 Mar 2019

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is about to change.The Energy Information Administration (EIA) reported last week that the United States exported more crude and petroleum products than it imported.

07 Mar 2019

Mossel Bay Port Ready to Serve Total

Pics: Transnet National Ports Authority

South Africa’s smallest commercial port, the Port of Mossel Bay is well equipped to provide value following global energy giant Total’s significant gas condensate discovery on the Brulpadda prospects, located on Block 11B/12B in the Outeniqua Basin, 175 kilometres off the southern coast of South Africa, announced Transnet National Ports Authority (TNPA).The authority has dispelled criticism that it may not be ready to answer the call for capacity necessitated by the recent discovery…

28 Feb 2019

LNG Only Fills Niches in Europe

Pic: Wintershall Holding GmbH

Although LNG (Liquid Natural Gas) provides a solid supplement to European gas supplies, the EU is and will remain a pipeline market – for good reasons, said Wintershall's new position paper.The report from Germany's largest crude oil and natural gas producer on the importance of liquid gas for Europe said that the liquefaction is highly energy-intensive – the energy consumption corresponds to about 13% of the gas transported.With an energy loss of less than five percent, pipelines are much more energy-efficient. Another argument for pipeline gas lay in its lower costs.

28 Feb 2019

Frontline Predicts Tanker Market Volatility

Pic: Frontline

The tanker market improved significantly in the fourth quarter ended December 31, 2018 driven by continued strong oil demand, said Bermuda-based tanker shipping company Frontline Ltd.According to the world's largest oil tanker shipping company, crude inventory draws reversed in the quarter, after having fallen below five-year levels and reduced the demand for crude tankers in the process.There is a historical correlation between inventory cycles and tanker rates, it said. Crude…

26 Feb 2019

Mega Ships Affect Freight Rates: Xeneta

Image: Robyn Beck / AFP/Getty Images, by Xeneta

Short-term container rates on the China Main ports to North Europe Main ports have seen a slight drop since the beginning of the year. However, compared to Spring and Autumn 2018, overall the industry sees an increase, said a report from Xeneta, the ocean freight price benchmarking and market intelligence platform transforming the shipping and logistics industry.Xeneta reports rates on the up, with February 7, 2019 ticking in at USD1700 market average rate for a 40' box. Also, bunker prices are not as outrageous as before.

25 Feb 2019

Adnoc Signs USD4bln Pipeline Deal

Photo: Abu Dhabi National Oil Company

Abu Dhabi State-Owned Oil Company Adnoc has sealed a $4 billion midstream pipeline infrastructure deal with BlackRock, the world's largest asset manager, and private equity firm KKR & Co.The Middle East national oil company said that the transaction includes the creation of Adnoc Oil Pipelines, which will lease Adnoc's interest in 18 pipelines and give rights to transport crude and condensates from Adnoc's onshore and offshore concessions over 23 years.BlackRock and KKR will form a consortium to hold a 40% stake in Adnoc Oil Pipelines…

24 Feb 2019

Crude Tanker Spot Rates Soften

Pic: Teekay Tankers

Crude tanker spot rates improved significantly during the fourth quarter of 2018, spurred by both winter market seasonality and positive underlying supply and demand fundamentals.According to a stock exchange announcement from Teekay Tankers, in the fourth quarter of 2018, OPEC crude oil production rose to 32.4 million barrels per day (mb/d), the highest level since July 2017 and up from 31.4 mb/d earlier in 2018.Most of this increase came from the Middle East, where higher production levels more than offset lower output from Venezuela and Iran.

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