Crude Oil News

17 Feb 2019

Ecochlor Wins BWMS Contract with ATC

Alaskan Tanker Company (ATC) will retrofit the Ecochlor ballast water management system (BWMS) on board their fleet including three VLCC crude oil tankers and an option for one additional vessel. Each of these vessels are U.S. flag tankers with Zone 1 and Zone 0 hazardous areas.The Ecochlor BWMS is approved for installation in both US Flag and International vessels in hazardous areas rated Zone 1 or Zone 0 through their U.S. Coast Guard Type Approval certification. The installations will start in the fall of 2019 and run through 2021 at the Sembawang Shipyard…

15 Feb 2019

EIA: Azerbaijan Surges in Natural Gas

Graphics: U.S. Energy Information Administration

Azerbaijan is an important supplier of crude oil and natural gas in the Caspian Sea region, particularly to European markets, the US Energy Information Administration said in its report.The EIA’s report notes that Azerbaijan’s exports of natural gas are poised to become a more significant part of the country’s economy.Azerbaijan produced about 600 billion cubic feet (Bcf) of dry natural gas in 2017 and exported about 210 Bcf, according to EIA’s International Energy Statistics.“Azerbaijan is planning to expand its natural gas exports to Europe.

14 Feb 2019

Rotterdam Port Achieves TEU Milestone in 2018

Pic: Port of Rotterdam. Photo: Eric Bakker

Europe's largest port, the Port of Rotterdam ended 2018 with a total container throughput at 469.0 million tonnes (MT) which slightly higher than in 2017,  which was itself a record year (467.4 MT).Container transhipment was the engine of growth again, with a 4.5% increase in tonnage. Measured in TEUs, the standard unit for containers, the increase was 5.7% and the annual total was 14.5 million TEUs – also a record.This strengthens the position of Europe’s largest container port in this strategically important market segment.

14 Feb 2019

Maersk, PBF Logistics in Low Sulfur Fuel Deal

Maersk and PBF Logistics LP announce agreement for production and storage of 0.5% sulphur fuel on the U.S. East CoastPBF Logistics terminal facility in New Jersey to deliver approx. 10% of A.P. Moller – Maersk’s annual fuel demand as Maersk continues preparations for the International Maritime Organization’s (IMO) 2020 global sulfur regulation.A.P. Moller - Maersk and PBF Logistics LP announced an agreement for Maersk to source and PBFX to process crude oil at CPI Operations LLC, a PBF Logistics LP terminal facility in New Jersey, United States.The agreement enables Maersk Oil Trading to supply IMO 2020-compliant 0.5% marine fuel to its customers on the US East Coast. Annual production will be around 1.25 million metric tonnes (mt), the equivalent of approx. 10% of A.P.

14 Feb 2019

Sentinel Midstream Mulls Offshore Terminal

Image: Sentinel Midstream

Dallas-based oil and gas company Sentinel Midstream is planning to develop a deepwater crude oil export terminal, located near Freeport, Texas. The completed facility will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two  Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys.

05 Feb 2019

Global LPG Prices Decline: Dorian LPG

Pic: Dorian LPG

The biggest market change in the fourth calendar quarter of 2018, was the decline in crude oil prices, with Brent falling from a monthly average of nearly $82/barrel in October, finishing the year below $51 per barrel. As a result, global  liquefied petroleum gas (LPG)prices followed the downward trend.Dorian LPG, the Stamford-based owner and operator of 22 very-large gas carriers, said that without the additional LPG cargoes out of Marcus Hook from Mariner East 2, which started operations in January 2019, U.S.

03 Feb 2019

Venezuela Sanctions to Boost VLCCs

Pic: Drewry Shipping Consultants Limited

US sanctions on Venezuela are likely to change the pattern of crude tanker trade, with long-haul trade replacing the short-haul trade, said Drewry. While the prospective change in trade pattern will favour VLCCs, it will work against Aframaxes.The US government has imposed sanctions against Venezuela’s state-owned energy company Petroleos de Venezuela (PDVSA) in order to choke Venezuelan oil revenues and oust Nicolas Maduro, the Venezuelan president.According to Drewry, the sanctions…

31 Jan 2019

Wintershall Appoints Helge Beuthan to Head ME

Helge Beuthan. Image: © Wintershall/Heiko Meyer

Germany's largest crude oil and natural gas producer Wintershall Holding has appointed Helge Beuthan as new general manager of its Middle East division in Abu Dhabi.Beuthan, the current vice president for global subsurface evaluation, would take over the duties of Uwe Salge in Abu Dhabi on February 1, said a press release from the wholly owned subsidiary of BASF.The previous General Manager will return to Wintershall in Kassel, where he will take over Beuthan's area of responsibility.Helge…

31 Jan 2019

Kirby Announces 2018 Q4/FY18 Results, Deal to Buy Cenac's Marine Fleet

Kirby Corporation announced a net loss attributable to Kirby for the fourth quarter ended December 31, 2018 of ($24.4) million, or ($0.41) per share, compared with earnings of $231.3 million, or $3.87 per share, for the 2017 fourth quarter. Excluding certain one-time charges, 2018 fourth quarter net earnings attributable to Kirby were $44.9 million, or $0.75 per share. Consolidated revenues for the 2018 fourth quarter were $721.5 million compared with $708.1 million reported for the 2017 fourth quarter.For the 2018 full year…

27 Jan 2019

Moda Midstream Announces Ingleside VLCC Berth Upgrades

Image:  MODA Midstream

Liquids terminaling and logistics provider Moda Midstream announced it has successfully commissioned upgrades to Berth 2A at the Moda Ingleside Energy Center (MIEC) in Ingleside, Texas, to enable loading of very large crude carriers (VLCCs).Moda developed these upgrades to provide existing and potential customers the ability to safely and cost-effectively load VLCCs at rates of up to 80,000 barrels per hour.“Today we are loading our fourth VLCC at MIEC since late December,” said Moda President and CEO Bo McCall. “With today’s commissioning of our upgrades to Berth 2A, we now have the U.S.

24 Jan 2019

Tankers: Euronav Signals Strong Start to 2019

(Photo: Euronav)

Belgian crude oil shipper Euronav NV said on Thursday it saw the return of a strong freight rate market during the fourth quarter, signalling a strong start to 2019.The company's core earnings (EBITDA) rose by 16.5 percent to $102.3 million in the last quarter of 2018."VLCC (very large crude carriers) freight rates trading at rates not seen in the last two years demonstrate an already tight balance between tanker demand and supply," Chief Executive Paddy Rodgers said in a statement.Though…

23 Jan 2019

Technology: New FiFi Simulator from Kongsberg Digital

Photo: Kongsberg Digital

Kongsberg Digital unveiled an innovative new simulator solution for training officers and crew in advanced firefighting. K-Sim Safety offers high fidelity simulation covering all aspects of fire safety. K-Sim Safety contributes to reducing the impact of fire on board as well as planning strategies and tactics to control fire in various parts of the ship, enabling a safer and more effective response to incidents when they occur.K-Sim Safety delivers practical exercises simulated in a realistic environment and meets the STCW regulation VI/3…

22 Jan 2019

TOP Ships: $45.8m for M/T Eco California

TOP Ships Inc.,  an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, concluded Financing Agreements of up to $45.8 million for M/T Eco California, currently under construction at Hyundai Mipo Co., Ltd. in South Korea and for M/T Nord Valiant, with a major Chinese leasing company.

20 Jan 2019

DSME Bags Order for Two VLCCs

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has won orders to build two very large crude carriers (VLCCs).Oman Shipping Company (OSC), the wholly government-owned national shipping line of the Sultanate of Oman, has signed a deal with DSME for the construction of two next-generation, eco-friendly VLCCs, tweeted OSC.The pair of ECO VLCCs will be built at the Okpo shipyard of DSME, which counts among the world’s largest shipbuilders.“The vessels are of 336-metres length, 60-metres wide, and can each carry 300,000 tonnes of crude; these are next generation eco-friendly vessels that meet the environmental regulation standards of IMO (The International Maritime Organisation).

17 Jan 2019

Novatek Production Rose 6.9% in 2018

Pic: Novatek

Russia's largest independent natural gas producer Novatek said that total hydrocarbon production during 2018 increased by 6.9%, and had increased sales of gas."In 2018, Novatek’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017…

16 Jan 2019

CNOOC Storing LNG Offshore

© Juan Calcedo / Adobe Stock

China's state-owned CNOOC is temporarily storing liquefied natural gas (LNG) in a tanker off South Korea as a warmer than usual winter cuts expected spot demand for the fuel, industry sources said on Wednesday.China faced a severe winter gas shortage last year after switching millions of households to natural gas from coal for heating, prompting Chinese companies this winter to secure supply well ahead of time, they said.However, the winter so far has been relatively mild and weather data from Refinitiv Eikon largely points towards warmer than usual temperatures ahead…

16 Jan 2019

Ship Fuel: Singapore Bunker Volumes Dip, 2019 Uncertain

© stockphoto mania/AdobeStock

Sales of marine fuels in Singapore, the world's biggest ship fueling port by volume, totaled 49.8 million tonnes in 2018, down 2 percentfrom a record the year before, the Maritime and Port Authority of Singapore (MPA) said on Monday.December sales volumes of marine fuels, also known as bunkers, reached an 11-month high of 4.308 million tonnes, up 10 percent from November and the second-highest for the year, the data showed.The strong month helped lift Singapore's 2018 marine fuel sales figures to the second highest on record…

16 Jan 2019

Euronav Sells Felicity for FPSO Conversion

Image: Euronav

Belgium's crude oil tanker company Euronav NV announced that it has sold the Suezmax vessel Felicity (2009 – 157,667 dwt) to a global supplier and operator of offshore floating platforms.The vessel has been delivered to her new owners and will be converted into an FPSO and therefore leave the worldwide trading fleet.The buyer's name and financial terms are not disclosed. However, the NYSE-listed company revealed that a capital loss on the sale of approximately USD 3.0 million will be recorded in Q4 2018.The cash generated on this transaction after repayment of debt will be USD 21.1 million…

11 Jan 2019

PetroVietnam: Maritime Tensions Weigh on Operations

(Photo: PetroVietnam)

Vietnam's state oil firm PetroVietnam said on Friday that tension in the South China Sea will continue to weigh on its offshore operations this year.The company, formally known as Vietnam Oil and Gas Group targets to produce 12.37 million metric tonnes of crude oil this year, down 11.45 percent from last year's output, it said in a statement.Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 percent of the potentially energy-rich maritime territory, which Vietnam calls the East Sea."The complicated developments in the East Sea have h

10 Jan 2019

US Oil Export Boom Sparks Battle to Build Texas Ports

© Robert Coy / Adobe Stock

Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where three firms are vying to open the state's first deepwater port.Commodities trader Trafigura has taken an early lead with a planned offshore facility that has an easier…

08 Jan 2019

TEN WIns Three Year Charter for Two Product Tankers

Pic: Tsakos Energy Navigation

Greek shipping company Tsakos Energy Navigation (TEN) announced 36-month long charters with min/max provisions for two product tankers to a major oil concern.At a minimum, these two fixtures combined are expected to generate $33.0 million of gross revenues, the provider of seaborne crude oil and petroleum product transportation services worldwide said.“With 2018 finishing on an upbeat note for all tanker segments, these two fixtures further signify a strong market for this year which the Company’s employment strategy is designed to take advantage of…

03 Jan 2019

Overseas Shipholding Group Enters New Bareboat Charter

Pic: OSG

Florida-based oil tanker operator  Overseas Shipholding Group (OSG) has entered into a Bareboat Charter Party Agreement with the owner of the vessel known as the Oregon Voyager.The provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets said in a press release that it will rename the 1999-built U.S. flagged product tanker the Overseas Key West and intends to use this vessel in the U.S. coastwise trade under the Jones Act.The Bareboat Charter extends for 10 years, into 2029.

06 Jan 2019

DHT Holdings Moves co-CEOs from Oslo to Singapore

Pic: DHT Holdings, Inc

VLCC owner DHT Holdings announced that its Co-CEOs have relocated to Singapore. The relocation follows changes in the tax law in Norway from 2019 for tax residency of companies formed outside of Norway.The crude oil tanker company said that the new legislation takes into account the place of daily management as well as the place of management and control on board level. The Company's tax residency will remain unchanged in Bermuda.The Company's office in Singapore will hold senior management…

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