Energy Transportation News

17 Feb 2020

Nakilat Posts Record Net Profit of $270M

Image: Nakilat

Doha-listed LNG and LPG carrier owner Qatar Gas Transport Company Ltd (Nakilat) reported a consolidated net profit of QR1,003m (USD $270 million)  in 2019, an increase of 12.4 percent, as compared to QR892m posted for the same period in 2018.The 2019 net profit is Nakilat’s highest profit recorded since its inception, said the Qatari shipping and maritime company.Nakilat's robust financial performance is primarily attributed to operational excellence in the management of its Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) vessels…

30 Dec 2019

OSG Acquires Alaska Tanker

Image: Overseas Shipholding Group

Overseas Shipholding Group, the tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing to purchase the crude oil carrier vessels operated by Alaska Tanker Company (ATC).OSG currently owns a 37.5% interest in ATC. As part of the above transaction, OSG will acquire the remaining 62.5% interest of ATC that it does not own.According to the publicly traded tanker company…

25 Nov 2019

NYK, Pertamina Ink Energy Transport MOU

From left, Gandhi Sriwidodo, Logistic, Supply Chain and Infrastructure director, Pertamina; Akira Kono, managing corporate officer and chief executive of NYK’s Energy Division, NYK; Tafkir Husni, president director, PIS. Photo: NYK

As demand for energy transportation, especially liquefied natural gas (LNG), is expected to increase in Indonesia, NYK and PT Pertamina International Shipping (PIS), a wholly owned subsidiary of PT Pertamina (Persero) agreed to a memorandum of understanding (MoU) for energy transportation.The framework of the deal sees Pertamina, the largest oil and natural gas corporation in the state, and NYK in a strategic partners in energy transportation and covers ownership and management.

23 Oct 2019

Yamal LNG Tanker JV No Longer Under Sanctions

Teekay LNG's liquefied natural gas (LNG) tanker venture, the Yamal LNG Joint Venture, is no longer subject to U.S. sanctions after a change of ownership at its partner China LNG Shipping (Holdings) Ltd, Teekay companies said late on Tuesday.Teekay LNG and China LNG Shipping each own half of Yamal LNG Joint Venture.

22 Oct 2019

Teekay Resolves China LNG JV Issues

Pic: Teekay Group

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm…

20 Oct 2019

Nakilat Posts 10.5% Surge in 9 Month's Net Profit

Pic: Nakilat

Qatari shipping and maritime company Qatar Gas Transport Company (Nakilat) reported a 10.5% year-on-year increase in net profit to QR728mn (USD 200 million) in the first nine months of this year.Nakilat, which has the largest LNG shipping fleet in the world, comprising 69 vessels, said in a press note that its positive financial performance can be primarily attributed to better operational performance in managing its liquefied natural gas (LNG) and liquefied petroleum gas (LPG)…

16 Oct 2019

COSCO VLCC Wins Temporary Sanction Relief

File Image / AdobeStock / © Jose Gill

A supertanker owned by COSCO Shipping Tankers (Dalian) has received a temporary waiver from U.S. sanctions that has allowed the ship to discharge crude oil cargoes, a source with direct knowledge of the matter said on Wednesday.The Very large crude carrier (VLCC) Coswisdom Lake, which discharged some crude in Singapore last week, offloaded its remaining oil at Brunei on Wednesday, shipping data on Refinitiv Eikon showed.The sanctions will resume after the cargoes are discharged, the source said.Sanction waivers were also being sought for a very large crude carrier carrying U.S.

16 Oct 2019

Partners Developing LNG-fueled VLCC

© Carabay / Adobe Stock

Partners involved in a new joint development project (JDP) have set out to design a very large crude carrier (VLCC) that will run on liquefied natural gas (LNG) fuel.Lloyd's Register (LR), China Merchants Energy Shipping Co., Ltd. (CMES), CNOOC Gas and Power Group, Dalian Shipbuilding Industry Co., Ltd. (DSIC), and GazTransport and Technigaz SA (GTT) have teamed up to evaluate design options for an LNG-fueled VLCC that uses a prismatic GTT Mark III membrane LNG tank. The scope of the JDP includes reviewing solutions to minimize construction costs for LNG-fueled ships…

11 Oct 2019

CNOOC Seeks Replacements for Sanctioned COSCO LNG Tankers

AdobeStock / © Kasto

China National Offshore Oil and Gas Company (CNOOC) is on the hunt for liquefied natural gas (LNG) tankers to charter, several industry sources told Reuters, looking to replace ships it had previously hired that are linked to a Chinese company sanctioned by the United States for allegedly transporting Iranian oil.The company, COSCO Shipping Tanker (Dalian), is one of four Chinese firms on which the Trump administration imposed sanctions on Sept. 25, in what it described as the biggest sanctions taken by the U.S.

10 Oct 2019

COSCO VLCC Discharges at Exxon's Singapore Facility

A supertanker owned by a subsidiary of COSCO Shipping Tanker (Dalian), which is under United States sanctions for alleged transportation of Iranian oil, has docked in Singapore to discharge its Middle East crude cargoes, shipping data on Refinitiv Eikon showed on Thursday.Coswisdom Lake, a very large crude carrier capable of holding 2 million barrels of oil, docked at Exxon Mobil Corp's terminal on Jurong Island late on Wednesday.Coswisdom Lake is owned by Pan Cosmos Shipping & Enterprises Co, which is a fully owned subsidiary of COSCO Dalian, according to a document issued by Cosco Shipping Energy Transportation on Oct. 1.Reporting by Florence Tan, Shu Zhang and Roslan Khasawneh

09 Oct 2019

COSCO Tankers Disable AIS as Sanctions Bite

AdobeStock (Credit Carabay ©)

About one-third of the oil tankers owned by COSCO Shipping Tanker (Dalian) have shut off their ship-tracking transponders since the United States imposed sanctions on the company for allegedly shipping Iranian crude, shipping data showed.From Sept. 30 to Oct. 7, a total of 14 COSCO Dalian ships, six of which carry some oil, stopped sending location data from their automatic identification system (AIS), ship tracking data on Refinitiv Eikon showed. The U.S. imposed the sanctions on Sept.

07 Oct 2019

Nakilat Acquires Four Q-Flex LNG Carriers

Graphic: Nakilat

Nakilat has acquired the full ownership of four Q-Flex liquefied natural gas (LNG) carriers from its joint-venture partner International Seaways, following execution of a sale and purchase agreement for the acquisition of the remaining 49.9% ownership interest in these vessels from INSW. This brings the total number of vessels wholly-owned by Nakilat from 25 to 29 LNG vessels, out of its overall fleet of 74 LNG and liquefied petroleum gas (LPG) vessels.With a cargo carrying capacity of 217…

27 Sep 2019

Oil Freight Rates Rocket After U.S. Sanctions COSCO

Asian oil suppliers face high tanker charter rates following new U.S. sanctions against Chinese oil transporter COSCO. (Photo © Adobe Stock / Vladimir)

Oil freight rates in the Middle East and Asia have increased by almost 20 percent today following new US sanctions on units of Chinese company COSCO for its alleged involvement in ferrying crude oil out of Iran.In what the U.S. State Department has described as “one of the largest sanctions actions the U.S. has taken” since restrictions were re-imposed on Iran in November 2018, two units of COSCO, as well as other companies, were named in claims of involvement in sanctions-breaking Iranian oil shipments.Asian oil buyers have been rushing to the shipping market to charter vessels…

16 Aug 2019

Teekay Adds 4th Arc 7 Icebreaking LNG Carrier

Image: Teekay

Bermuda-headquartered Teekay has taken delivery of Vladimir Voronin, the fourth in a series of six Arc 7 icebreaking liquefied natural gas (LNG) carriers intended for Yamal LNG project."Named after the famous Soviet sea captain, we have recently taken final delivery of Vladimir Voronin HN 2431, the fourth in the series of our six Arc 7 ice breaking LNG newbuilds," said a press statement from Teekay, which has developed from a regional shipping company into one of the world's largest marine energy transportation…

20 Jun 2019

GAIL Hires LNG Carrier from MOL

Pic: MOL

India's state-run natural gas firm GAIL (India) Ltd has hired a liquefied natural gas (LNG) carrier on short-term charter from Japan's shipping giant Mitsui O.S.K. Lines (MOL).MOL, the world’s largest operator of LNG carriers, in its press release, did not disclose further details of the charter deal, including the duration of the contract, the name of the ship and the day rate.GAIL is the largest natural gas Company of India with approx. 11,400 Km of cross country existing trunk pipeline network and another 4,000 Km pipelines in advance stage of completion. GAIL is ranked no.

04 Apr 2019

Teekay Secures Loan for Shuttle Tanker Newbuilds

Pic: Teekay

International midstream services provider, Teekay Offshore Partners announced that it has secured a new $414 million long-term debt facility that will be used to finance four LNG-fueled Suezmax DP2 shuttle tanker newbuildings.Upon delivery in 2019 and 2020, two of the vessels will commence operations under the Partnership’s Master Agreement with Equinor, while the remaining two vessels will join the Partnership’s contract of affreightment (CoA) shuttle tanker portfolio in the North Sea…

21 May 2019

Teekay Offshore Renews and Expands VSAT

Photo courtesy of Marlink

Teekay Offshore, one of the largest marine energy transportation, storage & production companies, has renewed and expanded its agreements with maritime connectivity provider Marlink to continue utilizing high quality global VSAT services for a further four years. The contract extension ensures reliable global broadband connectivity for data sharing and smart vessel operations, improved facilities for crew welfare and a flexible platform to generate efficiencies from the maritime…

22 Apr 2019

Nakilat Reports 9% Profit Jump in Q1

Pic: Qatar Gas Transport Company (Nakilat)

Qatar Gas Transport Company (Nakilat), a shipping and maritime company with the world's largest LNG shipping fleet, reported a 9 percent increase in profit for the first quarter of this year ended March 31, 2019.Nakilat reported a net profit of 236 million Qatari Riyals ($64.8 million) which compares to 217 million Qatari Riyals reported in the corresponding quarter in 2018."This increase was mainly due to the acquisitions of two Liquefied Natural Gas (LNG) carriers and one Floating Storage Regasification Unit (FSRU) in 2018, and higher volume of projects at Nakilat’s ship repair facility.

24 Apr 2019

Teekay LNG Partners Bags New 3-Year Charter

Pic: Teekay

Teekay GP, the general partner of Teekay LNG Partners, has secured a new, 3-year fixed-rate charter contract for the Magellan Spirit LNG carrier to an integrated oil and gas company commencing during the summer of 2019. Concurrently, Teekay LNG extended the in-charter of the Magellan Spirit until the summer of 2022, said a release from the marine energy transportation, storage & production company."Including the new, 3-year charter announced today, the Partnership’s LNG carrier fleet is approximately 97…

24 Apr 2019

MOL, Reliance to Co-Own World’s 6 Largest Ethane Carrier

Very Large Ethane Carrier the Ethane Crystal. Pic: Mitsui O.S.K. Lines

The international shipping company based in Tokyo Mitsui O.S.K. Lines Ltd (MOL) and Reliance Ethane Holding (REHPL) a 100% subsidiary of Reliance Industries Ltd(RIL) and based in Singapore agreed to co-owning of six very large ethane carriers (VLECs) which are currently fully owned by REHPL.VLEC is designed for transportation of liquified ethane which has over 80,000m3 of tank capacity. The vessels which transport liquified ethane at - 92 degrees have GTT Mark III membrane system…

11 Apr 2019

Teekay Gets ECA-backed Newbuild Loan

Image: Teekay Offshore Partners

Teekay Offshore Partner, a marine energy transportation, storage & production company, has signed for a shipping export credit agency (ECA)-backed US$414m debt facility to fund four LNG-fuelled newbuild shuttle tankers.Watson Farley & Williams (WFW) is advising its long-standing client Teekay on this ECA-backed newbuild loan, noted a release.The facility, which bears interest at Libor plus 225 basis points for up to 12 years from each delivery, is funded and guaranteed by both…

07 May 2019

Teekay Gets Norway's 'Green' Funding for Tankers

Pic: Teekay

The marine energy transportation company Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.The shuttle tankers are all equipped with a new innovative technology developed by the maritime supplier Wärtsilä in cooperation with Teekay, resulting in zero volatile organic compounds (VOC) emissions from the tankers.On behalf of the Norwegian Government, Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million.

07 Aug 2019

MOL, COSCO Pact on LNG, Ethane Projects

Photo: Mitsui O.S.K. Lines

Japanese shipping company Mitsui O.S.K. Lines (MOL) and China’s Cosco Shipping Energy Transportation (CSET) have signed a memorandum of understanding to further cooperate in LNG carrier and ethane carrier projects."The MOU recognizes and further develops the joint cooperation between the two organizations, for future LNG carrier projects and Ethane carrier projects," said a press release.Over more than 10 years, MOL and CSET have established a strong and extensive partnership…

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