Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Florence News

13 Mar 2024

Second Russian Tanker, Hit by Sanctions, Docks in China

© Nightman1965 / Adobe Stock

Russian tanker Krymsk, hit by sanctions, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province, home of independent refiners, to discharge 700,000 barrels of Russian Sokol crude, LSEG and Kpler shipping data showed.This is the second Russian oil tanker, hit by sanctions, to dock at Chinese ports this month. Last week, tanker Liteyny Prospect discharged its 700,000-barrel Sokol crude cargo at the Chinese port of Huanghua near Cangzhou city in Hebei province.The Dongying port authority declined comment when contacted by Reuters.

07 Mar 2024

Tanker Liteyny Prospect, Hit by Sanctions, Docks in China to Offload Russian Oil

© Vallehr / Adobe Stock

The Russian tanker Liteyny Prospect, hit by sanctions, has docked at the Chinese port of Huanghua to discharge its 700,000-barrel Russian Sokol crude cargo, two sources familiar with the matter said, clearing part of a backlog of cargoes disrupted by sanctions on Moscow's oil trade.The tanker is one of six ships carrying Sokol crude, which India has not been able to import due to payment issues. The six ships had been sailing to China but five of them are floating at sea early this week, shipping data showed, following fresh U.S.

05 Mar 2024

Singapore's Temasek Shortlists Saudi Aramco, Shell in Sale of Pavilion Energy Assets

© vladsv / Adobe Stock

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

04 Mar 2024

MAN to Offer Ammonia-Fuelled Ship Engines After 2027

Source: MAN Energy Solutions

MAN Energy Solutions plans to deliver later this year its first-ever engine fuelled by ammonia for installation on a new vessel in Japan and will be ready to offer ammonia-powered engines to its clients after 2027, its chief executive said.Ammonia is among several alternative fuels that shippers are exploring to reduce emissions. The shipping industry transports around 90% of world trade, but accounts for nearly 3% of the world's carbon dioxide emissions, and installing engines…

16 Jan 2024

Qatari LNG Tankers Resume Course Via Red Sea

© moofushi / Adobe Stock

Four tankers used for shipments of Qatari liquefied natural gas (LNG) have resumed course after pausing for several days amid maritime attacks by Yemen's Iran-aligned Houthis in the Red Sea, LSEG shiptracking data showed on Tuesday.The Houthi attacks, in what they call a bid to support Palestinians in the war with Israel, have disrupted trade on the main East-West route that makes up about 12% of global shipping traffic.On Monday, the Houthi movement vowed to widen its targets in the Red Sea region to U.S. ships, following U.S.

15 Jan 2024

QatarEnergy Stops Red Sea LNG Shipping Due to Attacks

© vladsv / Adobe Stock

QatarEnergy, the world's second largest exporter of liquefied natural gas, has stopped sending tankers via the Red Sea although production continues, a senior source with direct knowledge of the matter told Reuters on Monday.Yemen's Iran-backed Houthi group has since November been attacking vessels in the Red Sea, part of a route that accounts for about 12% of the world's shipping traffic, in what they say is an effort to support Palestinians in the war with Israel.At least four tankers used to carry Qatari LNG were held up over the weekend after U.S.

10 Jan 2024

Surging VLCC Rates Impact US Crude Oil Shipments to Asia

© Andriy Sharpilo / Adobe Stock

The economic incentive to import oil from the U.S. Gulf Coast to Asia has closed as the cost of booking supertankers on the route has surged amid a jump in bookings for the vessels, traders said this week.With the arbitrage for U.S. shipments closed, Asian refiners may make up some of the difference with similar Middle Eastern crude oil after top regional producer Saudi Arabia cut their sales prices for February, which is expected to carry over to other regional crudes. The spur…

19 Dec 2023

Shippers Mask Positions, Weigh Options Amid Red Sea Attacks

© Image'in / Adobe Stock

A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.The Red Sea is linked to the Mediterranean by the Suez Canal…

12 Dec 2023

Yemen's Houthis Claim Missile Attack on Norwegian Tanker

Houthi military spokesperson Yehia Sarea

Yemen's Houthis said on Tuesday they hit a Norwegian commercial tanker with a missile in their latest protest against Israel's bombardment of Gaza, underlining the risks of a conflict that has shaken the Middle East.The Iran-aligned group attacked the tanker, the Strinda, because it was delivering crude oil to an Israeli terminal and after its crew ignored all warnings, Houthi military spokesperson Yehia Sarea said in a statement.But the tanker's owner, Norway's Mowinckel Chemical Tankers, said the vessel was headed to Italy with a cargo of biofuel feedstock, not crude oil.

04 Dec 2023

India Resumes Imports of Venezuelan Oil

© Fotos von Schiffen / Adobe Stock

Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance RELI.NS set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.Trade resumed between the OPEC producer and the second largest destination for its oil after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a flurry of spot sales of crude and fuel through middlemen and traders…

21 Nov 2023

IHI, Vopak Ink Agreement to Develop Ammonia Terminals

(Photo: Vopak)

Dutch tank storage company Vopak has signed an initial agreement with Japan's IHI Corporation to explore the development and operation of ammonia terminals, as they expect demand for the low-carbon fuel to grow amid energy transition.The companies will lean on their experience in building ammonia storage tanks and terminals to focus on developing large-scale ammonia storage terminals that will allow for economical distribution of the fuel, the companies said in a joint statement on Tuesday.They…

16 Nov 2023

Vitol Hires Ship to Load Venezuela Crude for China after U.S. Lifts Sanctions

Credit: nelasova/AdobeStock

Vitol, the world's largest independent oil trader, has provisionally chartered a supertanker to load oil from Venezuela for China, according to two shipbrokers and data from shiptracking firms Kpler and Vortexa.The Very Large Crude Carrier Gustavia S., chartered for $11 million, is scheduled to load its cargo between Nov. 27 and Dec. 2, according to the sources.The company declined to comment on the issue.Vitol is among major European trading houses seeking to resume trade in Venezuelan oil after Washington in mid-October issued a general licence lifting…

27 Sep 2023

NRL Plans to Boost Low-sulphur Fuel Oil Output for Ships

© Igor Groshev / Adobe Stock

Pakistan National Refinery Limited (NRL) has started producing very low sulphur fuel oil (VLSFO) for ships and is planning to expand its monthly output by at least five-fold in six months, the company said late Tuesday.The company is producing about 2,000 metric tons of VLSFO per month, with the monthly volume likely to increase to 10,000 tons to 12,000 tons over the next six months, NRL told Reuters in an email.NRL announced the production of VLSFO in a notice to the Pakistan Stock Exchange earlier this week, stating that this comes after a "necessary change in crude mix and adjustments in pr

26 Sep 2023

Mideast-Asia Oil Shipping Rates Rebound, Capped by OPEC+ Supply Cuts

Credit: Carabay/AdobeStock

The cost of chartering a supertanker to load Middle Eastern crude oil for Asia has rebounded from a 19-month low in September, but industry sources expect output supply cuts, led by Saudi Arabia, to cap freight rates for the rest of the year.The world's benchmark very large crude carrier (VLCC) export route from the Middle East Gulf (MEG) to Japan, known as TD3, rose to W50.46 on Monday in the Worldscale measure of freight rates, LSEG data showed. It fell to W35.60 in September…

18 Sep 2023

Chevron's Strike-hit Australia LNG Facility Resumes Full Production

Credit: Chevron Australia (file photo)

Chevron said on Monday full production had resumed at its strike-hit Wheatstone liquefied natural gas (LNG) facility in Western Australia after a fault last week cut production by about one-fifth.Wheatstone and the nearby Gorgon facility account for over 5% of global LNG supply, and the fault and the strikes did not affect scheduled deliveries, Chevron said, with shipping data on LSEG Eikon also showing exports from Wheatstone were unaffected.Chevron said on Monday full production…

14 Sep 2023

China's 'Teapot' Refiners Mop Up Swelling Iranian Crude, Defying US Curbs

© Haris Andronos / Adobe Stock

Appetite for Iranian crude is growing in China, the world's biggest oil importer, after the extension of supply cuts by Saudi Arabia and Russia boosted global prices, while Tehran is stepping up output and exports despite U.S. sanctions.Although China's "teapots", or small independent refiners, are stocking up on Iran's discounted oil as they exploit robust margins to fill strong seasonal demand, big state refiners are still keeping away.Iran's crude exports of about 1.5 million barrels per day (bpd) stand at their highest in more than four years…

23 Aug 2023

Suez Canal Ship Traffic Unaffected After Tanker Collision

(Photo: Suez Canal Authority)

Normal traffic is expected to resume through the Suez Canal within hours, the head of the canal authority said on Wednesday, following the collision of two vessels."Slight contact" was made after LNG carrier BW Lesmes made a sudden stop due to a technical failure that coincided with a strong current that drove oil tanker Burri towards it, authority chairman Osama Rabie said.The canal authority responded by sending tugboats to move both ships, he said.Singapore-flagged BW Lesmes was successfully towed outside of the waterway…

22 Aug 2023

Shippers Bet on Green Methanol to Cut Emissions, Supply Lags

CMA CGM is among the shiping companies investing in methanol powered ships (© Kara / Adobe Stock)

Container shippers are ordering vessels powered by methanol to reduce greenhouse gas emissions, but it will take years for renewable methanol output to meet demand and for costs to fall, industry executives said.The first green methanol-fuelled container ship, owned by A.P. Moller-Maersk, sailed from South Korea in July. The number of such vessels is expected to exceed 200 by 2028, up from 30 this year, consultancy DNV forecasts.Container giants such as A.P. Moller-Maersk, CMA CGM and XpressFeeders dominate the order books.

03 Aug 2023

India's GAIL Close to Finalizing Qatar LNG Purchase Deal

Credit: Anatoly Kolodey/AdobeStock

GAIL (India) Ltd is close to finalizing a long-term liquefied natural gas (LNG) import deal with Qatar to buy at least 1 million metric tons per year, potentially for more than 20 years, three industry and trade sources said.The deal would be part of GAIL's plans to lock in new supply contracts by 2030 to diversify its gas imports and hedge against supply disruptions like those seen after Russia's invasion of Ukraine last year, when LNG prices surged to a record high.Neither state…

31 Jul 2023

Pakistan's Import of Russian Crude Facing Obstacles

© DanishIqb / Adobe Stock

Pakistan is unlikely to meet a target for Russian crude to make up two-thirds of its oil imports, despite attractive prices, hampered by a shortage of foreign currency and limitations at its refineries and ports, officials and analysts say.The cash-strapped South Asian nation became Russia's latest customer snapping up discounted crude that has been banned from European markets due to Russia's war on Ukraine. Its first cargo arrived in June and a second is now under negotiation.It is targeting 100…

17 Jul 2023

Capsized Towboat Spills Diesel in Alabama

Containment boom limits diesel discharge from a partially sunken tugboat in Florence, Alabama, July 17, 2023. The Coast Guard and partner agencies responded to the fuel discharge, which has a maximum potential spill of 2,500 gallons. (U.S. Coast Guard photo, courtesy Marine Safety Detachment Nashville)

A partially sunken towboat is discharging diesel fuel near Florence, Ala.The U.S. Coast Guard said on Monday it is responding to the incident alongside partner agencies after Coast Guard Sector Ohio Valley received notification at approximately 2 p.m. Sunday from RMB Marine Services reporting the towboat Michael R had partially sank in the Port of Florence, adjacent to mile marker 257 on the Tennessee River.Pollution responders from Coast Guard Marine Safety Detachment Nashville…

15 Jun 2023

Supertanker Freight Rates Jump as Mideast Crude Exports to Asia Rise

©Carabay/AdobeStock

The costs of chartering supertankers to move crude oil from the Middle East to Asia have jumped to the highest since April as more cargoes are being booked in June, according to industry sources and data on Refinitiv Eikon.The rate for a Very Large Crude Carrier (VLCC) from the Middle East to China, Japan and Singapore is assessed at just above worldscale 80 on Thursday, according to shipbroking firm Meiwa International, the highest levels since April. Worldscale (W) is an industry…

05 Jun 2023

Ports in China's Oil Hub Shandong Scrutinizing Old Tankers

© Nicola / Adobe Stock

Ports in China's Shandong province are demanding more detailed information about oil tankers that are more than 15 years old that call at their terminals, sources with knowledge of the matter said, potentially delaying the unloading of crude shipments in the world's biggest oil importer.Last week, the maritime safety administrations at Qingdao and Rizhao, which covers the oil terminals at the port of Lanshan, notified shipping agencies to submit details on their ships' age, where a ship is flagged…