Port of Beaumont Purchases Former CB&I Property
On July 3, 2018, the Port of Beaumont formalized the purchase of the former Chicago Bridge & Iron fabrication facility located at 850 Pine Street, Beaumont, Texas for $8.25 million. To facilitate the growth of the property, the Port of Beaumont has entered into a public-private partnership with Allegiant Industrial Island Park, LLC. Initial plans for the property, to be named Port of Beaumont Allegiant Island Park, include rehabilitation of the fabrication facility and paint shop, full rebuild of the docks, and upgrades to all utilities.
US Oil Exports to India Soar Ahead of Iran Sanctions
U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals.The United States has become a major crude exporter…
New Larger Ferry Arrives in NYC
Ridership on the new NYC Ferry system has far exceeded expectations, serving 5 million passengers since the service was launched in May 2017. Now, in response to the record-breaking demand, new larger-capacity ferries are being built for New York waters, the first of which, Ocean Queen Rockstar, has arrived in New York this week.Ocean Queen Rockstar, the first in a series of six new 350-passenger capacity vessels being built for the NYC Ferry fleet, completed sea trials and journeyed 2,200 nautical miles from builder Metal Shark’s Gulf Coast shipyard to New York Harbor earlier this week.
Mississippi River Ship Channel Deepening Project Moves Forward
The Mississippi River Ship Channel could be the first port complex on the Gulf Coast to reach a depth of 50 feet now that the Director’s Report has been signed by the U.S. Army Corps of Engineers. Elected officials and industry leaders have long worked to increase the channel’s depth to 50 feet, which is the same depth of the expanded Panama Canal.In signing the Report, Corps of Engineers Director of Civil Works James C. Dalton stated the project is “economically justified and…
Europe Distillates-Cracks Rise Despite Wave of Imports
Benchmark diesel barge refining margins in northwest Europe rose at the start of the week despite plentiful imports from Asia, the Middle East and the United States. Recent highlights include:* In recent days at least seven Diesel cargoes carrying around 550,000 tonnes were booked out of Asia and the Middle East to northwestern Europe as the arbitrage on the route remained open, according to shipping data and traders.* In addition the arbitrage from the U.S. Gulf coast was also open with at least eight tankers booked to go to Europe, carrying around 350,000 tonnes of products, most likely Diesel.* Benchmark crude prices were down 1.2 percent.GASOIL* One barge of 0.1 percent sulphur content gasoil traded at a discount of $13 to the July diesel contract.
Shell in Talks to Sell $1.3 Bln of Gulf Coast Assets
Royal Dutch Shell Plc is in talks to sell its assets in a Gulf of Mexico oilfield to Focus Oil to pay for its takeover of BG Group Plc, Bloomberg reported on Thursday, citing people familiar with matter.The deal could value Shell's stake in the Caesar Tonga field at about $1.3 billion, the report said.Shell has a 22.5 percent working interest in Caesar Tonga, with the rest owned by companies including Anadarko Petroleum Corp, Equinor ASA and Chevron Corp, Bloomberg said, citing company filings.Shell and Focus Oil did not immediately respond to a request for comment.(Reporting by Sathvik N in B
Largest Oil Shipment Sent from Vancouver to China Since 2015
An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show.For years, Canadian officials have pushed for an escalation in crude exports to rapidly growing Asian markets, but companies in the oil-rich Alberta have limited capacity to move crude to the nation's western coastline.That makes Canadian crude exports from Vancouver to Asia rare, but shipments have picked up in recent months, with oil tankers to China, Thailand and South Korea departing in April and July.
Harren & Partner Buys Offshore Construction Vessel
Bremen-based shipping company Harren & Partner is looking to grow its offshore salvage business with the purchase of the offshore construction vessel MV Blue Giant from English operator OIG Group.“Although the oil markets are currently still recovering, we have deliberately opted for this investment despite its counter-cyclical nature. Alongside our classic offshore activities, we also wish to further strengthen our position in attractive niche markets such as the salvage business…
MACC is Definitely Back
Even Mother Nature Can’t Dent the Enthusiasm at this Year’s MACC.Curtis Bay, MD: On the morning after the Baltimore, MD area received a record 3.5 inches of torrential rain in just 90 minutes, this year’s Multi-Agency Craft Conference (MACC) kicked off without a hitch at the United States Coast Guard Yard in Curtis Bay, MD. That may sound easy, but for those flying in Tuesday afternoon (or like myself, driving in through DC at exactly the moment that the George Washington Parkway flooded badly near the DCA Airport)…
OIG Group Sells MV Blue Giant
Bremen-based shipping company Harren & Partner announced the acquisition of the offshore construction vessel, MV Blue Giant for an undisclosed price from the English operator, OIG Group. Harren & Partner’s Offshore Department, headed by Robert Fowler (firstname.lastname@example.org) will be responsible for managing the vessel. Peter Harren, Founder and Managing Director of Harren & Partner, explains the strategy behind the purchase: “Although the oil markets are currently still recovering, we have deliberately opted for this investment despite its counter-cyclical nature.
Apples and Oranges When it Comes to Vessel Finance
Companies, lenders, and their auditors worldwide need vessel appraisals that can be relied upon when put into legal documents. As the offshore energy support markets awaken, this is more important now, than ever.While a great deal of shipping finance is done at a 10,000' level, with bond deals and equity swaps, the value of the assets found on ground level are still very important. There are taxation issues, insured value, public reporting, and allocation of purchase price, where the value of individual vessels is important.
Shipyard in Focus: Conrad Shipyard
Parker Conrad, a shipbuilding pioneer and a legend along the Gulf of Mexico coast and beyond, founded Conrad Shipyard in 1948. The company, headquartered in Morgan City, Louisiana, is now a public company with new generations of Conrad’s at the helm. “I grew up in the shipyard working side by side with my father,” said Johnny Conrad, President, Chairman and CEO explains. “I saw firsthand how he treated customers, and how his handshake was as good as a contract. Many of our current customers did business with Parker…
APH Pushes Container on Vessel Service for St. Louis Region
Innovative waterway concept vessel could deliver transportation savings for shippers on the Mississippi River. Plans to transport freight via innovative waterway vessels that backers say will revolutionize the inland waterway system and provide significant transportation cost savings for shippers, especially those accessing the Midwest by utilizing the Mississippi River and its tributaries, are underway, according to Sal Litrico, CEO for American Patriot Container Transport, a…
EBDG Adds Staff in New Orleans
Seattle based naval architecture and marine engineering firm Elliott Bay Design Group has added two marine professionals, Grayson Laborde and George Scully, to its New Orleans office.Laborde is a recent graduate of the University of New Orleans, where he received a Bachelor of Science in Naval Architecture and Marine Engineering. Over the past year, he has interned with Elliott Bay Design Group in the New Orleans office. He joins the team as a naval architect and is already contributing through his background in the OSV market and knowledge of the marine industry.Scully joins Elliott Bay Design Group as an electrical designer and brings 20 years of experience in engineering and design work. His experience includes working for both shipbuilding and offshore companies.
Storm Gordon Starts Kicking Up Waves on U.S. Gulf Coast
Waves began to batter parts of the U.S. Gulf Coast on Tuesday as the region felt the first hit of Tropical Storm Gordon, which is expected to become a hurricane before it comes ashore with high winds and heavy rain, forecasters said.The storm also caused a jump in global oil prices after the evacuation of two oil platforms in the Gulf of Mexico.Gordon was due to come ashore late on Tuesday near the border between Louisiana and Mississippi, and drop as much as 12 inches (30 cm) of rain in areas still recovering from last year's hurricanes…
Unipec Books Tankers to Ship Crude from US to Asia
China's Unipec has provisionally booked two very large crude carriers (VLCC) to ship crude oil from U.S. Gulf coast to Asia, shipping fixtures showed on Tuesday.New Courage has been tentatively booked to load crude oil from U.S. Gulf coast on Sept. 22 while Awtad has been booked to load oil from U.S. Gulf coast over Sept. 23 to 26, according to the fixtures.The destination for both tankers has been provisionally set for Singapore, though this could potentially change.Sinopec, Unipec's parent company…
U.S. Gulf Coast Ports Restricting Traffic Ahead of Storm Gordon
Vessel traffic along the U.S. Gulf Coast on Tuesday was under restrictions ahead of Tropical Storm Gordon, which is expected to make landfall as a category 1 hurricane near the Mississippi-Alabama border.Ports from New Orleans to Mobile, Alabama were closed to inbound traffic greater than 500 tons at 8 a.m. local time, said Coast Guard Petty Officer Alexandra Preston. The port of Pascagoula, Mississippi was closed to traffic by the U.S. Coast Guard, Harbor Master Cliff Porter said on Tuesday.Reporting by Jessic Resnick-Ault in New York and Erwin Seba in Houston
Contaminated Fuels Clog Ship Engines in Singapore
Contaminated marine fuel that clogs and damages ship engines has been found in Singapore, the world's largest ship refuelling hub, according to sources and an alert sent to clients by a marine fuel surveying company.Singapore-based marine fuel surveyor and consulting firm Maritec Pte Ltd warned clients this week that six samples of ship fuel sold in Singapore had "resulted in severe sludging at centrifuges, clogged pipelines, overwhelmed fuel filters".The Singapore findings follow reports of more than 100 vessels that loaded similarly contaminated fuel in the U.S.
Wison Wins FEED Contract for Canadian FLNG Project
Wison Offshore & Marine announced it has been awarded a contract to carry out front-end engineering design (FEED) for a proposed floating liquefied natural gas (FLNG) project sited in British Columbia, Canada.Wison said it has entered into a Technical Service Agreement (TSA) with the project’s developer Western LNG LLC, pursuant to which Wison will develop the basis of design (BOD) and carry out FEED wordk. Western also appointed Wison as the EPC service provider for the floating liquefaction plant upon project FID.Under the terms of the TSA…
Wison Bags FEED Contract for FLNG Project from Western LNG
Wison Offshore & Marine and Western LNG signed a technical service agreement (TSA) for the new floating liquefied natural gas (LNG) project that Western is developing in British Columbia, Canada.Pursuant to the TSA, Wison will develop the basis of design (BOD) and carry out front-end engineering design (FEED) for the proposed FLNG to be sited at the proposed facility.Western has also agreed to the appointment of Wison as the EPC service provider for the floating liquefaction plant upon project FID.Under the terms of the TSA…
UAE Bunker Inquiries Spike on Worries over Singapore Tainted Fuels
Inquiries for marine fuel supplies in the United Arab Emirates' (UAE) Fujairah oil hub have spiked as shippers try to avoid loading tainted fuel oil that has clogged and damaged ship engines in Singapore recently, three trade sources said.Tainted marine fuel has been found in Singapore, the world's largest ship refuelling hub, following reports of more than 100 vessels that loaded similarly contaminated fuel in the U.S.
Rising Supply Dents Oil Gains
Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year.Brent crude futures were last down 33 cents at $72.06 a barrel by 1200 GMT, while U.S. crude futures fell 55 cents to $67.11."There's been a lot of bearish news over the last week. We've seen the OPEC July numbers increasing quite drastically month-on-month and along with that…
Vard's Houston VP Lind to to Retire
Bill Lind, current vice president of Vard Marine’s Houston operations, has announced his plans to retire from the company at the end of June.Lind has led the Houston team since 2013 and has transformed the office into a key contender in the marine engineering industry in the Gulf Coast and in U.S. government programs. He was also instrumental in expanding Vard Marine’s clientele base and helping to mold the Houston office into what it is today.Moving forward, Vard Marine has announced that Darren Truelock…