Gunvor News

08 Nov 2019

Russian Gas Tanker to Lift U.S. LNG

Image Credit:MarineTraffic.com / © O.B.

A gas tanker once hailed by President Vladimir Putin as a bulwark of Russian energy security is heading for a liquefied natural gas (LNG) terminal in the United States, ship tracking data from Refinitiv's Eikon showed on Friday.The collection of an LNG cargo from the United States by a Russian tanker would be potentially awkward for Putin and Kremlin-controlled gas company Gazprom, which leased out the vessel to Austrian company OMV in August until November.Two industry sources…

15 Oct 2019

Small Scale FSRU: Think Smarter Not Bigger

© dmplot/Shutterstock

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

06 Sep 2019

Chinese, Japanese Firms Bid for Pakistan LNG Supply Contract

LNG is big business in Asia.

(Photo © Adobe Photo Stock / Arid Ocean)

A spot tender by Pakistan LNG to buy ten LNG cargoes for delivery later this year has received strong interest from several companies including Japanese and Chinese firms. JERA Global Markets, a subsidiary of the world’s largest LNG buyer JERA Co, and PetroChina International (Singapore), a division of PetroChina Co Ltd, were among nine companies that have technically qualified to supply the LNG. This is the third time this year PetroChina has technically qualified in Pakistan LNG’s tender process.

01 Aug 2019

World’s Largest Plug-in Hybrid Vessel Delivered

Photo: Ulstein Verft

The world’s largest plug-in hybrid vessel, Color Hybrid, was delivered from Ulstein Verft to Color Line. With all its innovative and new environmentally friendly solutions, the ship is an important milestone project for both Ulstein, Color Line and the maritime cluster.“Strong focus on innovation and delivering quality to our customers has always been very important to us. With broad maritime expertise, our skilled and committed employees have made a great effort to complete the Color Hybrid…

14 Jun 2019

GasLog Partners Wins Gunvor Charter

Pic: GasLog Partners

The liquefied natural gas (LNG) tanker partnership GasLog Partners announced today that one of its subsidiaries has entered into a three-and-a-half-year charter for the GasLog Shanghai with Clearlake Shipping Pte Ltd.Clearlake Shipping is a subsidiary of Gunvor Group Ltd. The charter, expected to commence in June 2019, will have a variable rate of hire across the charter period based upon an agreed range.The GasLog Shanghai is a 155,000 cbm TFDE LNG carrier built in 2013 which is currently operating in the LNG carrier spot market.Andrew Orekar…

27 Mar 2019

Arctic (& Wind) Operations: Hands Across the Water

Renderings of the proposed Aeolus wind support fleet

As the North American offshore wind model evolves, it is clear that fit-for-purpose, Jones Act compliant and Arctic ready tonnage will need to be part of the equation. If so, we’ve got that box checked, with a little help from Europe.As of September 2018, the Walney Extension off the United Kingdom is the largest offshore wind farm in the world at 659 megawatts. There are at least 70 major wind farms, each with hundreds of wind turbines, each generating as much as 10 megawatts in offshore England, the North Sea, Russia and China.

06 Mar 2019

India's Ennore Terminal Gets Qatari LNG

Image: ???Qatargas

Qatargas, the world’s largest LNG producer, supplied a commissioning cargo for India’s Ennore LNG receiving terminal, near the southern Indian city of Chennai.The commissioning LNG cargo was delivered onboard the vessel ‘Golar Snow’ on 25th February 2019 by the Swiss commodity trader, Gunvor, to the state-owned Indian Oil Corporation Limited (IOCL), which owns and operates the five million tonnes per annum (MTPA) terminal. Qatargas sold the cargo Free On Board (FOB) basis to Gunvor.Ennore will be India’s fifth operational LNG terminal and the first LNG terminal on the East Coast of India.

21 Dec 2018

FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders

Photo courtesy of Hoegh LNG

Political instability and low credit ratings in emerging economies are putting some shipowners off ordering new floating storage and regasification units (FSRUs), as they shift focus to more mature gas markets.Liquefied natural gas (LNG) demand from emerging markets in Asia, Africa and South America was expected to be boosted by FSRU technologies that are less expensive and time-consuming than onshore import terminals.But a boom in speculative FSRU orders from shipowners led to an oversupply of units this year as import projects across the world were delayed or cancelled…

15 Nov 2018

Color Line and Ulstein Kicks Off Color Hybrid Newbuild Project

Photo: Ulstein Group ASA

Color Line and Ulstein Verft marked the construction start-up on the world's largest plug-in hybrid ship, the 'Color Hybrid'. The hull is placed in the dock hall, and several hundred yard workers are now busy with the ship’s completion before hand-over next summer.'Color Hybrid' is a good example of the interaction in the maritime cluster, said Ulstein Verft. Color Line chose Ulstein Verft for this newbuilding project. Furthermore, the yard has contracted the subsuppliers to this project…

02 Nov 2018

Big Oil Set to Cash in on IMO 2020 Rules

File Image (CREDIT AdobeStock / © bvigaro

The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules.International Maritime Organization (IMO) regulations will cut the limit for sulphur in marine fuels globally from 3.5 percent to 0.5 percent from the start of 2020."We're going to hopefully facilitate the new rules in 2020 by helping out the industry and the participants in general to have a reasonably smooth transition…

20 Sep 2018

Bangladesh Shelves LNG Projects as Others Ramp Up

© Kpics / Adobe Stock

Bangladesh has put aside two smaller liquefied natural gas (LNG) projects with trading houses Gunvor and Vitol to focus on two larger LNG import terminals, one of which is already in use while the second will start up in March.Bangladesh has turned to LNG to offset falling domestic gas output to feed industrial demand and electricity generation in a nation of 160 million people where a third have no power supply.It aims to import 17 million tonnes a year of LNG by 2025, which in today's terms would make it a top five importer.

28 Aug 2018

Gunvor Halts Refinery Upgrade for New Shipping Fuels

© corlaffra / Adobe Stock

Global energy trader Gunvor Group has put on hold plans to upgrade its Rotterdam refinery that intended to make the plant more competitive ahead of new global rules on shipping fuel quality, it said on Tuesday, citing market conditions.Global oil and shipping companies are looking at options to cope with the new standards that come into effect in 2020.The U.N. International Maritime Organization (IMO) will ban ships using fuel with a sulphur content higher than 0.5 percent, compared to 3.5 percent now…

02 Aug 2018

Bad Weather Stalls Bangladesh FSRU Hook Up

Excelerate CFO Nick Bedford and representatives from IFC, the Bangladeshi government, Petrobangla, and project lenders at the signing ceremony in Dhaka in the summer of 2017. IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh’s first liquefied natural gas (LNG) import terminal. (Image: Excelerate)

A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 percent go without electricity.Since its arrival at Moheshkhali…

31 Jul 2018

Shipbuilder Ulstein Bags SOV Order

(Image: Ulstein)

Ulstein Verft has signed a shipbuilding contract with the Germany-based Bernhard Schulte for a service operation vessel (SOVs) of the ULSTEIN SX195 design type developed by Ulstein Design & Solutions. The vessel will support the maintenance work of GE Renewable Energy at the German wind farm Merkur Offshore.The project has been developed in cooperation with WINDEA Offshore, which is the Bernhard Schulte's affiliate for offshore wind projects."Ulstein Verft is a very reliable yard and we are eager to start working together with ULSTEIN again.

18 Jul 2018

For the Global LNG Industry, is the FSRU Honeymoon Over?

(Photo: Höegh LNG)

A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as many countries switch to a cleaner and increasingly cheaper fuel than oil and coal.But the young FSRU industry has been beset by more project delays than successes in the past 12 months as fluctuating energy prices…

04 Jul 2018

Ulstein Verft to Build DP3 Cable Laying Vessel for Nexans

Photo: Ulstein Verft AS

Nexans Subsea Operations has signed a shipbuilding contract with Ulstein Verft on the construction of a large, DP3 cable laying vessel. CEO Gunvor Ulstein, Ulstein Group, said: “We are very pleased that Nexans, a solid and important player, chooses Ulstein to construct their new flag ship. We have a strong organisation with long experience in delivering advanced vessels. The contract was won in tough, international competition. We look forward to a constructive and fruitful cooperation with Nexans in the years to come”.

22 May 2018

UN Seeks Traders' Help Enforcing North Korea Sanctions

© Nobilior / Adobe Stock

A U.N. monitoring group wants to enlist the help of the world's biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said.The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.S. mainland in range of its nuclear weapons.Under the restrictions, Pyongyang is limited to importing 4 million barrels of crude and 500,000 barrels…

22 May 2018

Gunvor, Oceangold and Maas Capital Form Tanker JV

© Anatoly Menzhiliy / Adobe Stock

A new ship holding company has been formed through a joint venture agreement between physical energy trader Gunvor Group, ship management company Oceangold Tankers and investor Maas Capital.The three partners hold an equal share in the new company, ClearOcean Tankers, which has been incorporated in Cyprus.The new joint venture company has entered into shipbuilding contracts for six vessels from South Korean shipyards, including four MR2 product tankers from STX Offshore & Shipbuilding Co. and two LR2 product tankers from Daehan Shipbuilding Co.

14 May 2018

Gunvor to Lease Exmar FSRU

Photo: Exmar

Gunvor will lease the floating storage and regasification unit (FSRU) for ten years from the Belgian gas tanker company Exmar. "Exmar is pleased to announce that it has executed a fully effective ten year charter with Gunvor for the provision of its FSRU (floating Storage and Regasification Unit) barge and related services in Bangladesh," stated a press release from the company. The Exmar FSRU barge is currently at Keppel Shipyard undergoing site specific modifications after having been delivered from Wison Offshore and Marine in December 2017.

28 Mar 2018

Vitol Stores Gasoline Aboard Ships off Singapore

File Image (CREDIT: AdobeStock / (c) Leeylutung)

Vitol seen storing gasoline off Singapore as local onshore light distillates stocks at record levels. European trader Vitol is storing gasoline on tankers offshore Singapore, Asia's biggest oil trading centre, for the first time since 2016 amid oversupply and weak demand for the fuel, said four people that participate in the market on Wednesday. The sources said that Vitol was seen storing gasoline aboard more than one so-called Long-Range (LR) tanker. The company does not typically comment on its trading operations.

20 Mar 2018

Keel Laid for National Geographic Polar Ship

The keel laying is underway Photo Ulstein Group

Lindblad Expeditions Holdings, Inc., a global provider of expedition cruises and adventure travel experiences, and Ulstein Group, Norwegian shipbuilder and ship designer, celebrated the keel laying of Lindblad’s first polar new build. The keel laying at the CRIST shipyard in Gdynia, Poland, marked a milestone in the construction of the sophisticated expedition ship, and served as the official naming ceremony of the line’s latest addition to the Lindblad-National Geographic fleet.

05 Mar 2018

Distillate Demand Boost from Shipping Sulphur Rules to be Brief

File Image: A typical Middle East Refinery (CREDIT: MELCAL)

A sharp increase in demand for distillates following new shipping fuel rules will fade quickly, the International Energy Agency said on Monday. New rules implemented by the International Maritime Organization (IMO) will significantly cut the amount of sulphur that the world's ships can burn in their engines from 2020, leading to a close to 1 million barrel per day (bpd) rise in gasoil consumption at the expense of high-sulphur fuel oil. While ships can continue to burn higher sulphur fuel if they install scrubbers…

14 Feb 2018

North Sea Crude-Forties Slips to Lowest Since mid-2017

File Image: CREDIT Fendercare

North Sea Forties crude differentials weakened on Wednesday to the lowest since mid-2017.   Gunvor sold a cargo from floating storage. Such sales are often seen as a sign of a plentifully supplied market.   PLATTS WINDOW Forties: Glencore bought from Gunvor a cargo loading on a ship-to-ship transfer basis from the Blue Pride on Feb. 28-March 2 at dated Brent minus 65 cents.   Gunvor also offered a Feb. 25-27 cargo at dated Brent minus 70 cents, meaning on average Forties was worth dated minus 70 cents, equalling the mid-2017 low reached on Monday. (Reporting by Alex Lawler

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