Arctic (& Wind) Operations: Hands Across the Water
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.
India's Ennore Terminal Gets Qatari LNG
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.
FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders
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…
Color Line and Ulstein Kicks Off Color Hybrid Newbuild Project
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…
Big Oil Set to Cash in on IMO 2020 Rules
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…
Bangladesh Shelves LNG Projects as Others Ramp Up
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.
Gunvor Halts Refinery Upgrade for New Shipping Fuels
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…
Bad Weather Stalls Bangladesh FSRU Hook Up
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…
Shipbuilder Ulstein Bags SOV Order
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.
For the Global LNG Industry, is the FSRU Honeymoon Over?
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…
Ulstein Verft to Build DP3 Cable Laying Vessel for Nexans
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”.
UN Seeks Traders' Help Enforcing North Korea Sanctions
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…
Gunvor, Oceangold and Maas Capital Form Tanker JV
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.
Gunvor to Lease Exmar FSRU
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.
Vitol Stores Gasoline Aboard Ships off Singapore
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.
Keel Laid for National Geographic Polar Ship
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.
Distillate Demand Boost from Shipping Sulphur Rules to be Brief
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…
North Sea Crude-Forties Slips to Lowest Since mid-2017
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
Texas Flood: U.S. Oil Pours into Global Markets
United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries.
Gunvor Gets Approval for Rotterdam Refinery Upgrade
The Netherlands has given provisional approval to Gunvor to add a fuel upgrading unit at its Rotterdam refinery, according to a document seen by Reuters, as the international oil trader prepares for tough new environmental rules on shipping fuels. The rules from the International Maritime Organization (IMO), due to come into effect in 2020, aim to cut sulphur emissions produced by ships, creating a challenge for shipping companies and oil refiners. Refiners have to decide whether…
Gail India Seeks to Shed 24 U.S. LNG Cargoes
Gail India launches tender to sell 24 liquefied natural gas (LNG) cargoes from the Cove Point export facility in the United States in 2019-2020, according to trade sources. The tender is split into three tranches, with the first tranche offering six cargoes in the first half of 2019, six in H2 2019, and 12 in 2020, traders said . Prospective buyers must bid for all the cargoes in any given tranche. Gail purchased 2.3 million tonnes annually from Dominion Energy's Cove Point export plant, with an added 3.5 million tonnes annually due from Cheniere Energy's Sabine Pass facility in Louisiana.
GasLog Updates on LNG Market
During the quarter and post quarter end, there has been continued momentum in the start-up of new LNG liquefaction capacity with the fourth train at Sabine Pass in the U.S. shipping its first commissioning cargoes in August 2017, said GasLog Partners. Sabine Pass has now shipped approximately 200 cargoes since start up in early 2016. Post quarter end, Chevron's Wheatstone LNG project in Australia started production with the first LNG shipment expected in the coming weeks. Dominion's Cove Point project in the U.S.
Bangladesh shortlists Trafigura, Gunvor for LNG Terminals
Bangladesh has shortlisted global commodity traders Trafigura and Gunvor to arrange the installation of two floating liquefied natural gas (LNG) import terminals in 2018 as the country transforms into a major LNG consumer. "Trafigura and Gunvor have been shortlisted out of 13 companies for two 200 million cubic feet/day LNG import terminals," a director at state-run energy firm Petrobangla's LNG division told Reuters. Petrobangla will hold talks with the companies and deals will then be finalised, he added.