Gunvor Group News

Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers. European sanctions have forced Russian exporters to send oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have forced some shippers to sail around…

A tanker containing liquefied natural gas (LNG) that originated from a Russia supplier and was loaded onto a Gunvor Group-chartered vessel off the coast of France was turned away this week by Argentine energy firm Enarsa, according to officials.The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14.The rejection is one more sign of the energy market upheavals since Russia’s invasion of Ukraine last year and of a growing wariness of buyers involving even authorized deals with Russia-originated fuels.

Shipowner Celsius Tankers announced it has ordered four new liquefied natural gas (LNG) carriers from shipbuilder China Merchants Heavy Industry (Jiangsu) (CMHI) for scheduled delivery in 2026 and 2027.Celsius has formed a joint venture with an affiliate of ArcLight Capital Partners (ArcLight), a middle-market infrastructure investor, to fund two of the LNG carriers. Commodities trading house Gunvor Group Ltd will have a significant equity interest in the other two newbuildings, the first for any independent LNG trading company, demonstrating the strength of Gunvor's global position in the LNG market. All four vessels will enter long…

Global energy trader Gunvor Group reported a net profit of $726 million for 2021, the highest since 2015, buoyed by its natural gas and liquefied natural gas (LNG) divisions, the company said on Tuesday.The profit was the highest since 2015 when net profit was boosted by the sale of most of its Russian assets and was up on the $320 million the Geneva-based company made in 2020 when refining impairments took the shine off its record gross profit.Gunvor's rivals have seen record profits on higher oil volatility and skyrocketing natural gas prices in the second half of 2021.

Global Energy Storage (GES) announced it has closed the transaction to acquire part of the Stargate Terminal from Gunvor Group in Europoort, Port of Rotterdam.GES, which signed a binding agreement to take over the site in November 2021, now owns four Class 1 product tanks totaling over 212 thousand cubic meters with long-term off-take from Gunvor. In addition, GES has acquired the rights to develop approximately 20 hectares of vacant land. Furthermore, it is pursuing expansion projects to support the Energy Transition…

Global Energy Storage, a new company that aims to store products such as hydrogen and biofuels, said on Thursday it is buying assets in Rotterdam from commodities firm Gunvor Group and will redevelop 20 hectares (49 acres) of land in the port for its operations.Financial details of the purchase, which includes part of Gunvor's Stargate Oil Terminal, were not disclosed.The company's plan is to "take an existing oil terminal and develop it into a state-of-the-art low-carbon products terminal…

Danish shipping company Celsius Tankers announced it has ordered a series of four liquefied natural gas (LNG) carriers from South Korean shipbuilder Samsung Heavy Industries. Upon delivery during 2023 and 2024, the 180,000-cuboc-meter capacity newbuilds will enter into long-term time charters with Clearlake Shipping, a subsidiary of Gunvor Group Ltd.Celsius Tankers recently took delivery of the fourth and last LNG carrier from the previous series of 180,000-cubic-meter capacity XDF vessels ordered at Samsung Heavy Industries in 2018.

Clearlake Shipping, a wholly-owned subsidiary of Gunvor Group, has fixed a new building 37,000 deadweight ton (dwt) asphalt carrier, the White Pearl, to be delivered before year end.White Pearl will complement Gunvor’s growing asphalt trading business, which has been active since 2016, adding to the company’s position in the trade, storage, and transportation of asphalt products. Gunvor’s trading desk operates worldwide, moving approximately 1 million MT of bitumen annually, and has a dedicated fleet of four existing fixed vessels and multiple spot charters.

U.S. liquefied natural gas (LNG) developer Tellurian Inc said on Thursday it signed a 10-year agreement with commodity trader Gunvor Group for 3 million tonnes per annum (MTPA) of LNG.Tellurian shares soared around 24% on the news to their highest since February.In addition, Tellurian released a presentation that said its proposed Driftwood export plant in Louisiana was positioned for first quarter 2022 commerciality.Analysts at Cowen & Co said in a note that meant Tellurian pushed…

Tanker owner TOP Ships announced on Tuesday that it has taken delivery of a scrubber-fitted 157,000 dwt newbuild Suezmax vessel, Eco Malibu, built at the Hyundai Heavy Industries shipyard in South Korea.The Marshall Island-flagged vessel is scheduled to commence by the end of the week its previously announced time charter employment with Gunvor Group subsidiary Clearlake Shipping for three years with two yearly extension options, TOP Ships said.The Nasdaq-listed company said revenue backlog expected to be generated by the fixture, assuming all options are exercised, is about $63.3 million. For 2021 alone, the charter is expected to generate $7.8 million in revenue, it said.

Energy trader Gunvor Group aims to cut its Scope 1 and 2 emissions by 40% in absolute terms by 2025, the company said on Tuesday, and has set up a new subsidiary to invest in non-hydrocarbon projects.The Geneva-based firm, which is among the top five global oil traders, aims to cut emissions it produces directly, and those from the electricity it uses, against its 2019 total of 1.9 million tonnes of carbon dioxide equivalent.Its new unit will invest in biofuel, renewable power projects such as solar and biomass…

Energy trader Gunvor Group has bought a minority stake in Artemis Technologies to build high-speed ferries capable of carrying up to 350 passengers with zero emissions, the company said on Thursday.The new vessel, called the Artemis eFoiler, will produce savings of up to 90% on fuel compared with traditional diesel ferries. The British firm received a £33 million grant from the British government earlier this year.The hydrofoils will run on batteries recharged by renewable energy sources.

Some of the world's biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry's carbon footprint.About 90% of world trade is transported by sea, and the UN shipping agency the International Maritime Organization (IMO) aims to reduce overall greenhouse gas emissions by 50% from 2008 levels by 2050.Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, the latest IMO-commissioned study showed, mounting pressure on the

Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong.The Geneva-based firm, which reported a 2019 net profit of $381 million after a loss of $330 million in 2018, said on Tuesday it was also helped last year by earnings from gas trading and its European refining business.But the group, one of the world's top five oil traders, said revenue dipped to $75 billion in 2019 from $87 billion in 2018.Gunvor, which launched its U.S.

A flotilla of oil tankers is sailing empty from Europe and the Mediterranean toward the U.S. Gulf Coast to take advantage of surging shipping rates, according to shipping sources and Refinitiv Eikon data on Monday.Eight tankers, an unusually high number, are in the Atlantic and steaming to the United States, with capacity of up to 5.6 million barrels of oil combined, the people said. Freight rates for Aframax vessels out of the U.S. Gulf coast hit record levels last month, drawing more vessels to the region.The United States exported a record 4.46 million barrels of crude oil per day (bpd) in the week ended Dec. 27, according to the U.S. Energy Information Administration, as shale producers continued to deliver more oil than U.S.

Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said on Monday.Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic meters of LNG, is under construction at Korean yard Daewoo Shipbuilding & Marine Engineering."We look forward to taking delivery of one of the most technologically advanced LNG vessels in the world to serve our long term portfolio…

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, Chief Executive Officer of GasLog Partners, stated, “I am very pleased to announce this three-and-a-half-year charter agreement with Gunvor…

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…

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.

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. In 2005, before the shale revolution, the United States had net imports of 12.5 million barrels per day (bpd) of crude and fuels - compared to just 4 million bpd today. U.S.

The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group Ltd (Gunvor) as its preferred LNG Buyer for offtake from the Fortuna FLNG project. All parties have agreed the principal commercial terms subject to finalising a Sale and Purchase Agreement (SPA) for the offtake ahead of the Final Investment Decision (FID) on the Fortuna FLNG project. Gunvor is committed to take the full contract capacity of the Gandria FLNG vessel of 2.2 MMTPA which will be purchased on a Brent-linked, Free on Board (FOB) basis for a 10 year term. The contract structure allows flexibility for up to 1.1mmtpa of the Fortuna capacity to be marketed on an alternate basis.

The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group Ltd (Gunvor) as its preferred LNG Buyer for offtake from the Fortuna FLNG project. All parties have agreed the principal commercial terms subject to finalizing a Sale and Purchase Agreement (SPA) for the offtake ahead of the Final Investment Decision (FID) on the Fortuna FLNG project. Gunvor will take the full contract capacity of the Gandria FLNG vessel of 2.2 MMTPA which will be purchased on a Brent-linked, Free on Board (FOB) basis for a 10 year term. The contract structure allows flexibility for up to 1.1mmtpa of the Fortuna capacity to be marketed on an alternate basis.

Swiss trader Gunvor Group Ltd is joining a chorus of trading houses in exporting U.S. crude, marking the latest cargo to leave U.S. shores just months after Congress lifted its four-decade ban on exports. Gunvor will be lifting domestic sweet crude on an Aframax vessel from Freeport, Texas, in April, a company spokesman said on Thursday. It will be Gunvor's first U.S. export. He did not specify the exact date for the export, but said the cargo will go to Panama, where the company owns a stake in a storage facility. With crude stocks hovering at record levels both at the U.S. storage hub of Cushing, Oklahoma, and nationwide, and a deepening contango, traders have started running the numbers on how to make exports economical.