Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Julia Payne News

04 Feb 2024

No New Import Bans in Next EU Russia Sanctions Package

The European Commission will not add any new import bans in its next package of sanctions on Russia, EU diplomats said, as a 13th package proposal takes its final shape.The Commission and European Union member states want to quickly pass a new set of measures to mark the second anniversary of Russia’s invasion of Ukraine on Feb. 24.Despite calls from some EU countries to ban more Russian exports like aluminium, the Commission will propose a package it hopes will cause minimal…

26 Oct 2023

World's Ghost Fleet in Focus Over US Russian Price Cap Crackdown

Credit: komi$ar/AdobeStock

U.S. penalties on shippers transporting Russian oil in breach of the G7's price cap could push more Russian cargoes onto vessels referred to as the ghost fleet and away from mainstream tankers, shipping sources and analysts told Reuters.The cap bans Western companies from providing maritime services for Russian seaborne oil exports sold above $60 a barrel.It was designed to keep oil flowing to markets while reducing Russia's energy earnings that it can use to finance its war on Ukraine…

09 Oct 2023

Israel's Ashkelon Port Shut Down

© Vita / Adobe Stock

Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict between Israel and Islamist group Hamas, shipping and trade sources said on Monday.The port is located just over 10 kilometers (sox miles) from the border with the Gaza Strip.

15 Sep 2023

EU Does Not Extend Ban on Ukraine Grains Imports to Neighboring EU Countries

© dechevm / Adobe Stock

The European Commission said on Friday that it would not extend a ban on imports of Ukrainian grains into Ukraine's five EU neighbors due to expire on Friday."It has concluded that thanks to the work of the Coordination Platform and to the temporary measures introduced on 2 May 2023, the market distortions in the 5 Member States bordering Ukraine have disappeared," the European Commission said in a statement.Restrictions imposed by the European Union in May allowed Poland, Bulgaria…

20 Jul 2023

Argentina Turns Away Gunvor-chartered LNG Tanker, Citing Sanctions

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.

08 Feb 2023

BP Azerbaijan Declares Force Majeure on Crude Loadings from Turkey's Ceyhan Port

©BP (File photo)

BP Azerbaijan has declared force majeure on loadings of Azeri crude from the Turkish port of Ceyhan, after a series of earthquakes on Monday, the company said on Wednesday.The notice was issued to oil shippers following a temporary suspension of loading operations from the Ceyhan Marine Terminal (CMT), BP Azerbaijan spokeswoman Tamam Bayatly told Reuters by email.BP Azerbaijan operates the Azerbaijan and Georgia sections of the Baku-Tblisi-Ceyhan (BTC) pipeline.BP did not immediately respond to a request for comment.Azerbaijan uses the Turkish port of Ceyhan as its main crude export hub…

11 Jan 2023

Freeport LNG May Extend Texas Plant Restart to February

© Andrey Sharpilo / Adobe Stock

Top U.S. gas exporter, Freeport LNG, is expected to further extend the seven-month-long outage of its liquefied natural gas (LNG) export plant in Texas to February, as it awaits regulatory approvals, three sources told Reuters on Wednesday.Accounting for 20% of U.S. LNG exports, resumption of the facility is important to ease the squeeze of global LNG supplies, especially as Europe is rebuilding its gas storage after Russia cut gas exports following Moscow's invasion of Ukraine."There has been no official messaging…

05 Dec 2022

Russian Oil Sanctions Fuel Demand for Old Tankers

©Vladimir/AdobeStock

The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they're snapping up old tankers that might normally be scrapped.The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.

23 Nov 2022

Russia's Tanker Fleet Too Small to Bypass Oil Price Cap

© AUUSanAKUL / Adobe Stock

Russia's oil tanker fleet is too small to fully circumvent a plan by the European Union, G7 countries and Australia to enforce a price cap on its maritime crude exports starting on Dec. 5, analysts and market watchers say.The amount Russia would be unable to export is expected to increase when EU sanctions on Russian refined product shipments take effect on Feb. 5.In all the shortfall could mean Russia halts exports of around 1 million barrels per day (bpd), compared with current flows to the world market of around 3.5 million bpd.

26 Oct 2022

LNG Ships Play Waiting Game Off Spain's Coast as Higher Prices Eyed

Several ships carrying liquefied natural gas (LNG) anchored off Spain's Bay of Cadiz are likely to stay there until late November in anticipation of a rise in European gas prices, industry sources said.Dozens of ships have been circling off the Iberian coast and in the Mediterranean sea for weeks, unable to secure slots to unload their LNG cargoes as plants that convert the superchilled fuel back to gas are operating at maximum capacity.The high volume of LNG in floating storage exposes Europe's lack of "regasification" capacity just as the continent stocks up for a winter of substantially less Russian pipeline gas.But industry sources say some of the waiting ships are part of a trading strategy from their respective companies…

19 Aug 2022

Oil Tanker Detained After Nigerian Navy Says It 'Resisted Arrest'

© momentscatcher / Adobe Stock

Equatorial Guinea has detained an oil tanker capable of carrying 2 million barrels after it attempted to load in Nigeria without proper paperwork, both countries said this week.The Nigerian navy said in a statement that the Heroic Idun, a very large crude carrier (VLCC), was attempting to load oil at the Akpo SBM on Aug. 8 without due clearance from state oil company NNPC, and that it "resisted arrest" when ordered to stop.It was not immediately clear who was the vessel's owner or operator.

17 Aug 2022

More US Sour Crude Heads to Germany to Replace Russia Oil

A second shipment of crude from a U.S. Gulf of Mexico offshore field has sailed for Germany, according to vessel tracking data and trade sources on Tuesday, as European refiners test potential replacements for Russian oil.Europe is aiming to cut 90% of its Russian oil imports by the end of this year. Refiners are expected to look to Norway, the Middle East, the United States and West Africa for alternative supplies, according to analysts.The hunt for substitutes has led in two recent instances to Mars, a U.S. sour grade similar to Russia's Urals.The Ise Princess tanker loaded Mars Sour crude off the Louisiana coast and is on its way to the Baltic Sea port of Rostock…

10 Aug 2022

LNG Traders Absorb Huge Losses After Supply Outages

Major energy traders are taking hundreds of millions of dollars in losses as they scramble to plug a liquefied natural gas (LNG) supply gap after several outages hampered efforts to fill European storage ahead of the winter heating season.Unplanned disruptions at LNG plants in the United States, Nigeria and Australia have wrong-footed traders, including BP and Shell, forcing them to pay inflated costs for alternative supplies.In a market already struggling to meet global demand for natural gas after Russia sharply reduced pipeline supplies into Europe, the lost LNG cargoes which can be transported by ship, have pushed global prices sharply…

09 Aug 2022

First-ever U.S. Sour Crude Cargo Sails to Germany as Russia Sanctions Bite

A tanker of U.S. sour crude was delivered at Germany's port of Rostock last week for the first time ever, according to sources, analysts and vessel tracking data, as local refiners test alternatives to Russian oil.The European Union plans an almost-complete embargo of Russian barrels by year-end, and is trying to wean itself off Russian crude imports, which have fed inland refineries in Germany, Poland and other central European nations via pipeline.Refiners plan to replace Russian oil with seaborne Norwegian, Saudi Arabian, British and U.S. crude grades. Russia has already shown through its natural gas exports that it is willing to cut off European destinations in a tit-for-tat over the EU's financial sanctions that followed Moscow's invasion of Ukraine in February.

19 Apr 2022

Gunvor Reports Highest Profit Since 2015

(Photo: Flex LNG)

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.

29 Mar 2022

Vitol Made Record Net Profit in 2021

© Vladimir / Adobe Stock

Global energy trader Vitol Group made a record net profit of just over $4 billion last year, sources familiar with the matter said, as oil, natural gas and other commodity prices soared.Vitol, the world's biggest independent oil trader, declined to comment.The unaudited result beats its previous record net profit in 2020, when oil markets were upended by the COVID-19 pandemic. Bloomberg reported Vitol made $3.2 billion in 2020. The company does not disclose its net profit.Last week, Vitol said revenues leapt to $279 billion in 2021 as oil prices recovered from 2020 lows.

02 Mar 2022

Russian Oil Buyers Struggle to Charter Vessels

© Igor Groshev / Adobe Stock

Buyers of Russian oil have faced difficulties over payments and availability of vessels after imposition of Western sanctions against Moscow over Ukraine, traders said on Monday, while BP Plc has canceled fuel oil loadings from a Black Sea port.The West has introduced sweeping sanctions, including on the banking sector, after Russia's invasion of Ukraine. Russia calls its action a "special operation" to disarm Ukraine.The United States and its allies on Saturday moved to block certain Russian banks' access to the SWIFT international payment system that helps international trade flow smoothly.

25 Feb 2022

Moldovan-flagged Tanker Hit by Missile on Ukraine Coast

Moldova's naval agency said on Friday that a Moldovan-flagged chemical tanker with a Russian crew was hit by a missile near Ukraine's port of Odessa, injuring two people, and that it was unclear who had fired at the vessel.Vadim Pavalachi, deputy director at the naval agency, told Reuters that the crew of the Millennial Spirit was Russian."We just heard 10 minutes ago that all the crew were saved but two were seriously injured and are on the way to hospital," Pavalachi said.The tanker is small at 2,200 tonnes and the second commercial vessel to be hit since the invasion began.On Thursday, the Turkish-owned Yasa Jupiter cargo ship was hit by a bomb off Odessa. (Reporting by Julia Payne; Editing by Raissa Kasolowsky)

24 Feb 2022

Major Buyers of Russian Oil Struggle with Bank Guarantees

The global oil market was thrown into chaos on Thursday after Russia invaded Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world's largest producers.At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said, citing market uncertainty after the Russian invasion.Russia produces every 10th barrel in the world and oil prices jumped to above $105 per barrel on Thursday, their highest since 2014, due to fears of disruptions.In the Black Sea, a Turkish-owned ship was hit by a bomb off the coast of Ukraine's port city Odessa…

07 Feb 2022

At Least Three Dead After Trinity Spirit FPSO Blast in Nigeria

At least three people died in Nigeria when the oil storage and production vessel, FPSO Trinity Spirit, exploded last week and four crew are still missing, the operating company said on Monday.The vessel had 10 crew on board when it exploded on Wednesday, Nigeria's Shebah Exploration & Production Company Ltd (SEPCOL) said, adding that three were found dead on Sunday after three people had been found alive last week."Our priority remains focused towards establishing the whereabouts…

04 Feb 2022

European Oil Shipments Delayed After Cyber Attacks

© erikdegraaf / Adobe Stock

Tanker and barge shipments in and out of Europe's biggest oil hub have been delayed by up to a week as four storage companies scramble to resume operations after cyber attacks, sources familiar with the matter said.Since the end of last week, storage company Oiltanking and oil trading firm Mabanaft, both owned by Germany's Marquard & Bahls, have been hit by hackers. Belgium's SEA-TANK and Dutch fuel storage firm Evos have also been affected.The companies have had to suspend some operations, affecting oil flows in the Netherlands, Belgium and across Germany.

03 Feb 2022

FPSO Explodes Offshore Nigeria

Illustration only - FPSO Flare © Teimuraz/AdobeStock

An oil production and storage vessel exploded off the coast of Nigeria early on Wednesday with 10 crew members on board though it was not yet clear if there were any casualties or how much crude might have spilled into the sea.Nigeria's Shebah Exploration & Production Company Ltd (SEPCOL) said on Thursday that flames had engulfed the Trinity Spirit floating production, storage, and offloading (FPSO) vessel following the blast a day earlier."At this time there are no reported fatalities…

10 Jun 2021

Trafigura Posts Highest-ever First Half Profit

Trafigura Chief Executive Officer Jeremy Weir - Credit: Trafigura

Global commodities trader Trafigura on Thursday posted its highest-ever first-half net profit and core earnings, largely driven by the economic recovery.The Geneva-based trader's net profit rose to $2.1 billion for the period ending March 31, from 500 million the previous year. The company's financial year ends on Sept. 30.Revenue rose 19% to $98 billion while core earnings were $3.7 billion, up over 50% from a year before. Gross profit rose similarly to $4.3 billion from $2.8 billion…