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Monday, August 20, 2018

Oil News

Some Russian Ships Stop Cargoes to Ukraine After Tanker Detained

© Grifff / MarineTraffic.com

Some Russian ships have stopped transporting cargo to Ukraine, deeming it risky after a Russian tanker was detained in a Ukrainian port as Kiev made good on sanctions against Moscow, two sources at shipowners said.It is the latest fallout from Russia's annexation of the Crimea peninsula in 2014 and the emergence of a pro-Moscow insurgency in eastern Ukraine.The Mekhanik Pogodin oil tanker, under the Russian flag, has been moored in the port of Kherson since Aug. 10, Reuters ship…

Oil Companies Make Few Bids in US Offshore Lease Auction

© flyingrussian / Adobe Stock

Oil companies bid on less than 1 percent of the parcels offered in a sweeping U.S. auction of Gulf of Mexico exploration leases on Wednesday, showing tepid interest in the region for the second time this year.Oil giant Exxon Mobil Corp was awarded 25 blocks, the largest of any company, followed by BP Plc with 19 high bids and Hess Corp and Equinor, which each had 16.Smaller companies, including Talos Energy Offshore, Houston Energy and W&T Offshore were among the top ten high bidders. In total, 23 companies bid in the U.S.

Signs of Recovery in the US Gulf of Mexico

© Theerapong / Adobe Stock

Today's U.S. auction of Gulf of Mexico exploration leases drew tepid response from oil companies, but marked notable progress for an industry still in a state of recovery.“While not a barn burner, Lease Sale 251 tops the previous Gulf sale in terms of increased participation, increased competition for offerings, and bid amounts,” said Randall Luthi, president of the National Ocean Industries Association (NOIA). “In addition, bidding activity demonstrates both continued interest in deepwater tracts and renewed interest in shallow water tracts.”Luthi continued…

Blockchain Benefits Still Murky for Most Commodities Trading

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Commodity firms and banks have been diving into blockchain pilot schemes over the last two years but the new technology's application for most trading has likely been over-hyped, a report by Boston Consulting Group (BCG) said.Blockchain, originally the platform behind cryptocurrency Bitcoin, is viewed by some as a solution to inefficiencies, improving transparency and reducing to the risk of fraud. But BCG believes its potential has been exaggerated.A high-tech ledger, blockchain…

Swiss Utility in Talks to Buy LNG from Canada's Goldboro Project

File Image: Credit QGTC

Axpo, a Swiss utility and energy trader, said on Thursday it was in talks for a 10-year supply deal with a Canadian company planning to build a liquefied natural gas (LNG) terminal.A sales and purchase agreement would boost the chances that Pieridae Energy would decide to build the C$10 billion ($7.6 billion) Goldboro project, which would be the first LNG export terminal on Canada's East Coast.Canada is rich in oil and gas but has yet to export major shipments of LNG to Asia from its West Coast or across the Atlantic from its East Coast."Under the term sheet with Pieridae Energy…

TORM to Feature Scrubbers in Newbuildings

Photo: TORM plc

Danish shipping company TORM is installing scrubbers to its vessels, allowing them to continue running on high sulfur fuel oil after the International Maritime Organization's marine fuels sulfur limit is cut in 2020.A press release from the company said that it has decided to install scrubbers on 14 vessels including all vessels currently on order and the three LR2 vessels that were delivered earlier in 2018.These vessels have a scrubber-prepared design and there are no changes to the delivery schedule.

Damen Shipyards Galati Celebrates 125th Anniversary

Image: Damen Shipyards

Damen Shipyards Galati has delivered over 1,300 vessels during proud history! On 15th August, Galati yard held a party for the annual celebration of Ziua Navalistului – Shipbuilder’s Day.This year the party was larger than usual as it incorporated a celebration of 100 years since Romanian unification and Damen Shipyard Galati’s 125th anniversary.In total around 7,000 people attended the event, including employees and former employees of the yard and their families, Galati city officials…

Mitsubishi to Acquire 25% Take in Bangladesh LNG Terminal

Photo: Summit Corporation Limited

Japan’s Mitsubishi Corp has agreed to take a 25% interest in Summit's Bangladesh LNG import terminal project - which will be the country's second such terminal.The other 75% of the Summit LNG terminal will remain with Summit Corp.Mitsubishi is planning to help in the development of an offshore receiving facility in the country. It will also develop a liquefied natural gas (LNG) receiving terminal that uses a floating storage and regasification unit (FSRU) in Bangladesh.Under the project…

China Shifts to Iranian Tankers to Keep Oil Flowing Amid US Sanctions

© keller / adobe Stock

Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States.The shift demonstrates that China, Iran's biggest oil customer, wants to keep buying Iranian crude despite the sanctions, which were put back after the United States withdrew in May from a 2015 agreement to halt Iran's nuclear program.The United…

BP Offloads Last Two Stranded Oil Cargoes in China

© Samt Mendher / MarineTraffic.com

Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker Olympic Light to an independent Chinese refiner after holding the oil at sea for about three months, people with knowledge of the discharge said on Wednesday.The oil had been aboard one of four supertankers held up or delayed off China's east coast near Shandong since as long ago as April, unable to discharge BP's oil due to slowing buying from private refiners in the world's second-biggest economy.All four have delayed cargoes…

Low Water Still Troubles River Shipping in Germany

© bilanol / Adobe Stock

Water levels on the Rhine and Danube in Germany remain low after a recent drought and freight vessels cannot sail fully loaded on the rivers, traders said on Tuesday.Rhine water levels have risen after rain in recent days but still remain well below levels that would allow normal sailings, they said.“Most vessels are only sailing about 30 percent full,” one trader said. “The situation is worst in southern sections of the river; a lot more rain is still needed.”The Rhine is an important shipping route for commodities including grains, minerals, coal and oil products including heating oil.

VLCC Explodes off Oman Coast

© Rudi Hansen / MarineTraffic.com

A Shipping Corporation of India very large crude carrier (VLCC) has suffered an explosion in one of its cargo tanks while transiting off the coast of Oman, the shipowner confirmed Tuesday.Three crew members of the 316,409 DWT oil tanker Desh Vaibhav are reported missing, and one person with burn injuries has been evacuated by helicopter, according to a press release issued by the shipowner.The 2005-built Desh Vaibhav was sailing toward Fujairah, UAE when the blast occurred around 9:35 a.m. IST, the shipowner said.

Dellner to Launch New Braking System at SMM

(Image: Dellner Brakes)

International brake supplier Dellner Brakes AB said it will launch new range of ‘plug and play’ electrohydraulic braking systems at this year’s SMM in Hamburg.The new BUEL STL systems provide a compact, self-contained solution for stopping, turning and locking ship propeller shafts on vessels of all sizes, as well as for industrial applications. They are the first to combine technologies from Swedish-based Dellner Brakes and new sister company, Germany’s Pintsch Bubenzer, which the Dellner Group acquired in January this year.As the name suggests…

DryShips Sells Panamax Drybulker

File Photo: DryShips

Greece-based DryShips announced that it has entered into an agreement with an unaffiliated buyer for the sale of one of its 2001-built Panamax drybulk carrier.The vessel is scheduled for delivery to its buyer no later than the end of this month.The diversified owner and operator of ocean going cargo vessels expects to realize a gain on vessels sales compared to the book value of this asset.DryShips operates worldwide. As of August 15, 2018, and not giving effect to any pending vessel transactions…

Boskalis Rethinks Loss-making Transport Operations

(Photo: Boskalis)

Boskalis will terminate loss-making transport activities at its offshore energy division, the Dutch marine and engineering company said on Thursday after posting lower than expected first-half earnings.A resulting one-off charge of 397 million euros ($451.6 million) pushed Boskalis to a net loss of 361.4 million euros, compared with a profit of 75.1 million euros in the first half of 2017. The consensus forecast in a company-compiled poll of analysts was for a profit of 60 million euros.The company aims to position the business at more lucrative areas of the transport and installation market…

New Fuel Rules Push Shipowners to Go Green with LNG

El Coquí, one of the world’s first ConRos powered by LNG (Photo: Crowley)

Tough new rules on marine fuel are forcing shipowners to explore liquefied natural gas as a cleaner alternative and ports such as Gibraltar are preparing to offer upgraded refueling facilities in the shipping industry's biggest shake-up in decades.From 2020, International Maritime Organization rules will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, unless they are equipped to clean up sulphur emissions. This will be enforced…

Maersk Signs on to Help Clean up Ocean Plastic

Maersk Launcher (Photo: Maersk Supply Service)

Offshore services provider Maersk Supply Service has signed onto a project that aims to collect tons of plastic waste littering the world's oceans.In the comping months, the Denmark based firm will provide marine support to the Dutch nonprofit The Ocean Cleanup, which will install its first cleanup system in the North Pacific as part of the planet’s first large-scale initiative for collection of floating ocean-plastic debris.Global plastic production has risen steadily since the 1950s. It is estimated that more than 5 trillion pieces of plastic waste now litter all major ocean basins.

Shipbuilding: Oman Drydock CEO Aims to Triple Revenue by 2021

"I’m looking for go-getters. I’m looking (for the types of people) from the ‘wild west’ bars, the kind that kick the doors open with their boots and get to work."
Said bin Homoud Al Maawali, CEO, Oman Drydock Company (ODC). Photo: ODC

Said bin Homoud Al Maawali, CEO, Oman Drydock Company (ODC) means business when he aims to triple revenue by 2021, but it’s anything but business-as-usual at ODC. A neophyte to the shipyard world, he is a veteran business man with a long resume in multiple industries, a turnaround specialist. He sees potential at ODC, but bigger picture, he sees the shipyard as a means to help Oman broaden its business and revenues outside of the traditional energy industry.As the global shipbuilding community shakes off a historic slump, new thinking is creeping into a space steeped in tradition.

Maersk to Spin off Drilling, Hand Total Shares to Investors

(Photo: Maersk)

A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became chief executive in 2016.Skou used to head Maersk's container business and is a…

Maersk to Pursue Separate Listing of Maersk Drilling

Photo: Maersk Drilling

Danish shipping company A.P. Moller-Maersk has decided to pursue a demerger with its offshore drilling operation Maersk Drilling  via a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019.Maersk Drilling will become a stand-alone company next year as its parent company continues its exit from the oil and gas business.Having evaluated the different options available for Maersk Drilling, A.P. Moller – Maersk has concluded that listing Maersk Drilling as a standalone company presents the most optimal prospects for its shareholders…

DHT Holdings Raises Fresh Funds

Photo: DHT Holdings

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings has reached agreements to exchange existing convertible notes due 2019.DHT Holdings has entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% Convertible Senior Notes due 2019  to exchange approximately $67.5 million aggregate principal amount of the Existing Notes for approximately $74.2 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021.

Shell Ships 'Slurry Oil' from Singapore to UAE

© Christopher R Irvine / MarineTraffic.com

In an unusual arbitrage move, Shell International Eastern Trading Company (SIETCO) has chartered a tanker to ship up to 80,000 tonnes of slurry oil from Singapore to Ruwais in the United Arab Emirates (UAE).Shell has chartered the tanker Maersk Prosper to load 80,000 tonnes of fuel oil from Singapore on Aug. 18 to 20 and for discharge into Ruwais at a $450,000 fee, according to data from two shipbroker reports and a trade source with knowledge of the matter.Ruwais in the UAE is the site of Abu Dhabi National Oil Corp's (ADNOC) 800…

New Tug Delivered for Kenya Ports Authority

(Photo: Robert Allan Ltd.)

A new tug, Eugene, constructed by Cheoy Lee Shipyards, Hong Kong, has been delivered to its owners Kenya Ports Authority, Mombasa, Kenya.The new tug, a RAstar 3200 designed by Robert Allan Ltd., has the following principal particulars:Length overall: 32 mBeam, molded: 12.8 mDepth, molded (hull): 5.37 mMaximum draft: 5.8 mEugene is classed and built according to the following Lloyd’s Register of Shipping notation: ✠100A1, Escort Tug, ✠LMC, UMS, Fire-Fighting Ship 1 with Water Spray…

Maritime Reporter Magazine Cover Aug 2018 - The Shipyard Edition

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