Oil News

05 Dec 2019

CME Adds Two Delivery Points to WTI Houston

Photo: CME Group

CME Group on Thursday said it would add two more delivery points for its WTI Houston crude futures contract, pending regulatory review, as it seeks to provide customers with additional options to hedge physical price risk.* Beginning with the March 2020 contract, customers can take delivery of U.S.

05 Dec 2019

Tankers Running on Fumes as Shipping Fuel Switch Causes Delays

© Suriyapong / Adobe Stock

Disruption to shipping from the long-anticipated switch to more environmentally friendly marine fuels has finally arrived, exacerbated by logistical problems as much as any shortage of the cleaner fuel.New International Maritime Organization (IMO) rules, referred to as IMO 2020, aim to stop ships from using fuels containing more than 0.5% sulphur unless they are equipped with exhaust-cleaning systems known as scrubbers.From the start of January ships must load very low sulphur…

05 Dec 2019

Interview: Ed Grimm, CEO, Southern Towing Company

Ed Grimm, (second from left) CEO, Southern Towing Company during a crew visit.

“In God we trust. All others must have data.”When Ed Grimm took the helm of Southern Towing Company (STC)as President and CEO, he inherited an enviable team of leaders, engineers, mentors, communicators and analysts. Today STC is a clear leader on the inland waterways, pioneering and proving the business and safety value of Z-Drives on the river towboats.How did you come to the top spot at Southern Towing Company?I started in the energy industry at 16 working at an oil storage depot in New York Harbor, working there through high school and putting myself through college.

05 Dec 2019

Pirates Kidnap 19 Crew from Tanker off Nigeria

© Christin Boggs Peyper / Adobe Stock

Pirates have kidnapped 19 crew members from a crude oil tanker off Nigeria in an area where acts of piracy are on the rise, an official with the ship's operator said on Thursday.The loaded vessel, the Nave Constellation, was attacked 77 nautical miles off Bonny Island on Tuesday and 18 Indians and one Turk from the crew were seized, the official said.Seven other crew members remain on board the vessel. Neither the vessel nor the cargo were damaged, the official said.The shipping…

05 Dec 2019

Semco Maritime to Upgrade Odfjell Rig

Image: Semco Maritime A/S

Odfjell Drilling and Semco Maritime signed a contract for preparation and modification of Deepsea Stavanger rig prior to its start of a nine-month drilling campaign for Total in the harsh waters outside South Africa.The semi-submersible rig will complete a high docking (with thrusters on) in Semco Maritime’s rig yard at Hanøytangen, Bergen, in Q1 2020, said the  oil drilling, well service, and engineering company."The high docking enables for a minimized diving operation during antifouling of the hull and optimization of the time spent on seawater valve change…

04 Dec 2019

Norsepower, SWS Complete VLCC Project

Image: Norsepower

Finnish provider of auxiliary wind propulsion systems for ships Norsepower has completed a joint project with China’s Shanghai Waigaoqiao Shipbuilding (SWS) for the development of an energy-efficient dual-fuel 300,000 dwt very large crude carrier (VLCC) design.The design has already received an approval in principle (AiP) from classification societies Lloyd’s Register and ABS.Under the agreement, Rotor Sails were implemented in the VLCC design for improving the fuel efficiency and reducing emissions…

04 Dec 2019

North Sea: Inmarsat Targets OSVs

Image courtesy: Tampnet AS

British satellite telecommunications company Inmarsat plc will extend its service portfolio for customers with the launch of Fleet LTE, following an agreement with subsea fibre and offshore LTE network operator, Tampnet.The new service which is primarily aimed at offshore support vessel (OSV) operators, but could also be used by fishing and ferry operators operating in the area,  leverages low-latency, high data speed communications available via a dedicated Access Point Name…

04 Dec 2019

NYK Joins DecarbonICE Project

Image: NYK Line

Japanese shipping giant Nippon Yusen Kaisha (NYK Line) has joined the international DecarbonICE project that will be conducting a feasibility study to capture onboard carbon as dry ice and store it in seafloor sediments.The shipping industry is looking for carbon-free solutions to achieve the IMO 2050 target of a 50% CO2 emissions reduction (compared to the 2008 level). In response, new zero-carbon solutions are being developed around the globe, including alternative low-carbon…

04 Dec 2019

CMA CGM and Total to Develop LNG Ship Refueling in Marseille

© saiko3p / Adobe Stock

Container shipping firm CMA CGM will use the French Mediterranean port of Marseille for refueling some of its planned gas-powered vessels, backed by a supply partnership with energy group Total.Total will supply liquefied natural gas (LNG) and a refueling barge to enable CMA CGM to refuel LNG-powered vessels at the Marseille-Fos hub starting in 2021, the companies said in a joint statement on Wednesday.The initiative covers five vessels with a capacity of 15,000 twenty-foot equivalent…

03 Dec 2019

U.S. Blacklists Six Oil Tankers in New Venezuela-Related Sanctions

© Parilov / Adobe Stock

The Trump administration on Tuesday blacklisted six oil tankers involved in the shipment of Venezuelan oil to Cuba, the latest in a series of sanctions aimed at pressuring Havana to abandon its support for socialist Venezuelan President Nicolas Maduro.Six vessels belonging to state-run oil company Petróleos de Venezuela SA, or PDVSA, were targeted, according to a statement from the U.S. Treasury Department."Cuba and the former Maduro regime continue trying to circumvent sanctions by changing the names of vessels and facilitating the movement of oil from Venezuela to Cuba…

02 Dec 2019

Petronas in Game for a Third FLNG Unit

Image: Petronas

Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) would build a third floating liquefied natural gas (FLNG)unit if there’s a demand.Petronas is the only company to own and operate two FLNGs, namely PFLNG Satu and PFLNG Dua.Bernama reported, quoting the gas and new energy business executive vice-president and chief executive officer Adnan Zainal Abidin, that if there is a reservoir with a sizeable amount of reserves and with the right gas composition that it is economically viable…

02 Dec 2019

Singapore Raises Concern over HHI-DSME Deal

Image: CCCS

The Competition and Consumer Commission of Singapore (CCCS) has expressed concern about the agreement of fusion notified from the South Korean shipbuilding groups Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering Co. (DSME).The authority antitrust of Singapore has raised competition concerns with the proposed acquisition by Korea Shipbuilding & Offshore Engineering Co., Ltd. (KSOE) of a majority interest in DSME and the intended integration of the businesses of KSOE and DSME.Earlier…

02 Dec 2019

Asian Refiners Strive to Finish IMO Preparations

© vladsv / Adobe Stock

At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month.In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance, increasing capacity for low sulphur fuel oil (LSFO), but also relying on blending to produce IMO 2020 compliant bunker fuel.The different approaches…

02 Dec 2019

Fuel Market Calm ahead of IMO Changeover

AdobeStock / © 14KT Gold

Fears about a shortage of diesel and other middle distillates stemming from new marine pollution regulations have receded, with distillate premiums falling to some of the lowest levels for two years.From the start of 2020, ocean-going ships will be required to use low-sulphur fuels or employ exhaust gas cleaning systems, known has scrubbers, under pollution control rules approved by the International Maritime Organization (IMO).Fuel traders and shipowners have warned for several…

02 Dec 2019

HST Adopts Reygar's BareFLEET for its CTVs

Chris Huxley-Reynard, Managing Director, Reygar

High Speed Transfers goes global with BareFLEET, as the firm commits to monitoring and reporting best practice proven across European operations.High Speed Transfers (HST), a Crew Transfer Vessel (CTV) operator supporting the offshore wind energy and oil and gas industries, is adopting BareFLEET, Reygar’s advanced remote monitoring system, across the entirety of its fleet as the business looks to replicate its European successes in the U.S. and Taiwanese markets.Offshore energy is an increasingly global sector…

02 Dec 2019

SHI Wins Two Ice-class Tanker Order

Image: Samsung Heavy Industries Co

South Korean shipbuilding giant Samsung Heavy Industries Co (SHI) has won a 187.5 billion-won (US$158 million) order to build a two ice-class oil tankers.According to a regulatory filing,  under the deal with a European shipper, Samsung Heavy will deliver two Aframax tankers by March 2022.The vessels will be capable of operating safely even when colliding with ice of up to 70 centimeters at minus 30 degrees Celsius."SHI became the first shipbuidler to clinch a deal to build a…

29 Nov 2019

German Shipping to Use LSFO

Ralf Nagel, Chief Executive Officer. Photo: VDR

The vast majority of ships in the German fleet will run on the new sulfur-reduced fuel (Low Sulfur Fuel Oil, LSFO) from 1 January at the latest. This is one of the findings of a survey conducted by the German Shipowners’ Association (Verband Deutscher Reeder, VDR) among its member companies.While the body of data obtained through the survey is not representative of the German shipping industry as a whole, it does reflect views that can certainly be extrapolated since the respondents include shipping companies from every sector of the German shipping industry.

29 Nov 2019

K Line, FueLNG Team-up on LNG Bunker

Image: Kawasaki Kisen Kaisha

Japanese shipping firm Kawasaki Kisen Kaisha (K Line) has announced that it has concluded a ship management agreement with FueLNG Pte Ltd for a 7500 m3 LNG bunkering vessel (LBV).FueLNG will own and operate the vessel, as well as carry out all commercial operations, said K Line press statement.The partnership will combine K Line’s extensive ship management and LNG transportation experience with FueLNG’s LNG bunkering expertise, which includes more than 160 truck-to-ship LNG bunkering operations conducted to-date.

28 Nov 2019

Retrofit Solution for LSF Engines

Image: CMS service engineers on board

Chinese shipbuilding conglomerate China State Shipbuilding Corporation (CSSC) said that its worldwide equipment service subsidiary CSSC Marine Service Co (CMS) is using its expanded network of service stations to deliver a retrofit solution to engine starting problems that may occur with less viscous low-sulfur fuels (LSF).Some two-stroke engines using common-rail injection report problems reaching and maintaining high enough fuel rail pressure due to wear of fuel pumps, starting…

28 Nov 2019

Jongen Deploys Damen's Mobile BWTS

Image: Damen Shipyards Group

German maritime waste specialist Jongen GmbH has taken delivery of a Damen InvaSave 300 mobile ballast water treatment system (BWTS), which will protect the Elbe from invasive Species.Jongen can now offer IMO-certified ballast water treatment services to ship operators needing to comply with the latest ballast water regulations that came into effect on 8 September 2019.Jongen GmbH delivers waste oil, waste water, and the waste removal services for maritime traffic in the Port of Hamburg.

28 Nov 2019

Turkey Inks Maritime Boundaries Deal with Libya

(Photo: Turkey Ministry of Energy and Natural Resources)

Libya's internationally recognized government and Turkey have signed an agreement on maritime boundaries in the Mediterranean Sea that could complicate Ankara's disputes over energy exploration with other countries.Turkey, which announced the accord and a deal on expanded security and military cooperation on Thursday, gave no details of their memorandum of understanding and did not specify where Turkish and Libyan waters meet.Greece dismissed the announcement as geographically…

28 Nov 2019

Petronas Names Second FLNG in S. Korea

Image: Petronas

Malaysian oil and gas company Petronas named its second floating liquefied natural gas (LNG) facility, the PFLNG Dua, in a ceremony in Geoje, South Korea.The floating LNG facility is designed to extract gas from deepwater gas reservoirs in depths up to 1,500 meters.With PFLNG Dua, the national oil and gas company of Malaysia owns and operates two floating LNG facilities, following the success of PFLNG Satu which has been in operation since 2017. This achievement demonstrates Petronas’…

27 Nov 2019

Viet Nam Readies for Oil Spill Contingency

Pic: International Maritime Organization (IMO)

Work is underway to further develop Viet Nam’s national oil spill contingency plan at a workshop in Ho Chi Minh City, Viet Nam, this week (26-29 November).Forty participants from across 10 government departments and the oil and gas and shipping industry are taking part in the workshop, which is the latest in a series of International Maritime Organization (IMO)-assisted events on oil spill contingency in South-East Asia.Participants are being introduced to international good practices…

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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