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Oil Derivatives News

16 Aug 2022

Gulf Navigation Refinances Five Petrochemical Tankers

(Photo: Gulf Navigation)

Dubai-based shipowner Gulf Navigation announced it has completed the transaction of refinancing five petrochemical tankers, "under new and preferential terms". The tankers were refinanced by China's Jiangsu Financial Leasing Co. (JFL) under an agreement that extends to five years and reduces the company’s cost of finance by more than 40%.Ali Abouda, Chief Financial Officer of Gulf Navigation Holding, said,” This agreement will establish a strong and prosperous relationship with our new partner…

01 Oct 2018

Trafigura Concludes TNG's Dalmacija Charter

Commodity trading company Trafigura has terminated a time charter contract for chemical/product tanker Dalmacija with Croatian shipping company Tankerska Next Generation (TNG). "After nearly three years from delivery, TNG and Trafigura have mutually agreed to conclude an almost fully utilized time charter employment contract for the eco-designed MR product tanker Dalmacija," said a press release from the Croatian tanker owner.The vessel has been redelivered with compensation for early re-delivery, in line with the contractual terms.With this contract, Tankerska Next Generation has completed a successful period of business with one of the leading global oil and oil derivatives traders and looks forward to future engagements with the distinguished charterer…

17 Jan 2018

Fifth Consecutive Record Year for Antwerp

The port of Antwerp has achieved a record freight volume for the fifth straight year in a row. In 2017 the port handled 223,606,610 tonnes of freight, an increase of 4.4% compared with the previous year. Practically all sectors turned in an excellent performance: the container volume expanded in tonnage by 4.3% (123 million tonnes), liquid bulk such as oil derivatives by 5.7% (73.1 million tonnes), and conventional breakbulk such as steel by 4.8% (10.3 million tonnes), while ro/ro completed the growth list with 10.5% (5.1 million tonnes). Only dry bulk such as coal and ores lagged behind in the tables, finishing the year with a drop of 3.7% (12.2 million tonnes).

18 Apr 2017

Antwerp Port Gets off to the Strongest Start Ever

The port of Antwerp handled 54,324,303 tonnes of freight during the first three months of this year, 1.5% more than in the same period last year. The further growth is mainly due to container freight, which was up by 2% in terms of tonnage. In fact this has been the best first quarter ever, both for total overseas freight and for containers. And on top of all that the previous month was the best for containers that has ever been recorded in the port of Antwerp. All this means that after the record year of 2016 the port of Antwerp is off to a good start. “The Port Authority is very satisfied with these growth figures,” declared CEO Jacques Vandermeiren.

18 Jan 2017

Antwerp Finishes 2016 with 2.7% Growth

The port of Antwerp handled over the past year 214 057 529 tons of goods. Which is 2.7 more than the previous year. Container volume up 4.1%: At 4.1% the growth in container volume is even more pronounced: after 12 months the figure stood at 117,909,533 tonnes of containerised freight. Expressed in terms of standard containers (twenty-foot equivalent units) the total of 10,037,318 TEU has risen above the 10 million TEU mark for the first time in the history of the port. However there were negative figures in 2016 for conventional breakbulk (down 2.0%) and dry bulk (down 9.1%). Containers and breakbulk: The container segment experienced strong growth both in tonnes and in the number of containers.

22 Oct 2016

Antwerp Port Volume up 3.3% in 9 months

The port of Antwerp continues its excellent performance, handling 161,671,573 tonnes of freight in the first nine months of this year, up 3.3% on the same period last year. The container volume in the first three quarters came to more than 7.5 million TEU. This represents growth of 4.0%, thus further expanding Antwerp’s market share for containers in the Hamburg-Le Havre range. The container volume rose during the first nine months by 3.7%, finishing at 88,639,126 tonnes. In terms of the number of TEU handled the figure came to 7,556,386, an increase of 4.0%. Ro/ro for its part was down by 1.9%, finishing at 3,398,867 after the first nine months.

15 Jul 2016

Port of Antwerp on the Way to Another Record Year

The port of Antwerp handled a freight volume of 108,317,922 tonnes in the first six months of this year, 3.6% more than in the same period last year. The container volume in TEU expanded by 4.4% while liquid bulk grew even more, by 8.4%, confirming its position as a leading source of growth in the port of Antwerp. The first half year also saw significantly more ultra-large container carriers calling at Antwerp. Whereas the total after the first six months of 2015 stood at 146, this year the equivalent figure was 242, up by an impressive 66%. The growth in the category of 13,000 TEU or more was even more spectacular, at 78%. The container volume in tonnes expanded during the first six months by 3.9%, finishing at 59,762,977 tonnes.

30 May 2016

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News Agency saying that  achieving significant profit came as a result of the good performance of the operations of the company’s business in general. "The profit is a result of an improvement in the rental market of giant oil tankers (as a result of the decline in world oil prices ) resulting from the increase in oil supply in global markets," Al Junaidi  said. This profit will be used to develop and expand the company’s business during the coming period. Al Junaidi also noted that OSC has begun to make profit since the first year of its establishment and did not suffer from any losses…

18 Apr 2016

Antwerp Port's Volume Growth Continues

The port of Antwerp handled 53,265,552 metric tons of freight in the first three months of this year, 3.9 percent more than in the same period last year. The container volume in TEU did particularly well with growth of 4.6 percent, while liquid bulk rose to new heights with growth of 10.6 percent. Overall, last month was the best month ever recorded in the port of Antwerp in terms of freight volume handled. The container tonnage rose by 3.2 percent during the first quarter, finishing at 29,143,365 metric tons. This corresponds to a volume of 2,459,847 TEU, up 4.6 percent on the same period last year. The ro/ro volume for its part remained almost static, up just 0.4 percent to 1,111,278 metric tons. On the other hand the number of cars handled rose by 5.7 percent, to 308,484 units.

29 Jan 2016

US, Canada Partner to Break Ice on Lower Great Lakes

Coast Guard Cutter Bristol Bay sits in the middle of Lake Erie as its crew takes ice liberty during a short break from ice breaking duties as part of Operation Coal Shovel, March 2015. The crew of the Bristol Bay, along with the Canadian Coast Guard Ship Griffon, escorted the motor vessel Algoma Hansa through a frozen Lake Erie. (U.S. Coast Guard photo by Nick Gould)

U.S. and Canadian Coast Guard icebreaking crews kick off operation Coal Shovel Friday in the waters of the southern Great Lakes. Operation Coal Shovel encompasses domestic icebreaking operations in southern Lake Huron, Lake St. Clair, the St. Clair / Detroit River system, Lake Erie, Lake Ontario and the St. Lawrence Seaway. U.S. and Canadian Coast Guard icebreakers, work together to break ice in these waterways as conditions worsen throughout the winter. The Coast Guard conducts domestic icebreaking operations for the purposes of search-and-rescue…

19 Jan 2016

Antwerp Port Sees Record Volumes in 2015

In 2015 for the first time in its history the port of Antwerp passed the 200 million metric ton mark for the volume of freight handled, by a wide margin. On December 31, the figure stood at 208,423,920 metric tons of freight handled. That’s 4.7 percent more than the previous year, which ended with a volume of 199 million metric tons. Another million metric ton record was broken in the container handling sector, with a volume of more than 9.6 million TEU (twenty-foot equivalent units, i.e. standard containers). In comparison with 2014, 7.5 percent more containers were handled. With these growth figures Antwerp said it is performing better than Rotterdam and Hamburg, the N° 1 and 3 respectively in North-West Europe.

15 Oct 2015

Antwerp Port Sees Record Growth

The port of Antwerp handled 156,515,552 tonnes of freight in the first nine months of this year, up 5.5% on the same period last year. The steady growth in the volume of container freight (up 8.0% in TEU, 5.4% in tonnage) and of liquid bulk (up 7.9%) means that the port of Antwerp is poised to close the year with a total volume of 200 million tonnes. Expressed in TEU (twenty-foot equivalent units, i.e. standard containers) the container volume rose during the first nine months by 8.0% or 7,265,577 TEU. In terms of tonnage the volume came to 85,478,483 tonnes (up 5.4%). Antwerp is winning market share on all trading routes. Even in the Asian trade the port managed to close the first nine months of 2015 with growth of 6.2%…

18 Jul 2015

Strong Half Year for Antwerp Port

The port of Antwerp handled 104,529,242 tonnes of freight in the first six months of this year, up 6.4% on the same period last year. The strong performance during the half year was mainly due to the impressive growth in container freight (up 9.5% in TEU and 7.4% in tonnage) and in liquid bulk (also up 7.4%). However, the conventional breakbulk volume lagged behind the overall growth. The container volume expressed as the number of standard boxes handled (twenty-foot equivalent units) rose by 9.5% during the first six months, to 4,836,243 TEU. Expressed in tonnes it amounted to 57,501,825 tonnes (up 7.4%). The formation of an alliance between several container shipping companies has clearly acted in favour of Antwerp.

08 Jun 2015

Record Trading in Singapore's Bunkers Market

Over $750 million worth of fuel oil traded 1st week of June. Trading frenzy leads to record price swing. Major commodity houses are betting against each other on the direction of fuel oil in Singapore, the world's largest market for shipping fuel, in a clash that has led to a record price swing and is set to smash monthly trading levels. More than $750 million of physical cargoes have been traded in the first week of June during an end-of-day pricing window, accounting for about 60 percent of Singapore's average monthly sales of the fuel and creating logistics challenges at the port. Strong buying has been led by Swiss-based Glencore and Mercuria, China's PetroChina, and oil major BP, daily trade data shows.

24 Jan 2015

Petrobras Develops Technology to Cut GHG

A new technology to reduce the emission of greenhouse gases (GHG) is developing a demonstration scale in Shale Industrialization Unit (SIX) in Paraná, in partnership with Petrobras Research Center (Cenpes). Called CO2 capture, this technology is being tested in a prototype fluid catalytic cracking unit (FCC) - process that transforms heavy oil lighter oil derivatives. This is the first unit to preindustrial scale of FCC in the world using oxyfuel technology (replacement of air used in the combustion of fuels by pure oxygen) for capturing carbon dioxide (CO2) gas released during the industrial refinery processes. The FCCs are very important units in the production process of derivatives…

22 Jan 2015

Video: Coastguards Continue Great Lakes Icebreaking

Image: USCG

Continued icebreaking operations from the U.S. The U.S. and Canadian Coast Guards are jointly continuing Operation Coal Shovel, the seasonal domestic icebreaking operations in the southern part of Lake Huron, Lake St. Clair, the St. Clair and Detroit River systems, Lake Erie and Lake Ontario. As of Sunday, U.S. Coast Guard (USCG) icebreakers have logged 493 icebreaking hours and assisted 53 vessels since beginning Operation Coal Shovel on January 8. Operation Coal Shovel’s mission…

08 Jan 2015

US, Canadian Coast Guard Icebreaking Underway

The crew of Coast Guard Cutter Neah Bay, homeported in Cleveland, works to keep the CSL Laurentien moving during an escort in eastern Lake Erie March 27, 2014. The crew experienced plate ice as thick as three feet and ice ridges as tall as eight feet. (U.S. Coast Guard photo courtesy of CSL Laurentien)

The U.S. and Canadian Coast Guards have begun collaborative icebreaking operations. The U.S. and Canadian Coast Guards have commenced Operation Coal Shovel seasonal domestic ice breaking operations in the southern part of Lake Huron, Lake St. Clair, the St. Clair and Detroit River systems, Lake Erie and Lake Ontario, starting Thursday. The U.S. and Canadian Coast Guard icebreakers work together to prevent ice jams in these vital economic waterways as conditions worsen throughout the winter.

24 Oct 2014

Antwerp Port Achieves Highest Throughput

The port of Antwerp handled a freight volume of 148,344,168 tonnes during the first nine months of this year. That’s 3.7% more than the same period last year. Both the container volume and the liquid bulk volume were strongly up, which helps to explain the continuing growth. If the port stays on trend it will finish this year with a new record freight volume. Last year was already an all-time record with a volume of 190.8 million tonnes. The container volume rose during the first nine months by 6.0% to 81,127,972 tonnes. In terms of standard containers the growth is 5.0%, ending at 6,725,777 TEU. Conventional breakbulk on the other hand shows negative growth…

01 Oct 1999

Improving Rates May Help Shippers Cope With Fuel Costs

Shipowners are now better placed to cope with soaring fuel prices because of growth in trade as Asia recovers from economic crisis, industry sources and analysts said. The price of bunker fuel, which typically makes up about five percent of a shipper's total operating costs, has - over the past six months - doubled to $140 per ton. The spoils from improved conditions have not been evenly shared within the industry, with tanker owners hit the worst. Three global-pacts among oil producers to cut output and shore up prices have had a negative impact on tanker owners who now face higher bunker costs and lower shipping volumes. The producers agreed to remove from world oil production about 5.1 million bpd of crude oil…

03 Jul 2014

New Director-General Appointed at Gazprom Export

Gazprom informs that due to a considerable increase in the day-to-day business and its geographical expansion, as well as product diversification within the Company’s international activities, Elena Burmistrova has been appointed Director-General of the Russian energy major's Gazprom Export subsidiary. Gazprom explains that Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee will supervise the international business sector as well as social development and sports programs. “Gazprom’s geographical expansion and far-reaching plans in the foreign markets require new structural and functional decision-making,” said Alexey Miller, Chairman of the Gazprom Management Committee. Elena Burmistrova was born in Moscow.

11 Feb 2008

Blaze on Turkish Ship in Adriatic Sea Extinguished

Firefighters extinguished a blaze that erupted aboard a Turkish cargo ship off Croatia's coast three days ago and had raised fears of major pollution, AFP reported. A team of Dutch firefighters and their Croatian counterparts were aboard the ship to assess the situation and inspect the vessel. The Und Adriyatik ship was being kept four miles away from Croatia's northern coast by tugboats. According to reports, the Turkish company that owns the ship said the vessel was likely to be towed to the Italian Adriatic port of Trieste. The authorities said earlier the ship, which was transporting 200 trucks and nine tonnes of oil derivatives, would not be allowed to leave Croatian waters before it is completely cleaned up.

26 Feb 2007

Morgan Stanley May Run Larger Tankers for Oil Trades

Morgan Stanley plans to expand its oil tanker business as global demand for crude rises, according to two people briefed on the discussions, according to Bloomberg. The company is considering operating suezmaxes, 1 million- barrel vessels that would be the largest Morgan Stanley controls, said the people, who declined to be identified because the plan is still being debated. The ships often haul crude from West Africa and the Black Sea to the U.S. and Europe. Morgan Stanley, which has traded crude oil since 1984, wants to bolster its shipping unit to compete with companies such as Glencore International AG and Vitol Group. The New York-based company purchased a tanker operator last year for $200 million.