Oil Majors News

30 Jul 2019

FUELTRAX Provides EFMS Solutions to Penguin

Image: FUELTRAX

Singapore-based Penguin International has selected FUELTRAX to provide electronic fuel monitoring system (EFMS) solutions for its Flex Fighter range of armored multi-role security boats.The aluminum high-speed craft designer, builder, owner will also install FUELTRAX on its own fleet of Flex-42X Executive Fast Crew Boats.Recognizing the increased demand for EFMS by vessel owners and oil majors alike, Penguin is committed to providing the best EFMS solution on the market for their build-for-stock program…

27 Jun 2019

Shipping Companies: Is Bigger Better?

© Julien/Adobe Stock

“If consolidation was the solution to all that ails shipping, then container liner companies would be super profitable. They are not. In ‘commoditized’ sectors of the shipping industry, which by now includes pretty much everything apart from very small niche markets, there is hardly any economies of scale at the company level. As long as bigger is not in fact much better, then meaningful consolidation will not happen.”Dr. Roar Adland, visiting scholar at MIT Center for Transportation and Logistics and Professor at the Norwegian School of Economics (NHH).Like any other business…

26 Jun 2019

Oman Shipping Orders 3 VLCCs at DSME

Photo: Oman Shipping Company

Oman Shipping Company (OSC), a member of the ASYAD Group, has signed an agreement for the construction of three very large crude carriers (VLCCs) with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME).The triple 300,000 dwt vessels are expected for delivery during the first quarter of 2020. OSC will charter out the vessels to oil majors under long-term contracts.OSC said the three 300,000 dwt VLCCs were part of OSC’s fleet renewal plan and long term contracts with…

24 Jun 2019

Damen Building an FCS 7011 in Antalya

Photo: Damen Shipyards

Two and a half years on from the genesis of the FCS 7011 concept in response to extensive feedback from the offshore energy sector, the build of the first of this design has begun at Damen Shipyards Antalya, Turkey. The milestone was marked by a traditional keel-laying ceremony held at the yard.At 70 meters in length, the newbuild will be the largest monohull vessel to be built in aluminium by Damen. It is scheduled for launch in August 2020, and the builder said a prospective client can realistically look forward to delivery by the end of that year.According to Damen…

21 Jun 2019

“Cautious Optimism” for Goltens Dubai

Photo: Goltens

The global downturn in offshore energy is well recorded, a downturn which has had impact on various arms of the energy and marine supply chain. While Goltens has felt the downturn like many other companies, it is reporting 'cautious optimism' in the Middle East premised on new international regulation and the need for shipowners to upgrade ships.Almost all the offshore vessels in Dubai are operating, and many have come in from Asia to do the same, but following the offshore crash in 2016, operators are delaying maintenance.

07 Jun 2019

Chinese J-Lay Design Gets LR AiP

Photo: LR

Shanghai Merchant Ship Design and Research Institute has been granted approval in principle (AiP) by Lloyd’s Register (LR) for a J-lay heavy lift vessel concept design.The vessel’s primary function will be deep-water pipe-laying, subsea installation and heavy lifting in deep sea, said a press release from the provider of professional assurance services and management certification.This J-lay heavy lift vessel concept design has been purposely designed for a Chinese oil major,…

05 Jun 2019

Chevron Readying IMO-Compliant Fuel

AdobeStock / © db virago

Chevron plans to bring an IMO-compliant 0.5% sulphur shipping fuel blend to the market by the end of the third quarter, a company representative said on Wednesday.Ships will be required to use fuels with a sulphur content of no more than 0.5% from the start of 2020, down from 3.5% currently, under International Maritime Organization (IMO) rules aimed at cutting air pollution."If the shipping company is willing to try it out now we can make it available, but not for continuous purchase," Chevron Fuels Technologist Monique Vermeire told Reuters at an industry conference."I think it will be avail

23 May 2019

Shipowners See Increase in IMO-Compliant Fuels, But Doubts Persist

Shipowners, who are facing one of the biggest changes in the oil industry in decades, are seeing more fuels that will be compliant with new rules on sulphur emissions from ships, but some say the way forward is far from clear.The United Nations shipping agency the International Maritime Organization (IMO) will from January 2020 limit the sulphur content in fuel ships use to 0.5%.With the exception of some zones around northwest Europe and North America known as Emission Control Areas where maximum sulphur content is restricted to 0.1% sulphur, the current global cap is 3.5%.The sulphur switch will be a mammoth task as it requires adapting the 300 million tonne a year bunker fuel market…

23 May 2019

Heerema Unveils World's Largest Offshore Crane Vessel

(Photo: Heerema Marine Contractors)

Dutch firm Heerema Marine Contractors and Singapore's Sembcorp Marine, on Thursday, showed off the world's largest crane vessel that can be used for the setup and decommissioning of offshore oil and gas facilities.The semi-submersible vessel, which cost Heerema about $1.5 billion, is equipped with two cranes that can reach a height of 220 metres, taller than the top of Singapore's iconic boat-shaped Marina Bay Sands hotel. The cranes have a combined lifting capacity of 20,000 tonnes…

22 May 2019

Bunker Fuel Mkt to Reach $273bln by 2025

Image: BP

The global bunker fuel market, which was valued at $137.21 billion in 2017, is expected to reach $273.05 billion by 2025, growing at a CAGR of 9.4% during the forecast period, 2018-2025.Increased offshore hydrocarbon exploration activities in offshore destinations and growth in marine trade due to rise in import-export activities contribute to the overall growth of the global bunker fuel market, said a report published by Allied Market Research.However, stringent government regulations…

08 Apr 2019

Crew Vessel Contracted to Shell

(Photo: Damen)

UK-based crew transfer specialist High Speed Transfers (HST) announced that its second new high-speed crew transfer vessel HST Sofia will be contracted by Shell to support its exploration program in the Black Sea commencing March 2019.The FCS 2710 vessel, built by Dutch shipbuilder Damen, will be trialed by HST to undertake oil and gas crew transfers to support the Noble Globetrotter II drill ship. The vessel will shortly begin an exploration drilling program in the Khan Kubrat block…

08 Apr 2019

OSV Market: Which Way is Up?

OSV "THUNDER" owned by Jackson Offshore serving floater "DEEPWATER CONQUERER"
Source: Jackson Offshore

Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipment…

05 Apr 2019

TOP Ships Takes Delivery of Suezmax Eco Tanker

Photo courtesy of TOP Ship

TOP Ships announced that it took delivery of the 157,000 dwt newbuilding Suezmax vessel M/T Eco Bel Air, constructed at the Hyundai Samho shipyard in South Korea.Evangelos Pistiolis, the President, Chief Executive Officer and Director of the company, said: “The delivery of the M/T Eco Bel Air marks our comeback in the Suezmax tanker segment after almost 11 years. As of today, the total tonnage of our fleet on the water is 737,000 deadweight tonnes and our fleet has an average age of two years.

03 Apr 2019

Monjasa Boosts Bunker Volumes by 17%

Pic: Monjasa

Global bunker company Monjasa Group boosted sales volume in 2028 reaching 4.1 million metric tonnes of marine fuels, up 17% over its previous year figure of 3.5mt.Despite a continuously challenged maritime shipping industry, 2018 was a good year for the Monjasa. Coupled with the entry of new banking partners and closer relations with oil majors, the Monjasa Group improved its business fundamentals during the year, reporting a positive net result of USD 5mln.Coupled with a higher average Brent oil price of USD 71 per barrel…

29 Mar 2019

GA Drilling Gets Fund, Signs Pact with MOL

 Pic: GA drilling

High-tech deep-drilling company GA Drilling signed a EUR 4.2 million funding agreement with Lead Ventures and a service agreement with MOL Group.Lead Ventures, a Budapest based venture capital firm invested funds provided by MOL Group, and Hungarian Eximbank.The deal gives GA Drilling access to onshore production wells to test its disruptive PLASMABIT plug & abandonment technology in real field conditions.The agreement is a major step in enabling the commercialization of the PLASMABIT technology…

20 Mar 2019

INSIGHTS: Peter Stephaich

Peter Stephaich, Chairman & CEO, Campbell Transportation Company

Chairman & CEO, Campbell Transportation Company.Peter H. Stephaich is Chairman and CEO of Blue Danube Incorporated and Campbell Transportation Company. Currently, he is also Chairman of the Board of the Waterways Council, Inc. (WCI). Peter also serves on the Board of Directors of Blue Danube, a position that he has held since 1982. Serving the barge industry for over 30 years in a number of key roles, he also counts among his many qualifications his tenure(s) as Past Chairman and Past Treasurer of the American Waterways Operators (AWO)…

13 Mar 2019

LNG Majors Okay MHPS Gas Turbine

MHPS H-100 Gas Turbine. Image: MHI Group

The engineering and manufacturing giant Mitsubishi Heavy Industries Group (MHI Group) said it has completed successive technical qualification, conducted by oil majors and engineering companies on Mitsubishi Hitachi Power Systems’ 120MW H-100 Gas Turbine.To date, major LNG players, including ExxonMobil, Shell, Total, along with key engineering contractors such as Bechtel, have all completed extensive qualification studies on Mitsubishi Hitachi Power Systems' 120MW H-100 Gas Turbine…

15 Feb 2019

TEN Wins TC for Two Tankers

Pic: Tsakos Energy Navigation

Greek shipping company Tsakos Energy Navigation (TEN) announced the contract for the building of two suezmax crude tankers which upon delivery will enter into minimum five maximum 12-year contracts to a significant oil major.The time charter equivalent revenues from these two fixtures, over the duration of the respective contacts, is expected at a minimum $110 million and could reach $300 million should employment be extended to its maximum period. “We are immensely proud to have…

24 Jan 2019

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

© Mike Mareen/Adobe Stock

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

22 Jan 2019

Shipbuilding: OSC Orders VLCC Pair

Michael Jorgensen  (Photo: OSC)

Oman Shipping Company (OSC) is expanding courtesy of an order for a pair of newbuild Very Large Crude Carriers (VLCC ) with Daewoo Shipbuilding & Marine Engineering (DSME).According to Michael Jorgensen, OSC's CFO and acting CEO,  said the VLCCs are expected to be deployed in the spot market, as the company plots further fleet expansion in the bulk and container market.Today OSC’s fleet includes 49 vessels including 16 VLCCs, 17 product tankers and 4 chemical carriers.The two latest additions will be constructed at DSME’s Okpo shipyard measuring 336m in length…

04 Dec 2018

Ardmore Shipping Refinances Three Vessels

Image: Ardmore Shipping Corporation

Bermuda-based product and chemical tankers owner Ardmore Shipping Corporation announced that it has signed binding agreements for the refinancing of three vessels.The provider of seaborne transportation of petroleum products and chemicals worldwide to oil majors has signed agreements for the sale and leaseback, under a finance lease arrangement, of the Ardmore Exporter and Ardmore Seavanguard, two 2014-built 50,000 Dwt Eco-design MR tankers, with a high-quality financier in China.The lease agreements are for a period of seven years…

22 Nov 2018

SafeSTS Debuts in the Middle East

Image: SafeSTS

SafeSTS, which is owned by Future Marine Services, has made a strong start in the Middle East  region, undertaking five UAE ship-to-ship transfers for two oil majors in its first six weeks of operation.The charterers to conduct ship-to-ship transfers said that the first two transfers took place at the company’s Khor Fakkan “C” Anchorage, whilst the next three were at its Fujairah “S” Anchorage; both anchorages are in the Gulf of Oman and a total of nearly 2,334,000 barrels of…

19 Nov 2018

Oman Shipping: Strong Domestic Performance

Debasish Mohapatra (Photo: OSC)

Oman Shipping Company (OSC) is reporting strong performance in domestic markets following long-term deals with local refineries and traders including ORPIC and OTI.OSC’s growth in the region is being driven by a 20-year contract to transport condensate for ORPIC (Oman Oil Refineries and Petroleum Industries Company) and a 15-year deal transporting methanol for OTI (Oman Trading International) from Salalah Methanol plant.The company is further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.

Maritime Reporter Magazine Cover Aug 2019 - The Shipyard Edition

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