Oil Shipping News

25 Mar 2019

U.S. Clinches Port Deal with Oman

Tehran has in the past threatened to block the Strait of Hormuz, a major oil shipping route at the mouth of the Gulf, in retaliation for any hostile U.S. action, including attempts to halt Iranian oil exports through sanctions.Still, the U.S. official noted that the agreement would expand U.S. military options in the region for any kind of crisis.Duqm is ideal port for large ships. It is even big enough to turn around an aircraft carrier, a second official said."The port itself is very attractive and the geostrategic location is very attractive, again being outside the Strait of Hormuz," the official said, adding that negotiations began under the Obama administration.COMPETITION WITH CHINAFor Oman…

15 Mar 2019

McQuilling ends tanker contracts with PDVSA

File Image / CREDIT: AdobeStock / © Kasto

A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter.U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement (BSM) in withdrawing from providing oil-shipping services to Venezuela.The United States levied…

13 Mar 2019

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

© alexyz3d / Adobe Stock

Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag…

31 Dec 2018

Iran's Revolutionary Guards to Upgrade Speed Boats with Stealth Tech

Iran's Revolutionary Guards said on Monday they plan to upgrade their speed boats in the Gulf with radar-evading stealth technology and new missile launchers as tensions rise between Tehran and Washington in the vital oil shipping route.Ending a long absence of U.S. aircraft carriers in the region, the USS John C. Stennis entered the Gulf last week, and was shadowed by the Revolutionary Guards' speed boats.There have been periodic confrontations between the Revolutionary Guards vessels and U.S. military in the Gulf, although the number of incidents has dropped in recent months."We are trying to increase the agility of the Guards' speed boats and equip them with stealth technology to facilitate their operations…

12 Nov 2018

Iranian Military Ready to Protect Oil Tankers

File Image: AdobsStock / © Jose Gill

Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock.The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President Donald Trump pulled out of a 2015 international agreement curbing Iran's nuclear programme in May."Iran's armed forces...are prepared…

07 Nov 2018

Bahri Targets Acquisitions in Asia, Middle East

Abdullah Aldubaikhi (Photo: Bahri)

Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake."We are looking at multiple acquisitions in the Middle East and Asia worth tens of millions of dollars…

05 Oct 2018

IMO Commemorates Sanchi Victims

Pic: International Maritime Organization (IMO)

International Maritime Organization (IMO) Secretary-General Kitack Lim visited the Islamic Republic of Iran to participate  in a ceremony to commemorate seafarers who lost their lives aboard the Iranian-owned oil tanker Sanchi earlier this year.He visited Iran also to participate in the country's national celebration of World Maritime Day (8 September) and met met the Minister of Foreign Affairs, Dr. Mohammad Javad Zarif.Early this year, he issued a statement sympathizing with victims of Iranian vessel collision near China shore.Sanchi…

07 May 2018

Sanchi Disaster Probe Ends in Split Verdict

File photo of Sanchi burning (Credit: China Ministry of Transport)

A committee investigating a collision between an Iranian tanker and a Chinese freighter has come to diverging conclusions over the causes of the worst oil ship disaster in decades, Iran's state television reported on Saturday.The Panama-registered Sanchi, run by Iran's top oil shipping operator NITC, collided with the CF Crystal, registered in Hong Kong, off the coast of China near Shanghai and the mouth of the Yangtze River Delta on Jan. 6.The Sanchi sank on Jan. 14 after burning for several days.

03 Apr 2018

Indonesia to Postpone New Coal, Palm Oil Shipping Rules to 2020

© Dane Mo / Adobe Stock

Indonesia will postpone until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, Industry Minister Airlangga Hartarto said, among efforts to increase foreign exchange reserves. The rules, due to take effect this month and intended to boost the archipelago's shipping industry, were initially postponed in February after raising concerns in coal and palm oil industries over the availability of local vessels. "The timing will be adjusted…

01 Feb 2018

Hyundai Merchant Marine, GS Caltex Ink Crude Oil Deal

Photo: Hyundai Merchant Marine

South Korean shipping company Hyundai Merchant Marine (HMM) has signed a long-term crude oil shipping contract with compatriot oil refiner GS Caltex. A press release from HMM said that the KRW190 billion (USD 180 million) contract will involve the transportation of 19 million tonnes of crude oil from Saudi Arabia and the Gulf from July 2019 to August 2024. Accordingly, HMM plans to deploy two 300,000 dwt Very Large Crude Carriers (VLCC) which were previously ordered last September. C.K. Meanwhile, HMM has continued its partnership with GS Caltex over 20 years in crude oil shipping business.

29 Jan 2018

Bodies of Three Sanchi Crew Members Identified

(Photo: China's Ministry of Transport)

The bodies of three of the crew of the Sanchi, the tanker involved in the worst oil ship disaster in decades off the coast of China, have been identified, the Iranian Students’ News Agency (ISNA) reported Saturday. The three crew members identified are Milad Aravi, Majid Naqian and Mohammad Kavousi, the agency reported. The semi-official Fars news agency said that the three were Iranian. The Iranian government is trying to get the bodies of the three crew members back to Iran, according to ISNA.

25 Jan 2018

China Agrees to Joint Sanchi Collision Probe

File Image of the tanker Sanchi burning in the wake of its collision earlier this month (CREDIT: China Ministry of Transport)

The maritime authorities of China, Panama, Iran and Hong Kong on Thursday signed an agreement to jointly investigate a collision in the East China Sea that caused the worst oil ship disaster in decades, according to China's Ministry of Transport. Investigation work will be organised by a joint team composed of representatives of all four signatories to the agreement, a brief statement from the ministry said. The Panama-registered Sanchi tanker (IMO:9356608), run by Iran's top oil shipping operator, collided on Jan.

24 Jan 2018

Sanchi's Black Box Opened -Iranian media

File Image of Sanchi burning. (Credit China Ministry of Transport)

The black boxes for the tanker Sanchi and the freighter CF Crystal, the two vessels that collided in the worst oil ship disaster in decades, have been opened, the Iranian Students’ News Agency (ISNA) reported on Wednesday. Officials from China, Iran, and Panama were present when the black boxes were opened, Hadi Haqshenas, maritime affairs deputy at Iran’s Ports and Maritime Organization, was quoted as saying by ISNA. The report did not say where that happened. “Clarifying the ultimate results of the deciphering process takes time and it could take months,” Haqshenas said, according to ISNA.

12 Jan 2018

Burning Tanker Drifts into Japan's Economic Zone

(Photo: NIOC)

A stricken Iranian oil tanker continued exploding on Friday, hampering rescue efforts, Chinese state media reported, as Japan's Coast Guard said the ship drifted away from the Chinese coast and into Japan's exclusive economic zone (EEZ). The ship, which has been ablaze for almost a week since it collided with another vessel on Saturday night in the East China Sea, was about 286 km (178 miles) northwest of Sokkozaki on the island of Amami Oshima as of 0700 GMT on Friday, the Japan Coast Guard said in a statement.

11 Jan 2018

China Oil Spill Compensation Claims Face Iran Payment Snags

(Photo: China's Ministry of Transport)

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese dry cargo vessel CF Crystal on Saturday in the East China Sea, causing an oil spill and a blaze that is still raging four days later. Liability has yet to be established but lawyers…

11 Jan 2018

Rescuers Resume Search for Sanchi Survivors

File Image: Credit China Ministry of Transport

Rescue boats resumed their search in choppy waters of the East China Sea on Thursday for any survivors from the stricken Iranian oil tanker that collided with a freight ship and burst into flames at the weekend, the Chinese government said. The ship remains at risk of exploding and sinking due to spilled oil as the fire raged for a fifth day, the Ministry of Transportation said in a statement on Thursday. Rescue crews were forced to retreat on Wednesday after a blast on the tanker.

10 Jan 2018

Iranian Warship Crashes at Caspian Port, Two Crew Missing

An Iranian warship crashed into concrete wave breakers at a port in the Caspian Sea and two of its crew members are missing, according to local media reports. The 100-meter long warship, called Damavand, crashed at the harbour town of Bandar Anzali during stormy seas which kicked up waves as high as four meters, Gilnegah, a website focused on news about the northern province of Gilan, reported. Six crew members from the warship were initially knocked into the water during the accident and four were recovered from the sea. Pictures posted on Gilnegah show the damaged warship listing to one side near wave breakers that protect the port. No official statement has been issued on the number of dead or injured from the accident.

10 Jan 2018

Explosion on Iranian Tanker Repels Rescue Team

The tanker Sanchi burns (CREDIT: China Ministry of Transport)

Fire rages for 4th day; tanker collided with freight ship on Saturday. Rescue crews were forced to retreat from a stricken Iranian oil tanker in the East China Sea on Wednesday following an explosion on the ship as a fire raged for a fourth day after a dramatic collision. The blast happened on board the tanker in the afternoon after rescue crews were dousing the ship with foam in an attempt to put out the fire, China's Transport Ministry (MOT) said in a statement on Wednesday. The cause and damage to the tanker from the incident were not clear.

09 Jan 2018

Tanker Continues to Burn in East China Sea

(Photo: China's Ministry of Transport)

Strong winds, high waves and toxic gases are hindering dozens of rescue boats struggling to locate missing sailors from a stricken oil tanker in the East China Sea and to extinguish a fire that has burned for the past three days on the ship. The poor conditions, with rain and waves as high as 3 metres (10 feet), frustrated efforts to tame the fire and search for the 31 remaining tanker crew members, China's Ministry of Transport said in a statement on Tuesday. The flames were forcing the South Korean Coast Guard's search and rescue team to stay as far as 3 miles (4.8 km) away from the tanker…

08 Jan 2018

Salvage, Rescue Crews Battle Oil Tanker Fire

© Oscar Porras / Adobe Stock

Body of crew member found on board; casualty might be worst tanker oil spill since 1991 and concerns grow that tanker may explode, sink. Rescue crews wrestled to bring a blaze on an Iranian oil tanker off China's east coast under control on Monday as fire raged for a second day following a collision with a grain ship, while the body of one of the 32 missing crew members was found on aboard. Concerns were growing that the tanker, which hit a freight ship on Saturday night in the East China Sea and burst into flames…

07 Jan 2018

Ship Collision; Iranian Tanker Burns; 32 Missing

© Nightman1965/Adobe Stoc

A tanker carrying Iranian oil and run by the country's top oil shipping firm was ablaze and spewing cargo into the East China Sea on Sunday after colliding with a Chinese freight ship, leaving the tanker's 32 crew members missing, the Chinese government said. Thick clouds of dark smoke could be seen billowing out of the Sanchi tanker  engulfing the vessel as rescue efforts were hampered by bad weather and fire on and around the ship, Mohammad Rastad, head of Iran's Ports and Maritime Organization, told Iranian television.

28 Dec 2017

NITC Signs 200 Tanker Charter Deals

Pic: National Iranian Oil Company (NIOC)

The National Iranian Tanker Company (NITC) has signed over 200 leasing contracts for its vessels since the lifting of the Western-imposed economic sanctions two years ago, Financial Tribune reported on Thursday. The report quoted Iran Tanker Company's Chief Executive Officer Sirous Kianersi saying that from the easing of the sanctions (in January 2016) until the end of last month, foreign companies signed 215 time-charter and single-voyage deals for NITC tankers. NITC signed agreements with France's Total…

21 Dec 2017

Euronav to buy Gener8 Maritime

File Image: A typical EuroNav VLCC underway (EuroNav)

Tanker operator Euronav is to buy U.S. rival Gener8 Maritime to create one of the world's top oil shipping fleets, the companies said on Thursday, in an all-stock deal worth an estimated $490 million. Tanker companies have faced tough conditions in recent months, partly due to a glut of ships available for hire, and as a result have been looking for ways to build scale and cut costs. The Euronav deal is the first major M&A transaction since Oslo-listed tanker player Frontline said in June it had abandoned its pursuit of New York-listed rival DHT Holdings .

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