LOOP Tests Crude Exports with VLCC
The Louisiana Offshore Oil Port (LOOP), the largest privately owned crude terminal in the United States, said on Tuesday it had moored a supertanker and initiated a detailed test procedure, bringing it closer to being able to export crude oil. LOOP said last year its U.S. Gulf Coast facility would have the capacity to load Very Large Crude Carriers (VLCCs), the largest oil tankers, which can ship some 2 million barrels of oil by early 2018. Washington lifted a 40-year ban on oil exports two years ago, and since then tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. Gulf Coast terminals handle three-quarters of U.S. crude exports, but only LOOP can handle supertankers.
Nordic American Tankers: Near term challenges remain - CS
Oil tanker company's shares down 1.8 pct at $2.15 premarket. Credit Suisse halves PT to $2, says near-term challenges remain. "On the heels of the second-worst year for tankers in 20 years, this seems to be the growing consensus," said Credit Suisse. 1 of 9 brokerages rate the stock "buy", 5 "hold" and 3 "sell" or lower; Median PT $2.50.
Salvage Crews Working to Recover Sanchi's Bunker Fuel
Chinese salvage crews are still trying to remove 1,900 tonnes of bunker fuel, the heavy oil used in ship engines, from a sunken Iranian oil tanker, the Ministry of Transport said on Thursday, almost a month after it collided with a freight ship. If the fuel is not cleaned up, it could pollute the marine environment, the ministry warned in a release. Bunker fuel is noxious to marine organisms and difficult to remove from the ocean once spilled. Five Chinese vessels, and one Japanese ship and one South Korean…
China Plans First Lab on Ocean Oil Spill Cleaning
China's Ministry of Transport is planning to establish a laboratory specialising in treating oil spills at sea, the first of its kind in the country, local media Science and Technology Daily reported on Sunday. China is spending some 200 million yuan a year on researches for emergency treatment of oil spills but the technological expertise has not been widely applied because of lack of such a lab, the report said. The laboratory is planned in northern port city of Tianjin, off the Bohai Bay, with an initial investment 400 million yuan ($63 million).
Hedge Funds Hook Shipping Stocks Grappling for Recovery
Emerging recovery for segments of global shipping industry; Nordic American Tanker and Dryships Inc among popular stocks. Shipping stocks may still be in the doldrums in the view of many investors, but hedge funds have bet at least $675 million on signs of renewed buoyancy in the industry. Hedge funds made initial forays into shipping stocks in the third quarter of 2017, but significantly stepped up their bets in the final three months of the year, U.S. Securities and Exchange Commission filings compiled by Symmetric show. "Shipping has been in a terrible trough for a number of years," Chris Walvoord, global head of hedge fund research at investment consultant Aon Hewitt, said. "Hedge funds are starting to see opportunity ...
ClassNK: New PrimeShip-HULL (HCSR) Software
ClassNK released the latest version of its design support software PrimeShip-HULL (HCSR) Ver.5.0.0, developed in response to the IACS Common Structural Rules for Bulk Carriers and Oil Tankers (CSR BC & OT). The new version incorporates the latest rule amendments to CSR BC & OT (Rule Change Notice 1 to CSR 01 JAN 2017 version) including amendments based on feedback from the industry. In addition to the incorporation of the latest rule amendments, various functions were also added or improved for the PrimeShip-HULL(HCSR) prescriptive calculation software and direct strength assessment software.
ClassNK Updates PrimeShip-HULL Software
ClassNK has just released the latest version of its design support software PrimeShip-HULL (HCSR) Ver.5.0.0, developed in response to the IACS Common Structural Rules for Bulk Carriers and Oil Tankers (CSR BC & OT). The new version incorporates the latest rule amendments to CSR BC & OT (Rule Change Notice 1 to CSR 01 JAN 2017 version) including amendments based on feedback from the industry. In addition to the incorporation of the latest rule amendments, various functions were also added or improved for the PrimeShip-HULL(HCSR) prescriptive calculation software and direct strength assessment software. The calculation report function found in the prescriptive calculation software is now turned a stand-alone system…
Jefferies Upbeat on LNG, LPG and Dry Bulk Shippers
Hyundai Heavy Industries, KOTC Ink Gas Carriers Deal
Kuwait Oil Tanker Company (KOTC) has signed a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for three very large gas carries (VLGC). The three 84,000 cbm LPG carriers are expected to start delivery in 2019. The contract worth USD 213.36 million to build three immense gas tankers is part of a major KOTC fleet overhaul. The deal entails the construction of three liquefied gas tankers at a cost of USD 71.12 million per tanker, the marine transport company said in a statement to KUNA.
How Sanchi's Spill Could Spread
The worst tanker oil spill in decades is unfolding across hundreds of miles of the East China Sea after an Iranian oil tanker carrying more than 100,000 tonnes of toxic oil collided with a freighter and exploded, killing all 32 crew onboard. The ship burned, spewing its cargo, for more than a week before sinking in the waters between China, Japan and South Korea. The Panama-registered Sanchi was carrying the equivalent of nearly 1 million barrels of ultra-light crude, plus its own fuel, to South Korea.
Fujian Mawei Shipbuilding Bags Ocean Tankers Order for Six Vessels
Ocean Tankers, the provider oil tanker shipping and chartering services to oil companies and trading houses, has ordered six handy-sized tankers to be built at the Chinese shipbuilding facility Fujian Mawei Shipbuilding, said a report in Reuters. The report said that the Singapore based tanker company has placed the order for an undisclosed sum as the company renews and expands its fleet and ships are expected to be delivered by 2020. The order is for 23,500-deadweight tonne (dwt) tankers that can carry crude, clean or dirty oil products, to be delivered in stages by the end of the decade.
Implementation of MARPOL Regulations 13G and 13H
The IMO issued Circulars forwarding communications from two nations regarding how they plan to implement revised Regulation 13G and new Regulation 13H of MARPOL Annex I. Liberia plans to allow its oil tankers that meet applicable requirements to operate until the extended deadline. MEPC Circ. 445 (4/27/05). Japan plans to allow its oil tankers that meet applicable requirements to operate until the extended deadline. Japan plans to allow foreign oil tankers [except small oil tankers operating under provisions of Regulation 13H(6)(a) and oil tankers fitted with neither double bottoms nor double sides operating under provisions of Regulation 13H(6)(b)] that meet applicable requirements to enter its waters until the extended deadline. MEPC Circ. 446 (HK Law)
Kuwait to Bid Tankers Soon
The Kuwait Oil Tanker Company (KOTC) will float a tender to build four crude oil tankers soon, according to a report on Xinhua. The budget for the new fleet is reportedly up to $130m. According to Xinhua, KOTC has almost finished its first modernizing phase of oil tanker fleet, which includes nine tankers. Among which two tankers will be for crude oil, three for petroleum products, two for liquefied petroleum gas, while another two for petroleum gas still being built in Singapore and to be delivered by the end of 2007. (Source: Xinhua)
Brightoil’s First Ocean Tanker in Singapore
Brightoil Petroleum (Holdings) Limited, one of the largest service providers of marine bunkering in China, announced that the Group has taken delivery of its first ocean-going oil tanker in Singapore purchased in November 2009 for the consideration of $52.5m. The double-hulled aframax oil tanker, with a capacity of 107,500 DWT, has an overall length of 799.8 ft. Built in Japan in 2009, it is coupled with three sets of cargo pumps, each having a discharge rate up to 3,000 m3/hr and hence totaling a maximum discharge rate of 9,000 m3/hr. The vessel is built to Common Structural Rules (CSR), the latest standard for newly-built tankers, featuring increased strength requirements and durability of hull structures to make it safer and more dependable to operate.
Intercontinental Oil Trade Likely to Increase Says New Report
Global oil trade is very much dependent on oil tankers for the transportation of crude oil as well as refined petroleum products. In the last quarter of 2011 oil demand fell for the first time since 2008/2009. With a stronger outlook for the global economy over the forecast period, Visiongain expects oil demand growth will increase. As a result, intercontinental oil trade will rise at a faster rate and the oil tanker market will see higher earnings and better returns on investment. Visiongain has determined that the value of the global oil tanker market in 2012 will reach $18.96bn. The focus of this report is on quantifying investment in the oil tanker market, including new build contracts, repairs, maintenance and scrapping.
ASRY Delivers Tanker
According to KUNA, Bahrain-based Arab Shipbuilding and Repair Yard Company delivered an oil tanker to Kuwait Oil Tanker Company. The delivery ceremony was attended by Kuwaiti Ambassador to Bahrain Sheikh Azzam Mubarak Al-Sabah, Chairman of the Bahraini company Eid Abdullah Yussef, and Sheikh Ali Hamoud Al-Sabah, a representative of Kuwait Oil Tanker Company. Designed upon a request from the Kuwaiti company, the $5m tankers-6 is 35 meters long and nine meters wide, and has a crew of six sailors. It has lifting and haulage capacities of six tons and ten tons respectively. It is also equipped with updated systems able to separate water from oil in order to preserve sea environment.
Nansha Factory Cuts First Steel for Tanker Newbuilds
Construction begins on two 113,000 DWT product/crude oil tankers in Nansha Factory A steel cutting ceremony was held at the Nansha Factory December 1 for the third and fourth of eight vessels of 113,000 DWT product/crude oil tankers for NAVIG8 Group registered in U.K. Personnel from the builder’s business and operations management departments attended the opening ceremony, as well as signed the progress documents representing GSI with shipowners’ representative. GSI signed eight shipbuilding contracts with NAVIG8 Group for building 113,000dwt product/crude oil tankers in August, 2013., and construction on the first and second vessels began in June, 2014. chinagsi.com
New Tankers to Join KOTC Fleet
According to reports, eight new oil tankers will join Kuwait Oil Tanker Company (KOTC)'s fleet during 2007, said KOTC Chairman Abdullah Al-Roumi on Wednesday. The company said the new tankers will be delivered in stages between January and December 2007, to secure ample time for the company's experts to inspect and test the tankers well and make sure they match the agreed upon features. The offices supervising the building of the fleet, in South Korea and Singapore, are staffed with Kuwaitis who have received the highest training in England, said the Chairman. This plan is in line with the fleet renewal plan as the older tankers are being scraped. The new fleet will all be dual-hull oil tankers, as single-hull oil tankers will be phased-out over the next two years.
Potential for Nuclear Attack Using Tankers
The Congressional Research Service issued a Report on the potential for a terrorist nuclear attack using oil tankers. The report discusses the possibility of terrorists planting (perhaps surreptitiously or perhaps while the tanker is at sea) a simple nuclear device – possibly six feet long, six inches in diameter, and weighing 1,000 pounds – in a cargo tank of an oil tanker bound for a U.S. port. The report then discusses how difficult it would be for U.S. officials to detect the presence of the weapon. What the report does not discuss at any length is how this device would actually be gotten through the small access hole of the cargo tank of an oil tanker and then placed securely inside the cargo tank.
Shell, BP 2005’s Leading Oil Tanker Hirers
Royal Dutch Shell plc and BP plc, Europe’s largest energy companies, were the leading hirers of oil tankers last year as crude prices rose to records. Shell hired 762 crude oil tankers for single voyages in 2005, accounting for 7.5 percent of the global total, according to figures compiled by New York-based shipbroker Poten & Partners. BP rose from fifth in 2004 to second, with a share of 4.9 percent. Exxon Mobil Corp, the world’s top energy company, came third in the survey. Oil producers and traders hire tankers to ship oil from producing regions to refineries around the world. Shell and BP lease ships from owners including Front line Ltd and Teekay Shipping Co, the world’s largest oil tanker companies.
Strong Tanker Market Extends Peak Season High Earnings
Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported. The demand for crude oil tankers remains high even though the winter months are far behind us. Following the winter peak season of 2013/14, crude oil tanker earnings collapsed and remained low during spring, before rebounding over the summer. In the winter peak of 2014/15, this has not been the case.
Fleet Growth Squeezes Crude Oil Tanker Market
From January 2014 - October 2016 the crude oil tanker segment composing of VLCC, suexmax and aframax ships, had a net-fleet growth of 7.3 percent, which is equal to 24.3 million (m) DWT. The VLCC segment, with 20.7m DWT or a net fleet growth rate of 11 percent took the lion’s share, followed by the suezmax segment with 4.4m DWT or 5.5 percent. Whereas the aframax segment decreased by -0.8m DWT or 1 percent, in relation to the fleet size of the specific ship segment. The Baltic and International Maritime Council’s (BIMCO) Chief Shipping Analyst Peter Sand said…
China Shipping Devt To Buy Eight Oil Tankers
Hong Kong-listed China Shipping Development Co. agreed to buy eight oil tankers for $556m from two Chinese shipbuilders. According to Yahoo! News, China Shipping Development, a unit of state-owned China Shipping (Group) Co., said it would buy four oil tankers for $408m from Dalian Shipbuilding Industry Ltd. It said the four vessels would enter operations between June and December 2009. China Shipping Development also said it would buy four oil tankers for $148m from Guangzhou Shipyard International Ltd. The first of these vessels will enter operations October 2007, while the last would be delivered in November 2009.The company said it would finance the purchases through bank borrowing and internal resources. (Source: Yahoo! News)