Benchamas FSO: InterMoor Completes Work
InterMoor has completed work for the installation of the new Floating Storage and Offloading (FSO) facility Benchamas 2 (FSO Benchamas 2). Previously, the Benchamas Explorer FSO, owned and operated by Chevron, was installed in 1999 in Block B8/32 in the Gulf of Thailand. The FSO began initial production in 1999 and after operating the facility for almost 20 years, Chevron decided to replace the aging facility with the new FSO Benchamas 2. The new floating facility FSO Benchamas 2 was delivered by MISC Berhad…
Angelicoussis Shipping to Retrofit BWTS on 36 Ships
U.S.-based ballast water treatment system (BWTS) manufacturer Ecochlor, Inc. said it has been awarded a contract to retrofit 36 vessels, including Suezmaxes, Aframaxes, VLCCs, Minicapes and Capes for Angelicoussis Shipping Group Limited (ASGL). Installations are expected to take place between 2018 and 2020 in Singapore, Dubai, Qatar and China.Ecochlor CEO Steve Candito remarked, “Having both IMO and USCG Type Approval were very important factors in the selection process by ASGL.
Container Shipping Line MSC Stops New Iran Bookings
The world's No. 2 container shipping line MSC said on Wednesday it would stop taking new bookings for Iran due to the decision by the United States to re-impose sanctions on Tehran after withdrawing from the international nuclear deal. In a note to clients, privately held MSC said it was "ceasing to provide access to services to and from Iran", adding that they would "conclude this period with the minimum disruption" to their customers' business. "While MSC is not accepting bookings for shipments originating from Iran…
Record crude oil tanker deliveries adds instant freight rate pressure - BIMCO
On an unprecedented scale, 5.5m DWT of crude oil tanker capacity (up 220% from January 2016), has already been delivered in 2017 (according to preliminary data from VesselsValue.com). January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries. In comparison to the totals of 2015 and 2014, this 2017 figure amounts to 48% and 51%, respectively. January 2016, in terms of crude oil tanker deliveries of2.5m DWT, hit record levels in relation to the previous two years. However, that level has been dwarfed by the tremendous amount of deliveries in January 2017.
2016 a Busy Year for VLCC Deliveries - BIMCO
When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year, VLCC average earnings currently sit at $50,000 per day, in early February, reports BIMCO. For the full year, an additional 58 VLCCs are scheduled for delivery, but delays and postponements usually decrease that number to a certain degree.
Six New VLCCs Marks the Start of a Busy Delivery Year
2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO. The six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year, VLCC average earnings currently sit at USD 50,000 per day, in early February. For the full year, an additional 58 VLCCs are scheduled for delivery, but delays and postponements usually decrease that number to a certain degree.
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.
Khulna Shipyard to Build Two Oil Tankers
According to a report from The Financial Express Bangladesh, United Shipping Line and Global International Limited have ordered two oil tankers from Khulna Shipyard in a contract signed on June 19. The two 230-ft by 38-ft oil tankers will be completed by June 2012. Source: The Financial Express Bangladesh
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.
Falling Oil Tanker Rates Pose Growing Safety Concern
Despite high crude oil prices, oil tankers are facing trying times, as rates around the world continue to fall, according to Bloomberg. While concerns about supply have pushed up the price of crude oil, actual demand remains relatively low with many economies around the world slowing. This has combined with an overabundance of tanker ships to push down oil tanker rates, placing increasing pressure on many in the industry to cut costs. It’s a large concern, according to industry experts, who fear that shipowners will feel the need to reduce costs on vessels. One of the ways to reduce costs on vessels is by cutting crews and also maintenance. Through March, 15 crew members were killed in four separate oil tanker fires, highlighting the seriousness of the problem.
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)
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.
Goal-Based Standards Verification Process Underway
IMO audit teams will shortly be established to verify construction rules for bulk carriers and oil tankers of classification societies which act as recognized organizations (ROs), following the receipt of requests for verification by the December 31, 2013 deadline. A new SOLAS regulation II-1/3-10 on Goal-based ship construction standards (GBS) for bulk carriers and oil tankers was adopted by IMO’s Maritime Safety Committee (MSC), at its eighty-seventh session in May 2010, by resolution MSC.290(87). This regulation, which entered into force on January 1, 2012, requires that all oil tankers and bulk carriers of 150 m in length and above…
Bulk Carriers, Oil Tankships: GBS Verification Underway
The International Maritime Organisation says that its audit teams will shortly be established to verify construction rules for bulk carriers and oil tankers of classification societies which act as recognized organizations (ROs), following the receipt of requests for verification by the 31 December 2013 deadline. A new SOLAS regulation II-1/3-10 on Goal-based ship construction standards (GBS) for bulk carriers and oil tankers was adopted by IMO’s Maritime Safety Committee (MSC), at its eighty-seventh session in May 2010, by resolution MSC.290(87).
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.
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.
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)
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
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.
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)
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.
Tightening Noose: Venezuela's Crisis Deepens
The news that Venezuela's PDVSA has diverted a crude tanker from Curacao after ConocoPhillips moves to satisfy a $2 billion arbitration award signals that worst may be yet to come. Reuters is reporting that Venezuela's state-run PDVSA ordered a tanker waiting to discharge at its Curacao terminal to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to seize its inventories and other assets in the island, according to a shipper and Reuters data on Tuesday.
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…