Oil Tankers News

21 Aug 2019

Shell Charters LNG-Powered Tanker Fleet

World’s first LNG-powered crude oil tanker (courtesy of SCF Group)

Shell Tankers (Singapore) Private Ltd has agreed a long-term deal to charter a fleet of 10 LNG dual-fuel Aframax crude oil tankers from Sinokor Petrochemical Co Ltd, which expects to take delivery of them from Samsung Heavy Industries in South Korea in 2021."Shell has agreed to charter a fleet of new liquefied natural gas (LNG)-fueled crude oil and products tankers, as part of its drive to decarbonise shipping," said a press note.Separately, Shell has agreed long-term charters for four new LNG dual-fuel oil products tankers, from institutional investors advised by J.P.

14 Aug 2019

Risk Zone in Strait of Hormuz Extended

Map: International Transport Workers’ Federation

The International Bargaining Forum (IBF) designated the Strait of Hormuz as a Temporary Extended Risk Zone on 13 August 2019, following multiple incidents over the previous 12 weeks and rising tensions in the Gulf of Oman.According to the shipping's largest industrial relations collective, this means that seafarers who are subject to an attack in the zone, are entitled to a bonus and doubled death and disability compensation.This follows a period of discussions by the IBF’s Warlike Operations Areas Committee over the past weeks…

13 Aug 2019

DHT Holdings Bags 3-Year Time Charter

Pic: DHT Holdings

Bermuda-based crude oil tanker company announced that  it has entered into a three year time charter with a leading refining company for one of its 2012 built very large crude carriers (VLCC).The charter will commence after the vessel completes a scrubber retrofit in the fourth quarter of this year, said the New York-traded company.The time charter has a base rate of $30,000 per day with all earnings up to $37,500 to DHT following a profit sharing structure that includes scrubber…

02 Aug 2019

Japan Refuses to Join U.S. Middle East Coalition

File Image: a Japanese Naval warship asset (CREDIT: AdobeStock / © JPAaron

Japan will not send warships to join a U.S.-led maritime force to guard oil tankers in the Strait of Hormuz fearing a military response from Iran, but it may send patrol aircraft, said the Mainichi newspaper, citing unidentified government sources.But Japan may send warships independently to protect Japanese ships in the world's most important oil artery, the newspaper said on Friday."We are closely monitoring the situation and continue to collect information while working closely with the United States and other countries…

26 Jul 2019

Singapore's Ocean Tankers tests IMO-2020 Compliant Fuel

Image Credit: AdobeStock/ © 14KTGold

Off the coast of Singapore, the world's largest ship refuelling centre, a bunker barge sidled next to the supertanker Pu Tuo San to fill the giant vessel with a new type of fuel that will meet global standards that start up in January.With a little over five months left until stricter marine fuel rules come into effect, shippers such as Singapore's Ocean Tankers that own the very large crude carrier (VLCC) Pu Tuo San have started testing out lower sulphur fuel to prepare their…

26 Jul 2019

American Shipbuilding Act Re-introduced

Image: US Govt

Congressman John Garamendi and U.S. Senator Roger Wicker reintroduced the Energizing American Shipbuilding Act (H.R.3829), that seeks to revive domestic shipbuilding and maritime industries by requiring that increasing percentages of liquefied natural gas and crude oil exports be transported on U.S.-built, flagged and crewed vessels.The bill would require 15% of LNG exports to be carried on US-built ships by 2041 and 10% of crude oil exports to be carried on US-built ships by 2033.If enacted…

24 Jul 2019

US: European Maritime Security would be 'Complementary'

File image: US Navy

The United States believes a proposed European initiative to bolster maritime security in the Gulf would complement ongoing U.S. efforts there instead of being a "stand-alone" operation, the top U.S. general said on Wednesday.Washington in June first proposed some sort of multinational effort open to all allies and partners to bolster maritime security in the Gulf after accusing Iran of attacking oil tankers around the Strait of Hormuz, a critical maritime chokepoint between Iran…

18 Jul 2019

US to Work "aggressively" for Free Gulf Passage

file image of US Navy assets underway (CREDIT: USN)

U.S. Central Command chief General Kenneth McKenzie said on Thursday it was talking to other countries about freedom of navigation in the Gulf and would work "aggressively" to find a solution to enable free passage.The United States has beefed up its military presence in the Middle East over a perceived Iranian threat and is asking allies to help protect strategic waters off Iran and Yemen, following attacks on oil tankers in Gulf waters in recent months."We are currently talking…

12 Jul 2019

SHI Bags $125mln Order for 2 Crude Carriers

Image: Samsung Heavy Industries Co

South Korean shipbuilder Samsung Heavy Industries Co (SHI) said  that it has clinched a deal worth 147 billion won (US$124 million) to build two crude carriers.According to a press note from the shipbuilder, as per the deal with an un-named Panamanian shipping firm, SHI will deliver the two Suezmax tankers by March 2021.Suezmax (S-Max, Suez Canal Maximum) refers to the largest ships that are capable of transiting the Suez Canal in a fully laden condition with a capacity of 130…

11 Jul 2019

Shipping Losses Lowest This Century as New Dangers Emerge

Captain Andrew Kinsey, Senior Risk Marine Consultant with Allianz Risk Consultant (ARC)

The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk…

10 Jul 2019

Sovcomflot New LNG Tanker Cuts 30% CO2

Gagarin-Prospect-Sovcomflot-Green-Funnel-Tanker. Photo distributed by  Nor Shipping 2021

Russian shipping company PAO Sovcomflot (SCF Group) has achieved significant CO2 emission cuts since taking delivery of the first of its “Green Funnel” LNG-fueled Aframax crude oil tankers last year.PAO Sovcomflot (SCF Group) has accumulated data showing that using LNG as a primary fuel for these large-capacity tankers enabled a 30 per cent reduction of CO2 emissions compared with similar vessels powered by traditional heavy fuel. This reduction exceeds the original design target values.Igor Tonkovidov…

10 Jul 2019

US: Military Coalition Should Safeguard Gulf

A U.S. Navy (MSC) fleet oiler underway. (CREDIT: USN)

The United States hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where Washington blames Iran and Iran-aligned fighters for attacks, the top U.S. general said on Tuesday.Under the plan, which has only been finalized in recent days, the United States would provide command ships and lead surveillance efforts for the military coalition. Allies would patrol waters near those U.S. command ships and escort commercial vessels with their nation's flags.Marine General Joseph Dunford…

10 Jul 2019

TIMELINE: Rising Tension between Iran, West

The seized VLCC 'Grace 1 (CREDIT: MarineTraffic.com)

Tensions between Iran and the West have escalated since U.S. sanctions on Iranian oil exports took full effect and British naval forces seized an Iranian supertanker.Below is a timeline of recent incidents:May 2 - The United States, which withdrew from an international nuclear accord between Iran and global powers in 2018, ends waivers that had allowed some mainly Asian importers to continue buying Iranian crudeMay 5 - The United States says it is deploying an aircraft carrier strike group and bombers to the Middle East…

05 Jul 2019

Maersk, Major Shippers Hike Gulf-bound Box Rates

File Image: Maersk

A.P.

26 Jun 2019

UAE Says Convincing Evidence Needed on Gulf Tanker Attacks

The United Arab Emirates said on Wednesday that clear and convincing evidence was needed to apportion blame for attacks last month on four oil tankers off its coast, and that tensions in the region needed to be dialled down.The United States and Saudi Arabia have publicly blamed Iran for that attack and a subsequent one on two vessels in the Gulf of Oman. Tehran has denied any involvement.The UAE has submitted the results of an investigation into the first attack, which showed that a state entity was behind them, without naming the country.If a country was to be identified, "this evidence must be clear and precise and scientific and convincing for the international community…

24 Jun 2019

US official: United States Building Maritime Security Coalition for Gulf

The United States is building a coalition with its allies to protect Gulf shipping lanes by having "eyes on all shipping", a senior U.S. State Department official said on Monday, following recent attacks on oil tankers that Washington blamed on Iran.The official told reporters en route to the United Arab Emirates that a coalition of nations would provide both material and financial contributions to the "Sentinel" program, but did not name the countries."It's about proactive deterrence, because the Iranians just want to go out and do what they want to do and say hey we didn't do it. We know what they've done," he said, adding that the deterrents would include cameras, binoculars and ships. (Reuters, Reporting by Asma Alsharif and Ghaida Ghantous, Editing by William Maclean)

24 Jun 2019

Trump: Other Nations Should Do More to Protect Tankers

File Image: AdobeStock / © Jose Gill

U.S. President Donald Trump said on Monday that other countries, including China and Japan, should protect their own oil tankers in the Middle East."So why are we protecting the shipping lanes for other countries (many years) for zero compensation," Trump said on Twitter. "All of these countries should be protecting their own ships on what has always been a dangerous journey."Trump made the comments amid an escalation in tensions with Iran, as Washington has blamed Tehran for attacks on two oil tankers, owned by Japan and Norway, in the Strait of Hormuz and the downing of a U.S.

21 Jun 2019

BIMCO: VLCC Freight Rates from Gulf to China Doubles

Chart: BIMCO

VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between June 13, 2019 and June 20, 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz. Spot freight rates for a VLCC, carrying 2 million barrels of oil, between the Arabian Gulf and China reached USD 25,994 per day on June 20, their highest level since March and significantly above the May average of USD 9,979 per day.Despite this increase, freight rates on this route only narrowly exceeds the daily break-even costs of a VLCC…

21 Jun 2019

Trump Warns Tehran of Possible Attack, Calls for Talks

Iranian officials told Reuters on Friday that Tehran had received a message from U.S. President Donald Trump warning that a U.S. attack on Iran was imminent but saying he was against war and wanted talks on a range of issues.News of the message, delivered through Oman overnight, came shortly after the New York Times said Trump had approved military strikes against Iran on Friday over the downing of a U.S. surveillance drone, but called them off at the last minute."In his message, Trump said he was against any war with Iran and wanted to talk to Tehran about various issues," one of the officials told Reuters, speaking on condition of…

20 Jun 2019

Navy: India deploys ships in Gulf of Oman

© jpgon/AdobeStock

India's navy has deployed two ships in the Gulf of Oman to ensure safe passage for Indian-flagged vessels, the country's defense ministry said late on Thursday, a week after two oil tankers were attacked in the region.The United States has blamed Iran for the attacks on a Norwegian-owned and a Japanese-owned tanker, raising concerns about further U.S.-Iranian confrontation. Tehran has denied the allegation.Indian naval ships named Chennai and Sunayna have been "deployed in the Gulf of Oman and Persian Gulf to undertake maritime security operations…

20 Jun 2019

Saudis: Iran Created "Very Grave" Gulf Situation

Iran has created a grave situation and jeopardized global oil supplies with its aggressive behavior, Saudi Arabia's minister of state for foreign affairs said on Thursday, adding that the kingdom was consulting with allies on next steps.The United States and Saudi Arabia are among countries that have blamed Iran for attacks on oil tankers near the Strait of Hormuz, a major transit route for global oil supplies. Tehran has denied involvement."I think the situation is very grave because of the aggressive behaviour of Iran," Adel al-Jubeir told reporters in London."When you interfere with international shipping it has an impact on the supply of energy, it has an impact on the price of oil which has an impact on the world economy.

19 Jun 2019

U.S. Navy says Evidence Points to Iran in Gulf Tanker Attack

Photo Credit: US Navy

The United States Navy on Wednesday displayed limpet mine fragments and a magnet it said it had removed from one of two oil tankers attacked in the Gulf of Oman last week, saying the mines bore a striking resemblance to Iranian ones.The United States, waging a "maximum pressure" sanctions campaign against Iran to curb its nuclear and regional activities, has been trying to build an international consensus that Iran was behind last week's blasts, as well as a May 12 strike on four…

18 Jun 2019

ICS Thrusts on CO2 Reduction

Photo: International Chamber of Shipping (ICS)

International Chamber of Shipping (ICS) plans to take concrete steps to support further CO2 reduction by international shipping.The representatives of the world’s national shipowners’ associations met last week in the Faroe Islands to review the priorities of the global shipowners’ association.ICS agreed a suite of actions in support of the UN International Maritime Organization (IMO) strategy to decarbonise international shipping in line with the United Nations 1.5 degree climate change goal.Speaking from the Faroe Islands…

Maritime Reporter Magazine Cover Aug 2019 - The Shipyard Edition

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