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Petroleum Products News

29 Feb 2024

KOTUG Takes Full Ownership of Its Bahamas Towage JV with SEACOR

(File photo; KSM)

KOTUG International, a marine services and towage provider based in the Netherlands, announced on Thursday it has concluded its acquisition of Kotug Seabulk Maritime (KSM), taking full ownership of the Caribbean marine towage business.KOTUG said it has acquired the interest of its joint venture partner, Fort Lauderdale, Fla.-based SEACOR Holdings via its Seabulk subsidiary KS Maritime Holdings, owner of the 50% share in KSM.Founded in 2017, KSM acts as the exclusive provider of maritime terminal support services for Buckeye Partners’ Bahamas Hub…

06 Feb 2024

Marine Towing of Tampa Acquires Seabulk Towing Assets from Bisso

(Photo: Marine Towing of Tampa)

Marine Towing of Tampa announced it is expanding its ship assist services to Florida's east coast following a deal with E.N. Bisso & Son to acquire towing assets formerly owned by SEACOR Holdings' Seabulk arm.In September 2023, SEACOR divested its U.S. harbor towing operations, selling to Bisso 12 tugs across ports in Florida and Alabama.Under a recently executed asset purchase agreement with Bisso, Marine Towing of Tampa acquired the Port Canaveral operations and assets from the SEACOR-Bisso deal and will operate them in Canaveral under a newly formed affiliate…

18 Jan 2024

Diesel and Engine Oil Removed from Sunken Tug in California

(Photo: Levi Read / U.S. Coast Guard)

Petroleum product and hazardous material have been removed from a 1940s era military tugboat that sunk in California, the U.S. Coast Guard said.A Unified Command and its contractors completed lightering efforts from the tug Mazapeta, Wednesday.The Mazapeta sunk September 4, 2023, in Little Potato Slough within the San Joaquin Delta, northwest of Stockton, with approximately 1,600 gallons of diesel and engine oil reported to be onboard at the time of the incident.Quantification of recovered product is ongoing…

10 Jan 2024

Salvors to Remove Fuel from Sunken Tug in California

Crews work to place and maintain sorbent boom around the Tug Mazapeta on September 7, 2023. Image credit: California Department of Fish & Wildlife’s Office of Spill Prevention & Response.

Salvors are set to begin removing fuel from a 1940s era military tugboat that sunk in California last year, the U.S. Coast Guard said.The Mazapeta sunk September 4, 2023, in Little Potato Slough within the San Joaquin Delta, northwest of Stockton, Calif. with approximately 1,600 gallons of diesel and engine oil were reported onboard at the time of the incident.To date approximately 593 gallons of petroleum product have been recovered from inside the containment boom area, which surrounds the sunken tug.

09 Jan 2024

US Trade Deficit Shrinks on Falling Imports

© sheilaf2002 / Adobe Stock

The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

17 Nov 2023

EU to Ban Sale of Tankers to Russia to Curb Shadow Fleet Growth

Credit: alexyz3d/AdobeStock

The European Commission is proposing to ban the sale of tankers for crude oil and petroleum products to Russia to prevent Moscow bypassing western sanctions on Russian oil with a shadow fleet of ships, a proposal by the Commission showed. The proposal, discussed on Friday by ambassadors of EU governments, also says that sales of tankers to a third country should include contractual clauses that ships cannot be re-sold to Russia or used to carry Russian crude oil or petroleum products that avoid western price caps - in the case of crude oil of $60 per barrel.

04 Oct 2023

Vessel Recovery Underway in Lahaina Harbor, Maui

Photo by Petty Officer 2nd Class Edward Wargo, US Coast Guard District 8 PADET Houston.

State and federal responders with the US Coast Guard Western Maui Wildfire Emergency Support Function #10 Unified Command are conducting vessel recovery and removal operations as part of their efforts to restore Lahaina Harbor and surrounding waterways following the August 8 wildfire.The Unified Command and the primary contractor, Global Diving & Salvage, have begun vessel recovery and removal operations in the vicinity of Lahaina Harbor. The response teams have a mission priority to preserve the marine ecosystem.

17 Aug 2023

American Petroleum Tankers Awarded $28.5 Million MSC Charter

(Photo: Ken Wright / U.S. Navy)

Kinder Morgan's shipping arm, American Petroleum Tankers, has been awarded a $28,548,000 charter contract option for one of its MR tankers, Empire State.The U.S. Department of Defense (DOD) announced the deal earlier this week, stating the option is the third of the current contract, which includes a 12-month base period with three 12-month options and one 11-month option. If all options are exercised, work would run through July 23, 2025, and the cumulative value the deal would be $136,560,500. The 600-foot Empire State is being used in support of the U.S.

16 Oct 2023

Future Fuels: Methanol

(Image: Glosten)

Any commentator on the maritime business decarbonization voyage will offer something along the lines of "There will be multiple fuels…" With the International Maritime Organization (IMO) meetings of its Maritime Environmental Protection Committee (MEPC) set for early July, it is likely that targets for emissions will be tightened. Whatever mileposts that the IMO actually establishes, there will be no prescriptions handed down on how to get there. By mid-2023, nearly two years after the late 2021 alternative fuels crescendo in the aftermath of the COP26 meetings in Glasgow…

26 Jul 2023

Chemical Tanker Owners Seek Fleet Renewal

Nightingale: MSI expects earnings for product tankers to ease in H2 23 and into 2024 but remain at elevated levels.

An easing of chemical tanker earnings in Q2 has not discouraged owners tempted to place newbuilding orders. After a period of extremely strong vessel earnings and asset valuations, an unwinding of the support that created the earnings boom has seen spot and time charter rates fall from their highs, though still remain at elevated levels.This bifurcation of the market has seen owners tempted back to the shipyards with ordering picking up steadily from Q1 and into Q2, reports MSI in its Chemical Tankers Q2 2023 report.

20 Jul 2023

Ex-McDonald's in Russia Feeds Waste Cooking Oil to Fuel Gazprom Neft's Vessels

©Вера Тихонова/AdobeStock

Russia's successor to McDonald's has teamed up with energy company Gazprom Neft to fuel marine vessels with biofuel produced using waste cooking oil an effort to lower their carbon footprints, the companies said on Thursday.Russia has said it was still committed to its climate targets despite the deepest political rift with the West in decades. Biofuels are widely considered to be less harmful in terms of emissions than conventional fuels.Gazprom Neft's bunkering business subsidiary…

08 May 2023

CMA CGM to Buy Bollore Logistics Unit for $5.5 Billion

© Björn Wylezich / Adobe Stock

French shipping group CMA CGM has committed to buy the logistics operations of family-run conglomerate Bollore for an enterprise value of 5 billion euros ($5.5 billion), the two companies said on Monday.CMA CGM granted the Bollore group an option to sell it the logistics business, which generated more than 7 billion euros in revenue last year and employs 13,500 people.Bollore said it would decide whether or not to exercise the option after consulting employee representatives.The…

28 Apr 2023

Alabama Shipyard Awarded MSC Overhaul Work

USNS Sacagawea (T-AKE 2) (Photo: Alpha Hernandez / U.S. Marine Corps)

Mobile, Ala. based Alabama Shipyard has been awarded a contract for the dry docking of the U.S. Navy's Military Sealift Command (MSC) dry cargo and ammunition ship USNS Sacagawea (T-AKE 2).The $21,955,104‬ firm-fixed-price contract for the 123-calendar day shipyard availability includes a base period and options, which if exercised, would bring the cumulative value to $22,163,078‬.Work will begin June 15, 2023, and is expected to be completed by October 15, 2023.The 689-foot-long…

01 May 2023

US Gulf Coast’s First Barge-to-ship Methanol Bunkering Completed

Stena Prosperous (Photo: Proman Stena Bulk)

Proman Stena Bulk, the joint venture between tanker company Stena Bulk and methanol producer Proman, announced the successful completion of the first ever barge-to-ship methanol bunkering on the U.S. Gulf Coast.The JV tankers Stena Pro Marine and Stena Prosperous were refueled with methanol via barge while discharging clean petroleum products at a terminal in the Port of Houston in the first week of April.Stena Pro Marine was bunkered with 1,408MT of methanol, and Stena Prosperous was refueled with 1,203MT during the operation.

18 Apr 2023

CMA CGM Offers $5.5 Billion for Bollore Logistics Unit

© dbvirago / Adobe Stock

French shipping group CMA CGM is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday.For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid to offer end-to-end transportation services and supply chain management.The business posted more than 7 billion euros in revenue last year and has 15,000 employees.News of the indicative offer, made on a cash free and debt-free basis, boosted Bollore's shares.Bollore disclosed it following a report in shipping publi

04 Apr 2023

Ammonia-powered Tug Conversion Underway

Amogy is retrofitting its ammonia-to-power system on board a 1957-built tug at Feeney Shipyard in Kingston, N.Y. (Photo: Amogy)

A first-of-its-kind ammonia-powered, zero-emission tugboat will be put to the test by Brooklyn, N.Y-based startup Amogy in late 2023.Having already successfully demonstrated its technology on an aerial drone, tractor and semi-truck, the ammonia power solutions company revealed in early March that it is retrofitting a scaled up 1-megawatt (MW) version of its ammonia-to-power system onto a tug at Feeney Shipyard in Kingston, N.Y. as a test run for its emissions-slashing power and propulsion technology in the commercial maritime sector.Once installed…

29 Mar 2023

Syria: All Ports Shut Due to Bad Weather

Tartous map - Credit: Tatiana/AdobeStock

Syria's port authority has shut down all the country's sea ports including Tartous due to poor weather and high winds, state media reported on Wednesday.The port of Tartous had initially been exempt from the closure but the country's ports authority later said it was shutting down as conditions worsened. "There are winds and high waves in bursts and we cannot risk opening the ports at this time," Brigadier General Samer Kobrosli, the director general of the authority, told Reuters.

03 Feb 2023

Wisconsin Awards $5.3 Million in Harbor Maintenance Grants

© Adrian Vargas / Adobe Stock

Wisconsin Gov. Tony Evers, together with the state's Department of Transportation (WisDOT), announced grants totaling $5.3 million for seven harbor maintenance and improvement projects to promote waterborne freight and economic development.“From the Great Lakes to the Mississippi River, Wisconsin’s unique geography provides our state opportunities to grow our economy and help our businesses reach markets worldwide,” said Gov. Evers. “These grants will help maintain our harbors and ensure our ports are secure and reliable…

18 Jan 2023

Product Tankers Poised to Profit from Jet Fuel Rebound

Copyright AA+W/AdobeStock

The airline industry has been hit hard during the COVID-19 pandemic and seaborne jet fuel cargo volumes suffered along with it. In comparison to pre-pandemic levels, available seat kilometers dropped nearly 90% in early 2020. Initially, air cargo volumes fell as well but saw volumes climb 5-10% above pre-pandemic levels in 2021. During 2022, the surge in cargo volumes slowed along with global economic growth prospects whereas passenger traffic continued to recover. Now, the relaxation…

14 Nov 2022

Volumes Rising on Great Lakes–St. Lawrence Seaway System

(Photo: Chamber of Marine Commerce)

Shipping across the Great Lakes – St. Lawrence Seaway system topped 4.2 million tons in October, led by strong gains in grain as well as potash, salt and other dry bulk cargos. Overall grain shipments reached 1.5 million tons, a reflection of the strong late harvest in various regions of the Great Lakes.“It’s great to see these positive numbers for the late harvesting of grain in the U.S. and Canada,” said Bruce Burrows, President & CEO of the Chamber of Marine Commerce. “The…

11 Nov 2022

Crude Exports Lift Port of Corpus Christi to Q3 Tonnage Record

(Photo: Port of Corpus Christi)

The Port of Corpus Christi reports it set another tonnage record in the third quarter of 2022, driven in large part by record exports of crude oil.The new quarterly tonnage record of 48.3 million tons surpassed the previous tonnage record set in the second quarter of 2022 of 46.4 million tons, a 4% increase on overall tonnage. The growth primarily was a result of strong exports of United States produced crude oil to Western European buyers who have moved away from Russian crude imports. The U.S.

19 Oct 2022

Nippon Yusen to Invest in Pertamina's Shipping Unit

L to R: Salyadi Saputra:Director of Strategy, Portfolio & New Ventures / PT Pertamina (Persero)  -  Rahmi Amini: Director / PT Pertamina Pedeve Indonesia - Pahala Mansury: Deputy Minister / Ministry of State Owned Enterprises Yuji Nishijima: Executive Officer / NYK - Yoki Firnandi, Chief Executive Officer / PT Pertamina International Shipping ©NYK

Japan's Nippon Yusen said on Wednesday it will invest in Pertamina International Shipping (PIS), a unit of Indonesia's state energy firm Pertamina, without disclosing terms of the deal. ,The move by Japan's biggest shipping company is aimed at expanding business in Indonesia, where energy and energy transportation demand are expected to increase in tandem with the country's economic growth, a spokesperson for Nippon Yusen said. Nippon Yusen plans to complete the deal by the end of 2022.

27 Sep 2022

Op-ed: Jones Act Waivers Do Little as Disaster Relief

© TawanSaklay / Adobe Stock

Like swallows arriving in the spring, a chorus for Jones Act waivers can reliably be anticipated to accompany the annual parade of hurricanes across the geographical region covered by the Act. The logic: emergency situations dictate maximum emergency relief, and the Jones Act is perceived to be an obstacle to providing that relief. That perception is wrong.A review of hurricane induced disaster situations over recent years reveals that maritime supply chains into affected ports are rarely a problem.

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