Petroleum Products News

03 Feb 2019

Chabahar Port Volumes Up

Image: Ports & Maritime Organization

Iran's Shahid Beheshti Port in Chabahar, which was taken over by Indian Ports Global Limited last month, registered high volumes in in container loading and unloading.“Container and petroleum products unloading and loading in the Chabahar port have increased by 61% and 81% respectively,” Behrooz Aghaee, Director General of Ports and Maritime of Sistan and Baluchestan Province said.Detailing on the performance of the Chabahar port, Aghaee pointed that Loading and unloading of containers operations has grown by 61% within the last 10 months compared to the same period last year.

23 Jan 2019

Iranian Ports Records 78% Growth in Non-oil Transit

Pic: Ports & Maritime Organization

Iran's Director of Ports and Maritime office of Lengeh port announced an increase of 78 percent in non-oil transit, a 19 percent increase in safe passenger transport and an increase of 86 percent in container loading and unloading at ports in west of Hormozgan.Ghasem Askari Nasab, reporting on the nine-month performance of the ports of West of Hormozgan in 2017, stated that during this period, a total of 6 million and 759,558 tons of oil and non-oil products were loaded and unloaded at these ports.Of the 1…

22 Jan 2019

TOP Ships: $45.8m for M/T Eco California

TOP Ships Inc.,  an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, concluded Financing Agreements of up to $45.8 million for M/T Eco California, currently under construction at Hyundai Mipo Co., Ltd. in South Korea and for M/T Nord Valiant, with a major Chinese leasing company.

21 Jan 2019

Asahi MOL Tankers Established

Pic: Mitsui O.S.K. Lines

Japanese shipping company Mitsui O.S.K. Lines (MOL) and the marine transportation services provider Asahi Tanker Co have launched a new MR product tankers pool with a fleet of about 25 ships.The new pool, named Asahi MOL Tankers and headquartered in Republic of the Marshall Islands, will also launch MR product tankers that will be assigned to the pool.MR stands for Medium Range and refers to product tankers in the 45,000-55,000 deadweight ton class. This ship type has great versatility in transporting petroleum products such as gasoline…

17 Jan 2019

Novatek Production Rose 6.9% in 2018

Pic: Novatek

Russia's largest independent natural gas producer Novatek said that total hydrocarbon production during 2018 increased by 6.9%, and had increased sales of gas."In 2018, Novatek’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017…

03 Jan 2019

Overseas Shipholding Group Enters New Bareboat Charter

Pic: OSG

Florida-based oil tanker operator  Overseas Shipholding Group (OSG) has entered into a Bareboat Charter Party Agreement with the owner of the vessel known as the Oregon Voyager.The provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets said in a press release that it will rename the 1999-built U.S. flagged product tanker the Overseas Key West and intends to use this vessel in the U.S. coastwise trade under the Jones Act.The Bareboat Charter extends for 10 years, into 2029.

02 Jan 2019

Sovcomflot Orders Three LNG-fueled Tankers from Zvezda Shipyard

File Image / AdobeStock / © Burnel11

On December 28, 2018, Sovcomflot (SCF Group) placed an order at Zvezda shipbuilding complex for construction of three new generation product carriers that use cleaner-burning LNG fuel as their primary fuel.Three MR-class vessels will have a deadweight (DWT) of 51,000 tonnes each. They will transport petroleum products and gas condensate and will be chartered to Novatek under long-term time charter agreements. Each tanker will have an ice class of 1B, enabling safe operations in areas with challenging ice conditions, including the Baltic.Using LNG fuel enables to significantly reduce emissions.

18 Dec 2018

Sovcomflot completes USD 900 mln in Foreign Investment

Nikolay Kolesnikov, Senior Executive Vice-President and CFO of Sovcomflot (sitting in the centre) together with the signees from KfW IPEX-Bank, Credit Agricole, ING Bank, Societe Generale, Citibank, UniCredit, and DVB Bank (sitting, from left to right). Photo: Sovcomflot

Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot."The fund allows us to fully address the Group’s mid-term financing requirements…

14 Dec 2018

Navios Acquisition Completes Navios Midstream Merger

Pic: Navios

Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…

11 Dec 2018

OSG Extends Charter of AMSC's Nine Tankers

Image: American Shipping Company

Florida-based provider of energy transportation services delivering crude oil and petroleum products Overseas Shipholding Group (OSC) and American Shipping Company (AMSC) jointly announced that OSG has exercised options to extend its charter agreements with AMSC for nine vessels currently under charter from AMSC.AMSC is a  Norwegian-American shipping and shipyard company and part of the Aker Group."A Charter agreements for five of the vessels were extended for additional three-year terms, commencing from December 2019 and ending in December 2022.

10 Dec 2018

GREAT WORKBOATS: The Very Best 10 of 2018

Tazlina, built by Vigor

MarineNews showcases the ten best of North America’s 2018 workboat deliveries. Domestic shipyard production is robust, innovative and getting greener. And, that translates into two kinds of ‘green.’As the domestic offshore energy support sector slowly awakens, other sectors have been happy to take the spotlight in its absence. As always, and if a hull was delivered in 2018, we took a look at it, with several areas as a focus for inclusion into this edition. For my part, I’m always excited when the U.S. boatbuilding sector can deliver for a foreign buyer. We’ve checked that box here.

04 Dec 2018

Ardmore Shipping Refinances Three Vessels

Image: Ardmore Shipping Corporation

Bermuda-based product and chemical tankers owner Ardmore Shipping Corporation announced that it has signed binding agreements for the refinancing of three vessels.The provider of seaborne transportation of petroleum products and chemicals worldwide to oil majors has signed agreements for the sale and leaseback, under a finance lease arrangement, of the Ardmore Exporter and Ardmore Seavanguard, two 2014-built 50,000 Dwt Eco-design MR tankers, with a high-quality financier in China.The lease agreements are for a period of seven years…

03 Dec 2018

TOP Ships Concludes Suezmax Financing

TOP Ships, an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced that it has concluded Financing Agreements with a major Chinese leasing company, via sale and leaseback transactions of up to $92.5 million for its Suezmax newbuilding vessels with hull numbers 874 and 875, currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea. The company also announced that it has increased the maximum borrowing capacity of the Family Trading Credit Facility to $25.0 million and that it has drawn down an additional $5.0 million from the Company’s outstanding loan facilities.

28 Nov 2018

ATB Push Tug Island Raider Enters Service

Island Raider / ITB Resolution in Burrard Inlet (photo credit: Carolyn Matt, Island Tug)

Canada-based provider of oil cargo transportation services Island Tug and Barge Ltd informed that s new ATB push tug the Island Raider has entered service pushing the double hulled refined petroleum products barge, ITB Resolution.The Island Raider is the first of two, twin Z-drive, ATB push tugs for service on the West Coast of North America. Constructed at Island Tug’s Annacis Island Shipyard on the Fraser River, the Island Raider is connected by an articulating pin system to…

22 Nov 2018

SafeSTS Debuts in the Middle East

Image: SafeSTS

SafeSTS, which is owned by Future Marine Services, has made a strong start in the Middle East  region, undertaking five UAE ship-to-ship transfers for two oil majors in its first six weeks of operation.The charterers to conduct ship-to-ship transfers said that the first two transfers took place at the company’s Khor Fakkan “C” Anchorage, whilst the next three were at its Fujairah “S” Anchorage; both anchorages are in the Gulf of Oman and a total of nearly 2,334,000 barrels of…

19 Nov 2018

Oman Shipping: Strong Domestic Performance

Debasish Mohapatra (Photo: OSC)

Oman Shipping Company (OSC) is reporting strong performance in domestic markets following long-term deals with local refineries and traders including ORPIC and OTI.OSC’s growth in the region is being driven by a 20-year contract to transport condensate for ORPIC (Oman Oil Refineries and Petroleum Industries Company) and a 15-year deal transporting methanol for OTI (Oman Trading International) from Salalah Methanol plant.The company is further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.

12 Nov 2018

Algoma Central Buys Product Tanker

Image: Algoma Central Corporation

Canadian dry-bulk shipper Algoma Central Corporation announced the purchase of a 2008 built product tanker which will become the seventh tanker within the Algoma Tankers Limited fleet.A press release from the provider of marine transportation services said that the purchase demonstrates Algoma’s commitment to continuing to safely and efficiently ship petroleum products on the Great Lakes – St. Lawrence Seaway and East Coast.“We are extremely pleased to add a vessel to our Algoma Tankers Limited fleet as customer demand continues to strengthen in this segment…

09 Nov 2018

VT Halter Marine Launches Bouchard ATB Tug

Pic: Bouchard Transportation

The ocean-going petroleum barge company Bouchard Transportation said that ATB tug M/V Evening Breeze was launched at US-based medium-sized ships builder VT Halter Marine's Pascagoula shipyard.The launch of the M/V Evening Breeze marks a milestone achievement in Bouchard’s most recent expansion efforts; with the launch of sister ATB tug M/V Evening Stroll not far behind.Bouchard’s Safety First philosophy remains at the forefront of their operation, and is powerfully supported through VT Halter Marine…

06 Nov 2018

TOP Ships Signs New TC with BP

Image: TOP Ships

Greece-based ship-owning company TOP Ships announced that it has agreed a new time charter employment contract for 2 years with BP Shipping Ltd for its product/chemical tanker M/T Eco Revolution.The international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, said in a press release that the new time charter will commence in January 2019 immediately after the expiry of the present…

02 Nov 2018

Big Oil Set to Cash in on IMO 2020 Rules

File Image (CREDIT AdobeStock / © bvigaro

The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules.International Maritime Organization (IMO) regulations will cut the limit for sulphur in marine fuels globally from 3.5 percent to 0.5 percent from the start of 2020."We're going to hopefully facilitate the new rules in 2020 by helping out the industry and the participants in general to have a reasonably smooth transition…

01 Nov 2018

Sovcomflot's Lomonosov Prospect Transists Northern Sea Route on LNG

Lomonosov Prospect. Photo: PAO Sovcomflot (SCF Group)

PAO Sovcomflot (SCF Group)'s large-capacity  LNG-fueled Aframax tanker Lomonosov Prospect has successfully completed its first commercial voyage along the Northern Sea Route (NSR) to deliver a cargo of petroleum products from the Republic of Korea to Northern Europe.The high-latitude voyage from Cape Dezhnev at Chukotka to Cape Zhelaniya of the Novaya Zemlya archipelago took the Arc4 vessel 7.8 days to complete, during which the tanker covered a distance of 2194 nautical miles.During the voyage…

25 Oct 2018

Ardmore Shipping Refinances Four Vessels

Image: Ardmore Shipping

Ardmore Shipping Corporation has announced that it has signed agreements for the refinancing of four vessels.Two of Ardmore's subsidiaries have signed agreements for a sale and leaseback of the Ardmore Dauntless and Ardmore Defender, two 2015 built 37,000 Dwt Eco-design IMO 2 products and chemical tankers, with Ocean Yield ASA (Ocean Yield). The lease agreements are for a period of 12 years and the Company has options to repurchase each vessel at various stages prior to maturity.

11 Oct 2018

Stena Bulk Forms Chemical Tanker JV with Bay Crest Management

GSW Frontier (Photo: Stena Bulk)

Golden-Agri Stena, a joint venture between Sweden based tanker shipping company Stena Bulk and Indonesia’s largest palm oil producer Golden Agri-Resources, has started a new joint venture with Japan's Bay Crest Management for the the operation and commercial management of chemical tankers.The new joint venture, GSB Tankers, will commence operation on January 1, 2019, managing 18 chemical tankers to start, with the aim of managing 30 vessels within the next two years.The joint venture will operate out of the existing premises of Golden-Agri Stena.

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