Petroleum Products News

11 Apr 2019

Gazprom’s Arctic Offshore Platform Hits Milestone

Image: Sovcomflot (SCF Group)

Russian shipping company Sovcomflot (SCF Group) said that the Arctic shuttle tanker Mikhail Ulyanov loaded the milestone 10-millionth tonne of commercial oil produced at Prirazlomnaya offshore platform in the Pechora Sea.The energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production said that this cargo of oil has become the 150th shipped from the platform since the transportation began in April 2014.Symbolically…

08 Apr 2019

Tsuneishi Delivers First LRI Tanker

Image: Tsuneishi Shipbuilding Co

Tsuneishi Shipbuilding Co, ship repair and manufacturing company in Japan, has delivered its first long-range-one (LRI) (77,000 DWT) Product/Chemical Tanker."This first ship was constructed at Tsuineishi Group (Zhoushan) Shipbuilding, Inc., the Group’s shipbuilding site in China," said a press statement.The new LRI Product/Chemical Tanker was built to address the rising global demand for petroleum and chemical products.It fulfills the requirements of MR Product/Chemical Tankers that are used mainly to transport such products…

05 Apr 2019

World’s Largest STS Transfer Hub Comes in Malaysia

Seated: Dato. Shahrul Amirul (left), Chairman of KA Petra and Mr. Eric Ip (right), Group Managing Director of Hutchison Ports. Standing (left to right): Mr. Anthony Loke, Minister of Transport of Malaysia; Tun Dr. Mahathir Muhammad, Prime Minister of Malaysia; Dato Sri Saifuddin Nasution Ismail, Minister of Domestic Trade and Consumer Affairs of Malaysia. Photo: Hutchison Ports

KA Petra, a Malaysian ship-to-ship (STS) transfer specialist, has signed a Heads of Agreement (HOA) with Hutchison Port Holdings to jointly develop the world’s largest STS transfer hub in the country.Under the terms of the HOA, KA Petra will have 70% interest in the project, whilst Hutchison Ports will take a strategic 30% stake.Based on preliminary studies, construction of the STS Hub is estimated to cost USD150 million to USD180 million, and will be funded by a combination of internally generated funds and debt financing.

01 Apr 2019

Navios Acquisition Disposes Oldest VLCC

Pic: Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation, an international shipping company, said that it  has sold the oldest vessel of its fleet, the C. Dream.According to a press release from the US-listed, Greece-based company, the 299,000-dwt very large crude carrier (VLCC) C. Dream (built 2000) is sold for $21.75m.The 323,967 cbm vessel, with a length of 332 meters and a width of 60 meters, was built in Hitachi shipyard in Japan.Navios Acquisition is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

29 Mar 2019

Advanced Coatings Enhance Aesthetics, Durability and Safety

Maritime Partners launched the first of its new barges featuring coating systems from Sherwin-Williams in an inland waterway where it was ready to be put to work hauling commodities.

As Maritime Partners LLC built out its modern fleet of new tank barges, quality coatings and responsiveness to last-minute color changes supported that fleet expansion. Sherwin-Williams was there to meet the challenge.The hulking silhouette of a tank barge is instantly recognizable to anyone who has spent time on the shores of an inland waterway in the United States. These massive flat-bottomed vessels help to maintain the healthy functioning of the domestic economy, transporting vital commodities such as agricultural products, chemicals and petroleum products.

27 Mar 2019

2019 Shipping Season Opens at St. Lawrence Seaway

Image: Chamber of Marine Commerce

As the St. Lawrence Seaway officially opened for business yesterday (March 26), U.S. Great Lakes ports are predicting the shipping season will mirror last year’s stellar performance.In 2018, many U.S. Great Lakes ports recorded their highest cargo totals in recent years, with strong volumes of iron ore, petroleum products, construction products and international grain exports. This coming season, road salt shipments should also be strong as cities replenish their reserves after a long, difficult winter.

17 Mar 2019

Top Ships Adds Tanker to Fleet

Pic: Top Ships

Top Ships Inc, which owns and operates tanker vessels worldwide, said that it took delivery of the 50,000 dwt newbuilding product/chemical tanker M/T Eco Marina Del Ray.According to the international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, Eco Marina Del Ray is constructed at the Hyundai Mipo shipyard in South Korea.The Greece-based company also said that the vessel is scheduled to commence its five-year charter employment with Cargill on March 18…

15 Mar 2019

Bouchard Takes Delivery of Yet another ATB Unit

M/V Evening Breeze

Bouchard Transportation Co. announced the delivery of ATB unit M/V Evening Breeze and Barge No. 252 (B. No. 252), respectively, from VT Halter Marine Inc. (VT Halter Marine) and Bollinger Shipyards.M/V Evening Breeze left VT Halter Marine’s Pascagoula Shipyard facility on Tuesday, March 12, 2019, and will meet and pair up with B. No. 252 before sailing to join Bouchard’s fleet service in New York.The Evening Breeze is 4,000hp meeting U.S. EPA-Tier 4 requirements, measuring 112 feet by 35 feet by 17 feet, and equipped with an Intercon Coupler System.

08 Mar 2019

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is about to change.The Energy Information Administration (EIA) reported last week that the United States exported more crude and petroleum products than it imported.

05 Mar 2019

Stena Bulk's IMOIIMAX Fleet a Success

Pic: Stena Bulk AB

The tanker shipping company Stena Bulk AB said that it has now had a fleet of 13 IMOIIMAX vessels of MR model on the market for a year, and an evaluation shows that the chemical vessels have been a success, both in terms of performance and business.An IMOIIMAX tanker has 18 separate tanks (3,000 m3/tank), which provides for large freedom of choice as regards combinations of cargoes. The IMOIIMAX vessels are also characterised by high safety and low fuel consumption."Utilization of and entry into the chemicals market has gone better than expected…

26 Feb 2019

Spotlight on Petroleum Barge Power

Vane Brothers Company is committed to the safe handling and delivery of petroleum and chemical products. John Deere PowerTech marine engines will always be there, when they do.Vane Brothers Company’s white tugboats, distinguished by their large blue “V,” are a familiar sight while pushing barges on the Baltimore waterfront. Founded in 1898 as a quaint ships’ chandlery, Vane Brothers has become a large American marine services firm and a major transporter of oil, asphalt, and other liquid products along the Eastern Seaboard.The company teams 45 robust…

22 Feb 2019

Auxo Investment Acquires Andrie LLC

Private investment firm Auxo Investment Partners said it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed, marks Auxo’s sixth acquisition in 16 months, and builds on the firm’s December 2017 acquisition of M/G Transport Services, a leading dry-bulk transportation and logistics company based in New Orleans.Andrie, founded in 1988, is a company serving the Great Lakes, working extensively with large global customers.

21 Feb 2019

Auxo Investment Partners Acquires Andrie LLC

Stan Andrie, Andrie LLC CEO

Deal builds on Auxo’s December 2017 acquisition of leading dry-bulk transportation and logistics company, M/G Transport Services. Private investment firm Auxo Investment Partners announced today that it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed…

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.

Maritime Reporter Magazine Cover Apr 2019 - Navies of the World

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