Pemex Approves New Deep Water Gulf Joint Venture
The board of Mexico's state-owned oil company Pemex on Thursday approved its second-ever deep water joint venture covering the Nobilis-Maximino block in the country's territorial Gulf waters. Reuters revealed details of the plan last week. (Reporting by David Alire Garcia)
Maiden Bakken oil cargo to Asia ships out, with more to come
The first ever reported export of North Dakota's crude oil to Asia left port last month, according to a shipping document seen by Reuters on Wednesday, in what is expected to be the first of numerous cargoes once the key Dakota Access pipeline starts moving oil in May. Swiss-based Mercuria Energy Trading S.A. loaded more than 600,000 barrels of Bakken crude, as well as some Mars Sour crude, in late March off the coast of Louisiana onto the very large crude carrier (VLCC) Maran Canopus, destined for Singapore, according to the bill of loading and ship tracking data. The burgeoning appetite for U.S. crude among Asian refiners could be a boon for Bakken crude, especially when the Dakota pipeline starts up.
Russian Intelligence Ship Sinks, All 78 Crew Rescued
A Russian naval intelligence ship sank off Turkey's Black Sea coast on Thursday after colliding with a vessel carrying livestock and all 78 personnel on board the navy ship were evacuated, Turkish officials said. The rescued crew members of the Russian ship Liman were in good health after the collision with the Togo-flagged Youzarsif H, Turkey's Transport Minister Ahmed Arslan said. The incident took place in fog and low visibility 18 miles (29 km) from Kilyos village on the Black Sea coast just north of Istanbul. Turkish authorities dispatched a tugboat and three fast rescue vessels, the coastal safety authority said. Advisers to Turkish Prime Minister Binali Yildirim conveyed his sadness over the incident to Russian counterparts, according to sources in his office.
Banned at Sea: Venezuela's Crude-stained Oil Tankers
In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters. The vessel is among many that are constantly contaminated at two major export terminals where they load crude from Venezuela's state-run oil company, PDVSA. The water here has an oily sheen from leaks in the rusty pipelines under the surface. That means the tankers have to be cleaned before traveling to many foreign ports…
Yang Ming Halts Container Service to Iran
Taiwan’s troubled Yang Ming Marine Transport Corp is halting its container service to Iran, becoming the first foreign shipping line to abandon the route a year after international sanctions on Tehran were lifted, Reuters reported. Yang Ming announced in a regulatory filing it had suspended its share trading until May 4 in an effort to reduce losses from a global downturn in shipping. Yang Ming, the world’s ninth largest container shipping line, is a comparatively small player in Iran, calling there just once a week. Several larger shipping lines have begun serving Iran since sanctions were lifted a year ago. An executive with Keelung-headquartered Yang Ming said the firm had “ceased direct services to Iran on concerns of rising tensions there”.
Tanker Market Could See Difficult Q2, Q3
New vessels expected to hit freight rates; new trade route from east U.S. to Asia to meet Chinese demand. The tanker market may face a "difficult" second and third quarter this year after a robust first quarter as supply of newly built vessels loom, Belgian oil tanker operator Euronav said on Tuesday. "The rates today are not the same as what we have seen in previous quarters," Chief Executive Paddy Rodgers told Reuters on the sidelines of a shipping conference. An additional 50 very large crude carriers (VLCCs) are estimated to be added to the global fleet of supertankers this year…
Japan Steelmakers Scramble for Coking Coal
Japanese steelmakers have bought coking coal from the United States, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said. Still, the Japanese buyers are paying nearly double the $150 a tonnes price that they were discussing with sellers for second-quarter supply before the supply disruption. The supply talks are now on hold and prices will likely stay high until full volumes start flowing again. In 2016, Japan bought about 71 percent of the 59.9 million tonnes of coking coal it consumed from Australia.
CSN Iron Ore Terminal Not Operating after Accident
The loading of iron ore at Brazil's Itaguaí terminal operated by mining and steel firm Companhia Siderúrgica Nacional, or CSN, have been halted since Saturday due to an accident, sources and the Itaguaí Port Authority told Reuters on Wednesday. Some Capesize bulk carriers that were waiting to load iron ore at the terminal are being put back into the charter market, said a German shipping source, due to the impossibility to load the product in Brazil. CSN confirmed the accident, but had no immediate information regarding Itaguaí operations. (Reporting by Alberto Alerigi Jr and Gustavo Bonato; Additional reporting by Michael Hogan; Writing by Marcelo Teixeira)
Weak Gasoline Prices Prompts US-bound Tanker to Alter Course
A tanker of gasoline en route to New York Harbor from Europe has been diverted to a Caribbean storage hub because a narrow window of opportunity for shipping profitably to the U.S. East Coast appears to have shut, traders said. At least 16 tankers carrying some 600,000 tonnes of gasoline blending components were booked early in April to send fuel from Europe to the East Coast. Since, a Long-Range 2 (LR2) vessel AMOREA, floating offshore carrying summer-grade RBOB gasoline, known as F2-grade, set sail to New York. An LR2 going to New York was uncommon to begin with, but the recent closing of the arb, or the window, caused the vessel to be diverted to the BORCO storage hub in the Caribbean, according to Reuters vessel tracking data and three sources with knowledge of the matter.
Iraq Completes Basra Oil Jetty Repairs
Repair work at a Basra oil jetty damaged by a tanker collision last month were completed on Sunday, two officials at state-run South Oil Company told Reuters on Monday. Crude exports from the Basra terminal were not affected by the collision that happened on March 24, when strong winds caused a very large crude carrier (VLCC) to lurch into berth number 1. A one-million-barrel vessel, the Storviken, was anchored at that berth early on Monday, loading a cargo of light crude, said the two South Oil Co. officials. OPEC's second-largest producer, after Saudi Arabia, Iraq exports most of its crude from the southern Basra region, on the Gulf. The Basra terminal's loading capacity is estimated at around 1.8 million barrels per day (bpd). (Reporting by Aref Mohammed
China's CMG in Talks for Advent's Brazil Port Stake
China Merchants Group Ltd is in advanced talks to buy Advent International Corp's 50 percent stake in TCP Terminal de Contêineres de Paranaguá SA, Brazil's second-busiest container port, O Estado de S. Paulo newspaper said on Thursday. According to Estado, which cited unnamed sources familiar with the transaction, talks with the Chinese state-run company known as CMG gained momentum after Advent's negotiations with Dubai-based DP World Ltd hit a snag. Reuters reported in August that Advent had hired Morgan Stanley & Co and Grupo BTG Pactual SA to sell the TCP stake. Sources said at the time that Advent wanted to fetch a price for the stake that could set a minimum value of 3.5 billion reais ($1.1 billion) for TCP.
Maersk to Pay $4 Bln for Hamburg Sud
The world's biggest container shipping company Maersk Line will pay 3.7 billion euros ($4.02 billion) for its acquisition of smaller German rival Hamburg Sud, it said on Friday. Combined, the two companies will be able to realise annual operational savings of about $350 million to $400 million, Maersk Line said in a statement fleshing out detail on the deal announced in December. "By keeping Hamburg Sud as a separate and well-run company, we will limit the transaction and integration risks and costs while still extracting the operational synergies…
DSME's Bailout Plan Cleared by Pension Fund
South Korea’s National Pension Service (NPS) agreed to a restructuring of bonds issued by Daewoo Shipbuilding & Marine Engineering (DSME). Reuters reported that this move is expected to help the world’s largest shipbuilder tide over a financial crisis. NPS stated that accepting the debt restructuring will be more advantageous to improve the fund's returns. The finance crunch hit DSME will likely get more time to make payments on bonds that are due this month. NPS is the biggest holder of the debt.
Philippines Completes Scientific Survey in Disputed Sea
The Philippines has completed an 18-day scientific survey in the South China Sea to assess the condition of coral reefs and draw a nautical map of disputed area, a top security official said on Thursday. Two survey ships, including an advanced research vessel acquired from the United States, conducted surveys around Scarborough Shoal and on three islands, including Thitu, in the Spratly group, National Security Adviser Hermogenes Esperon said. "This purely scientific and environmental undertaking was pursued in line with Philippine responsibilities under the U.N. Convention of the Law of the Sea to protect the marine biodiversity and ensure the safety of navigation within the Philippines' EEZ," Esperon said in a statement.
About 20 Dead after Boat Hits Cargo Ship
Some 20 people died and about a dozen were missing on Friday after a wooden boat carrying about 60 wedding guests hit a cargo ship and sank in southwestern Myanmar, local officials said, in the third big marine accident in the country in as many years. The boat was unlit and hit a cargo ship on the river in the city of Pathein at about 7:20 p.m. (1250 GMT), they said. Twenty bodies have been found and 27 people have been rescued, Kyaw Myint, a local government official, told Reuters from a hospital in Pathein. Rescuers were still looking for survivors, witnesses said. "The authorities at the port are looking into the cause of the crash," Kyaw Myint told Reuters by telephone. The regional government will help arrange funerals, he said.
Venezuelan Crude Sales to the US Down in March
Venezuelan crude oil sales to the United States declined in March for the third month in a row this year to 651,710 barrels per day due to falling exports of main grade Merey, according to Thomson Reuters trade flows data. Venezuela's crude output fell in 2016 to its lowest level in 23 years. Analysts expect another decline in 2017 due to lack of investment and to cash flow problems affecting state-run oil firm PDVSA, which controls more than 40 joint ventures for exploration and production. The volume of Venezuelan crude that PDVSA and its joint ventures exported in March was down by 2.3 percent from February and by 18 percent from a year earlier.
China Asserts Its Power at Strategic Shoal
Far out in the South China Sea, where dark blue meets bright turquoise, a miles-long row of fishing boats anchor near Scarborough Shoal, backed by a small armada of coastguard projecting China's power in Asia's most disputed waters. China still calls the shots at the prime fishing spot and has boosted its fleet there, nine months after an international panel ruled its blockade of the lagoon was illegal. Beijing rejected that ruling by the Permanent Court of Arbitration, which invalidated China's claim of sovereignty over most of the South China Sea. But the presence of Philippine boats dotted between Chinese vessels shows a degree of compliance with the ruling.
Chinese Traders to Return North Korean Coal
China's customs department has issued an official order telling trading companies to return their North Korean coal cargoes, said a trading source at Dandong Chengtai Trade Co., the biggest buyer of coal from the isolated country. Following repeated missile tests that drew international criticism, China banned all imports of North Korean coal on Feb. 26, cutting off the country's most important export product. The source at Dandong Chengtai said the company had 600,000 tonnes of North Korean coal sitting at various ports…
Somali Pirates Flee Hijacked Dhow, Taking Crew
Somali security forces rescued a hijacked Indian cargo dhow on Monday, but pirates took the 11-member crew with them when they fled to land, authorities said. The Al Kausar vessel was seized earlier this month, part of a sudden string of attacks by Somali pirates after years without a reported incident. "We attacked the Indian ship and rescued it but the pirates took away the 11 crew. We rescued two crew and they went with nine crew into the hilly areas between El Hur and Hardheere," Mohamed Hashi Arabey, vice president of Galmudug state, told Reuters. Galmudug is a federal state within the Horn of Africa country that operates its own security forces. The two crew were in a car that the pirates had to abandon after they were chased, Galmudug's vice president said.
STX Wins $183 Tanker Order
Reuters reported that South Korea's STX Shipbuilding Co. has won a $183.3m order from Malaysia to build four product carriers. Source: Reuters
Offshore Wind Turbines Planned in UK
According to a report from Reuters, Clipper Windpower Plc plans to build the world's biggest offshore wind turbines in Britain, which hopes to catch up in green energy after lagging behind others in Europe despite its rich wind resources. Jim Dehlsen, chairman of the London-listed, U.S.-based company, told Reuters it will set up a factory in northern England, which would have an annual capacity to manufacture about 200 turbines by 2014-2015. (Source: Reuters)
Bulk Carrier Remains at Anchorage
The Hong Kong-flag bulk carrier Maritime Talent remains at anchorage in Narvik, Norway following a labor union boycott, Reuters reported. The 47,574-dwt vessel arrived in Narvik last Thursday. However, following a boycott by the LKAB labor union, the vessel lost its loading turn and had to remain at anchorage, Reuters added. Reuters said that the International Transport Workers Federation (ITF) had demanded an agreement be signed with the Norwegian Seamen's Union.
POSCO, Hanwha Seen Bidding for Daewoo Int'l
According to a Sept. 23 Reuters report, POSCO (005490.KS) and South Korea's chemicals-to-brokerage group Hanwha are studying a potential bid for Daewoo International (047050.KS), sources close to the companies told Reuters on Wednesday. (Source: Reuters)