Russia News

02 Apr 2020

While Oil Prices Plummets, Tanker Rates Fly High

Source: BIMCO, Clarksons

If one ever needed proof that, no matter how dire the situation, there is always a silver lining, look no further than the crude tanker market, which has seen it day rates skyrocket in the face of a global pandemic that has effectively ground world commerce to a crawl.As is the case with other gravity defying business phenomena, geopolitics is a central factor, in this case a battle between Russia and Saudi Arabia to flood the world with oil in the face of declining demand and…

01 Apr 2020

Oil Storage at Sea Approaching Record Levels

© aerial-drone / Adobe Stock

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

01 Apr 2020

Crabber Vessel M/V Zenith Delivered

(Photo: Skipsteknisk)

A new crabber vessel has been delivered to JSC Arcticservice and departed Tersan Shipyard in Turkey for its journey up to Kirkenes in Norway.The newbuild M/V Zenith will be used for catching, processing and freezing king crab and snow crab in the Barents Sea. The vessel has main dimensions of 62 x 15m (L x B) and will be operated by a crew of 38 persons, enabling a production capacity of up to 60 tons crabs/24h. The processing plant has been delivered by Bjørdal in Norway.Following the first delivery from Tersan‚Ķ

30 Mar 2020

Oil Tanker Rates Double

© Vladamir / Adobe Stock

Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said.Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 a day on Monday, up from some $125,000 on Friday and a weekly low of about $90,000 a day on Wednesday, according to several ship broking sources.Its difficult to say whether or not the rates will be sustained…

30 Mar 2020

Yamal LNG Resumes Loading Operations in Norway

(File photo: Novatek)

Yamal LNG, controlled by Russia's largest liquefied natural gas (LNG) producer Novatek, is resuming ship-to-ship transfers in Norway, Novatek said on Monday, after plans to shift the operations to Russia fell through due to coronavirus.Novatek suspended transfers in Norway in June last year due to what it termed "pressure from the West".According to Refinitiv Eikon data, the Arc7 tanker Vladimir Vize is due to arrive at the Norwegian Arctic port of Honningsvag on April 1, carrying a cargo from Yamal LNG.The data also showed that an empty Arc4 tanker…

26 Mar 2020

EU to Launch New Libya Sea Patrols From April

© Kamchai / Adobe Stock

The European Union will launch a new Mediterranean naval and air mission in April to stop more arms reach warring factions in Libya, EU diplomats said on Thursday, with Greece agreeing to take in any migrants rescued at sea.The decision, which was delayed by divisions over migrants, followed warnings by EU foreign affairs chief Josep Borrell that the bloc risked becoming irrelevant if it could not act, potentially leaving Libya's fate to Turkey and Russia."Greece has allowed disembarkation (of rescued migrants) in its ports…

23 Mar 2020

Saudi Arabia's Tanker Power Play Could Backfire

© Carabay / Adobe Stock

Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.That could leave the kingdom stuck with tens of millions of barrels in expensive ships at anchor when the coronavirus outbreak has destroyed oil demand and international prices have lost more than half their value compared with the start of the year.Following the failure to persuade…

20 Mar 2020

No Need for a Jones Act Waiver -AMP

© Cliff W Estes / Adobe Stock

America's maritime industry has hit back at a recent request by U.S. shale drillers to waive the Jones Act, a law requiring goods transported between U.S. ports to be carried on ships that are built, owned and operated by Americans.The American Exploration and Production Council, which represents independent oil firms that have been thrashed by an oil price war between Saudi Arabia and Russia and the fallout from the global coronavirus outbreak, sent a letter to congressional…

20 Mar 2020

Valaris Gears up for Possible Debt Restructuring

© Lorraine / Adobe Stock

Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday.Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion debt pile, and is exploring enlisting a turnaround firm that specializes in urgently addressing stressed finances to bolster its roster of advisers, the…

19 Mar 2020

Tanker Rates Fall, but Storage Demand Stays Firm

© Vladimir / Adobe Stock

After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said."Sentiment remained softer today," said one ship broker while pointing to another day of limited chartering activity.At least nine very large crude oil carrier (VLCC) provisional charters failed this week along with another five for Suezmax tankers…

18 Mar 2020

Opinion: Maritime Freedom & the Global Commons

Freedom of Navigation: The guided-missile destroyer USS Lassen (DDG 82) escorts the merchant vessel Tomahawk through the Strait of Hormuz.
(U.S. Navy photo by Mass Communication Specialist 2nd Class Michael H. Lehman/Released)

‚ÄúFreedom‚ÄĚ ‚Äď the absence of subjection to foreign domination or despotic governmentIt has been decades since international relations in the world order dictated true competition for sea control, sea lines of communication, access to world markets, and diplomatic partnerships. However, it is becoming increasingly alarming that nations such as Iran, China and Russia seek to accumulate/consolidate power and re-define international maritime norms, potentially at the peril of diplomatic‚Ķ

16 Mar 2020

HHLA Estonia Names Riia Sillave New CEO

Riia Sillave. Photo: HHLA

The container and multipurpose terminal HHLA TK Estonia, the subsidiary of Hamburger Hafen und Logistik AG (HHLA), said that Riia Sillave has taken over as the  new Chief Executive Officer (CEO) with effect from 15 March 2020.The 46-year-old Estonian, who studied business administration at Ludwig Maximilians University in Munich, has a wealth of experience in executive and management roles, including in the German automotive industry.Her most recent position was as CEO of Rail Baltic Estonia‚Ķ

13 Mar 2020

OKEANRYBFLOT Orders Another 'Supertrawler'

(Image: Skipsteknisk)

Tersan Shipyard in Turkey has signed a contract to build a new 108-meter freezer stern trawler for one of Russia's leading fishing companies. OKEANRYBFLOT's new trawler is slated for delivery in mid-2022 and will be the sister vessel to newbuild no. 1096 planned to be launched in June this year.The ST-191L design from Skipsteknisk is a 108- by 20-meter factory trawler, with accommodation for up to 150 persons on board. The vessel will be equipped with two main engines, each 4,060 kW, driving one CP propeller.

12 Mar 2020

Booking Frenzy Sends Tanker Rates Soaring

© Vladimir / Adobe Stock

The cost to transport oil on supertankers soared on Thursday as major producers scrambled to secure vessels to ship more crude in a bid to regain market share and buyers took advantage of plunging oil prices.Freight charges to ship oil in very large crude carriers (VLCCs) from the Middle East, which is home to the largest OPEC producers, to China, the world's top crude oil importer, nearly doubled overnight.VLCC tanker rates along the busy Middle East Gulf to China route jumped to about $160…

12 Mar 2020

Offshore Oil Rig Infection Exposes Coronavirus Dangers

Martin Linge platform: Image by Jan Arne Wold / Woldcam - Copyright: Equinor

Equinor reported the oil industry's first coronavirus infection on an offshore installation on Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms.A worker was in isolation on the Norwegian energy firm's Martin Linge oil and gas platform off Norway where production is due to start at the end of this year, the company said. It said it would cut activity at the field, but personnel would remain at installations‚Ķ

11 Mar 2020

Saudi's Bahri Books 14 VLCCs

Image: Bahri

Saudi Arabian shipping company Bahri chartered more than a dozen very large crude carriers (VLCCs) in Persian Gulf in 24 hours.According to Reuters, the Saudi Arabia‚Äôs National Shipping firm has tentatively chartered as many as 14 super-tankers to ship crude oil to customers worldwide, as the Kingdom follows through with its promise to boost crude oil output.The spike in bookings by Bahri has helped to more than double the charter rates for VLCC amid this week‚Äôs ‚Äėfixing frenzy‚Äô, shipping sources said.

05 Mar 2020

Russia to Disinfect Ships from Iran, Italy and South Korea

© druid007 / Adobe Stock

Russia has ordered the mandatorydisinfection of ships arriving at the Black Sea ports of Novorossiisk and Yuzhnaya Ozereyevka from Iran, Italy and South Korea because of the coronavirus, a  document seen by Reuters showed.A branch of Rospotrebnadzor, Russia's consumer safety watchdog, has ordered port agents "to arrange the disinfectionof ships arriving from these countries before the border is opened" in the city of Novorossiisk, the document showed.Novorossiisk port is one of the biggest on the Black Sea.

02 Mar 2020

Russia Builds its First LNG Passenger Ship

Image: Gazprom

Russia's Gazprom announced the keel-laying for the country’s first passenger ship to be powered by liquefied natural gas (LNG) was held at the Zelenodolsk shipyard.A Gazprom delegation headed by Vyacheslav Mikhalenko, Member of the Management Committee, Head of Department, took part in the keel-laying ceremony for Chaika LNG, the first passenger ship in Russia to be powered by LNG.The Chaika LNG leisure and sightseeing boat (motor ship) is intended for passenger voyages, including via tourist routes.

19 Feb 2020

Russian Exports to China Fall Amid Coronavirus Outbreak

Russia's export volumes to China fell by more than a quarter in the first 1-1/2 months of 2020 as China grappled with the coronavirus epidemic, Russia's Izvestia newspaper cited the customs service as saying on Wednesday.Moscow has imposed various restrictions on travel to China, its biggest trade partner, to stop the spread of the virus and said on Tuesday it would not allow Chinese citizens to enter Russia from Feb. 20.Russian exports to China fell 27.6% year on year from Jan. 1 to Feb. 10, the Federal Customs Service in Russia's Far East was cited as saying. In the first 10 days of February, exports halved from 237,000 tonnes to 118…

17 Feb 2020

Gazprom Neft, Mubadala Sign Tech Pact

Image: Gazprom Neft

Gazprom Neft, is the third largest oil producer in Russia, and Mubadala Petroleum (Abu Dhabi, UAE) have entered into a memorandum of understanding in the field of technological cooperation.The partners agreed to work together to create new technologies that include the development of innovative solutions in oil production and digitization of production processes.Gazprom Neft and Mubadala Petroleum are partners in the Gazpromneft-Vostok joint venture, which manages the development of 12 fields in the Tomsk and Omsk regions of Western Siberia.

10 Feb 2020

Port Bronka, NBG Sign Agency Pact

Image: © Port Bronka

Fenix LLC St.Petersburg, owner and operator of Port Bronka, inked an agency agreement with NBG Nouschirvan Beteiligungsgesellschaft mbH Hamburg, to promote the most modern sea port in Russia.Port Bronka is the only deep-water port in St.Petersburg.The port handles container, project, break bulk and ro-ro cargo. The current capacity of the port is 500.000 TEU and 130.000 units of ro-ro cargo per year.The further development plan includes an increase in the container cargo capacity…

10 Feb 2020

Sovcomflot Names LNGC SCF La Perouse

Pictured, right to left: Arnaud le Foll, Total’s Country Chair Russia and Director General of Total Exploration and Production Russia; Fleur-Eve Durin le Foll, his spouse and the vessel’s sponsor; Alexander Matanov, the vessel’s master; Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot; Nikolay Kolesnikov, Executive Vice President and Chief Financial Officer of PAO Sovcomflot; Peter Justesen, Vice President for LNG Shipping at Total, and Grigory Aleksandrov, Director of Projects

Russian state-controlled shipowner Sovcomflot (SCF) has named the 174,000m³ SCF La Perouse - the first of three LNG tankers on order with South Korean shipbuilder Hyundai Heavy Industries (HHI).The LNG carrier named after Jean-François de la Pérouse, a French explorer of the Pacific.The vessel will operate under a long-term time charter agreement with Total. The event was held at Hyundai Samho Heavy Industries‚Äô shipyard, Republic of Korea. Fleur-Eve Durin le Foll, the spouse of Total‚Äôs Country Chair Russia‚Ķ

11 Feb 2020

Port Bronka, NBG Sign Agency Pact

Image: © Port Bronka

The owner and operator of Port Bronka Fenix LLC St.Petersburg and NBG Nouschirvan Beteiligungsgesellschaft mbH Hamburg have signed an agency agreement for the promotion of the most modern sea port in Russia.Port Bronka is the only deep-water port in St.Petersburg.The port handles container, project, break bulk and ro-ro cargo. The current capacity of the port is 500.000 TEU and 130.000 units of ro-ro cargo per year.The further development plan includes an increase in the container…

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News