Chinese Oil Imports From Iran Surge in June
China's oil imports from Iran surged in June as shipments accelerated before the recent conflict between Israel and Iran and demand from independent refineries improved, analysts said.The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27…
LPG Market Faces Shifts Amidst Trade War
The global liquefied petroleum gas (LPG) market is facing an upheaval as high tariffs on U.S. imports force Chinese buyers to swap American cargoes for alternatives from the Middle East, while U.S. shipments divert to Europe and elsewhere in Asia.The shakeup is expected to depress the shale gas byproducts' prices and demand, hurt the bottom lines of U.S. shale producers and Chinese petrochemical companies, and boost the appetite for alternatives such as naphtha.It is also expected to benefit Middle East suppliers…
US Gulf Coast-bound Fuel Oil Cargoes Hit Five-year Low
Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened, analysts said.Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such as gasoline and diesel using secondary units.But loadings of those products to the Gulf Coast, America's largest refining hub, fell by a third in August from the prior month to 260,000 barrels per day (bpd)…
Sounion Still on Fire After Houthi Attack
The Greek-flagged ship Sounion has been on fire since Aug. 23 after an attack by Yemen's Houthis with no obvious signs of an oil spill, EU Red Sea naval mission Aspides said in a post on X on Monday.The EU mission published photos dated Sunday showing fire and smoke coming out of the vessel's main deck.Houthis, who control Yemen's most populous regions, said on Thursday that they attacked the Sounion oil tanker in the Red Sea. The Iran-aligned group has been attacking ships in…
U.S. Gulf Coast Imports of Straight-Run Fuel Oil at Record
Imports of straight-run fuel oil (SRFO) to the U.S Gulf Coast were set to climb to record levels this month as Mideast and African suppliers ramped up exports and U.S. refiners scrambled for heavy feedstocks, according to data from ship tracker Kpler.The increased imports of SRFO, a feedstock processed through secondary refining units and turned into products like gasoline and diesel, have helped fill a gap in heavy crude availability facing U.S. refiners.Supplies of heavy crude tightened after Mexico curtailed oil exports…
Oil Tankers Continue Red Sea Movements Despite Houthi Attacks
Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed.The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than feared on oil flows, with shippers continuing to use the key East-West passage. The Houthis, who have said they are targeting Israel-bound vessels, have largely…
Suez Canal Ship Traffic Unaffected After Tanker Collision
Normal traffic is expected to resume through the Suez Canal within hours, the head of the canal authority said on Wednesday, following the collision of two vessels."Slight contact" was made after LNG carrier BW Lesmes made a sudden stop due to a technical failure that coincided with a strong current that drove oil tanker Burri towards it, authority chairman Osama Rabie said.The canal authority responded by sending tugboats to move both ships, he said.Singapore-flagged BW Lesmes was successfully towed outside of the waterway…
Ship Grounded in Suez Canal
A ship has grounded in the Suez Canal, shipping agent Leth Agencies said early on Thursday.Suez Canal tugboats are trying to refloat the vessel, named Xin Hai Tong 23, the company said.There was no immediate comment from Canal authorities."M/V XIN HAI TONG 23 has grounded in the Suez Canal at KM 159/0400 hrs," Leth Agencies said in a tweet, adding it was "leaving behind 4 vessels from the early convoy in addition to the ordinary group which was planned to enter Suez Canal at about 0600 hrs."The Marine Traffic ship tracker and Refinitiv data showed the ship, which sails under the Hong Kong flag, as "not under command" near the southern end of the canal, positioned at an angle next to the canal's eastern side.(Reporting by Hatem Maher and Ahmed Tolba; writing by Nafisa Eltahir, Editing by Mu
Credit Suisse Wins $41 Million Superyacht Lawsuit Against Saudi Prince
Swiss lender Credit Suisse has won a $41 million lawsuit against a member of the Saudi royal family over a loan to refinance a super yacht, with London’s High Court ruling there was no viable defense to the bank’s case.Prince Fahad bin Sultan bin Abdulaziz al Saud is liable to pay his company Burgundy Sea Ltd’s debts to Credit Suisse, Judge Robert Bright said in a written ruling.The judge had ruled in Credit Suisse’s favor without a trial at a hearing last month, at which the prince and Burgundy were unrepresented…
Iran Oil Cargo Previously Seized by U.S. Unloads in Syria
An Iranian-flagged tanker on Friday delivered an oil shipment to Syria, which the United States had previously confiscated around Greece, ending months of uncertainty about the cargo, a ship tracker said.The seizure from the Lana, formerly the Pegas, prompted Iranian forces in May to seize two Greek tankers in the Middle East Gulf which were released on Nov. 16. Satellite tracking data showed the Lana had discharged the cargo of around 700,000 barrels in the Syrian port of Banias, said Claire Jungman, chief of staff with U.S. advocacy group United Against Nuclear Iran (UANI), which monitors Iran-related tanker traffic through ship and…
First Ukraine Grain Deal Ship Docks in Turkey After Lebanese Buyer Refused Delivery
The first grain ship to depart from Ukraine under a U.N.-brokered deal docked in Turkey on Thursday after 11 days at sea, Refinitiv data showed, and the ship's agent in Turkey said it would continue to Egypt after unloading part of its cargo.The Razoni set sail from Ukraine's Odesa port on Aug. 1 under a deal brokered by the United Nations and Turkey between Russia and Ukraine.
Ever Given Exits Egyptian Waters
The Ever Given container ship that had blocked the Suez Canal in March left Egyptian waters at 4 a.m.
NOAA Fairweather Departs on Survey Mission
NOAA Ship Fairweather, a 231-foot survey vessel, departed Kodiak, Alaska, today on a mission to conduct hydrographic surveys in remote areas of the Arctic where depths have not been measured since before the U.S. bought Alaska in 1867. NOAA will use the data to update nautical charts to help mariners safely navigate this important but sparsely charted region, which is now seeing increased vessel traffic because of the significant loss of Arctic sea ice. Over the next two months, Fairweather will conduct hydrographic surveys covering 402 square nautical miles of navigationally significant waters in Kotzebue Sound, a regional distribution hub in northwestern Alaska in the Arctic Circle.
