Vitol Marine Fuels Acquires Sinanju Tanker Holdings
Vitol Marine Fuels Pte Ltd, a subsidiary of the Vitol Group, has acquired 100% of Singapore-based bunkering specialist Sinanju Tankers Holdings.The Singapore Bunkering license holding entity has been renamed Vitol Bunkers (S) Pte Ltd and from 1st April 2020 all bunker deliveries will be carried out by Vitol Bunkers (S) Pte Ltd.Through the transaction, Vitol has acquired an expert bunker tanker manager and operator with extensive experience of physical bunker supplies in the port of Singapore…
Oil Storage at Sea Approaching Record Levels
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…
Oil Economics: Freight Rate Surge Cuts into Trader's Profits
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits, a broadening slump in global demand is stretching out the time that markets will need to digest bulging inventories and spark a price recovery, traders said.Unlike in previous contango plays -- where low oil prices eventually prompted major producers to tighten supplies…
Oil Tanker Rates Double
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…
China Merchants Energy Shipping's Unit Orders and Sells Ships
China Merchants Energy Shipping Co Ltd says it inked a deal to order four ships worth up to $118.7 million.It has also agreed to sell three ships worth $15 million to Sinopec Fuel Oil Singapore and Sinopec Fuel Oil Sri Lanka.
Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure
At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources.Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output, forcing LNG tankers in several regions to remain at sea fully laden with no immediate destination, the sources said.At least three major buyers in India…
Connecting Crew During COVID-19
Inmarsat Maritime President Ronald Spithout says providing crews with enhanced levels of connectivity and support is critical at this unprecedented time, and offers an insight into the work already underway with welfare organizations to assist seafarers in need.Given Inmarsat’s position as the leading provider of maritime VSAT and L-Band services at sea, it is hardly surprising that we have been alert to the direct connection between coronavirus and surging demand for crew voice call and data services.
Ferry Industry Seeks Financial Assistance Amid COVID-19
Ferry operators stuggling financially due to the COVID-19 pandemic will need government backing to help offset billions of dollars of unsustainable losses, Interferry says.The trade association is asking governments globally to include the ferry industry in their respective COVID-19 financial aid packages so that ferry operators can continue providing essential services, and to ensure that critical infrastructure and personnel are available once the global economy begins to recover.Specifically…
CMA CGM Completes Sale of Eight Terminals
CMA CGM said on Thursday it has completed the sale of stakes in eight port terminals for $815 million to its joint venture with China Merchants Port Group.Late last year, CMA CGM reached a deal with China Merchants to sell stakes in 10 port terminals to the companies' Terminal Link venture for $968 million, as part of efforts by CMA CGM to finance its acquisition of Swiss-based CEVA Logistics and reduce group debt.The first eight terminals included in the transaction are Odessa Terminal (Ukraine)…
Brent's Fall Creates Steepest Contango in 11 Years
The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus pandemic continued to cause an unprecedented slump in global demand. The spread on the May to November contracts had widened to as much as minus $10.31 per barrel at 1004 GMT, a level not seen since January 2009. The so-called contango market structure implies traders expect oil prices to be higher in the future, in this case when the virus pandemic has hopefully passed, leading them to store crude onshore or in some cases at sea.
Singapore Passenger Vessel Sector to Receive Economic Aid
Economic relief is on its way for Singapore's passenger vessel owners and operators, as well as passenger terminal operators, who have seen a drop in passenger volumes due to the COVID-19 outbreak, Deputy Prime Minister and Minister for Finance, Heng Swee Keat, announced Thursday, as part of the Resilience Budget.The 50% port dues concession to passenger vessels from March 1 to August 31, announced by the Maritime and Port Authority of Singapore's (MPA) in February, will extend for another four months until December 31, 2020.
Indian LNG Importers Issue Force Majeure Notices
Indian liquefied natural gas (LNG) importers have started to issue force majeure notices as domestic gas demand slumps and as port operations in the country get hit by a lockdown to curb the spread of coronavirus, sources told Reuters."Demand has reduced drastically and it is likely to go down further, a company source with Gail (India) said."Only fertilizer, power and refineries are running at parcel loads.
Containership Captain Medevaced in the Caribbean
The U.S. Coast Guard medically evacuated the Captain of the 734-foot Singapore-flagged containership M/V Maersk Batam, approximately 100 nautical miles south of Puerto Rico, Monday night.The containership captain, a U.K. citizen, was experiencing life threatening symptoms of a possible stroke during the ship’s transit from St. Marta, Colombia to their next scheduled port call in Southhampton, England.Coast Guard Sector San Juan watchstanders received the medevac request at 9:55 a.m.
Work from Home: Energy Traders Swap Shouts for Babies, Barking Dogs
SINGAPORE, March 24 -- From banks of screens and giant phones in the office, energy traders worldwide are adapting to a laptop in the bedroom -- and it's going surprisingly well.Working from home has become the new norm in the oil trading hubs of Singapore, London and New York as governments encourage physical distancing to curb the spread of coronavirus.While some energy companies have long had facilities in place to allow off-site access to trading platforms and other technology…
Gallery: Giant Crane Vessel Sleipnir 'Arrives Home'
Sleipnir, the world's largest semi-submersible crane vessel, has arrived in the Port of Rotterdam for the first time since its delivery from Singapore last year.Heerema Marine Contractors, the Netherlands-based offshore installation company, and the owner of the vessel has informed that vessel "arrived home" on Sunday, March 22,Heerema's newly upgraded tug Kolga joined Sleipnir at sea to guide the vessel into the Caland Canal. "[The vessels] arrived around 14.45, and in line with ongoing guidelines, we decided to greet the vessel and its crew from the sky rather than onshore.
FSL Trust Names Wenker CFO
Singapore-based First Ship Lease Trust (FSL Trust) has appointed Markus Wenker as chief financial officer, to replace Alan Mitchell, who is retiring.Wenker will take over the role and responsibilities May 4, following a handover process.Wenker was most recently head of ship finance at Hellenic Bank from 2016. Previously, he held a number of roles at HSH Nordbank from 2002 to 2016.FSL Trust's current fleet of 16 vessels comprises containerships and a variety of tankers. Of these, 10 vessels are leased to international shipping companies on long-term bareboat charters.
Most Bunker Sales in Singapore are Low-sulphur Fuels -BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) made up the largest component at 71.5%, with marine gas oil (MGO) accounting for 12.5%, BIMCO reports.Total bunker sales in February fell 16% to 3.9 million metric tons compared with January, reflecting lower demand for shipping as the coronavirus paralyzed intra-Asian supply chains.Now that both the sulphur cap and the non-compliant fuel oil carriage ban have come into force…
Tanker Rates Fall, but Storage Demand Stays Firm
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…
World's Largest Semi-Sub Crane Vessel to Arrive in Port of Rotterdam
Port of Rotterdam is set to welcome Heerema's Sleipnir, the world's largest semi-submersible crane vessel, which is set to arrive at the port on Saturday, March 21, where it will be made ready for a North Sea decommissioning project.Named after the Norse God Odin's eight-legged stallion, the vessel stands at 220 meters long, 102 meters wide, can accommodate 400 employees, and weighs 119,000 tons and is the first such unit powered by liquefied natural gas (LNG). The semi-submersible vessel has two cranes onboard, each capable of lifting 10,000 metric tons.
China Iron Ore Recoups Losses Amid Stimulus Hopes
China's iron ore futures erased earlier losses to end flat on Thursday, regaining support as miner Vale SA said it may temporarily halt activities at its Malaysian distribution center as a safety measure against the coronavirus pandemic.Iron ore's most-traded contract on the Dalian Commodity Exchange steadied at 678 yuan ($95.76) a tonne, after tumbling 5.8% earlier in the session.On the Singapore Exchange, the front-month iron ore contract trimmed losses to just 0.3% in afternoon trade from 4.1% earlier in the day.Iron ore supplier Vale said on Wednesday its Malaysian distribution center may
DMC to Equip Three New TSHDs
Damen Marine Components has won an order to supply three sets of steering and rudder systems for three dual-fueled trailing suction hopper dredgers (TSHDs) currently being built at Keppel Offshore & Marine’s shipyard in Singapore for Van Oord.The vessels will be 138-meters in length and have a hopper capacity of 10,500 cubic meters. They will represent the very latest in sustainable, energy-efficient dredging and are due for delivery in 2021. The third will be handed over the…
Chembulk Tankers to Join Womar
Chembulk Tankers signed commercial management agreements for its entire fleet of owned and chartered stainless-steel chemical tankers to enter commercial pools managed by Womar Logistics. “Chembulk’s commercial shift to the Womar chemical pools places our quality vessels in an established and growing revenue sharing platform, providing commercial efficiencies, logistics flexibility and a seamless continuation of the performance our customers expect from Chembulk vessels," said Bart Kelleher, CEO, Chembulk. "All other ownership responsibilities will remain fully within Chembulk.”Together with several current Chembulk chartering and operations professionals, the fleet will transition to commercial management by Womar.
Neptune Pacific Acquires Pacific Direct
Neptune Pacific Line, the provider of ocean freight services between Australia, New Zealand and Fiji, said that it has acquired Pacific Direct Line(PDL) from its Singapore based parent holding company, Pacific International Lines (PIL).The acquisition makes Neptune the new owners of all of PDL’s regional and Fiji based companies. The combined business will seamlessly link transport, warehousing, depots and customs clearance services and fully integrate customers’ supply chains across 18 South Pacific markets…