MAN to Deliver Propulsion for Pasha’s LNG Containerships
MAN Energy Solutions said it has won an order to provide the propulsion systems for two new liquefied natural gas (LNG) fueled containership newbuildings, which will join the fleet of Pasha Hawaii, the U.S. Jones Act carrier in the Hawaii trade lane.Each system will comprise a 7S80ME-GI Mk 9.5 main engine, three MAN 6L35/44DF GenSets and an MAN Alpha FPP propeller system. The 2,525-teu vessels will be constructed at the Keppel AmFELS yard in Brownsville, Texas to Keppel's proprietary design.Bjarne Foldager – Vice President…
Port of Beaumont Purchases Former CB&I Property
On July 3, 2018, the Port of Beaumont formalized the purchase of the former Chicago Bridge & Iron fabrication facility located at 850 Pine Street, Beaumont, Texas for $8.25 million. To facilitate the growth of the property, the Port of Beaumont has entered into a public-private partnership with Allegiant Industrial Island Park, LLC. Initial plans for the property, to be named Port of Beaumont Allegiant Island Park, include rehabilitation of the fabrication facility and paint shop, full rebuild of the docks, and upgrades to all utilities.
U.S.-China Trade Battle Heats Up
Dueling tariffs raise fears of long A U.S.-China trade fight resulting in duties on $34 billion worth of each other's imports was seen dragging on for a potentially prolonged period, as Washington and Beijing flexed their muscles with no sign of negotiations to ease tensions.Friday marked the start of the U.S. duties that were promptly met with retribution by China, as Beijing accused the United States of triggering the "largest-scale trade war."The escalating fight between the…
MARAD Awards More Than $20 Mln to Small US Shipyards
More than $20 million in grant funding has been awarded to support capital improvement projects at 29 small shipyards in 22 states across the U.S.The funding, awarded through the U.S. Department of Transportation’s Maritime Administration (MARAD) Small Shipyard Grant Program, supports capital improvements that foster increased efficiency and economic growth.“These grants are an investment in our country’s small shipyards and will help create good jobs for America’s workers,” said U.S. Transportation Secretary Elaine L.
US Oil Exports to India Soar Ahead of Iran Sanctions
U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals.The United States has become a major crude exporter…
McDermott Wins Shell Contract for Gulf of Mexico
McDermott International announced a contract from Shell Exploration and Production Company, a subsidiary of Royal Dutch Shell (Shell) plc, for subsea umbilical and flowline installation at the Perdido development, located 230 miles south of Galveston, Texas, in the Gulf of Mexico."This award strengthens McDermott's relationship with Shell as we work together to safely and competitively deliver this next-generation deepwater energy project," said Richard Heo, McDermott's Senior Vice President for North, Central and South America.
Trafigura Strikes 3-year LNG Deal from U.S. Project
Commodity trader Trafigura on Tuesday said it agreed to buy 0.5 million tonnes of liquefied natural gas (LNG) annually over three years from the Freeport LNG export plant in the United States. Deliveries from Freeport LNG Marketing will begin in 2020 from its facility on Quintana Island near Freeport, Texas, Trafigura said. The deal builds on Trafigura's 15-year, 1 million tonne per annum agreement with Cheniere Energy for supply from its Sabine Pass plant in Louisiana, which was announced in January. Reporting by Oleg Vukmanovic
Woodside Mulls Texas Sempra LNG Exit
The chief executive officer of Woodside Petroleum Ltd said on Tuesday that Australia's biggest independent oil and natural gas company will soon decide whether to continue to invest in Sempra Energy's Port Arthur liquefied natural gas (LNG) export project in Texas. "We've got to make some decisions pretty soon about our continued pursuit (of Port Arthur) with Sempra," said Coleman, noting that Woodside has been paying part of the project's development costs. "What we've been doing is just paying our way (with Port Arthur), and whether that is going to give us an adequate return, I would say today that is very challenged," Coleman said.
Volvo Penta Appoints Stewart & Stevenson as A New Marine Power Center
Volvo Penta of the Americas announced the appointment of Stewart & Stevenson as a new Authorized Power Center for the marine industry.Based in Houston, Stewart & Stevenson is a leading provider of specialized equipment, as well as aftermarket parts and service to the global oil and gas, marine, construction, power generation, transportation, material handling, mining, agricultural and other industries.As a Volvo Penta Authorized Power Center, the company will be responsible for…
BP Long on Millions of Barrels of Crude off China
BP operates largest teapot marketing team among majors; four BP-chartered tankers have trouble unloading off China. Four supertankers chartered by energy major BP have been held up or delayed off China's east coast over the last two months, unable to fully discharge oil as slowing demand from the country's private refiners starts to impact global markets. Two of the four BP-chartered very large crude carriers (VLCCs) are still off Shandong province holding half their cargoes of Angolan crude oil…
GLDD Wins $164 Million in Dredging Awards
Great Lakes Dredge & Dock Corporation (Great Lakes), provider of both dredging services in the United States and environmental and infrastructure services, announced the receipt of a several dredging awards totaling $164 million. the Delaware River Deepening Variation Order (Capital, Delaware, $14.3 million). The scope of work for the four coastal protection projects includes sustenance of beachfronts with sand excavated from off-shore borrow which is then used to rebuild dunes and restore the shorelines eroded by winter storms.
Largest Oil Shipment Sent from Vancouver to China Since 2015
An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show.For years, Canadian officials have pushed for an escalation in crude exports to rapidly growing Asian markets, but companies in the oil-rich Alberta have limited capacity to move crude to the nation's western coastline.That makes Canadian crude exports from Vancouver to Asia rare, but shipments have picked up in recent months, with oil tankers to China, Thailand and South Korea departing in April and July.
Kalmar Sells Rough Terrain Handling Business
Kalmar, part of Cargotec, has signed an agreement to sell its rough terrain handling business, Kalmar Rough Terrain Center (KRTC), to the management and a Texas-based investment group, led by Independent Bankers Capital Funds (IBCF) and Congruent Investment Partners, LLC (Congruent). The contract was signed and is effective as of 29 June 2018. Kalmar Rough Terrain Center is a specialised manufacturer of rough terrain material handling equipment for both the defense and commercial markets. It is also a manufacturer and distributor of parts and a service provider to existing equipment.
Oil Prices Dip as Markets Eye Potential Supply Increases
Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT.U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel.Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week."Crude oil prices fell as fears of supply disruptions eased.
Port of Corpus Christi Raises USD 216mln for Ship Channel Expansion
Port of Corpus Christi successfully priced and sold $216.2 million of Senior Lien Revenue Bonds. These bonds will be used for both the deepening and widening of the Corpus Christi Ship Channel as well as upcoming capital projects within the Port.Wells Fargo Securities acted as Lead Manager of a syndicate of underwriters including JP Morgan, Citigroup, and Frost Bank.“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds.” said Sean Strawbridge, CEO of the Port of Corpus Christi.
Harvey Gulf Announces New BoD
Harvey Gulf International Marine’s parent, HGIM Corp., has announced the appointment of a new Board of Directors to serve following the company’s emergence from Chapter 11 proceedings.The seven member Board includes two current members remaining on the Board and five new members, each with expertise in individual areas particularly suited to support the company’s operation and development and collectively, creating a leadership platform that will enable Harvey Gulf to adjust and thrive in an ever-changing market. Shane Guidry. Mr.
Trafigura to Build U.S. Deep-Water Oil Port
Swiss commodities trader Trafigura has applied to build a deep-water port in Corpus Christi, Texas, on the Gulf of Mexico, which will be able to load supertankers, reports FT.The report said that the plan would see the commodity house build an offshore deepwater port facility with a view to accommodate very large crude carriers (VLCC) capable of carrying more than 2m barrels of crude. It requires approval from the US Department of Transportation’s maritime division.According to a Reuters report…
Exxon Starts Drilling at Offshore Guyana Projects
Exxon Mobil Corp said it has commenced development drilling in the first of three offshore Guyana projects, which could produce more than 500,000 barrels of oil per day. Development drilling began in May for the first of 17 wells planned for Liza Phase 1, the company said.So far, Exxon Mobil and its co-venturers have discovered more than 3.2 billion oil-equivalent barrels estimated recoverable resources on the 6.6 million acre Stabroek Block.Liam Mallon, president of ExxonMobil Development Company…
EIA: Oil Barrel Price Steady Around $70
EIA expects Brent prices will average $71 per barrel in 2018 before declining to $68 per barrel in 2019. In the June 2018 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts Brent crude oil prices will average $71 per barrel (b) in 2018 and $68/b in 2019. The new 2019 forecast price is $2/b higher than in the May STEO. The increase reflects global oil markets balances that EIA expects to be tighter than previously forecast because of lowered expected production growth from both the Organization of the Petroleum Exporting Countries (OPEC) and the United States. Brent crude oil spot prices averaged $77/b in May, an increase of $5/b from April and the highest monthly average price since November 2014.
Enterprise Expects to Load First Supertanker at Texas Port This Month
Seaway Crude Pipeline Company LLC, a joint venture between Enterprise Products Partners LP and Enbridge Inc, plans to load its first supertanker this month at its Texas City marine terminal:* VLCC FPMC C Melody will be loaded with about 1.1 million bbls (2-million-bbl capacity); remaining crude to be transferred in a lightering zone* The VLCC was anchored near Houston as of Wednesday - Thomson Reuters vessel tracking data/shipping source* Enterprise said Midland-Sealy pipeline reached full service capabilities in April and is currently moving volumes at full capacity* Enterprise is evaluating
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
Corpus Christi Gearing Up to Handle US Shale Export Boom
Port officials on Tuesday are expected to consider $300 million in financing that would prepare the country's largest oil-export port - Corpus Christi, Texas - to handle a surge in U.S. shale production over the next five years.International buyers would like more U.S. crude but are unable to get it because of infrastructure constraints along the U.S. Gulf Coast. Terminals originally designed for imports only recently have revamped operations to handle exports including accepting…
Oil Traders Ready for Musical Chairs as China Tariffs Loom
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S. President Donald…