Vitol Invests in Coal-to-oil Venture as Shipping Fuel Rules Loom
Energy trader Vitol and coal miner Peabody Energy are partnering with start-up Arq to turn coal waste into a low-sulphur oil product that could be an alternative fuel for shippers as new U.N. pollution rules loom, the companies said in a statement.Global oil and shipping companies are looking at any and all options to avoid becoming a casualty of the major market dislocations that the new standards will create when they come into effect in 2020.The U.N. International Maritime Organization (IMO) will ban ships using fuel with a sulphur content higher than 0.5 percent…
The Jones Act is Good for Puerto Rico -Report
After Hurricane Maria struck Puerto Rico with devastating force on September 20, 2017, a number of news reports claimed that the Jones Act had severely damaged the Puerto Rican economy, both over time and in the immediate aftermath of the storm. Now a new report examining the role of the Jones Act shipping industry before, in the immediate aftermath of and in the months that followed the hurricane asserts that the Jones Act fleet delivers a dedicated and reliable flow of goods…
India Cuts Iranian Oil Imports Ahead of Sanctions
Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November.India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 percent from May, according to data from industry and shipping sources.The United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia…
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…
Total Closes USD 1.5 bln Acquisition of Engie's Upstream LNG Business
Total announces the closing of the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion. Additional payments of up to $ 550 million could be payable by Total in case of an improvement in the oil markets in the coming years. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.
Star Bulk Carriers Lists on the Oslo Stock Exchange
The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash.
Bisso Offshore Orders New Tugs from Eastern
Estern Shipbuilding Group announced it has signed a new contract with Bisso Offshore, LLC for the construction of two Robert Allan Ltd. RApport 2400 Ship Handing Tugs with escort capability. The deal was signed on May 31, 2018.Bisso Offshore is one of Eastern’s long term customers and has taken delivery of four previous modern Z-drive tugs from Eastern since 2006.These two new Robert Allan RApport 2400 design tugs have been customized by the designer and owner to provide specific operational features while also meeting new EPA Tier 4 and USCG Sub-M requirements.Joey D’Isernia…
Austal Opens San Diego Office
The United States’ fifth largest shipbuilder Austal USA has opened a new operations office in San Diego on Wednesday, in a move that aims to improve existing local support capabilities to the U.S. Navy’s Littoral Combat Ships (LCS) and Expeditionary Fast Transports (EPF) programs.“Today’s opening is a direct reflection of the company’s commitment to provide the U.S. Navy, not only exceptional ships, but outstanding service and support for the life of the ship,” explaiend Austal USA president, Craig Perciavalle.
Cosco Shipping Gets US 'Go-Ahead' for OOCL Deal
China’s Cosco Shipping Holdings Co received the clearance of a U.S. national-security review body, removing a major overhang of the USD 6.3 billion deal of taking over Orient Overseas International Ltd (OOCL). According to a Reuters' report, the U.S. Committee on Foreign Investment in the United States had notified it that it does not have any outstanding security issues following an agreement with the U.S. government to divest the Long Beach container terminal business to a third party. Cosco said the U.S.
Bollinger: New Icebreakers Could be Built in Florida
As the U.S. Coast Guard continues planning for the construction of the new icebreakers it desperately needs, U.S. shipbuilder Bollinger Shipyards says it has a facility suitable to build them.Bollinger says it has selected Tampa Shipyard for the design and construction of up to three heavy polar icebreakers, and three additional medium sized icebreakers under consideration by the U.S. Coast Guard.“We are excited to respond to the Coast Guard’s need to recapitalize its depleted polar capabilities,” said Ben Bordelon, Bollinger’s President and CEO.
Star Bulk Carriers Completes Acquisition of 15 Dry Bulkers from Songa Bulk
Global shipping company Star Bulk Carriers, announced that it has closed the previously announced acquisition of fifteen operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash. Following the closing of the Vessel Purchase Transaction, (i) Arne Blystad will be appointed to the Board of Directors of Star Bulk as Class C Director and Herman Billung will join the management team of Star Bulk as Senior Vice President and (ii) Songa is expected to distribute the Consideration Shares to its shareholders.
Hapag-Lloyd Cutting Costs as Fuel Prices Rise
German shipping company Hapag-Lloyd is cutting costs to cope with a rise in fuel prices that led it to slash full year earnings forecasts last month, its chief executive told shareholders on Tuesday."Major cost positions have risen more than initially expected and are pressuring operating margins," CEO Rolf Habben Jansen said in Hamburg."We are responding short-term to this development through forceful cost management and will keep Hapag-Lloyd competitive this way," he added.Among the measures being taken are accepting more valuable cargo…
US Accuses N.Korea of Fuel Smuggling
The United States accused North Korea on Thursday of breaching a U.N. sanctions cap on refined petroleum by making illicit transfers between ships at sea, according to a document seen by Reuters, and demanded an immediate end to all sales of the fuel.The United States submitted the complaint to the U.N. Security Council North Korea sanctions committee. The charge of a sanctions breach comes as Washington engages North Korea in a bid to convince Pyongyang to give up its nuclear weapons.The North Korea U.N. mission did not immediately respond to a request for comment on the U.S. accusation.
Oil Falls After Libyan Ports Reopen, Trump Tariff Threat
Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified.Brent crude fell $2.10, or 2.7 percent, to a low of $76.76 before recovering slightly to $77.20, down $1.66, by 1325 GMT. U.S.
MACC is Definitely Back
Even Mother Nature Can’t Dent the Enthusiasm at this Year’s MACC.Curtis Bay, MD: On the morning after the Baltimore, MD area received a record 3.5 inches of torrential rain in just 90 minutes, this year’s Multi-Agency Craft Conference (MACC) kicked off without a hitch at the United States Coast Guard Yard in Curtis Bay, MD. That may sound easy, but for those flying in Tuesday afternoon (or like myself, driving in through DC at exactly the moment that the George Washington Parkway flooded badly near the DCA Airport)…
China Will Hit Back After New US Tariffs
China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. In a statement, it called the U.S. actions "completely unacceptable".The foreign ministry described Washington's…
US Plans Tariffs on Extra $200 Bln of Chinese Imports
The United States has decided to impose tariffs on $200 billion worth of imports from China after efforts to negotiate a solution to the trade dispute failed to reach an agreement, senior administration officials said on Tuesday.U.S. Trade Representative Robert Lighthizer said the United States would impose tariffs of 10 percent on the additional Chinese imports.The move would be the latest in the escalating trade skirmish between the world's two biggest economies.Trump said last…
OIG Group Sells MV Blue Giant
Bremen-based shipping company Harren & Partner announced the acquisition of the offshore construction vessel, MV Blue Giant for an undisclosed price from the English operator, OIG Group. Harren & Partner’s Offshore Department, headed by Robert Fowler (email@example.com) will be responsible for managing the vessel. Peter Harren, Founder and Managing Director of Harren & Partner, explains the strategy behind the purchase: “Although the oil markets are currently still recovering, we have deliberately opted for this investment despite its counter-cyclical nature.
Workboats & SUB M: July 20, 2018 & Beyond
The bottom line is 46 CFR Subchapter M is drastically changing the landscape of towing operations within the United States. Some impacts we have identified and other will come to light as time passes.As the Subchapter M compliance deadline approaches on July 20, 2018, I have had the chance to discuss these new laws and their impact with a variety of Assured’s with diverse backgrounds and widely varying commercial tug operations.From my experience, there is still a great deal of confusion regarding the compliance requirements relating to Sub Chapter M.
Chinese Imports to US Ports Peaking Early
Chinese imports to U.S. ports rose more than expected in June, suggesting that some retailers moved up orders to insulate themselves from an intensifying trade war that threatens to send up costs on a growing number of consumer products.Retailers such as Walmart Inc and Amazon.com face uncertainty due to U.S. President Donald Trump's threat to impose more tariffs on Chinese goods, and the jump in imports from the country was likely because of "pre-emptive buying in anticipation of the tariffs"…
Euro Zone Trade in Goods Surplus Shrinks as Exports Drop
Euro zone's surplus for goods traded with the rest of the world dropped in May as exports fell and imports increased, one month before United States' tariffs on European steel and aluminium kicked in, official data showed on Monday.The European Union's statistics office, Eurostat, said the 19-country currency bloc had a goods trade surplus of 16.5 billion euros ($19.3 billion) in May, compared with 19.3 billion a year earlier, according to non seasonally adjusted estimates.The reduced surplus was caused by a 0.8 percent fall in exports compared with a year earlier…
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.
IMO Reviews Training Standards for Fishers
The ongoing comprehensive review of the International Maritime Organization (IMO) treaty on Standards of Training, Certification and Watchkeeping for Fishing Vessel Personnel (STCW-F) is set to continue this week. The Sub-Committee on Human Element, Training and Watchkeeping (HTW 5), meeting at IMO Headquarters (16-20 July), will continue its work to review the minimum standards of competence set out in the treaty in order to bring them up to date and reflect realities in the fishing industry. The STCW-F treaty was adopted in 1995 and entered into force in 2012.