Bahri Optimistic of Oil Tanker Market
Bahri, a global leader in transportation and logistics, is very optimistic about the future of the oil tanker market and it believes that there will continue to be demand for this market, said Mohammed Al-Sarhan, Vice Chairman of Bahri, who possesses extensive experience in oil and gas, transportation and logistics, and other sectors. He was talking in the annual Bahri Oil Transportation Forum, which was held in Dubai last week. John Angelicoussis, Chairman of Angelicoussis Shipping Group Limited…
US to Become Oil and Gas World Leader in Long Term - IEA
The head of the International Energy Agency Fatih Birol said on Thursday the United States would - in the long term - become the "undisputed leader of oil and gas production worldwide". Speaking at the U.N. climate conference in Bonn, Germany, he said the agency expected oil markets to rebalance next year if oil demand remained "more or less" as robust as it is today and if OPEC and non-OPEC continued with their oil production cuts. (Reporting by Ahmad Ghaddar; Editing by Mark Potter)
Cooperation for Oil Spill Preparedness in Africa
A regional conference of countries in west, central and southern Africa has committed to continue to work at both national and regional levels to boost preparedness to deal with oil spill incidents which could be devastating both for the marine environment and financially. The conference (6-9 November) in Abidjan, Côte d'Ivoire, was hosted by CIAPOL, the Ivoirian pollution control centre. It brought together industry and government focal points from 20 out of 22 west, central and southern African countries covered by the Global Initiative for West, Central and Southern Africa (GI-WACAF).
Crude Tanker Shipping Market to Get Hurt in 2018
Crude tanker freight rates are expected to decline further in 2018 following a sharp decline in 2017, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. Although tonnage supply growth in the crude tanker market is expected to be low next year after surging in 2017, this will not be enough to push tonnage utilisation rates higher as demand growth is expected to be sluggish. A slowdown in global oil demand growth and a likely decline in China’s stocking activity will keep growth in the crude oil trade moderate next year.
Asian Floating Storage Declines as Crude Market Tightens
Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared. Shipping data in Thomson Reuters Eikon shows around 15 super-tankers are currently filled with oil in waters off Singapore and western Malaysia, storing around 30 million barrels of crude.
S.Korean Refiners Look to Cash in on 2020 Mandate
Three refiners to spend more than $5 bln to upgrade or add units. South Korean refiners are planning to spend over $5 billion on plant upgrades in response to tighter rules on shipping fuel, boosting production of low-sulphur fuel oil as well as other high-end products. The refiners hope the investment, which comes ahead of the 2020 introduction of the new rules, will make them one of the biggest beneficiaries of the new regulations, with many competitors still waiting to commit to new spending. "Not many refiners are doing so.
US Oil Rig Count Steady this Week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August…
Offshore Oil Service Firms Dominate Energy Bankruptcies
Offshore oil drilling and service companies, hurt by the energy industry's shift to lower-cost shale and away from deepwater projects, are dominating the year's energy bankruptcies in North America, according to law firm Haynes and Boone. There were fewer oilfield service companies seeking protection this year than last but those that did have had larger debts. Through October, 44 oilfield services companies filed for bankruptcy in the United States and Canada owing creditors $24.8 billion, compared with 72 companies and $13.48 billion for all of 2016.
Atlantic Offshore Scotland Secures Charter with Maersk Oil UK
Emergency Response and Rescue Vessel (ERRV) operator Atlantic Offshore Scotland Ltd, has secured a two-year firm charter with Maersk Oil UK. The company’s ERRV Ocean Troll, will provide Emergency Response and Rescue services for Maersk Oil’s Culzean project in the central North Sea. The Charter is the first Fire Fighting Class II (Fi-Fi II) ERRV to have operated in the UK sector. The charter commenced in July 2017 and will last for a firm period of two years, with two, one-year options thereafter.
Port Corpus Christi to benefit from LNG partnership with China
Port Corpus Christi officials are confident that the agreement signed between Cheniere Energy of Houston and China National Petroleum Corporation (CNPC) will bring increased traffic to the port, according to the San Antonio Business Journal. Officials from Cheniere accompanies President Trump on his tour to China and signed a Memorandum of Understanding with the Chinese company. CNPC is the largest gas and oil supplier and producer in China and is also one of the largest providers of oilfied services.
Shell Marine Launches New Cylinder Oil
Shell Marine has launched a new two-stroke engine cylinder oil, Shell Alexia 140, now available from the ports of Rotterdam, Bremerhaven, Hamburg, Antwerp, Tanjung Pelepas, Busan and Salalah. The launch follows receipt of a No Objection Letter (NOL) for commercial use of Shell Alexia 140 from MAN Diesel & Turbo and coincides with Shell Alexia 140’s acceptance into full scale operations by two major customers. In September 2016, Shell Marine disclosed Alexia 140’s selection as the first test oil for ‘ACOM’ - MAN Diesel & Turbo’s Automated Cylinder Oil Mixing process.
CNPC, Cheniere Pact for LNG
China’s state-owned oil company, China National Petroleum Corporation (CNPC), and U.S. independent energy company Cheniere Energy have signed a Memorandum of Understanding (MoU) for long-term sales and purchases of liquefied natural gas (LNG), Reuters reported. The report quoted U.S. State Department saying that the deal between the two companies was signed during president Trump’s first state visit to China. Neither companies disclosed details of the transaction. According to CNPC…
Norway's Arctic Oil Plan Violates Constitution, Lawsuit Says
Norway's plan for Arctic oil exploration is unconstitutional because it violates the right to a healthy environment, a lawyer for Greenpeace and the Nature and Youth environmental group told an Oslo court on Tuesday. The case is the first of its kind in Norway and says a 2015 oil licensing round in the Arctic that gave awards to Statoil , Chevron and others violates the constitution. Norway signed the 2016 Paris accord, which aims to end the fossil fuel era this century. The country is Western Europe's largest oil producer and oil and gas are its most important exports.
Rosneft, NIOC Ink Cooperation Deal
Russian oil producer Rosneft and the National Iranian Oil Company (NIOC) have agreed an outline deal to work together on a number of “strategic” projects in Iran together worth up to $30 billion, Reuters reported quoting Rosneft’s head Igor Sechin as saying. The potential collaboration with Iran would further strengthen Rosneft’s position in the Middle East, the company having already secured a number of deals in the region, including the acquisition of a majority stake in Iraqi Kurdistan’s main oil pipeline.
A Turning Point in Oil Spill Recovery
Cleaning up marine oil spills can be a challenge as there are various types of oil spilled but only a few effective recovery methods. The three main technologies for oil spill recovery for inland and offshore waters are mechanical, insitu burning (ISB), and dispersant application. Absorbent booms and pads may also be used, but they are more effective for small fuel spills. Mechanical recovery, usually an oil skimmer, is a device that skims contained floating oil and transfers the recovered oil to a storage container or vessel.
Parker Kittiwake Launches ATR Analyzer
Parker Kittiwake launched the Parker Kittiwake Attenuated Total Reflection (ATR) analyzer, which the company says represents a breakthrough for the simultaneous testing of base number (BN), total acid number (TAN), insolubles, soot loading, viscosity, FAME and water content of oil samples on board a ship, allowing all parameters to be measured using a single sample in one test kit. The ATR analyzer uses infrared spectroscopy to determine the presence of damaging elements such as solid particles or water in a representative sample of oil.
New Coating Dispensing System
Sulzer Mixpac USA, Inc. has launched MIXPAC MixCoat Manual, a new member of its cartridge-based two-component dispensing system line. The lightweight MixCoat Manual protective coating dispensing system features a unique brush assembly on a manual dispenser, which increases stripe coating productivity and speed, the manufacturer said. The system is suited for repairs and rope work on offshore oil and gas, petrochemical, marine, and bridge repair applications. MixCoat Manual offers efficient…
Oil Prices Rise on Supply Cuts, Tensions
Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. Brent crude oil was up 59 cents or 0.9 percent to $64.08 a barrel by 11:30 a.m. (1630), still close to Tuesday's intra-day high of $64.65, which was the highest since June 2015. U.S. light crude was up 46 cents or 0.8 percent at $57.27, just shy of this week's more than two-year high of $57.69 a barrel. Saudi Arabia plans to cut its crude exports by 120…
Vantage Gets Extension of Contract for the Emerald Driller
Vantage Drilling International announced that it has been notified that its drilling services contract for the Emerald Driller will be extended for two years, beginning in May 2018. Ihab Toma, the Company’s Chief Executive Officer, commented, “We are very pleased that we will continue to work with one of our esteemed clients and keep our rigs working in this challenging environment. Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor…
Technology Cooperation for Low-Carbon Shipping
The Global MTTC Network (GMN) maritime technology project, run by International Maritime Organization (IMO) and funded by the European Union, was presented during a side-event (10 November) at the UN climate change conference in Bonn, Germany (COP 23). The project established a network of five regional Maritime Technology Cooperation Centres (MTCCs). Representatives of the European Union, IMO, MTCC-Caribbean and MTCC-Pacific participated at the event. MTCCs updated the audience on their pilot projects, including data collection on fuel oil consumption on ships.
Euronav Reports Lowest Freight Rates since 2013
Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally low levels of cargo and new tonnage entering the market combined to drive rates to lowest levels since 2013," Chief Executive Paddy Rodgers said in a statement.
Singapore Revokes Transocean Oil's Bunker Licence
Singapore's Maritime and Port Authority (MPA) said on Monday it had revoked Transocean Oil's bunker fuel supply licence in the Port of Singapore, effective immediately. MPA said it had conducted checks on Transocean in March and April as part its efforts to ensure the integrity of bunkering operations at the port and found "falsifications of records and discrepancies in the stock movement logbooks on board the bunker tankers" operated by the company. Transocean Oil, which was formed in 2003 and operates a fleet of thirteen bunkering barges, according to its website, was not immediately available to comment. It sold a monthly average of around 200,000 tonnes of bunker fuel in 2013. Reporting by Roslan Khasawneh
DryShips Announces VLGC Time Charter
DryShips, a diversified owner of ocean going cargo vessels, announced that, on November 5, 2017, its third Very Large Gas Carrier commenced its time charter on a fixed rate with ten years firm duration to an oil major trading company. The Company expects a total gross backlog associated with this time charter of up to $103.8 million. DryShips owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier…