Data shows that Russian LNG tankers are avoiding the Arctic as winter approaches.
LSEG data on Thursday showed that ships carrying Russian liquefied gas (LNG), to Asia, are returning to longer routes around Africa’s Cape of Good Hope instead of those along the Arctic coast as the winter season starts. The new Arctic LNG 2 project in Russia also lacks sufficient ice-class tankers to continue the navigation along Northern Sea Route.
Red Sea Route Diversions Prop Up Tanker Demand
Large scale route diversions as a consequence of the Red Sea/Suez Canal crisis have seen deadweight demand for crude and product tankers increase by 5.5% and 4.5% respectively in 2024.In its Q2 2024 report, MSI finds that the market is currently in an unfamiliar equilibrium after two years of extreme volatility.
BIMCO: 2020 and the Collapse of Bunker Fuel Markets
The sulfur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the center stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.The outlook for global economic growth…
Agreement Paves Way for South African Offshore Supply Base
South Africa’s first dedicated and customized facility supporting offshore oil and gas activities will be introduced at the Port of Saldanha. This follows the conclusion of an agreement between Transnet National Ports Authority (TNPA) and Saldehco Pty Ltd, which was signed off at an official ceremony at the port on Monday…
China Demand Drives Singapore Crude Storage Sales
22.6 million barrels of crude sold from storage in March; Chinese demand, more crude deliveries to Asia trigger sales. Crude oil sales from storage tanks around Singapore rose to an 11-month high in March, with nearly half of the volumes going to China and traders clearing inventories ahead of record shipments to Asia expected to arrive in April.
Bomin Launches Physical Operation in Mauritius
The Bomin Group, a leading global physical supplier and trader of marine fuel oil, today announced that it is launching a physical operation in Port Louis, Mauritius, effective from July 12, 2016. The expansion significantly strengthens Bomin’s position in a growing and important region, and continues the company’s ambitious plans for growth throughout 2016. Bomin (Mauritius) Ltd.
LNG & Crude Oil: Dissimilar Trading Markets
Should the liquefied natural gas (LNG) market become much more like crude oil, with deep and liquid futures contracts coupled with unrestricted trade between producers, buyers and traders? The answer is yes it should, but that is unlikely to happen as there are enough significant differences to make it extremely difficult for LNG to tread closely in oil's footsteps.
Shell Bringing First U.S. Malaysian Condensate Import
A cargo of Malaysian Bintulu condensate bought by Royal Dutch Shell is sailing to New Orleans, Louisiana, a trade source in Asia familiar with the matter said on Tuesday, in what appears to be the first U.S. import of that grade of offshore oil according to Thomson Reuters Trade Flows data. The Polaris, a medium-range vessel…
Shell Bringing First US Import of Malaysian Condensate
A cargo of Malaysian Bintulu condensate bought by Royal Dutch Shell is sailing to New Orleans, Louisiana, a trade source in Asia familiar with the matter said on Tuesday, in what appears to be the first U.S. import of that grade of offshore oil according to Thomson Reuters Trade Flows data. The Polaris, a medium-range vessel…
Unwanted Diesel, Jet Ships Could Sink Oil Prices
Backlog of vessels at port threaten loading delays; ships with half a million tonnes taking the long route to Europe. Unwanted diesel and jet fuel cargoes are backing up outside Europe's ports and taking longer, slower routes around the southern tip of Africa, traders say. A symptom of the world's excess of oil, it also paints a gloomy picture of the chance of an oil price rebound.
Growing Supply Pushes December Prices Sharply Lower
Asian spot liquefied natural gas (LNG) prices dropped this week as scarce demand, rising supplies and continuing weak crude oil markets put off hopes of a winter rally. Prices slipped around 80 cents to $13.60 per million British thermal units (mmBtu) for December delivery <LNG-AS>, compared with last week, as a limited pool of buyers encountered rising supply.
Ultra Deepwater Rig Towed 11,500 Miles
Tug Fairmount Sherpa towed rig Sevan Louisiana safely from Singapore to Curaçao. During the 11,500 miles voyage via Cape of Good Hope, stops were made in Port Louis (Mauritius), Walvis Bay (Namibia) and Port of Spain (Trinidad) to take bunkers and for crew changes. Sevan Louisiana is a so called Ultra Deep Water rig (UDW)…
