Exploring 'Future Fuels' - Methanol’s Superstorage Solution
Technical inquiries to SRC Group ramped up after it received Approval in Principle (AIP) for a concept which ‘reinvented methanol fuel storage’ on board ships. Delivering the answers has seen technical talk converting into project discussions ‘Green’ methanol has the ability to one day run vessels almost emission-free…
LNG Shipping Rates from US Surge to Record Highs
The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite for the fuel from buyers there and delays through the Panama Canal reduced the amount of ships for hire.Freezing temperatures across Asia and Europe have pushed…
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…
Small Scale FSRU: Think Smarter Not Bigger
The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places…
Global LNG Demand 16% Up in Q2
Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Ltd.The Monaco-headquartered international owner, operator and manager of liquefied LNG carriers said that…
GasLog Predicts LNG Spot Rate Recovery
GasLog Partners, which owns, operates, and acquires liquefied natural gas (LNG) carriers under multi-year charters, said that the longer-term outlook for natural gas demand continued to strengthen in the first quarter of 2019.Despite LNG demand in the first quarter of 2019 being negatively…
GasLog: LNG Demand Grew 9% in 2018
Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa…
SEACOR Marine to Acquire Brazil's UP Offshore
SEACOR Marine Holdings, the provider of marine and support transportation services to offshore oil, has announced the acquisition of UP Offshore (Bahamas) by a new joint venture company that is 49% owned by a subsidiary of SEACOR Marine and 51% owned by a subsidiary of Proyectos…
Top Shallow Water Driller Raises $225 Mln in Oslo IPO
Shelf Drilling, a Dubai-based contractor for shallow water rigs, raised about $225 million by issuing new shares priced at 65.35 Norwegian crowns ($8.09) per share, the company said on Friday, the latest drilling firm to list in Oslo to raise capital.Its initial public offering comes…
Prosafe to Buy Newbuilds, 25 pct in Dan Swift for $70 mln
* Axis shareholders include HitecVision Fund VI and LF Investment ApS (a company owned by Lauritzen Fondet), who respectively own approx. * Danske Bank has delivered a fairness opinion on the terms of the transaction to the Board of Prosafe.
Golar, Stonepeak Launch Launch FSRU Joint Venture
Golar LNG Limited announced that it has entered into a 50/50 joint venture with investment vehicles affiliated with private equity firm Stonepeak Infrastructure Partners. The joint venture company, Golar Power Ltd, will offer integrated LNG based downstream solutions, through the…
Kuo Oil Looks to Lift Two Iranian Fuel Cargoes
U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country.
Zohr Discovery Could end Egypt LNG Imports
Egypt hopes to stop importing LNG by 2020; Zohr has potential 30 trillion cubic feet (tcf) of gas. The huge Zohr natural gas field discovered by Eni off the coast of Egypt, could tip the country back into exporting liquefied natural gas (LNG), making the bright spot of demand it has created in an oversupplied global gas market short-lived.
Ocean Rig UDW Announces Closing
DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that Ocean Rig closed the previously announced offering of 28…
Tankers Booked to Store Oil at Sea
Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits, shipping and oil market sources said. The more than 50 percent fall in spot…
Internet at Sea: Staying Connected
The maritime industry is at a crossroads, with a dearth of next-generation talent willing and available for a life at sea, yet increasing demands for efficiency and clarity of operations. At this crossroads lies modern communication technology, the connective tissue that can help to cure many of the industry’s ills…
Braemar to Buy Shipbroker peer ACM; M&A Activity Heats Up
Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM.
Deadbeat Chinese Shipyards Stick Banks with Default Bill
Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time. One in three ships ordered from Chinese builders was behind schedule in 2013…
