DNV Report Says Maritime Energy Transition is Gaining Speed
More than 1000 ships are expected to be ordered per year through 2030, and with growing pressure on the shipping industry to decarbonize, the shipowners must be careful with fuel selection and ship design, as a misstep here can have damaging consequences in the future.This is according to the latest Maritime Forecast to 2050 launched Tuesday by DNV.DNV stressed that shipping decarbonization was no longer just a top priority for the International Maritime Organization (IMO)…
ADNOC Logistics Joins LNG MFI
The LNG Marine Fuel Institute, a non for profit organization based in Perth, announced the membership of ADNOC Logistics & Services with the growing coalition of companies committed to Australian LNG is the primary marine fuel in transition to carbon free shipping.Captain Mohamed Al Ali, Senior Vice President - Ship Management at ADNOC Logistics & Services said: “Our partnership with LNG MFI will add value for the development of LNG as a marine fuel, contributing in supporting the marine industry in Australia and neighbouring countries…
Al-Iraqia Shipping Commences Bunkering Operations in Iraq
Al-Iraqia Shipping Services & Oil Trading (AISSOT) is shortly commencing bunkering operations at Iraqi Ports mainly at Basra, Khor Al-Zubair and Umm Qasr. AISSOT is a joint-venture company of Iraqi Oil Tankers Company (IOTC) & Arab Maritime Petroleum Transport Company (AMPTC) to handle plethora of activities ranging from Trading of petroleum products, Ship chartering, Oil terminals, various Marine services, and Bunkering. Iraq ports are growing exponentially as shipping hub over the years and AISSOT is confident to cater to all marine related needs of the shipping lines calling Iraq…
GAC Supports Beatrice Offshore Windfarm Project
GAC UK has been appointed by Seaway Heavy Lifting (SHL) to provide essential shipping services support for the construction and installation of 84 new turbines as part of a major windfarm expansion project which will increase generating capacity almost six-fold. SHL, the engineering, procurement, construction and installation contractor, will design, supply and install the piled foundations, jacket substructures and inter-array cables for the Beatrice Offshore Windfarm Limited (BOWL) project in the Outer Moray Firth. They will also transport and install the offshore substations.
GasLog Orders New LNG Carrier from SHI
GasLog Ltd. today announces that it has signed a time charter party with Centrica plc. ("Centrica") to charter a vessel for a period of seven years. The vessel, a 180,000 cubic meter LNG carrier with XDF propulsion, has been ordered from Samsung Heavy Industries ("Samsung") in South Korea. Centrica will charter the vessel from GasLog for a period of seven years commencing in the second half of 2019. The daily charter rate is in line with GasLog's average long-term charter rate.
South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal
A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters. CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong, also said in a statement to Reuters that it would be seeking to buy floating LNG production and import facilities as part of an ambitious plan for Africa and Asia.
McGurran Leads LOC Group's Hull and Machinery Services
London Offshore Consultants (LOC), a leading global marine and engineering consultancy for the shipping and offshore energy industry, has appointed Mark McGurran as the Group Director for Hull and Machinery Services. “It is with great pleasure that I am able to advise that as from September 2016, Mark McGurran has accepted the role and will continue to be based in Singapore. He will work closely with LOC Group and the regional hub offices in ensuring our continued growth and expansion into this valuable market”, said Nick Haslam, Group Director for Shipping Services of LOC.
PDVSA Awards $138 mln Contract to Tackle Petcoke Problem
Venezuelan state oil company PDVSA said on Friday that Maroil Trading Inc has won a $138 million contract to remove a large pile of petroleum coke at the Jose solids terminal in the eastern state of Anzoategui. Petcoke, a byproduct of upgrading tar-like Orinoco oil into lighter crude, has accumulated quickly at Jose since a 2009 fire temporarily halted its export. The large black dunes have drawn criticism from environmentalists and nearby communities. PDVSA rejects environmental criticism as a smear campaign by enemies of Venezuela's socialist government.
Traders Charter VLCC's for Crude Storage
Glencore, Gunvor charter 4 tankers to store oil for a few months; traders eye higher prices in Q4 on winter demand. Two trading houses, including commodities group Glencore, have chartered at least four tankers to store oil off Singapore, taking advantage of cheap freight and crude ahead of the refinery maintenance season that typically crimps demand. ST Shipping, Glencore's shipping arm, booked the 300,133 deadweight tonne (dwt) Very Large Crude Carrier (VLCC) Plata Glory for a month at $22…
GulfNav Unveils Expansion Plans
Gulf Navigation Holding PJSC (GulfNav), the Dubai-based shipping company, has announced in a press conference at Rose Rayhaan by Rotana today (Tuesday, April 19, 2016), its key expansion plans to increase its assets under management and service-based revenue. The shipping company also revealed the appointment of Mr. Khamis Juma Buamim as the new Board Member, Managing Director and Group CEO by the Board of Directors during the event. The move forms part of the company’s intensified strategy to become one of the main industry leaders in the regional maritime and shipping industries.
As Freight Rates Fall, LNG Shippers Brace Consolidation
Faltering LNG demand, growing tanker fleet drag on freight rates. Shippers who ply the seas to deliver liquefied natural gas (LNG) in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand. Companies that manage to weather the shakeout in one of the key sectors in the global shipping industry should be in a prime position, however, to benefit from a string of new LNG projects expected to start trickling online by the end of next year.
ISS, CGG Ink Brazil Agency Deal
Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, has signed a contract with CGG to provide offshore agency support services for a new oil and gas exploration project in the Barreirinhas Basin in the equatorial margin of northern Brazil. As a specialist geoscience company, CGG is conducting the multi-client seismic project, which will be the oil and gas industry’s first regional broadband survey of the Barreirinhas basin. ISS will provide a range of services for the Barreirinhas project including port agency…
Maersk Seeks to Shut Janice in UK North Sea
Maersk Oil said on Wednesday it would seek regulatory permission to shut its Janice installation, which produces around 7,000 barrels per day (bpd) from three UK North Sea oilfields, as the Danish firm reviews its operations due to falling oil prices. It is one of the first North Sea oil fields to be threatened with closure due to the drop in prices, with Brent crude futures having plunged to around $43 a barrel from over $100 a barrel last June. North Sea producers have been under increasing pressure to cut costs and improve production efficiency…
Maersk Seeks UK North Sea Installation Closure
Maersk Oil said on Wednesday it would seek regulatory permission to shut its Janice installation, which produces around 7,000 barrels per day (bpd) from three UK North Sea oilfields, as the Danish firm reviews its operations due to falling oil prices. Crude prices have dropped by more than half from year-ago levels, hammering oil producers. But while operators have announced plans to cut jobs and sell oilfields, few have flagged a shutdown in operations. Maersk Oil said it…
ISS Bags Tanzania's Paragon project
Inchcape Shipping Services (ISS) has been appointed by Paragon Offshore, Houston, as marine and logistic services provider for a new drilling campaign off the Songo Songo Islands, Tanzania – the first new commercial drilling project in Tanzania in a number of years. ISS is providing a range of services for Paragon Offshore including full husbandry, crew logistics, visa assistance and arranging marine and air charters. A leading provider of standard specification offshore drilling services…
Hyundai to build 5 Oil Tankers for Bahri
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, has signed a deal to buy five very large crude tankers from ship builders Hyundai Heavy Industries, the Riyadh-listed firm said on Sunday. Hyundai will build the tankers and deliver them to Bahri in 2017, a statement to Riyadh's bourse said. Bahri also has an option to buy five more. It did not say how much it would pay for the tankers, although each will have a capacity of 300,000 deadweight tonnage.
Seacor Holdings Posts Q1 Loss of $1.10/Share
SEACOR Holdings Inc.today announced its results for its first quarter ended March 31, 2015, wherein the company experienced losses during this period. The net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share. For the preceding quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. A comparison of results for the quarter ended March 31, 2015 with the preceding quarter ended December 31, 2014 is included in the "Highlights for the Quarter" discussion below.
Saudi Shipper Bahri in Deal with South Korea's S-Oil
National Shipping Company of Saudi Arabia (Bahri) has agreed with South Korea's S-Oil Corp to ship crude oil cargoes from the third quarter of this year. Under the 10-year contract, Bahri will ship the oil on very large crude carriers (VLCCs) from the Arabian Gulf and Red Sea to the port of Onsan in South Korea, Bahri said on Wednesday. Bahri expects to book revenues of at least 250 million riyals ($67 million) annually from the deal. It became the sole provider of VLCC crude…
Braemar Named Engineers for Brownsville LNG Project
Braemar Engineering, the marine and LNG technical consultancy arm of the Braemar Shipping Services PLC group, has been appointed as Owner’s Engineers by Texas LNG Brownsville LLC (Texas LNG) for the proposed Brownsville LNG project. The project will be constructed in a deepwater frontage site along the Port of Brownsville shipping channel, South Texas, and is anticipated to export more than 2 million metric tons per annum (MTPA) of LNG, with the first shipments planned for export in 2019.
Sanctions Bite Russian Arctic Oil Shippers
Shipping services that support Russia's attempts to extract oil from remote parts of the Arctic will run into difficulties as banks scale back energy financing due to Western sanctions, increasing transport costs for the frontier sector. Sanctions imposed on Russia by the United States and European Union over Ukraine have targeted the delivery of oil technology, goods and services, aiming to make it impossible for Moscow to access new oil sources. The world's largest energy exporter, Russia relies on oil and gas exports for about half its federal budget.
