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. This…
X-Press Feeders to Use Green Methanol in Q2 2024
Singapore-based container shipper X-Press Feeders plans to use green methanol bunker to fuel part of its fleet in Europe in the second quarter of 2024, a senior executive said on Tuesday.The move comes as the European Union will extend its Emissions Trading System (ETS) next year to cover carbon dioxide emissions for all ships of 5…
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…
Hammerfest LNG Ships 1000th LNG Cargo
Norwegian energy company Equinor reached a milestone at its Hammerfest LNG facility on Melkøya Island, “the Snøhvit plant”, by loading the 1000th cargo of the chilled fuel.The cargo consists of 140 500 cubic metres of liquefied natural gas (LNG). Total sales value of all the LNG cargos since the field came on stream is in the range of NOK 130-150 billion.
Vladimir Rusanov Opens Northern Sea Route
Russian natural gas producer Novatek announced that the Arc7 ice-class LNG tanker 'Vladimir Rusanov' completed the Northern Sea Route (NSR) passage via the Eastern direction, delivering an LNG cargo from the Yamal LNG project, at the port of Sabetta, to China's port of Tianjin.The 168,560 cbm vessel shipped transited the ice-covered part of the route in only 6days…
Suez Canal Accounts for 8% of LNG Trade
Total oil flows through the Suez Canal and the SUMED pipeline accounted for about 9% of total seaborne traded petroleum in 2017, and LNG flows through the Suez Canal and the SUMED pipeline accounted for about 8% of global LNG trade."The Suez Canal and the SUMED Pipeline are strategic routes for Persian Gulf crude oil, petroleum products, and LNG shipments to Europe and North America," U.S.
Ecoslops and Suez Canal Economic Zone Ink Second Agreement
Ecoslops, the producer of recycled marine fuels from oil residues, and Suez Canal Economic Zone signed a new agreement, further to the signature of an agreement for a detailed feasibility study in January 2018.A press release said that the firms take another step towards the implementation of a collection, reception and treatment unit of maritime oil wastes…
Yamal LNG Exports Accelerate in Time for Winter
Liquefied natural gas exports from Novatek's Yamal terminal in the Arctic have come on stream faster than expected over the summer and exceeded volumes from Russia's only other LNG facility, Sakhalin, for the first time in August.The pace of commissioning the multi-billion dollar project has surprised a market used to chronic delays.
Seaborne LPG Trade Rebounds: Dorian LPG
Seaborne LPG trade rebounded in the second calendar quarter of 2018 thanks to heavy lifting schedules in the Middle East and the United States, as well as an improvement in arbitrage economics towards the end of the three-month period, said Dorian LPG.After a lackluster first calendar quarter of 2018, exports from the United States peaked at approximately 2.7 million metric tons in May 2018…
Saudi Arabia Resumes Oil Exports through Red Sea Lane
Top oil exporter Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.Saudi Arabia halted temporarily oil shipments through the lane on July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.A statement by the Energy Ministry…
Oil Prices Ease, but Brent Still Set for Weekly Gain
Oil prices eased on Friday but Brent was still set to record a weekly gain helped by easing trade tensions and Saudi Arabia's decision to halt crude transport through a key shipping lane.Brent futures were down 9 cents at $74.45 a barrel by 1349 GMT but on track for the first weekly increase in four.U.S. West Texas…
Middle East Oil & Gas Shipping Routes are at Risk
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz…
Oil Prices Pare Gains After Earlier Rise on Saudi News
Oil prices traded broadly unchanged on Thursday after an announcement that Saudi Arabia would suspend some oil shipping in the Red Sea had initially sent prices higher.Brent futures had risen 19 cents to $74.12 a barrel by 1305 GMT, extending their rally into a third day but slipping from a 10-day high in earlier trading.U.S.
Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally…
Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal
Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018…
For the Global LNG Industry, is the FSRU Honeymoon Over?
A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as…
Europe to be Natural Gas Kingmaker
It's probably not quite here yet, but the trend is unmistakeable; the world is moving to a globally-linked natural gas market and the rise of liquefied natural gas (LNG) is the key driver. Much of the increase in LNG capacity is because of the rapid boost to plants in Australia and the United States, as both countries…
Qatar LNG Not Affected by Arab States Tension -Exxon
Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations.
As Saudis Prepare for IPO, Some Have Misgivings
Many Saudis support oil firm Aramco's share offer, but some express concern in rare public criticism. Jamil Farsi, a prominent Saudi Arabian jewellery tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month. "I don't know anything about economics but I beg you…
Solstad CSV Serviced ahead of Australian Deployment
Gibraltar shipyard Gibdock said a surge in offshore vessel repair and maintenance work has included a special project for Norwegian offshore vessel owner and operator Solstad, to ensure that Normand Reach meets the hull cleanliness standards set by Australia’s National Biofouling Management Guidelines for commercial vessels.
