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Tuesday, October 27, 2020

Energy Commodities News

AdobeStock / © rawf8

Commodities 2020? Reading the Trump, China Tea Leaves

As 2020 approaches, the year ends with the tantalising prospect of a trade deal between the United States and China. Again.Initial agreement to de-escalate the tariff war between the world's two biggest economies has been interpreted as a positive for the global economic outlook. But it's worth remembering that 2018 ended on a similar note - leaving the commodities outlook once again hostage to the whims of Donald Trump and Xi Jinping.In November last year, the U.S. President and his Chinese counterpart also reached a trade agreement of sorts at the G20 summit in Argentina.

Image: Vitol

Vitol, ENH Form LNG Trading JV

Commodity trading company Vitol and the Mozambican state-owned oil and gas company ENH have formed ENH Energy Trading, a partnership focused on trading oil products.The Dutch energy and commodity trading company said in a press note that ENH Energy Trading will initially be owned 51% by ENH and 49% by Vitol. It is anticipated ENH’s share will increase over time.ENH Energy Trading will focus on energy commodities, in particular LNG, LPG and condensate, enabling ENH to create additional…

“The maritime industry is just not prepared for terrorists to use ships in the same way that they were able to infiltrate the civil aviation sector,” said Itai Sela, Naval Dome’s CEO. “As a $4 trillion industry responsible for transporting 80% of the world’s energy, commodities and goods, any activity that disrupts global trade will have far reaching consequences.” Photo: Naval Dome

"A Maritime Disaster Waiting to Happen"

Since the founding in 2016, cyber defence company Naval Dome has won awards for its Endpoint cyber defense system and achieved the highest level of security certification from classification society DNV GL, helping to protect merchant ships, cruise ships and yachts from cyber-attack.In 2019, Naval Dome optimized Endpoint with a “Dashboard” App, providing maritime users with  a clear picture of the cyber status of all critical systems on board the ship, designed to allow users…

Securing, Enhancing America’s Ports & Supply Chain

The American Association of Port Authorities and its membership recently looked ahead at the challenges and opportunities facing the Port Security Grant Program.In its annual “State of Freight” series, AAPA has highlighted the transportation infrastructure needs of U.S. ports, state transportation agencies and multimodal projects. In this final report in the State of Freight series, AAPA turns to the vital role that security infrastructure plays in moving goods.In 2002, Congress…

File Image (CREDIT: AdobeStock / © Digitalstock)

EnBW: No Impact on Coal Generation from Low Rhine Water

German utility EnBW said on Friday it had enough stocks and rail transport options for the time being to secure coal deliveries from the Amsterdam-Rotterdam-Antwerp port areas while the river Rhine had low water levels. "There are currently no important limitations on our coal receipts via the Rhine," a spokeswoman said in a written response to questions. She said EnBW’s coal plants had rail network connections as well as access to barge ports. On-site coal stocks were well filled, she said.

Front row, from left: GAC Group Vice President – Americas Bob Bandos and Managing Director of LNG for Translux Marcellus Catalano. Second row, from left: GAC LNG Services Business Manager Tim Karl and GAC Group President Bengt Ekstrand. (Photo: GAC)

GAC to Provide Voyage Management for Translux

GAC LNG Services said it has secured a global contract to provide voyage management services to Translux Limited as they enter the liquefied natural gas (LNG) business.GAC LNG Services, officially formed in 2016, provides a full-service solution for the sector, covering charterers’ vessel operations, as well as technical and commercial information. Under the Translux agreement, GAC’s global network of offices and approved agents will support operations, which will be overseen by GAC LNG Services in Houston.Bob Bandos…

Sanjeev Gupta to Buy US-based Steel Assets in 2018

British industrialist Sanjeev Gupta is in talks to purchase and build more U.S.-based steel and industrial assets next year, after buying ArcelorMittal's Georgetown Steelworks at the weekend. Gupta, executive chairman of GFG Alliance which is a $10 billion metals, industrials and energy group, has been snapping up distressed industrial assets in Britain, Australia and the United States in the past few years. Last week, GFG Alliance struck a deal with UK-based tidal power firm Atlantis Resources to form a listed company that marked Gupta's first step onto the stock market…

Photo: Professor Tamvakis with WISTA Cyprus members. Photo Credit: Whiteleaf Pictures

Training Course in Energy Economics and Shipping

WISTA Cyprus has recently organized a training course for its members with the title “Energy Economics and Shipping”, hosting the Professor Michael Tamvakis from Cass Business School, City University in London. Professor Tamvakis presented, over a full day, topics related to the energy industry, starting from fundamentals and building onto the particulars of upstream, midstream and downstream sectors. The training touched upon the growing importance of natural gas, the economics and export routes surrounding recent gas discoveries in the Eastern Mediterranean.

U.S. Secretary of Energy Ernest Moniz

U.S. Energy Security: Maritime Infrastructure Investment is a Key, says Moniz

The maritime industry was front and center yesterday in Washington, D.C., as “getting more oil on the water” was touted as one piece of the puzzle in ensuring future U.S. energy security, said U.S. Secretary of Energy Ernest Moniz. Sec. Moniz spoke yesterday at the U.S. Energy Information Administration (EIA) 2015 EIA Energy Conference at the Renaissance Downtown Hotel in Washington, DC. Building U.S. energy security via a strategic evaluation of the U.S. Strategic Petroleum Reserve  (SPR) was central to his comments…

MOL JV Ink Deal for 2 LNG Vessels

Mitsui O.S.K. Lines, Ltd. announced today that through a joint venture ship-owning company with Itochu Corporation charter agreements have been signed with E.ON Global Commodities SE, a wholly owned subsidiary of E.ON SE. The joint venture also signed a deal with Daewoo Shipbuilding & Marine Engineering Co., Ltd.’s shipyard in Korea to build maximum of two new 179,900m3 liquefied natural gas (LNG) carriers to be able to fulfil the contractual requirements to EGC. MOL will manage the two new vessels…

Source: BIMCO, HSBC/Markit, Li & Fung Group

China’s Growth Plans are Positive for Global Shipping

China’s aim of 7.5% GDP growth for 2014 is positive news for the shipping market – in particular, dry bulk, the Baltic and International Maritime Council (BIMCO) said in a report published today. Despite being a little down on the 2013 GDP growth of 7.7%, BIMCO said the growth target of 7.5% set by China’s Premier Li Keqiang at his first appearance at China’s annual parliamentary session bodes well for shipping, trade and commodity demand in 2014. In 2013, Chinese seaborne imports surpassed the 2 billion metric tons, mark according to CRSL.

OCEANFREIGHT INC. Announces Fleet Expansion

March 29, 2011 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced today that it has entered into an agreement to purchase two resale newbuilding 206,000 DWT capesize vessels at a well-known Chinese yard. The vessels are scheduled to be delivered in the second and fourth quarter of 2013. The vessels will be purchased from a Company ultimately controlled by our Founder and Chief Executive Officer, Mr. Anthony Kandylidis.

Bulk Carrier Fleet Poised for Growth

A new report, released by Lloyd’s Register - Fairplay Research, predicts that the world’s dry bulk carrier fleet will continue to show strong growth over the next five years, spurred largely by surging demand for iron ore and metallurgical coal to feed China’s undiminished appetite for steel production. The monthly Shipbuilding Market Forecast for September examines the dry bulk and general cargo ship sectors. It provides a review of the global business environment demand for seagoing transport…

OceanFreight Inc. New Charter

OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services for both drybulk and energy commodities, announced a new charter for the recently acquired 180,000DWT, 2005 built capesize vessel. Upon delivery, the vessel will be renamed M/V Montecristo and will commence employment on a time charter for a minimum period of four years at a gross rate of $23,500 per day and a maximum of eight years at an average gross rate of $24,125 per day for the optional period.