VLGC Freight Rates Recover
The Very Large Gas Carrier (VLGC) freight rates started to recover towards the end of the first quarter as U.S. consumption reverted to seasonally lower levels pushing U.S. LPG prices down, widening the geographical LPG price arbitrage between the U.S. and the Far East.According to BW LPG, the owner and operator of liquid petroleum gas (LPG) vessels, the recovery in VLGC freight rates was further strengthened by two occasions of fog and a temporary closure of the Houston Ship…
Houston Ship Channel Reopens to Two-Way Traffic
The Houston Ship Channel reopened on Wednesday to two-way traffic after salvage crews removed two gasoline barges damaged in a weekend collision with a deep-draft vessel, officials said.About 11,280 barrels of gasoline spilled into the channel near Bayport, Texas, after a 755-foot (230-metre) tanker collided over the weekend with a Kirby Inland Marine tugboat towing two barges containing the fuel.The removal of the Kirby Corp-operated barges was completed by midday on Wednesday and two-way traffic resumed…
Construction Kicks Off at Ngqura Liquid Bulk Terminal
Oiltanking Grindrod Calulo (Pty) Ltd (OTGC) and Transnet National Ports Authority (TNPA) has turned the first sod at the site of the Port of Ngqura’s future liquid bulk tank farm. This comes ahead of the planned decommissioning and rehabilitation of the existing liquid bulk facilities at the neighboring Port of Port Elizabeth, which will pave the way for Ngqura’s establishment as a new petroleum trading hub for Southern Africa.The new tank farm is expected to provide storage and marine infrastructure to support the overall petroleum demand projections for South Africa.
Dorian LPG Rejects BW LPG Merger Offer
Dorian LPG announced that its Board of Directors has unanimously declined an unsolicited, conditional proposal from Norway's BW LPG, the world's largest liquid petroleum gas shipper, to combine with Dorian in a stock-for-stock transaction. After a thorough review, conducted in consultation with its financial and legal advisors, the Board of Directors unanimously concluded that the proposal is not in the best interests of Dorian and its shareholders., said a press release from the company.
BW LPG Offers to Buy Dorian LPG in $1.1 Bln Deal
The world's largest liquid petroleum gas (LPG) shipper, Norway's BW LPG, is offering to buy competitor Dorian LPG in a $1.1 billion all-stock deal in an effort to boost its earnings in a weak market, it said in a statement on Tuesday.Dorian shareholders will receive 2.05 BW LPG shares for each Dorian share, equal to $7.86 per share, a premium of 13 percent from Friday's closing price, and based on BW LPG's share price on May 28.New York-listed Dorian LPG's equity is valued at about $441 million and including debt the transaction is valued at $1.1 billion.The deal is backed by shipping conglome
Panama Canal’s New Tolls Structure Approved
Modifications to the Panama Canal tolls structure have been approved by the Cabinet Council of the Republic of Panama. After a thorough analysis of the current utilization and productivity of the Neopanamax Locks, and after meetings with Panama Canal executives, customers and industry representatives in Europe, Asia and North America, the proposed tolls modifications were officially announced on June 1, 2017. This was followed by a formal consultation period to ensure all interested parties could provide feedback for consideration.
Panama Canal Hearing Addresses Toll Structure Changes
The Panama Canal Authority (ACP) today held a public hearing on its tolls structure modifications proposal. “The modified tolls will safeguard the Canal's competitiveness, charge a fair price for the value of the route and provide a competitive service to the global shipping industry,” said Panama Canal Administrator, Jorge L. Quijano. The hearing follows the conclusion of a 32-day formal consultation period for industry feedback. All comments received both in writing and at the hearing will now be evaluated and analyzed by the Board of Directors…
Baltic Exchange Mulls New Freight Indexes for Grains, LNG
The Baltic Exchange is looking into launching freight indexes for grains and liquefied natural gas (LNG) as the London-run business targets new markets after its acquisition by Singapore Exchange last year, the Baltic's chief executive said. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates and owns a trading platform for the multi-billion dollar freight derivatives market. SGX's ownership of the Baltic has enabled the exchange to set its sights on developing new areas…
Expanded Panama Canal Welcomes 1000th Neopanamax Vessel
Less than nine months after the historic inauguration of the Expanded Canal, the Panama Canal has announced that it has welcomed its 1,000th Neopanamax vessel through the waterway, highlighting the importance of the route and customers’ continued faith in the safe, reliable and efficient service the Canal provides. On Sunday, March 19, the containership Mediterranean Shipping Company's MSC Anzu made the historic 1,000th transit through the Expanded Canal, heading northbound from the Atlantic to the Pacific Ocean.
Expanded Panama Canal Welcomes its 500th Neopanamax Transit
Less than six months after the inauguration of the Expanded Panama Canal, the waterway welcomed its 500th transit of a Neopanamax ship on Wednesday, highlighting the trust that Canal customers have placed in the route. Performing the 500th transit was the container vessel YM Unity, which first began its passage through the Cocoli Locks in the Pacific and then headed north towards the Agua Clara Locks. Built in 2006, the YM Unity (of the Yang Ming Marine Transport Corporation) measures 335.7 meters in length and 42.8 meters in beam and has a carrying capacity of 8,200 TEUs.
Jiangnan Bags 2 VLGC Order from Naftomar
Naftomar Shipping And Trading Co. Ltd. Inc., which is engaged in shipping and trading liquid petroleum gas, contracted China’s Jiangnan Shipyard to build two Very Large Gas Carriers (VLGC), say local media reports. The Voula, Greece-based company has ordered one 84,000 cu m , with an option to construct one more. Other contract details, financial details of the deal and the delivery date of the ship were not revealed. According to Jiangnan Shipyard this is their first working relationship with Naftomar.
GoM Pipeline Fire Update
Lightering operations completed, flaring operations continue on the pipeline fire. The Coast Guard & assisting agencies continue response operations for a tug and barge that struck the pipeline near Bayou Perot. After the barge was removed from the scene and taken to a secure location, offloading operations were conducted and completed at approximately 3 p.m. Friday. The crude oil from the barge has been offloaded into a separate barge. At no time was any pollution observed coming from it. As the residual liquid petroleum gas in the pipeline dwindles, the flaring operations will continue.
50% Drop in New LPG Tanker Orders
“The LPG market will by this slower fleet growth be better positioned than most other shipping markets when the GDP growth resumes to previous levels, particularly in Asia,” explained Niklas Bengtsson, senior consultant for Fairplay Market Forecast. “China and South Korean dominate the order book for tankers over the next five years, holding 30 percent of the orders between them. This is expected as China will continue to increase its share of world exports with the Chinese state buying raw materials for stockpiling.