US to Work "aggressively" for Free Gulf Passage
U.S. Central Command chief General Kenneth McKenzie said on Thursday it was talking to other countries about freedom of navigation in the Gulf and would work "aggressively" to find a solution to enable free passage.The United States has beefed up its military presence in the Middle East over a perceived Iranian threat and is asking allies to help protect strategic waters off Iran and Yemen, following attacks on oil tankers in Gulf waters in recent months."We are currently talking…
Shipping Losses Lowest This Century as New Dangers Emerge
The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk…
Maersk, Major Shippers Hike Gulf-bound Box Rates
BIMCO: VLCC Freight Rates from Gulf to China Doubles
VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between June 13, 2019 and June 20, 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz. Spot freight rates for a VLCC, carrying 2 million barrels of oil, between the Arabian Gulf and China reached USD 25,994 per day on June 20, their highest level since March and significantly above the May average of USD 9,979 per day.Despite this increase, freight rates on this route only narrowly exceeds the daily break-even costs of a VLCC…
Trump Warns Tehran of Possible Attack, Calls for Talks
Iranian officials told Reuters on Friday that Tehran had received a message from U.S. President Donald Trump warning that a U.S. attack on Iran was imminent but saying he was against war and wanted talks on a range of issues.News of the message, delivered through Oman overnight, came shortly after the New York Times said Trump had approved military strikes against Iran on Friday over the downing of a U.S. surveillance drone, but called them off at the last minute."In his message…
Iran: If Strait of Hormuz to be Blocked, it will do it "publicly"
Iran's military denied on Monday being behind attacks on oil tankers in the Gulf of Oman last week, and said if it decided to block Strait of Hormuz, a vital gateway in the Gulf for the oil industry, it will do it publicly.Iran’s Armed Forces Chief of Staff, Major General Mohammad Baqeri was quoted as saying by Fars news agency: "Regarding the new incidents in the Persian Gulf... if the Islamic Republic of Iran decides to block exports of oil through the Strait of Hormuz, it is militarily strong enough to do that fully and publicly."Reporting by Bozorgmehr Sharafedin
DHT and Heidmar Halt New Bookings to Mid-East Gulf
Oil tanker owners DHT Holdings and Heidmar have suspended new bookings to the Mid-East Gulf, three ship brokers said, following suspected attacks on two oil tankers in the Gulf of Oman on Thursday.DHT has a large fleet of Very Large Crude Carriers (VLCCs) and Heidmar has a wide range of oil tankers.
Two Tankers Attacked in Gulf of Oman
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.
Sovcomflot Selects Orange for Maritime VSAT
Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot has chosen Orange Business Services to deploy an advanced Maritime VSAT solution on eight vessels.According to a press release from the the business services arm of Orange S.A., this initial rollout will keep the ships connected even when operating on the high seas, improving safety and optimizing navigation in challenging conditions.In addition, this solution will make it easier for crews to stay in touch with friends and family…
Japan Oil Industry Braces for Higher Middle East P&I Costs
The costs of buying crude oil from the Middle East could rise as war insurance for ships travelling in the region will be expanded to include vessels travelling off the United Arab Emirates and Oman, the head of Japan Petroleum Association said on Friday.Japan is the world's fourth-largest oil importer and imports 90% of its crude from the Middle East, government data showed.Asian shippers and refiners had put ships heading to the Middle East on alert and were expecting a possible rise in marine insurance premiums following attacks on Saudi oil tankers and pipeline facilities earlier in May.Ta
Risk Drives Up US-Venezuela Cargo Rates
Two major shipping lines this month have raised their rates for transporting goods from the United States to Venezuela, according to three industry sources and two documents, as U.S. sanctions limit transit between the two nations.Washington on May 15 banned direct flights between the United States and Venezuela, citing safety concerns, as part of a broad package of sanctions meant to pressure Nicolas Maduro into resigning as president of the crisis-stricken country.Citizens and…
U.S. Urges Response "short of war" to Tanker Attack
The U.S. ambassador to Saudi Arabia said Washington should take what he called "reasonable responses short of war" after it had determined who was behind attacks on oil tankers off the coast of the United Arab Emirates.Iran was a prime suspect in the sabotage on Sunday although Washington had no conclusive proof, a U.S. official familiar with American intelligence said on Monday. Iran has denied involvement."We need to do a thorough investigation to understand what happened, why it happened…
Saudi Tankers Among Those Hit off UAE Coast
Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world's largest bunkering hubs lying just outside the Strait of Hormuz, but did not describe the nature of the attack or say who was behind it.The UAE had not given the nationalities or other details about the ownership of the four vessels.
Ports Part of Solution, Not the Problem - BPA Chair
Martin Lawlor, Chief Executive at the Port of Blyth and Chair of the British Ports Association: "Ports part of the solution, not the problem on a range of challenges facing the UK."A record turnout of over 300 guests gathered in London today for the British Ports Association’s annual lunch and AGM, which struck an optimistic tone about the role of ports in supporting a range of economic and environmental goals.Maritime Minister Nusrat Ghani MP, speaking at the lunch, said: “Ports are key to the vitality of the UK economy – underpinning regional and national growth.
BIMCO: US Seaborne Crude Oil Exports Hit Record High
US exports of crude oil have, since August 2018, continued to rise every month, with a new record high in January of 9.6 million tonnes. Exports rose in January on the back of increased sales to Europe, which rose from 2.7 million tonnes in December to 4.8 million tonnes in January.A strong end to 2018 meant that volumes for the full year totalled 87.4 million tonnes, 96.7% higher than the 44.4 million tonnes exported in 2017. This is good news for the crude oil tanker sector…
Dan-Bunkering Hires Four New Traders
Dan-Bunkering has announced the hiring of four new team members for the office in Dubai. Trader-wise the Middle Eastern office is the second largest office in the Group, only marginally overtaken by the head office in Middelfart, Denmark.The four new appointments consist of four different nationalities, i.e. Nakul Dubey, Capt. Ada Ezgi Baser, Norman Xie Changlong, and Rune Jensen.Nakul Dubey was born in India and did his Master’s in Business Administration in the UAE before joining Dan-Bunkering as a Base Oil & Bitumen Trader.Capt.
McQuilling ends tanker contracts with PDVSA
A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter.U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement (BSM) in withdrawing from providing oil-shipping services to Venezuela.The United States levied…
Moda Midstream Eyes Second TX VLCC Berth
Moda Midstream LLC is considering building a second berth at its Ingleside, Texas, crude export terminal to accommodate booming shale oil production on the Gulf Coast, the company's chief executive said on Thursday.The expansion to the terminal that loads oil tankers will come as three major pipelines open in the second half of 2019, CEO Bo McCall said in an interview. Moda is also increasing the facility's crude storage capacity to 10 million barrels from 2 million."When these new pipelines come online…
Ecochlor Wins BWMS Contract with ATC
Alaskan Tanker Company (ATC) will retrofit the Ecochlor ballast water management system (BWMS) on board their fleet including three VLCC crude oil tankers and an option for one additional vessel. Each of these vessels are U.S. flag tankers with Zone 1 and Zone 0 hazardous areas.The Ecochlor BWMS is approved for installation in both US Flag and International vessels in hazardous areas rated Zone 1 or Zone 0 through their U.S. Coast Guard Type Approval certification. The installations will start in the fall of 2019 and run through 2021 at the Sembawang Shipyard…
Sovcomflot Orders Three LNG-fueled Tankers from Zvezda Shipyard
On December 28, 2018, Sovcomflot (SCF Group) placed an order at Zvezda shipbuilding complex for construction of three new generation product carriers that use cleaner-burning LNG fuel as their primary fuel.Three MR-class vessels will have a deadweight (DWT) of 51,000 tonnes each. They will transport petroleum products and gas condensate and will be chartered to Novatek under long-term time charter agreements. Each tanker will have an ice class of 1B, enabling safe operations in areas with challenging ice conditions, including the Baltic.Using LNG fuel enables to significantly reduce emissions.
BIMCO: Global Shipping Scouts for Future Growth
Reflections 2019 – Market Analysis Section By Peter Sand, Chief Shipping Analyst.This article contains extracts from BIMCO’s Reflections 2019, which will be available in full on 2 January 2019 on www.bimco.org and will be sent out to all BIMCO members alongside their free member copy of BIMCO’s Holiday Calendar 2019.Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we should look towards emerging and developing countries.
IOC: 5-year Tender on Scrubber-fitted Tankers
Indian Oil Corp (IOC) issued a global tender to charter scrubber-fitted oil tankers for at least five years to import Iraqi oil, a tender document seen by Reuters showed.The tender says Indian shippers will be given first right of refusal for the contract as the nation seeks to boost its shipping industry. It is seeking bids from vessels that are less than 10-years old.A scrubber is a product that strips out sulphur emissions and, in doing so, can allow shippers to use dirtier…
HES Hartel Tank Terminal on Track
The consortium Boskalis, Van Hattum en Blankevoort and Mobilis is constructing a deep-sea quay, inland navigation quay and jetty for the new HES Hartel Tank Terminal on the Hartelstrook (Maasvlakte 1), on behalf of Port of Rotterdam Authority.To enable the tank terminal to accommodate large oil tankers and inland vessels, the consortium is constructing a 1,200-metre quay wall for sea-going vessels, an 1,100-metre quay wall and a 350-metre jetty with four berths for inland vessels…
Ship Owners Are Scrambling to Install Scrubbers
Ship owners accelerated installations of engine emissions cleaning systems this year ahead of stringent new rules in 2020 which sharply reduce the amount of sulphur ships can emit from the 3.5 percent in current bunker fuel to 0.5 percent, according to a report.Vessel operators can either switch to cleaner, but more expensive, marine gasoil or install scrubbers to filter sulphur from dirtier fuel oil.The looming change in International Maritime Organization (IMO) rules has impacted…
BW LPG: Proposal to Combine with Dorian Withdrawn
BW LPG Limited (BW LPG) announced that it has withdrawn its proposal to combine with Dorian LPG Ltd. (Dorian). BW LPG will also withdraw the candidates it previously intended to nominate to stand for election to the Dorian board at Dorian’s 2018 Annual Meeting of Shareholders.BW LPG also announced that the following letter has been sent on October 8, 2018 to the Chairman, President and Chief Executive Officer of Dorian:Mr. John HadjipaterasChairman, President and Chief Executive OfficerDorian LPG Ltd.c/o Dorian LPG (USA) LLC27 Signal RoadStamford…
Singapore Looks to Tighten Controls in its Bunkers Supply Chain
Singapore authorities are looking to apply stricter control measures across the marine fuels sector supply chain, a spokeswoman for the government agency Enterprise Singapore said on Thursday, to boost transparency and accountability in a notoriously opaque industry.The Technical Committee for Bunkering has submitted a proposal to the national standards body, Enterprise Singapore, for a new standard on quantity, measurement and sampling requirements for transfer of bunker fuel from oil terminals to bunker tankers using mass flow metering, the spokeswoman said."This proposed standard complement