Stored Crude, Condensate Could be Shipped from Shuttered Libyan Ports
A limited reopening of Libyan oil terminals could allow the export of some crude oil and condensate stored at Es Sider, Brega, Zueitina and Hariga, but leaves a months-long blockade of the ports in place, oil engineers say.East Libyan authorities said on Wednesday they would permit exports of the stored products in an effort to ease an electricity supply crisis that has resulted in increasingly lengthy power cuts.The ports have been blockaded since January by east Libyan factions as part a wider conflict…
QP Ships Naphtha to Thailand
Qatar Petroleum (QP), a state owned petroleum company of Qatar, said that it had concluded a 10-year sales agreement to supply Thailand's SCG Chemicals with a total of 3 million metric tons of light naphtha starting from this month.The agreement was made for and on behalf of the Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP), Qatar Petroleum said in a press release.This long-term supply agreement is the first QPSPP naphtha feedstock sale to an end-user in Thailand…
Turkey to Impose Retaliatory Measures against US Tariffs
Turkey will impose counter-measures on the United States in retaliation against steel and aluminum import tariffs imposed by President Donald Trump, the state-run Anadolu news agency said on Friday, citing officials from the economy ministry.The measures will target U.S.-based coal, paper, walnuts, almonds, tobacco, paddy, whiskey, automobiles, cosmetics, machinery and equipment, and petrochemical products, the officials were quoted as saying.Trump decided in March to impose import duties of 25 percent on steel and 10 percent on aluminum, drawing criticism from other countries for heightening
South Korea's April Exports Fall Unexpectedly
South Korean exports declined in April for the first time in 18 months, unable to keep up with 2017’s brisk pace as global demand softened, adding to worries about the country’s trade outlook amid the risk of a deepening U.S-China trade conflict.Exports fell 1.5 percent to $50.1 billion from a year earlier, marking the first decline since October 2016 when shipments fell 3.2 percent, government data showed on Tuesday. Economists polled by Reuters had forecast 4.1 percent growth.Imports increased 14.5 percent to $43.4 billion…
Bahri Tanker NCC Amal Carries Chemical Cargo to China
National Shipping Company of Saudi Arabia (Bahri) announced the transportation of the first chemical shipment from Aramco Trading Company (ATC), a wholly-owned subsidiary of Saudi Aramco that trades refined, liquid chemical and polymer products, via ‘NCC Amal,’ a 45,000 DWT Bahri chemical tanker which left Port of Rabigh heading to China. The shipment, which contains 25,000 metric tonnes of paraxylene (PX) and 20,000 metric tonnes of monoethylene glycol (MEG), marks the completion of Phase II of the Petro Rabigh Company (PRC) project…
Thailand’s MTT Arranges Emergency Response Framework
The Map Ta Phut Tank Terminal Company (MTT) has signed an official preparedness framework agreement with Ardent. The deal is the first of its kind in Thailand and is specifically structured to mitigate risk by pre-staging response elements and training Thai-based terminal operators to work with emergency management elements. MTT is a commercial port and storage terminal dedicated for liquid and gaseous petrochemical products. MTT terminal, comprising of four marine jetties and 33 storage tanks, is able to support more than 20 varieties of petrochemical products.
Iran Strikes $2.4bn Ship Order with Korea
Iran has placed orders worth around $2.4 billion with South Korean shipyards for the construction of ships to carry Iran’s oil and petrochemical products, The Wall Street Journal says. The orders have been placed by the Islamic Republic of Iran Shipping Lines (IRISL) and the oil producer Iranian Offshore Oil Company (IOOC). The Korean companies involved in the case are Hyundai Mipo Dockyard, which is a subsidiary of shipbuilding giant Hyundai Heavy Industries Group, as well as Daewoo Shipbuilding and Marine Engineering Company.
FESCO Trans-Caspian Service Links Russia and Iran
FESCO Transportation Group, in cooperation with the Maritime port of Olya, is launching the Trans-Caspian intermodal service FESCO Russia Iran Service (FRIS), to carry out freightage between Russia and Iran. The service includes shipping over the Caspian, railway and/or motorway transportation over Russia, highway transportation over the territory of Iran, as well as transshipment in ports Olya and Nowshahr or Bandar-e Anzali. Accepted for shipping are containerized and general cargoes; the shipping is performed in accordance with FESCO’s through bill of lading.
Iranian Ships Start Calling at Antwerp port
The Iranian shipping company Islamic Republic of Iran Shipping Lines (IRISL) called at the port of Antwerp with one of its ships this week, for the first time since economic sanctions were lifted. The honour of being the “first” Iranian ship in Antwerp’s waters fell to the container carrier Azargoun which moored at the Antwerp Gateway terminal in the Deurganck dock. A deputation of representatives from the Port Authority, the ship’s agent PWL and the terminal operator went on board to welcome the ship’s master and crew.
Japan's MHI Bags Indian Oil's LNG Storage Tank Contract
Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal in Tamil Nadu to Mitsubishi Heavy Industries Pvt Ltd (MHI) of Japan. "We have received an EPC (engineering, procurement and construction) order from Indian Oil to construct two LNG storage tanks. The LNG tanks will be the main facility at the first LNG receiving terminal to be constructed on India's east coast. This is also the first LNG storage tank order that MHI has received from India.
Investment Impact in Inland Waterways System
The National Waterways Foundation (NWF) has commissioned and released a two-year, ground-breaking study by the University of Tennessee and the University of Kentucky, “Inland Navigation in the United States: An Evaluation of Economic Impacts and the Potential Effects of Infrastructure Investment” (November 2014). The study examines the waterways’ national economic return on investment and the need for and benefits of an accelerated program of waterways system improvements that sustain and create American jobs.
Chevron - First Gas from Bangladesh Bibiyana Project
Chevron Corporation today announced that its Bangladesh subsidiary has commenced natural gas production from the Bibiyana Expansion Project in the northeastern part of the country. The project included an expansion of the existing gas plant to process increased natural gas volumes from the Bibiyana Field, additional development wells and an enhanced gas liquids recovery unit. The project is expected to boost Chevron-operated natural gas production capacity in Bangladesh by more than 300 million cubic feet per day to 1.4 billion cubic feet per day.
AMP's Allegretti Questions Jones Act Critics
Tom Allegretti, Chairman of the American Maritime Partnership (AMP), the voice of the domestic maritime industry, today highlighted the continued renaissance of the nation’s maritime sector, particularly its robust response to meet new water transportation demands created by the surge in domestic energy production. “The domestic maritime industry, with the Jones Act as its statutory foundation, is investing heavily to meet the transportation demands of a booming energy economy,” Allegretti said.
Suez Canal Toll Rise Takes Effect
The Suez Canal Authority (SCA) raises toll fees by 5% for oil tankers & petrochemical products, 2% for container ships & car carriers effective 1, May 2013. News of the latest rise in tolls follows last year's SCA increase of a 3% rise for all ships passing through the canal. Suez Canal revenues have become more important because the country’s foreign currency reserves have shrunk from $36bn since the eve of the 25 January Revolution to $13.5bn, reports the 'Daily News, Egypt'.
Maritime Companies Need to Know: What is an “Iranian Person?"
On December 23, 2012, the restrictive measures against Iran contained in Council Regulation (EU) No 1263/2012 came into force. The measures supplement those already contained in Regulation 267/2012 of March 23, 2012. While extending the restrictive measures in areas already legislated for, such as over the transfer of funds and financial services, it introduces new prohibitions which affect the shipping industry in a number of important ways. In particular, ship builders and repairers…
ACL Reports Q3 Results
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced results for the quarter and nine months ended September 30, 2009. Revenues for the quarter ended September 30, 2009 were $216.0 million, a 31.1% decrease compared with $313.7 million for the quarter ended September 30, 2008. The decrease in revenue was primarily due to changes in the mix of commodities shipped by our customers in the respective quarters into lower revenue commodities and to lower volume in the current year.