Asian buyers have been snapping up Atlantic Basin crude at lower prices after tanker freight rates on cargoes from Africa and Brazil slumped from all-time highs, traders, shipbrokers and analysts said.Unipec, the trading arm of the world's top refiner Sinopec, bought some African cargoes last week. Both it and South Korea's largest refiner SK Energy have chartered vessels at much lower rates to load West African grades in December…
Asia LNG Transport (ALT), a joint venture between NYK and MISC Berhad, has signed a long-term time-charter contract with Malaysia LNG for a newbuild liquefied natural gas (LNG) carrier that will transport LNG to Japan.The vessel will be constructed by Hudong-Zhonghua Shipbuilding in China…
The disruption caused by the Iran war is forcing the energy industry to rethink its just-in-time approach to efficient supply chains and to consider investing in alternative routes which bypass the Gulf and the Red Sea.Attacks on shipping around…
Höegh Evi and Petroleum Sarawak (PETROS) have agreed to jointly develop, own and operate a proposed LNG import terminal in Kuching, Malaysia, targeting first gas by the end of 2029.The Kuching LNG Terminal will comprise a floating storage and regasification unit (FSRU)…
From Canada to Argentina, oil producers across the Americas have enjoyed a windfall during the Iran war by capturing market share lost by Middle Eastern exporters. The renewed focus on energy security globally could transform this emergency response into a lasting structural change…
The Iran war's redrawing of the global trade map is forcing Gulf nations to retool their investment play book, ploughing capital into infrastructure, from energy pipelines to ports, to weather the fallout from the conflict.The war has highlighted the Gulf's overreliance on the Strait of Hormuz…
The U.S. Department of Transportation's Maritime Administration (MARAD) has decided to move forward with issuing a deepwater port license to Delfin LNG after a federal appeals court denied review of a legal challenge by environmental groups…
Oil prices edged down after Oman said operations at Mina al Fahal port were proceeding normally, following a Reuters report that oil loadings had been suspended after an explosion.Brent crude futures LCOc1 fell 24 cents, or 0.25%, to $94.79 a barrel by 0704 GMT after settling down 2…
Konecranes has received an order from Westcon Helgeland, a Norwegian provider of ship repair, rig maintenance and equipment fabrication for the oil industry, for two double girder overhead cranes at its new production facility in Nesna, Norway…
UTC Overseas and Transoceanic Development have launched UTC Transoceanic (UTC Transo), a joint venture aimed at supporting the growing logistics needs of energy, power and industrial infrastructure projects along the U.S. Gulf Coast.Headquartered in New Orleans…
Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, has loaded and shipped its first liquefied natural gas (LNG) cargo from its export terminal in Sabine Pass in Texas, marking a step toward full commercial operations.Golden…
A fire broke out at Russia's Baltic Sea port of Ust-Luga, a major oil export hub, after a major Ukrainian drone attack, Russian officials said on Wednesday.Ukraine has stepped up drone attacks on Russian oil refineries and export routes over recent weeks in an attempt to weaken Russia's war economy…
At first glance, the Iran war appears to be hitting oil and gas with equal force, as missiles, drone strikes and shipping disruptions choke flows through the Strait of Hormuz.But beneath that surface symmetry lies a critical imbalance. The global…
Valero Energy Corp has shut its 380,000-barrel-per-day (bpd) oil refinery in Port Arthur, Texas, following an explosion and fire at a diesel hydrotreater unit, people familiar with the plant operations said on Monday.The cause of the explosion at the 47…
Iran accused Israel of striking its facilities in the huge South Pars gas field on Wednesday in a major escalation in the U.S.-Israeli war that sent oil prices shooting higher, and retaliated by vowing attacks on oil and gas targets throughout the Gulf…
