Oil News

 

Total Charters LNG Dual-fuel VLCCs

Apr 07, 2020

Malaysian shipowner AET said it signed a deal with Total's Chartering and Shipping Services SA for the time charter of two liquefied natural gas (LNG) dual-fuel very large crude carriers (VLCC). The two newbuilds, which are able to carry about 300…

While Oil Prices Plummets, Tanker Rates Fly High

Apr 02, 2020

If one ever needed proof that, no matter how dire the situation, there is always a silver lining, look no further than the crude tanker market, which has seen it day rates skyrocket in the face of a global pandemic that has effectively ground world commerce to a crawl…

Oil Economics: Freight Rate Surge Cuts into Trader's Profits

Mar 31, 2020

A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp…

Oil Tanker Rates Double

Mar 30, 2020

Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said.Freight rates for very large…

Booking Frenzy Sends Tanker Rates Soaring

Mar 12, 2020

The cost to transport oil on supertankers soared on Thursday as major producers scrambled to secure vessels to ship more crude in a bid to regain market share and buyers took advantage of plunging oil prices.Freight charges to ship oil in very large crude carriers (VLCCs) from the Middle East…

US to Warn Shipping Industry Against Storing Iranian Oil

Mar 09, 2020

The Trump administration will soon issue an advisory warning ports, tankers and shipping industry players against storing Iranian oil in violation of U.S. sanctions, a State Department official said on Monday.David Peyman, the deputy assistant…

No Felony Charges for Protesters Who Shut Houston Ship Channel

Mar 05, 2020

A Texas grand jury on Wednesday declined to issue felony indictments against a group of Greenpeace USA activists who closed a key oil export waterway for 18 hours last year by tying themselves to a Houston bridge and dangling over the water…

Coronavirus Leaves China-bound Tankers Stranded

Feb 14, 2020

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations…

Coronavirus Paralyzes Oil, Gas Sales into China

Feb 05, 2020

Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as the coronavirus slows economic activity and cuts demand and buyers ponder legal action to avoid having to honor purchase agreements, trade sources said…

US Lifts Sanctions on COSCO's Dalian Unit

Jan 31, 2020

The United States on Friday lifted sanctions on one of two units of the Chinese tanker company COSCO, the U.S. Treasury said, partially reversing its punishment on the company for transporting Iranian oil after China complained about the measure in trade talks with Washington…

Corpus Christi Crude Exports Boom

Jan 15, 2020

U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions.The infrastructure boom at Corpus Christi…

US Renews Waiver on COSCO's Dalian Tanker Unit

Dec 19, 2019

The Trump administration on Thursday renewed a waiver for companies to wind down transactions with the Dalian unit of a Chinese tanker company on which it had imposed sanctions in September for allegedly transporting Iranian oil.The waiver, good until Feb…

Oil Majors to Raise $27Bln in Selling Spree

Nov 18, 2019

Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets…

EIB Ends Financing for Fossil Fuel

Nov 17, 2019

The European Investment Bank (EIB), the EU's financing department, will bar funding for most fossil fuel projects to become the world’s first ‘“climate bank”.The bank will end its financing of oil, gas, and coal projects after 2021, and will accelerate clean energy innovation…

India, S. Arabia in New Petro Relationship

Oct 29, 2019

India and Saudi Arabia have decided to expand its ‘energy relationship’ into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast of India and investment in retail sector in petroleum…

Logistics News

EU Clears CMA CGM's Acquisition of Bollore Logistics, Subject to Conditions

EU Clears CMA CGM's Acquisition of Bollore Logistics, Subject to Conditions

ZIM Names Trio of LNG Containerships

ZIM Names Trio of LNG Containerships

Porto Chibatão Installs Four Harbor Cranes

Porto Chibatão Installs Four Harbor Cranes

Floating Production – A Growing Segment in Transition

Floating Production – A Growing Segment in Transition

Subscribe for Maritime Logistics Professional E‑News