Oil News

 

Frontline CEO Macleod Steps Down

Oct 07, 2020

Oil tanker company Frontline said Wednesday its CEO Robert Hvide Macleod had decided step down from his position. The oil and gas shipping firm said its board had appointed Lars H. Barstad, Frontline's commercial director, to take the role as…

Sovcomflot IPO Expected to Price at Low End of Range

Oct 06, 2020

Russian shipping company Sovcomflot is guiding investors to expect its initial public offering (IPO) to price at the low end of the marketing range, two bookrunners organizing the transaction said on Tuesday.The first big stock market float…

First Tanker to Load Crude at Libya's Hariga Port Since January

Sep 23, 2020

An oil tanker is expected to load crude at Libya’s Marsa el-Hariga terminal this week, the first since a blockade by eastern forces in January slashed the OPEC member’s oil production to a trickle.The Delta Hellas tanker will enter Libya’s Hariga…

Second Wave of Floating Storage Triggered by Ailing Oil Market

Sep 10, 2020

A stalled global economic recovery from the coronavirus pandemic is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again…

US Preparing Tighter Oil Sanctions on Venezuela

Sep 01, 2020

The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to exchange Venezuelan crude for fuel from the OPEC member…

Port of Houston Reopens as Hurricane Closure Lifted

Aug 27, 2020

The Port of Houston, the United States' largest energy export port, began reopening to commercial shipping on Thursday after a day-long closure due to Hurricane Laura, the U.S. Coast Guard said.Ports along the Texas and Louisiana coasts were…

Frontline's Earnings Surge on Demand for Oil Storage

Aug 27, 2020

Oil tanker group Frontline reported a big jump in second-quarter earnings on Thursday as energy traders paid to store crude that went unsold amid the COVID-19 pandemic, the company said on Thursday.Frontline's April-June adjusted net profit rose to $206…

Stored Crude, Condensate Could be Shipped from Shuttered Libyan Ports

Aug 19, 2020

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…

OCIMF Offering Remote Inspection Option

Aug 18, 2020

The Oil Companies International Marine Forum (OCIMF) said it is now providing a remote inspection option as an additional tool within its Ship Inspection Report (SIRE) program as a temporary measure to help guard against the spread of COVID-19…

China Ramps up US Oil Purchases Ahead of Trade Deal Review

Aug 17, 2020

U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms…

PDVSA Changes Oil Deals to Include Shipping as Sanctions Bite

Aug 10, 2020

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters…

Libya's NOC Warns of Dangers at Oil Ports

Aug 10, 2020

The chairman of Libya's National Oil Corp (NOC) on Saturday warned against the risk of a disaster at the country's oil ports due to a growing military presence with storage tanks held at capacity for months due to a blockade.'Oil ports are closed…

US Oil Exports to Europe Rebound

Jul 24, 2020

The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data.U.S. crude supply to Europe reached nearly 31 million barrels in July…

Webinar: Floating Production Forecasts & Analysis

Jul 24, 2020

A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis…

Spring Oil Flood Causes Summer Queues in Chinese Ports

Jul 02, 2020

Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April's oil price crash, according to traders and shipping data seen by Reuters.More than 80 million…

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