So far, 120 companies have registered with the international KPI Project, started by InterManager but now an industry-led initiative. KPI data is being uploaded from more than 1,600 vessels into the web-based InterManager KPI Environment (IMKE) system…
China reached this milestone in December 2012, as its net petroleum imports surpassed those of the U.S. In a recent press release NYC-based PIRA Energy Group reports that weak reported oil demand in the U.S. reduced the commercial stock draw…
The market continues to struggle, and Drewry's latest Tanker Insight report saw the Drewry Tanker Earnings Index suffer a further decline in February.Weak demand hammered freight rates on major routes, especially for the larger vessel segments…
Mitsubishi Heavy Industries (MHI) and Imabari Shipbuilding jointly establish the MI LNG Company, Limited.Through establishment of the JV, the two companies aim to proactively prepare a structure capable of responding to large-scale LNG carrier construction projects…
The tankship 'Nord Integrity' took advantage of favourable winds & current to drift some 280 miles on passage to the loading port in order to save fuel.The 48,026 dwt tankship saved US$17,000 by shutting down the main engines and drifting…
Euronav, report a trading loss of almost US$ 119-million after tax in year-ending 2012 report, expect oil transportation market to re-balance in 2013.Prospects for 2013 On the supply side, given the current state of the tanker market and…
Drewry's latest 'LNG Insight' saw heating demand subside in major importing regions in February & cargo availablilty also tightened.Regarding cargo availability, a few unplanned shutdowns, caused a 4% decline in the LNG Freight Index.LNG shipping enjoyed a dream run during 2011 and 2012…
China Shipping Development Co. to order six liquefied natural gas (LNG) to tap the nation’s rising demand for cleaner fuel.The addition of the tankers comes as the world’s largest energy consumer plans to more than double natural gas consumption to cut its dependence on coal and oil…
Nordic American Tankers Limited (NAT) is to acquire a Suezmax tankship delivered to its owners earlier this year .The company has entered into a preliminary agreement to acquire a modern double-hull Suezmax tanker delivered from a top yard in South Korea in early 2013…
Belgium's Euronav sells Samsung newbuild 'Cap Isabella' 157,648 dwt to new owners then charters the vessel back long-term.Cap Isabella was sold for US$ 54,000,000, with delivery from Korea's SHI to the new owners due shortly.The vessel…
Greece-based Tsakos Energy Navigation Limited (TEN) fix 3-year charters for 5 Panamax LR1 product tankers with a major national end-user.These fixtures are expected to generate close to $80 million in gross revenues over the duration of their contracts…
Canada acts to upgrade its safety system for shipping oil & liquefied natural gas safely through Canada’s waterways before any major new energy export facilities become operational. The Government introduce eight measures to strengthen Canada's…
AET takes delivery of a second 'eco-design' VLCC that is fully compliant with the IMO Ballast Water Management Convention.Named Eagle Varna, this 320,000dwt vessel is fitted with a range of innovative technology that significantly reduces its fuel consumption and associated emissions…
The very large crude carriers (VLCC's) will load at Ras Tanura terminal for deliveries to a US Gulf Coast port next month.The very large crude carriers will each load 280,000 metric tons of oil at Saudi's Ras Tanura terminal between April…
IMA has completed an in-depth analysis of the floating production sector – including a forecast of orders for additional floating production systems between 2013 and 2017. Highlighted below are some key findings in Floating Production Systems: assessment of the outlook for FPSOs…
