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Tankers

Olefin Trade Not Helping LPG Shipowners: Drewry

Graph: Drewry

 The freight market for S/R (Handysize) vessels will remain under pressure throughout 2018 on account of strong fleet growth and weak olefin trade, according to the latest edition of the LPG Forecaster published by global shipping consultancy Drewry.   The market has been under pressure since 2017, but olefin trade growth has averaged 3.

Zvezda Shipyard to Build an Advanced Ice Class Tanker for Rosneft

Photo: Rosneft

 AO Rosnefteflot, a subsidiary of Rosneft, and Zvezda shipyard signed a contract during the St. Petersburg International Economic Forum for the construction of a shuttle tanker Arc6 with a deadweight of 69,000 tons.    The contract provides for an option to build a second similar vessel. At the same time,

Concordia Boosts Tanker Biz

To prepare for a gradually strenghthening tanker market, Concordia Maritime decided to participate in three suezmax tankers chartered in by Stena Bulk.   The 158,000 dwt vessels were built in Korea between 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July,

UN Seeks Traders' Help Enforcing North Korea Sanctions

© Nobilior / Adobe Stock

A U.N. monitoring group wants to enlist the help of the world's biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said.The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.

Valero Boosts Imports of Venezuelan Oil as Sanctions Loom

© sarojmornparn / Adobe Stock

U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.Venezuelan oil production has tumbled to a multi-decade low this year,

First LNG Bunkering of Fure Vinga in Europe

Photo: Nauticor

On May 19, 2018, the new build chemical tanker “Fure Vinga” bunkered LNG for the first time in Europe, receiving 120 tons of LNG in a truck-to-ship operation in the port of Cartagena. In total, 6 trucks of LNG were brought to the Spanish port and transferred to the vessel.  “We are glad that the first

Gunvor, Oceangold and Maas Capital Form Tanker JV

© Anatoly Menzhiliy / Adobe Stock

A new ship holding company has been formed through a joint venture agreement between physical energy trader Gunvor Group, ship management company Oceangold Tankers and investor Maas Capital.The three partners hold an equal share in the new company, ClearOcean Tankers, which has been incorporated in Cyprus.

Tokyo Gas Takes First LNG Cargo from Cove Point

© Dexter / MarineTraffic.com

Japan received its first shipment of liquefied natural gas (LNG) on Monday from Dominion Energy Inc's newly completed Cove Point export plant, the beginning of a jump in imports from the United States by the world's biggest buyer of the fuel.The docking of the tanker LNG Sakura at Tokyo Gas Co's Negishi

US Exports to China to Rise amid Trade Talks, but Volumes are Capped

© donvictori0 / Adobe Stock

China has pledged to buy more U.S. goods to reduce America's huge trade deficit and help avoid exacerbating a trade war between the world's two biggest economies, with energy and commodities high on Washington's list of products for sale.The U.S. trade war with China is "on hold" after the governments

Scorpio Tankers to Sell, Leaseback Five Product Tankers

Photo: Scorpio Tankers

 Scorpio Tankers announced that it has agreed to sell and leaseback three MR product tankers (STI Ville, STI Fontvieille and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. Upon completion, the Company’s liquidity is expected to increase by

Torm Stops Taking Orders in Iran Due to US Sanctions

(Photo: Torm)

Danish oil product tanker operator Torm on Tuesday said it has stopped taking new orders in Iran as a consequence of U.S. plans to reimpose sanctions on Tehran."We follow the situation closely and always follow the rules. Therefore, we have also stopped taking new orders in Iran," a spokeswoman told Reuters.

Norway Expects Gas Export Prices to Slip in 2019

© Carabay / Adobe Stock

Prices of Norwegian gas exports are likely to rise slightly this year amid strong demand, but will fall back in 2019 as liquefied natural gas (LNG) deliveries in Europe are expected to increase, the government said in its revised budget on Tuesday.Europe's largest gas supplier after Russia forecast gas export prices would rise by 0.

U.S. Coast Guard Responds to Collision

Coast Guard marine inspectors and investigators are investigating the cause of the collision and assessing the damage to the Tofteviken’s hull, and to ensure appropriate repairs are completed. Photo Credit: USCG Sector NY

The Coast Guard Sector New York is responding to a report of a collision at sea May 12, 2018, involving the loaded tankship Tofteviken and the commercial fishing vessel Polaris.   Coast Guard marine inspectors and investigators are investigating the cause of the collision and assessing the damage to the Tofteviken’s hull,

Gunvor to Lease Exmar FSRU

Photo: Exmar

 Gunvor will lease the floating storage and regasification unit (FSRU) for ten years from the Belgian gas tanker company Exmar.   "Exmar is pleased to announce that it has executed a fully effective ten year charter with Gunvor for the provision of its FSRU (floating Storage and Regasification Unit) barge and related services in Bangladesh,

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