Oil Tankers News

The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said.Rising prices for Iranian oil as well as Russian crude are raising costs for independent Chinese refiners that account for about a fifth of demand at the world's top crude importer, underscoring challenges ahead as the Trump administration is expected to ramp up pressure on Iran.Some of the refiners are switching to supplies not under sanction restrictions…

Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.Brent crude futures rose 48 cents, or 0.7%, to $74.06 a barrel by 1445 GMT. U.S.

Oil prices eased about 1% to a one-week low on Tuesday on demand worries following the release of negative economic news from Germany and China, while investors remained cautious ahead of a U.S. Federal Reserve decision on interest rates.Brent futures fell 90 cents, or 1.2%, to $73.01 a barrel by 1:36 p.m. EST (1836 GMT), while U.S. West Texas Intermediate crude slipped 86 cents, or 1.2%, to $69.85. That puts both crude benchmarks on track for their lowest closes since Dec. 10 and cut the premium of Brent over WTI to a 12-week low of $3.56 a barrel…

Spilled oil has washed up along "tens of kilometres" of the Russian Black Sea coast after two tankers were badly damaged in a storm at the weekend, a regional official said on Tuesday, and state media said a third vessel was now in trouble.TASS news agency said the third ship, also a tanker, had issued a distress signal off the port of Kavkaz, but its hull was still intact, there was no oil spillage and the crew was safe.The first ship, the Volgoneft 212, split in half on Sunday in the Kerch Strait, between the Black Sea and the Sea of Azov.

The United States hit North Korea and Russia on Monday with new sanctions that the Treasury Department said targeted Pyongyang's financial activities and military support to Moscow.The sanctions, which list North Korean banks, generals and other officials as well as Russian oil shipping companies, are the latest U.S. measure aimed at disrupting North Korea's support to Russia's war in Ukraine.The North Korean banks targeted include Golden Triangle Bank and Korea Mandal Credit Bank…

A Russian oil tanker carrying thousands of tonnes of oil products split apart during a heavy storm on Sunday, spilling oil into the Kerch Strait, while another tanker was also in distress after sustaining damage, Russian officials said.The vessels were in the Kerch Strait between mainland Russia and Crimea, which Russia annexed from Ukraine in 2014, when they issued distress signals.Russian investigators opened two criminal cases to look into possible safety violations after at least one person was killed when the 136-metre Volgoneft 212 tanker…

Belgian oil tanker company CMB.TECH has soled three Suezmax vessels to Bocimar International, a wholly owned subsidiary of CMB.The Suezmax vessels include Selena (2007, 150,205 dwt) Cap Victor (2007, 158,853 dwt) and Cap Felix (2008, 158,765 dwt).The sale will generate a capital gain of $70.9 million, and the vessels will be delivered to their new owner in December 2024, CMB.TECH said.“The transaction enables the company to manage its portfolio of ships in line with its strategy of decarbonizing and optimizing its fleet.

Diesel shipments from the U.S. Gulf Coast to Europe's main trading and refining hub, the Amsterdam-Rotterdam-Antwerp (ARA) region, are set to rise owing to improving export margins on the back of scarce supply in Europe and rising U.S. refinery production, according to traders and ship tracking data.Europe is seeking higher transatlantic diesel imports, as weaker export margins for shipments from east of Suez slowed flows on that route in the last two months. Rising European gasoil…

U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 barrels in the week, the EIA said. Net U.S.

U.S. authorities have arrested a Turkish man who they allege was trying to violate sanctions by transporting oil from Venezuela, the Justice Department said on Monday.The U.S. reimposed sanctions on the Venezuelan oil company PDVSA in June after what it said was the failure of President Nicolas Maduro to return to talks with the political opposition and commit to fair elections.In a statement, the Justice Department said 37-year-old Taskin Torlak had "allegedly conspired to illegally sell Venezuelan oil…

The 73-meter-long German oil and chemical tanker Annika caught fire on October 11 whilst northeast of Kühlungsborn, Germany, in the Baltic Sea. The Maritime Rescue Co-ordination Centre (MRCC) Bremen, operated by the German Society for the Rescue of Shipwrecked People (DGzRS), led the response.The sea rescue boat Wilma Sikorski rescued all seven crew members shortly after the fire was reported, and Reuters reports that the fire was extinguished and the vessel is now safely into the port of Rostock.The vessel was carrying around 640 tonnes of oil…

A new analysis from Windward reports a 20% decrease in the volume of direct oil voyages out of Russia in Q3 2024 compared to Q2.Q3 2024 marked the lowest monthly average of direct voyages from Russia to China since March 2023. When compared to Q2 2024 averages, there is a decrease of 12% in such voyages.This is the first total volume decrease since the beginning of the war between Russia and Ukraine and is likely related to the slight decrease in port calls in Russia this quarter.However…

The breakaway and grounding of an oil tanker in the Brisbane River, Australia, in February 2022 illustrates the importance of clearly defined emergency and risk management arrangements, according to the Australian Transport Safety Bureau (ATSB) investigation report.On February 27, 2022, during a period of heavy, sustained rainfall and flooding in south-east Queensland, the 185-meter Hong Kong-flagged oil products tanker CSC Friendship was berthed at the Ampol products wharf in the Port of Brisbane…

The Greek-flagged ship Sounion has been on fire since Aug. 23 after an attack by Yemen's Houthis with no obvious signs of an oil spill, EU Red Sea naval mission Aspides said in a post on X on Monday.The EU mission published photos dated Sunday showing fire and smoke coming out of the vessel's main deck.Houthis, who control Yemen's most populous regions, said on Thursday that they attacked the Sounion oil tanker in the Red Sea. The Iran-aligned group has been attacking ships in…

The Energy Workforce & Technology Council has signaled its support for the Energy Permitting Reform Act of 2024, introduced by Senate Energy & Natural Resources Chairman Joe Manchin (I-WV) and Ranking Member John Barrasso (R-WY).The two lawmakers on the Senate energy committee introduced the legislation on Monday. It is designed to speed permitting of power transmission, mining and liquefied natural gas export projects."I am encouraged by the bipartisan permitting reform package introduced by Senator Manchin and Senator Barrasso.

A tanker that was involved in a collision near Singapore last week entered the area of Malaysia's Bertam floating oil terminal on Monday morning after it was intercepted by local authorities on Sunday, shipping data from LSEG and Kpler showed.The Sao Tome and Principe-flagged supertanker Ceres I left the scene of a fiery collision with another tanker, the Singapore-flagged Hafnia Nile, on Friday.The Ceres I was found in Malaysian waters with two tugboats towing it, the coast guard…

Britain added 11 new shipping sanctions under its Russia sanctions regime related to the war in Ukraine, an official notice showed on Thursday.The government said the sanctions on ships including Zaliv Amurskiy and SCF Pechora relate to the carrying of oil or oil products from Russia to a third country.The ships are believed to have the flags of Panama, Gabon and the Cook Islands, the government notice said.Last month, Britain imposed its first sanctions targeting vessels in Russian…

The Greek navy this week extended an advisory effectively banning ship traffic off the coast of the southeastern Peloponnese and further, in a bid to deter ship-to-ship transfers of Russian oil off Greece, three sources said.Greece, over the past months, has been issuing and extending such advisories for military exercises off the Laconian Gulf and even further, off the island of Kithira, urging merchant and other vessels to avoid the area.The latest advisory was extended until Sept.

The 16-strong crew of a Comoros-flagged oil tanker that capsized off Oman are still missing, the country's maritime security center said on Tuesday, a day after the sinking was reported.The crew of "Prestige Falcon" comprised 13 Indian nationals and three Sri Lankans, the Omani center said in a post on the social media platform X.Separately, the center told Reuters that the vessel remains "submerged, inverted". It did not confirm whether the vessel had stabilised or whether oil…

A Comorian-flagged oil tanker was capsized 25 nautical miles southeast of Oman's Ras Madrakah in Duqm port town, Omani state news agency ONA reported on Monday, citing Oman's Maritime Security Centre.(Reuters - Reporting by Jaidaa Taha and Muhammad Al Gebaly; Editing by Chris Reese)

The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping has published a technical, environmental, and techno-economic analysis of the impacts of preparation and conversion of tankers for green fuels.Using insights from project partners, the project aimed to understand the technical requirements and cost of converting from fuel oil to methanol or ammonia and from NG to ammonia.The report considered reference designs for two types of tanker vessels: LR2 and VLCC. These vessel types are two of the largest in the tanker segment…

ClassNK has issued an Approval in Principle (AiP) for a design concept of the hydrogen-fueled engine compatible oil tanker with electric propulsion system.The 5,000KL oil tanker design has been developed by Uyeno Transtech, Yanmar Power Technology, and Mitsui E&S Shipbuilding.This is the world’s first AiP certification for the design of an oil tanker using liquefied hydrogen as a fuel.The ship was designed as part of the ‘Development of Large-scale Hydrogen-fueled Domestic Tanker…

Crude tanker demand is forecast to outpace supply in 2024 but grow slower than supply in 2025 as ships may return to the Suez Canal and sailing distances shorten, according to BIMCO’s May issue of its Tanker Shipping Market Overview & Outlook.Driven by increasing sailing distances, product tanker demand is also expected to grow faster than supply in 2024 but slower in 2025. A tightening supply/demand balance should result in increases in rates and prices in both markets in 2024…