Tanker News

Last month's CrowdStrike IT outage that grounded scores of flights created new problems for California's fuel market, forcing U.S. traders to store jet fuel destined for the state on waterborne tankers, storage broker The Tank Tiger told Reuters this week.The outage exacerbated existing constraints on petroleum storage in California, where policies aimed at ending fossil fuel usage have made it harder to setup new oil and gas infrastructure."When it comes to petroleum products storage in California, there has been no room at the inn for several years," Ernie Barsamian, founder of U.S.

Seatrium Limited has secured a series of repairs and upgrades contracts with an aggregate value of S$180 million.All projects, with the exception of one, will be completed by end 2024. The range of complex contracts include major repairs on offshore vessels, naval vessels, ferries, LNG carriers, tankers, as well as damage repair.Seatrium has secured a series of four offshore refits, including two jack-ups and two drillships, from esteemed regular customers, Velesto Energy Berhad, Zonda Drilling AS and Seadrill Limited.

Large scale route diversions as a consequence of the Red Sea/Suez Canal crisis have seen deadweight demand for crude and product tankers increase by 5.5% and 4.5% respectively in 2024.In its Q2 2024 report, MSI finds that the market is currently in an unfamiliar equilibrium after two years of extreme volatility. This has been supported by wider stability in oil markets and falling vessel deliveries.Analysis of market movements in the first half of 2024 finds that deadweight demand growth far outstrips that of oil demand and trade.

Swiss marine power company WinGD, Swedish marine technology leader Alfa Laval and the American Bureau of Shipping (ABS) will work with Korean shipbuilder K Shipbuilding (KSB) on the development of an ammonia-fueled MR tanker design.Two agreement follows the memorandum of understanding (MoU) signed in April. The design will feature a 6X52DF‑A engine from WinGD.WinGD will work with KSB to deliver fuel gas system specifications suitable for the vessel application and the selected engine, while Alfa Laval will deliver the detailed documentation for the final fuel gas system design.

The maritime industry has seen a very long sequence of environmental regulations since the first implementation of MARPOL in the early 1970’s. All of these regulations have very much benefitted the ocean environment and also our industry to some degree. One of those regulations, OPA90, has had an outsized effect to an extent that it may no longer be as effective as it was in recent years due to its own success.Tanker oil spills in the United States have become so rare that people with actual U.S.

MOL Chemical Tankers has reached a deal to acquire the business of Fairfield-Maxwells' Fairfield Chemical Carriers in an all-cash transaction.Under the agreement, MOL Chemical Tankers would obtain 100% of the shares in Fairfield Chemical Carriers for about $400 million, subject to change depending on the price adjustment under the share purchase agreement.Fairfield Chemical Carriers’ fleet of 36 chemical tankers would dovetail with MOL Chemical Tankers’ fleet of 85 chemical tankers.

Djibouti-registered tanker YOUNG YONG ran aground off Takong Kecil in the Riau Islands,  Indonesia in the Singapore Strait at around 2020h on 26 October, the Maritime and Port Authority of Singapore (MPA) said Monday. The master of the tanker informed the MCA of the grounding.According to MPA. before the grounding, MPA's Port Operations Control Centre (POCC) issued early shallow water warnings through its Vessel Traffic Information System (VTIS) to the tanker on the potential risk of its  grounding. MPA also said it had alerted the Indonesian authorities immediately after the incident happened.Credit: MarineTraffic.com "The Indonesian authorities are leading refloatation efforts for the  tanker…

Greenpeace said it prevented on Thursday a tanker from unloading Russian liquefied natural gas (LNG) at Finnish state-owned Gasum's terminal in Nynashamn on Sweden's east coast.The environmental campaigning network in a statement called on the Swedish government to immediately stop the import of Russian fossil LNG.It said a Greenpeace vessel and activists in kayaks outside the loading dock had prevented the LNG tanker Coral Energy from docking, while other activists had climbed into the cranes used to unload the gas."The fact Russian fossil gas is still allowed to flow into Sweden…

An Iranian-flagged tanker anchored off Piraeus port is expected this week to retrieve part of its cargo which was confiscated by the United States and sail back to Iran, following a Greek top court ruling, government sources said on Wednesday. The case has strained relations between Athens and Tehran amid growing tensions between Iran and the United States.The removal of oil from the Lana, formerly Pegas, prompted Iranian forces to seize two Greek tankers in the Middle East Gulf which have not yet been released. "The (Greek) Supreme Court's ruling...

The Signal Group offers an exhaustive overview of the trends in the dry bulk and tanker markets that both defined 2021, and offer a glimpse as to what might be in store for 2022 and beyond. The report is excerpted in short below; to see the full report CLICK HERE.Using Signal Ocean data, give the insight to analyze the trends and changes across the major vessel sizes in the dry and tanker freight market for 2021. This time last year, Signal Group analyzed the effects of the coronavirus pandemic on commercial shipping with a focus on dirty tankers - VLCC…

A Briton and a Romanian were killed when an Israeli-managed petroleum product tanker came under attack on Thursday off the coast of Oman, the company said on Friday, in an incident that Israel's foreign minister blamed on Iran and said deserved a harsh response.There were varying explanations for what happened to the Mercer Street, a Liberian-flagged, Japanese-owned ship, with Israeli-owned Zodiac Maritime describing the incident as "suspected piracy" and a source at the Oman…

Sovcomflot's Arc7 ice-class Christophe de Margerie liquefied natural gas (LNG) carrier has made history by successfully transiting the Eastbound ice-covered part of the Northern Sea Route (NSR) in May, carrying LNG from Novatek's Yamal LNG project to China.The Russian vessel owner said the event marked the first time in the history of the shipping industry that a large-capacity vessel of this class has passed along the Northern Sea Route eastwards in May when the ice conditions in the eastern sector of the NSR are rather difficult.

Belarusian state energy company Belneftekhim said on Friday it had bought 80,000 tonnes of oil from the United States that would be delivered by tanker to the Lithuanian port of Klaipėda at the beginning of June.Belarus has said it wants to diversify its oil supplies after a dispute with Russia over oil prices earlier this year. (Reporting by Andrei Makhovsky; writing by Tom Balmforth; editing by Jason Neely)

Libya's internationally recognized government will start an investigation into a tanker over alleged sanctions-breaking after a period of quarantine ends in two weeks, the coast guard commander who seized the vessel said on Wednesday.The coast guard at Misrata seized the Gulf Petroleum 4 three days ago, Rida Issa said, after the National Oil Corporation (NOC) said the tanker had broken an arms embargo and other international agreements by offloading jet fuel in Benghazi.Benghazi is the seat of a parallel administration in the east whose Libyan National Army (LNA) has been trying for a year to capture the capital Tripoli, where the internationally…

On March 24. 1989, the single-hull tanker Exxon Valdez was departing the Port of Valdez, Alaska with a full load of North Slope crude oil (approximately 1.26 million barrels) destined for Long Beach when it grounded on Bligh Reef in Prince William Sound. The resulting oil spill (approximately 258,000 barrels), while not the largest in US history, was clearly the most important. It engendered much litigation. Public concern over the spill led directly to enactment of the Oil Pollution Act of 1990 (OPA 90)…

Product tanker demand is expected to be boosted going into 2020 by impacts relating to the IMO 2020 sulfur cap, including higher global refinery throughput and gasoil trade in particular, said d’Amico International Shipping.The international marine transportation company operating in the product tanker market quoted Clarksons projecting product tanker dwt demand to grow by 5.7% next year.The IEA, in their October report have reduced their oil demand growth forecasts for 2019 and 2020. They expect growth in 2019 to be the weakest since 2016, following evidence of a slowdown in several major consuming regions and countries, including Europe…

Kuwait Oil Tanker Company (KOTC) said that it received the giant liquefied natural gas (LNG) tanker, Umm Ruwaisat, as part of a major fleet overhaul.Accoding to Kuwait News Agency (KUNA), KOTC has entered the fourth phase of its fleet overhaul, which entails the delivery of eight carriers, three of which are gas tankers built by South Korean ship building firm Hyundai MIPO.The fourth phase of the fleet development includes the delivery of eight tankers of which three are giant LNG tankers built by Korea’s Hyundai Heavy Industries Co, in addition to four medium-term oil products tankers and a huge crude oil tanker currently being built in a Chinese firm.

The  Greek shipping company Tsakos Energy Navigation (TEN) said that it has sold five tankers to raise $104m in total that it will use to cut debt.According to the transporter of energy, the vessels include three suezmax tankers and two product tankers.These sales, in aggregate, will add $47 million of free cash and will reduce associated debt by $58 million, it said.“Regardless of the short-term challenges the market is facing due to the coronavirus, longer-term market prospects remain positive. The above transactions enable the Company to proceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels…

French LNG containment specialist Gaztransport & Technigaz (GTT) announced that it has received an order from the Chinese shipyard Hudong-Zhonghua Shipbuilding (Group) Co. Ltd for the tank design of two new LNG carriers (LNGC) on behalf of the Japanese ship-owner “K” LINE.Each vessel will offer a capacity of 79,960 m3. GTT will design the tanks of the vessels, which will be fitted with the NO96 L03+ membrane containment system, a technology developed by GTT. The delivery of the vessels is planned during the second quarter of 2022.Philippe Berterottière, Chairman and CEO of GTT, said: "We are pleased to receive this new order for mid-scale LNG Carriers…

Greek ship-owning company Top Ships Inc. announced the completion of sale of MT Stenaweco Elegance.According to a press note from the owner and operator of modern, fuel efficient "ECO" tanker vessels, its previously announced sale of tanker was concluded.The vessel was delivered to its new owner, an unaffiliated third party, and the respective loans for which the vessel was a collateral for were fully prepaid.Few days ago, the Greek tanker owner sold its 50% owned MR2 chemical/product tankers  M/T Holmby Hills and M/T Palm Springs.The vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020, said Top Ships.

LNG storage tank market is expected to grow from USD 12.5 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 7.0%, during the forecast period.The major factors driving the LNG storage tank market include increasing demand for LNG from various end-use industries, such as steel, power, and energy. Furthermore, the growing trade of LNG will also drive the demand, said a report by MarketsandMarkets.APAC is projected to be the leading LNG Storage Tank Market during the forecast period. The growth in the APAC region can be attributed to the rising demand for LNG from various end-use industries including energy, power and steel.The presence of a robust industrial base…

Performance Shipping announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 2007 built Aframax tanker vessel, the M/T FSL Shanghai, from an unaffiliated third party seller for a total purchase price of US$26.0 million.According to a press release from the global shipping company specializing in the ownership of vessels, the vessel is expected to be delivered to the Company by the end of March 2020.Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, said: “We are very pleased with this acquisition, which brings us one step closer to the creation of the only publicly listed pure-play Aframax company.

BPER Banca SpA has completed a naval financing for ME Marittima Emiliana SpA to a second-hand tanker built by the Chinese shipyard in Guangzhou in 2012.The tanker, originally flying under a Bahamian flag, has been renamed “Lady Rina” and is currently flying under an Italian flag. M.E. Marittima Emiliana, part of the Amoretti Armatori Group, provides transportation service of petroleum and chemical products.Watson Farley & Williams and the Mordiglia law firm of Genoa represented BPER Banca and the company respectively in the transaction.The new unit will join Amoretti’s fleet currently comprising 11 tankers all flying under an Italian flag…