LNG Shipping Rates Spike with No Respite Seen Through 2019
The price of shipping liquefied natural gas (LNG) has spiked in September and is likely to remain high next year, buoyed by rising production from new plants and concerns that demand for LNG vessels will outpace supply.The rate for vessels shipping LNG from the Atlantic Basin to Asia has jumped to $90,000 to $95,000 a day this week from $75,000 a day at the end of August, brokers and traders said.Rates…
Optimarin Secures Large Ardmore Order
Ballast water treatment (BWT) specialist Optimarin said it has secured a contract to supply 36 systems to Ardmore Shipping, one of the manufacturer’s largest orders to date.The Irish-headquartered shipowner will fit the three dozen units across 18 chemical and product tankers – two units in each vessel. Delivery is due to commence in February next year.Ardmore’s fleet ranges in size from 25,000 to 50,000 dwt.
Oil Could Rise to $100 by 2019
Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia Pacific Petroleum Conference (APPEC) in Singapore.Almost 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the U.S. sanctions against Iran by the end of the fourth quarter this year…
Damen Floats Out Australian Icebreaker
Shipbuilder Damen said it has floated out the Antarctic Supply Research Vessel (ASRV) RSV Nuyina currently under construction at Damen Shipyards Galati in Romania.The carefully executed procedure was achieved by raising the water level in the yard’s dry dock by six meters; a process taking two days to complete. Once afloat, the vessel was maneuvered 250 meters to a quayside berth where the ongoing…
Total Makes Major Offshore UK Gas Discovery
French oil and energy group Total said on Monday it had made a major gas discovery on the Glendronach prospect, located off the coast of the Shetland islands in the North Sea.Total said preliminary tests on the new gas discovery confirmed good reservoir quality, permeability and well production deliverability, with recoverable resources estimated at about one trillion cubic feet (1 tcf).It said Glendronach…
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