Oil Tankers News

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…

Gall Thomson has revealed there were 16 known activations of its Marine Breakaway Couplings during 2023. The activations occurred in nine different countries around the world.On each occasion, the Marine Breakaway Coupling (MBC) operated exactly as expected. Oil spills, injuries and damage to assets such as vessels, hoses or facilities was avoided. There were no known spurious activations reported.Gall Thomson MBCs are designed to activate in an emergency during offshore hose…

Swiss marine power company WinGD has secured an order for its X‑DF‑A ammonia-fueled engines for what will be the world’s first ammonia dual-fuel Aframax tankers.Two vessels ordered by Singapore based ship owner and operator AET, a petroleum arm of Malaysia’s MISC Group, will be built at Dalian Shipbuilding Industry with six-cylinder X62DF-A engines, the newest addition to WinGD’s clean-fuel engine portfolio.AET recently entered into time charter party (TCP) contract with Petronas'…

Malaysia’s MISC Group has entered into time charter party (TCP) and shipbuilding contracts for the development of world’s first two ammonia dual-fuel Aframax oil tankers.The TCP contract has been signed with Petronas' PETCO Trading Labuan Company (PTLCL), through MISC Group's petroleum arm AET.Using these vessels, PTLCL will be able to transport its products to customers around the world while contributing to the industry decarbonization by utilizing ammonia as the cleaner alternative…

In 2023, sanctions on Russian oil exports by the EU caused a major shift in tanker trades and a 10% increase in average sailing distances for EU tanker imports. Now, attacks on ships in the Red Sea area have caused average sailing distances to increase a further 16% and tonne mile demand to increase 12% despite falling volumes, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.During the first quarter of 2024, tanker import volumes to the EU fell 4% year-on-year due to a 1% increase in the clean tanker trade but a 5% fall in the dirty tanker trade.

Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers. European sanctions have forced Russian exporters to send oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have forced some shippers to sail around…

India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.The U.S.

The BIMCO Tanker Shipping Market Overview & Outlook February 2024 by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, forecasts that the supply/demand balance will tighten further during both 2024 and 2025.Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is also expected to tighten in 2024 but weaken in 2025. Like the crude tanker market, longer sailing distances support demand growth despite slowing oil demand.

South Korean shipbuilder Hanwha Ocean has received an order to construct two very large crude carriers (VLCCs) for a shipping company in Oceania.The order for VLCCs, worth $257.8 million (342 billion won), is the first such order for Hanwha Ocean in the last three years. This is also the highest price for the vessels in 16 years, since the 2008 global financial crisis, the company said.The ships will be built at the Geoje plant and delivered to the shipowner in the first and second half of 2026…