On Monday 2 November – it will be 500 days since the last VLCC left active service when it went on its final journey from Jeddah to Bangladesh for dismantling. Strong crude oil tanker market earnings from August 2019 through July 2020 have evaporated any interest in demolition sales. By end-October 2020, spot freight rates …
In March and April 2020, reduced demand for crude oil and petroleum products in response to COVID-19 mitigation efforts led to a sharp increase in global crude oil inventories. As onshore inventories increased, market participants turned to using oil tankers to store oil, which is typically more expensive than onshore storage. The drop in global …
Crude oil tanker rates are likely to remain low until global petroleum demand increases Read More »
Cargill and BAR Technologies have embarked on a strategic project with naval architect Deltamarin to bring cutting edge wind propulsion technology to commercial shipping. The project will see BAR Technologies’ WindWings – large, solid wing sails that measure up to 45 meters in height – fitted to the deck of bulk cargo ships to harness …
In September 2020, the Maritime Silk Road Trade Index (STI) released by the Ningbo Shipping Exchange showed that the import and export trade index was 154.75 points, up 7.51% from the previous month and up 11.58% year-on-year; the export trade index was 166.23 points, up1.91% from the previous month , an increase of 9.92% year-on-year; …
International law firm Wikborg Rein has appointed Ina Lutchmiah (Partner) as the new Managing Director of its Singapore office. The appointment further cements Wikborg Rein’s leading presence in the shipping and offshore sectors. Lutchmiah already heads up Wikborg Rein’s transactional practice in the Asia Pacific region which encompasses both shipping and offshore energy projects (including …
Wikborg Rein appoints Ina Lutchmiah as new Managing Director of Singapore office Read More »
Oil major Chevron has decided to reduce Noble Energy’s workforce by 25 per cent following the recent merger between the two companies. In an exclusive report on Tuesday, Reuters said that Chevron would lay off about a quarter of Noble Energy’s employees who joined the oil major after its $4.1 billion purchase of the smaller …
Chevron to cut 25 pct of Noble Energy workforce following merger Read More »
Italian oil and gas company Eni booked a loss in the third quarter of 2020 compared to a profit in 3Q 2019 while its hydrocarbons production declined by 10 per cent due to impacts of the Covid-19 pandemic, OPEC production cuts, and lower demand. Eni on Wednesday posted a net loss of €503 million ($595.1 …
Eni swings to quarterly loss as production falls by 10 pct Read More »
Norwegian offshore vessel operator Eidesvik Offshore has been awarded a time charter contract with Wintershall Dea Norge for the platform supply vessel (PSV) Viking Princess. The contract is scheduled to start in December 2020, Eidesvik said in a statement on Wednesday. The firm contract period is 12 months plus options for extensions. Jan Fredrik Meling, …
Wintershall Dea charters Eidesvik PSV for a year Read More »
U.S.-based oil and gas player Hess Corporation saw its net loss deepen in the third quarter of 2020 compared to the prior-year period while its production increased by 11 per cent driven by Bakken and Liza field in Guyana. Hess Corporation on Wednesday reported a net loss of $243 million in the third quarter of …
Hess sinks deeper into the red but production grows Read More »
Oil and gas operators have shut-in nearly half of oil production and over 55 per cent of gas production from the U.S. Gulf of Mexico due to the Hurricane Zeta. In an update on Tuesday, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said that, based on data from offshore operator reports submitted on …
Operators shut-in nearly half of Gulf of Mexico oil production due to hurricane Read More »
