ClassNK issues AiP for 160,000 cu.m liquefied hydrogen carrier Classification Society ClassNK has issued an Approval in Principle (AiP) for a 160,000 cubic meter liquefied hydrogen carrier developed by shipbuilder Kawasaki Heavy Industries, Ltd (KHI). This follows on from its earlier
Seafarers Happiness Index sinks to eight-year low The latest Seafarers Happiness Index report, published today by the Mission to Seafarers, reveals the lowest levels of seafarer satisfaction for eight years, with the index's measure of overall happiness decreasing from
BOEM opens the way for lease sales in two more offshore wind areas The U.S. Department of the Interior says that the Bureau of Ocean Energy Management (BOEM) will publish two separate calls for information and nominations for possible offshore wind leasing in areas that
UK ports angered by move to scrap EU import check plans Brexit opportunities minister hails claimed annual saving of $1.3bn for British businesses, but sector representatives make disquiet plain
Gram Car Carriers benefits from 'best market fundamentals in a decade' Recent charter renewals of Gram Car Carriers' vehicle carrier fleet have been secured at up to double the rates of...
Three Ukraine ports still fully operational, says Lloyd's agency Normal shipping operations will return only after guarantees of non-aggression and completion of mine removal work, according to shipping sources
Swire Shipping buys Westwood Shipping in transpacific push Westwood Shipping's four 2,000 teu con-bulkers will complement the Swire Shipping flexible multi-purpose fleet
Regulation won't fix supply chain chaos Box lines have struggled to deal with a series of shocks that have emanated over the past two years. But...
China tariff cut seen as prelude to more Russian coal imports Policy is expected to encourage more coal imports from Russia. But the lockdown-stricken energy demand in China and a ramp-up...
Spain blocks tanker over Russian cargo transfer Malta-flagged chemical tanker banned after undertaking ship-to-ship transfer of palm oil from Russia-flagged tanker off Malta in breach of new...
CIMC positive on box-making market despite sales decline Company remains positive on box manufacturing market because of supply chain disruption and large amount of old containers to be...
Ocean Network Express reports record full-year net profit of $16.8bn ONE has not finalised its outlook for this year because of 'a number of simultaneous events that could have a...
Norden raises guidance after 'significant' increase in tanker rates Danish company is raising its guidance by more than $60m for the full year
Höegh Autoliners doubles PCTC newbuild orderbook Höegh Autoliners declares options for four high-specification PCTCs following an order signed in January with China Merchants Heavy Industry
Wärtsilä bears the cost of cutting ties with Russia Finnish technology group Wärtsilä swung to a loss in the first quarter of the year after suspending all deliveries, sales...
Fredriksen takes 16.19% stake in International Seaways Acquisition stokes speculation the shipping billionaire will seek alternative target if planned merger with rival Euronav fails
MOL cuts profit forecast for 2022 due to weakening global economy Earnings levels forecast to drop because of geopolitical and economic risks that could weigh on cargo demand, as well as...
FSL Trust sees some improvement in tanker market FSL Trust warned that the impact of the war in the Ukraine and the elevated geopolitical risks on the global...
Daily Briefing Russia-flagged tanker remains in Greece pending court case | Fourth club confirms Sovcomflot P&I cancellation | Hong Kong shipping faces...
Russian oil heading to storage in South Africa "The only reason for an oil tanker to go to Saldanha Bay is to unload the oil into storage," says an industry consultant.
Charter airline to expand cargo business with light-duty freighters Converting passenger aircraft for cargo use is like rebuilding a house. One alternative is a quick makeover for carrying parcels in the cabin.
TotalEnergies' Q1 oil, gas production slips 1% on year to 2.84 mil boe/d TotalEnergies reported oil and gas production of 2.84 million boe/d in the first quarter of 2022, down 1% on the year, as it posted a record writedown on its Russian projects in the wake of Moscow's invasion of Ukraine.
US crude exports supported by European demand, market eyes SPR release Favorable freight rates for larger crude tanker sizes, in addition to strong demand for US crude in Europe has helped boost export flows out of the US Gulf Coast in recent weeks, and that trend could continue as an influx of crude from the US Strategic Petroleum Reserve begins to hit the market in May.
OIL FUTURES: Crude rallies as EU moves closer to sanctions on Russian oil Crude oil futures settled higher April 28 amid reports that Germany has dropped its opposition to imposing an embargo on Russian oil imports.
SOUTH KOREA DATA: March gasoil outflows rise 5% on month amid firm cracks South Korea's gasoil exports continued to rise, increasing 4.93% on the month to reach a five-month high of 16.09 million barrels in March, Korea National Oil Corp. data showed April 28, amid surging cracks for the distillate. Gasoil exports were last higher in October 2021 at 17.69 million barrels.
Brazil's Petrobras refined product sales rise 2% on year in Q1 Brazilian state-led oil company Petrobras registered a 2% year-on-year rise in refined-product sales in the first quarter, the company said in a production and sales report released April 27, adding that sales had declined from the fourth quarter of 2021 on seasonal factors and a refinery sale. The increase in Q1 came as Latin America's biggest economy recovered from the coronavirus pandemic.
Brazil's Petrobras Q1 oil product output sinks 5.2% on refinery sale Brazilian state-led oil producer and refiner Petrobras registered a 5.2% year-on-year decline in refinery output in the first quarter in the wake of its first sale of a refinery under a deal with antitrust regulators, according to the company's latest production and sales report.
Transatlantic MR freight buoyed on back of dual arbitrage for ULSD, gasoline A double open arbitrage opportunity for ultra-low sulfur diesel and gasoline shipments to the US Atlantic Coast from both the UK-Continent and the Mediterranean caused Medium Range tanker rates to spike to multi-year highs on April 28.
Sinopec oil product stocks rise as company awaits post-COVID-19 demand rebound in China The state-owned Sinopec's oil product inventory is rising amid weak sales and the company is now preparing for a rebound in domestic demand once the current wave of COVID-19 ends, executives said during the company's Q1 results call on April 28.
Repsol reduces 2022 oil, gas guidance by 15,000 b/d amid disruptions in Libya output Spanish integrated company Repsol has reduced its 2022 upstream oil and gas production guidance by 15,000 barrels of oil equivalent per day to 585,000 boe/d due to interruptions in Libyan upstream output as well as other factors, according to CEO Josu Jon Imaz April 28.
Fears of EU oil embargo on Russia fueling 'huge' diesel cracks: TotalEnergies CEO Europe's diesel crack, the difference between the price of the fuel versus Dated Brent crude, has been trading close to record highs since the start of the war in Ukraine, as markets fear that the EU will impose an embargo on Russian oil exports, the head of TotalEnegeries Patrick Pouyanne said April 28.
Scorpio Tankers sees improving spot market for product tankers in Q1 Oil products carrier Scorpio Tankers saw rising average spot rates in the first quarter on the back of easing coronavirus restrictions and improving refining margins, the company said April 28.
Wartsila reports weak Q1 demand for scrubbers amid low HSFO supplies Wartsila said that interest in scrubbers had increased during the quarter, but added that decision making has been delayed, by geopolitical concerns over availability of the high-sulfur material.
Demand for LSSR spikes amid lack of non-Russian vacuum gasoil VGO supply is dominated by Russia, with traders estimating that current supply is still "at least 70-80% Russian".
Trans-Atlantic crude export drive prompts tanker class intertrade, sinks rates Charterers looking to cover trans-Atlantic crude stems were heard to have been looking at both Suezmax and Aframax options, all of which ultimately chose a Suezmax vessel and fixed at Worldscale 80.
OIL MARKETS PODCAST: Asia fuel oil market outlook may hinge on severity of China demand loss The Asian fuel oil market, which accounts for roughly half of the global marine fuel demand, has been severely stretched.
JAPAN DATA: March oil product imports fall 38% on year, exports up 16% B- and C-fuel oil imports surged to 29,268 b/d, up from 4,836 b/d in the same month of the previous year.
OIL FUTURES: Crude dips as market weighs Chinese lockdowns, mixed supply picture Analysts cited lockdowns in China as the key demand issue facing the market, able to swing balances by more than one million b/d.
REFINERY NEWS: France's TotalEnergies reports higher throughput in Q1 Throughput at its French refineries was up 13% on the quarter at 252,000 b/d and up from 114,000 b/d in Q1 2021.
Shanghai delivered 380 CST HSFO bunker premium hits 2-year high on tight supply HSFO demand is strong and the local supply situation should ease from mid-May with some replenishment stocks, a trader in China said.
Low western cargo inflow from West to support Singapore MF 0.5%S in May: traders Singapore is estimated to receive 1.6 million-1.7 million mt of LSFO from the West in May, similar to levels in April, when 1.5 million-1.8 million mt of LSFO cargoes were expected to arrive, fuel oil traders said.
Glencore expects 2022 earnings to beat guidance on Q1 trading boos The Switzerland-based group, which has already reported record earnings for 2021 helped by the economic recovery from COVID-19, said its trading activities in the first quarter continued to be buoyed by tight physical market conditions and "periods of extreme volatility."
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