Hellenic Shipping News Worldwide Hellenic Shipping News Worldwide, Online Daily Newspaper on Hellenic and International Shipping

Oil edged up to $65 a barrel on Tuesday as OPEC was expected to stick to its production cuts despite pressure from U.S. President Donald Trump, although the prospect of higher Libyan output capped gains. Prices slid on Monday, when many traders were out of the office attending IP Week, an industry event in London, after Trump called on OPEC to ease its efforts to boost the oil market. Prices were “getting too high”, the president said. “Yesterday was a typical price action you see during IP Week when you ...

2018 ended with a surge of subsea tree awards as E&P Operators locked in lower supply-chain cost. Will demand continue to grow in 2019 and allow subsea OEMs to build backlogs and take back pricing power? The 286 subsea trees ordered in 2018 was the highest since 2013 and suggests an industry firmly on the right side of a recovery. Increasing orders are a welcome relief for the still-beleaguered subsea supply-chain but have yet to translate into meaningful revenue growth. Revenues have remained relatively static over the past 24 months ...

Abu Dhabi’s flagship Murban crude has sold at a discount in Asia to its official selling price (OSP) for four straight months – the longest stretch in nearly two years – as buyers opt for cheaper U.S. and European supplies, according to trade sources and Refinitiv data. Cargoes bought for loading in the first four months of 2019 were sold at discounts ranging from 5 cents to 40 cents a barrel, even as producer Abu Dhabi National Oil Company (ADNOC) cut the grade’s benchmark price for four consecutive months. MUR-1Madn- ...

Given how long it takes to bring liquefied natural gas (LNG) export terminals online, it’s not exactly a surprise that 2019 will be a monumental year for the domestic industry. Investors saw it coming years ago. But that doesn’t make the growth any less impressive. The United States boasted an LNG export capacity of about 3.6 billion cubic feet per day (Bcf/d) in late 2018. The Sabine Pass facility owned by Cheniere Energy (NYSEMKT:LNG) contributed approximately 2.8 Bcf/d of that total, while the Cove Point terminal owned by Dominion Energy ...

Pursuing one of American core national interests, the U.S. administration lost a multilateral dimension of its forceful quest to balance trade accounts. Washington’s unassailable trade case against China, the European Union, its North American neighbors and Japan is fundamentally an issue of world economy. Reducing that case to bilateral quarrels robs America of a powerful negotiating advantage, and of the high moral ground of a world leader. Buying more than half-a-trillion dollars worth of goods and services more than it sells to the rest of the world, America is making ...

India appears to be a winner from the ongoing China-US trade war, with its exports to China, driven by rises in agricultural products, marine products, and chemical products, set for a record in the 2018-19 fiscal year, which ends on March 31. But will the momentum be sustained throughout 2019? Given Indian products’ low competiveness in price as well as hefty transportation costs, the extent of the country’s potential exports to China still largely hinges on the outcome of the China-US trade talks, industry observers said. A resolution between the ...

European Central Bank officials poised to debate the need for new long-term loans for banks might have some even bigger thinking to do. With less than two weeks to go before the Governing Council meets, policy makers are gearing up to discuss whether their response to the region’s economic slowdown should include an update to its targeted lending program, known as TLTROs. But some officials are wondering if they shouldn’t also deliver a more permanent fix to the ECB’s long-term funding for banks. Such a revamp of the central bank’s ...

Today, Tuesday , February 26 2019, the Baltic Dry Index climbed by 12 points, reaching 649 points.

Singapore bunker tanker owner and operator Sinanju Tankers Holdings Pte. Ltd. (“Sinanju”) has entered into a shipmanagement collaboration agreement with Mitsui O.S.K. Lines Ltd. (“MOL”) for a 12,000 m3 GTT Mark III Flex membrane liquefied natural gas (LNG) bunker vessel. The newbuilding built by Sembcorp Marine Ltd. at its Singapore shipyard, is slated for delivery in early 2021. It will be the largest LNG bunkering vessel set for use at the Port of Singapore for ship-to-ship LNG bunker deliveries. Pavilion Energy Pte. Ltd. and Total Marine Fuels Global Solutions have ...

As the United Nations agency responsible for preventing pollution from shipping and for improving the industry’s safety and security, the International Maritime Organization (IMO) exercises great care when assessing pollution control. The guidelines for the use of exhaust gas cleaning systems (EGCS), also known as marine scrubbers, have been exhaustively examined and revised three times by the organisation’s sub-committee on Pollution Prevention and Response (PPR). All administrations during the plenary session of the recent sixth PPR sub-committee meeting again endorsed the use of EGCS as an approved option for complying ...

Speedcast International Limited (ASX: SDA), the world’s most trusted provider of remote communication and IT solutions, today announced that the company will begin to offer Intellian’s v240MT antenna to its Cruise and Energy customers. The v240MT is Intellian’s next generation, tri-band and multi-orbit 2.4 meter antenna for use on Ku, Ka and C-band satellites. The antenna will provide Medium Earth Orbit (MEO) and Geostationary Earth Orbit (GEO) broadband access to virtually any satellite constellation within seconds. These frequency-agile and orbit-agnostic capabilities are designed to future-proof the technology for customers seeking ...

BW LPG Limited announced that it has established a Product Services division to support its core shipping business. The Product Services division is part of BW LPG’s ambition to propose a low-risk and fully-integrated product delivery service to customers. The Company will purchase LPG and offer it delivered on the basis of cost, insurance and freight, directly to the end user. Through this new division, BW LPG aims to maximise utilisation of its vessels by providing full LPG delivery service, including product, while remaining focused primarily on shipping services. Says ...

APM Terminals Algeciras hit a new high in 2018 as it handled a total of 217,000 gate moves – achieving its highest volume ever in the terminal history. The record figure translates to a 21 percent increase in number of gate moves compared to the previous year. While the Algeciras terminal has seen an upward trajectory in container handling for years now, it was in 2016 when the transhipment hub started making headway with the installation of the automatic gate. APM Terminals Algeciras Chief Operations Officer Jesus Caceres explains, “We ...

ABS Advanced Solutions announced a first-of-its-kind cyber security solution to aid regulated maritime facilities in complying with US Coast Guard (USCG) guidance. The suite of services provides a turnkey solution for port and terminal facility operators responsible for maintaining USCG regulated Facility Security Plans (FSPs). In 2017, the USCG announced the intent that regulated maritime facilities in the United States address cyber security in their FSPs. This was first disseminated in the draft Navigation and Vessel Inspection Circular (NVIC) 05-17 published for public comment. Since then, regulated facilities have been ...

Russia remained China’s largest crude oil supplier in January, with imports rising 25 percent year on year to hold off rival Saudi Arabia, Chinese customs data showed. Imports from Russia – China’s top supplier for the past three years – stood at 6.97 million tonnes, or 1.64 million barrels per day (bpd) last month, compared with 1.31 million bpd in January last year and 1.66 million bpd in December, according to Reuters calculations based on data from the General Administration of Customs. Saudi Arabia supplied 5.76 million tonnes, or 1.36 ...