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Iran Oil Ministry signs contracts worth $2b with local firms

The Iranian Oil Ministry has signed four contracts worth $2 billion, including agreements to develop two oil fields. The contracts were signed with Iranian contractors on Sunday at the ministry’s building in the capital Tehran. The projects developed under the four deals will generate $17 billion in revenues for the country. One of the contracts, signed with the Oil Industries Engineering and Construction (OIEC), calls for developing the Changuleh oil field located in the western province of Ilam, 5km north of the border with Iraq. The field contains almost 4,800 ...

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Joint Oil Spill Clean-Up Operations Advance to Next Phase

The next phase of the clean-up operations has commenced with the additional deployment of various booms and oil recovery systems. 1500 metres of booms have been deployed, and an additional 1600 metres will be deployed over the next few days in designated sites to support the containment of accumulated oil to facilitate the clean-up operation off the beaches and shorelines. Additional booms will also be deployed as a preventive measure off Changi East. Seven oil recovery assets have been deployed today to skim and collect the remaining oil spillage off ...

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IMO: Statement on the attack on merchant vessel TUTOR

Statement by IMO Secretary-General, Mr. Arsenio Dominguez on 14 June, 2024: “Once again, I am appalled at the fact that seafarers going about their work continue to be targeted and injured. I am truly saddened to learn that one crew member is currently unaccounted for on merchant vessel TUTOR, following an attack on the ship in the Red Sea. My thoughts and those of IMO, are with the family of the crew member. I strongly condemn any type of attack against international shipping, regardless of its motivation or cause. I ...

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HOT PORT NEWS from GAC

Traffic halted due to firefighting 18 Jun 2024, Dardanelles Turkey Southbound vessel traffic in the Dardanelles was suspended at 16:20 hours local time today (18 June) due to a forest fire. READ MORE Marine infrastructure expansion construction work 18 Jun 2024, Dampier Australia Construction of the Dampier Cargo Wharf Projects will begin on 1 July. READ MORE Terminal reopened 18 Jun 2024, Bahamas The port condition of Buckeye Bahamas Hub terminal was upgraded d to OPEN at 1:54 hours local time yesterday (17 June). READ MORE Sea Parade on 1 ...

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Norton Rose Fulbright advises Yinson Production on US$1 billion project bond to refinance FPSO Anna Nery

Global law firm Norton Rose Fulbright has advised Yinson Production in connection with its issue of US$1.035 billion in senior secured bond due 2042 to refinance FPSO Anna Nery. Yinson Production holds 75 percent and Sumitomo Corporation holds 25 percent of the shares in the issuer, Yinson Boronia Production B.V., which owns the floating production, storage and offloading vessel FPSO Anna Nery operating for Petrobras under a 25-year contract in the Marlim field, located off the coast of Brazil. The proceeds of the bonds are being used to refinance the ...

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SGX-Listed Mooreast to Acquire 98,919 sqm Facility from Seatrium, Quadrupling Production Capacity to Serve Floating Offshore Renewable Sector

Mooreast Holdings Ltd., announced today that its wholly-owned subsidiary, Mooreast Asia Pte. Ltd., intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited (“Seatrium”), quadrupling its production capacity in Singapore to serve the fast-growing floating offshore renewable sector. The SGX Catalist-listed specialist in total mooring solutions catering to the renewable sector has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy Limited, which is a wholly-owned subsidiary of Seatrium, a leading provider of engineering solutions to the global offshore, ...

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Energy policy at Port of Antwerp-Bruges once again rewarded with ISO 50001 certification

For the fourth time in a row, the Port Authority has achieved ISO 50001 certification for its sustainable energy policy. In addition to platform Antwerp, Zeebrugge is also now included on the certificate for the first time. This is an extremely positive accomplishment, just two years after the merger. One hundred percent of the electricity used by the Port Authority for buildings, locks, bridges, and for the shore power supply for inland navigation ships has already been sourced from renewable energy sources since 2011. The same applies to the power ...

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Deurganckdok oil spill: clean-up completed

The clean-up operations of ships and quay walls are over. All vessels involved in the incident and contaminated have left the Deurganckdok. The quay walls are fully available again and there is no longer a selective ban on navigation in the Deurganckdok. Update 14/06/2024 Clean-up work of ships and quay walls is progressing smoothly and continues day and night. Currently, a few vessels and a small section of quay wall are still contaminated. The quay wall at MSC is largely available and there is still a selective ban on navigation ...

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Asia Naphtha/Gasoline-Naphtha margin slips, gasoline weakness continues

Asia’s naphtha refining profit margin declined on Tuesday after prices of the light distillate rose in tandem with crude oil benchmarks. The crack slipped to $57.20 per metric ton over Brent crude, compared with $4.55 per ton in the previous session. Singapore markets were closed on Monday on account of a public holiday. Geopolitical turmoil continued to cast shadow on Russian fuel supplies. A Ukrainian drone strike caused a large fire in a fuel tank at an oil terminal in Russia’s southern port of Azov on Tuesday, according to Russian ...

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SurfCleaner partners Eyesea to improve response and minimise effects of nearshore oil spills

Swedish water treatment firm SurfCleaner has entered into a global partnership with maritime pollution mapping specialist Eyesea to minimise the effects of nearshore oil spills. Non-profit organisation Eyesea is on a mission to map global, analyse, and support the recovery of pollution and maritime hazards through a portfolio of tech tools. It uses a global membership and tech partnership structure to maintain and expand its technology offering and to develop organizational capacity to support clean-up efforts worldwide. SurfCleaner and Eyesea’s partnership is set to specifically focus on monitoring and minimizing ...

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Russia’s June idle oil refining capacity raised by 114%, calculations show

Russia’s primary offline oil refining capacity has been raised by 114% from the previous plan to 4.1 million metric tons for June mainly to due to last-month stoppages at the Tuapse and Komsomoslk plants, Reuters calculations show. In May idle capacity stood at 3.8 million tons. The Russian oil refining industry has been targeted by Ukrainian drone attacks. Technical outages have also contributed to idle capacity. Russia and Ukraine have both used drones to strike critical infrastructure, military installations and troop concentrations in their more than two-year conflict, with Kyiv ...

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Oil and LNG supply gluts spell double trouble for Australian LNG producers

In its Oil 2024 report published on 12 June, the International Energy Agency (IEA) forecast that global oil markets are heading for a glut in supply, with global oil capacity in 2030 potentially exceeding demand by a staggering 8 million barrels per day. The glut is due to rising oil supplies led by non-OPEC+ producers, in particular the United States and South America, while demand is forecast to level off. The oil demand slowdown is driven by the fast increasing uptake of electric vehicles worldwide, combined with improved efficiency of ...

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Cargo handling at India’s major ports up 6% to 72 million tonnes in May

Cargo handling at India’s major ports was up by 6 per cent in May to 72 million tonnes (mt), buoyed by a 7.3 per cent rise in overseas cargo handling, even as several global factors have constrained supply chains, especially in Asia. While experts and reports suggest that the current congestion at several Asian ports has benefitted Indian ports in the form of spillover transshipment cargo reaching Indian ports, it remains unclear whether major ports have benefitted from this. According to provisional and advance estimates data released by the Ministry ...

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Wilson Sons’ Shipping Agency scales up services to ships carrying fertilisers

Wilson Sons, a leader in port and maritime logistics in Brazil, reported that over the past six months its Shipping Agency posted a 2% increase in services to ships carrying fertilisers, which are a key piece in Brazil’s agribusiness. In the first quarter of 2024, the company delivered an impressive performance in potassium chloride imports. It is an essential nutrient for Brazilian soil, used in important crops, such as soybeans, corn and sugar cane. Imports into Brazil grew by 6%, totalling 2 .5 million tons in the period. Additionally, Wilson ...

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US natgas prices drop 4% on steeper supply rise forecast, rising coal-energy demand

U.S. natural gas futures dropped over 4% on Monday to their lowest in one-and-a-half weeks on forecasts for a steeper than previously expected rise in gas supply this week, and increasing coal use over gas in the U.S. energy mix this week. Front-month gas futures NGc1 for July delivery on the New York Mercantile Exchange fell 11.5 cents, or 4%, to $2.77 per million British thermal units at 11:17 a.m. EDT (1517 GMT). “Coal-fired generation jumped over the past week in anticipation of this widespread heat wave which is expected ...

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