LNG is the best fuel option for owners considering how to extend vessel life and secure CII compliance through retrofit, according to SEA-LNG, the multi-sector industry coalition established to demonstrate the benefits of the LNG fuel pathway for shipping decarbonisation. In a piece of analysis released today, the coalition finds significant benefits to a business choosing an LNG retrofit over fuelling with VLSFO or retrofitting an HFO vessel with scrubbers, based on a ten-year payback period. Increasingly stringent environmental regulations will drive down the CII grades for existing ships and ...

The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, lost 0.22% last week. U.S. stocks represented by the S&P 500 index lost 0.31%. The turn of July and August brought a regular rebalance of the UP Index. Two constituents were added, and one was removed. There were also some significant changes in the weight of constituents. Norwegian Cool Company Limited (OSE: COOL) and U.S. FSRU dominator Excelerate Energy, Inc. (NYSE: EE) are new constituents of the UP World LNG Shipping Index. Their weight ...

Eastbound gas flows via the Yamal-Europe pipeline to Poland from Germany rose significantly on Tuesday while physical flows via the Nord Stream 1 pipeline from Russia to Germany remained stable. Exit flows at the Mallnow metering point on the German border stood at 4,433,549 kilowatt hours per hour (kWh/h) on Tuesday morning, up from 2,926,828 kWh/h at midnight, data from pipeline operator Gascade showed. Physical flows via the Nord Stream 1 pipeline stood at 14,421,508 kWh/h for 0800-0900 CET (0600-0700 GMT), unchanged from the previous day. Russia has cut flows ...

Capital Ship Management Corp. took successful delivery recently of the newbuilding vessel M/T ‘Amore Mio’, a 300,000 dwt, eco-type crude oil, scrubber fitted VLCC tanker, built by Hyundai Samho Heavy Industries, South Korea. It is the first of two ammonia and LNG fuel ready sister ships to be delivered in 2022. The vessels are Tier III compliant for reduced Nox emissions, assigned ABS ENVIRO notation as well as ABS Ammonia Fuel Ready and LNG Fuel Ready Notations and equipped with IHM notation for safe recycling, thus becoming two of the ...

NSSLGlobal, a leading satcoms company in the cleantech portfolio of Arendals Fossekompani the Norwegian investment house, has partnered with SOIC Ship Management AB to bring the latest satellite communications technology to the Götheborg of Sweden, a full-scale working replica of the world-famous 18th century sailing ship. Spanning over 300 years of technological development the ship is a fascinating hybrid of historic and modern, with its traditional wind powered sails alongside the very latest IT and satcoms innovations enabling remote diagnostics, technical support and communications. The Götheborg of Sweden was the ...

USA-based manufacturer Advanced Polymer Coatings (APC) is announcing a series of new chemical tanker deals in Turkey, one of its biggest exports markets. Avon, Ohio headquartered APC is set to begin work this month supplying its MarineLINE tank coating system to the Dentas shipyard in Turkey. The team is undertaking two repair jobs at the yard for Turkish shipowner Veysel Vardal Shipping on its 6800 DWT MT BARBAROS ULUÇ VARDAL and MT BARBAROS HAYRETTİN VARDAL chemical tankers each with 12 cargo tanks and two slop tanks to be coated. APC ...

Japan’s biggest oil and gas explorer Inpex Corp 1605.T on Monday lifted its full-year net profit forecast by 17% as strong prices of oil and natural gas boosted its first-half earnings while a weaker yen also lent support. A rapid recovery in demand after the end of pandemic lockdowns and a surge in energy prices, driven by Russia’s invasion of Ukraine, have boosted profits for energy companies worldwide. Inpex now predicts its 2022 net profit to reach 350 billion yen ($2.6 billion), against its May estimate of 300 billion yen, ...

Cocoa arrivals at ports in top grower Ivory Coast had reached 2.034 million tonnes by August 7 since the start of the season on Oct. 1, down 3.6% from the same period last season, exporters estimated on Tuesday. About 4,000 tonnes of beans were delivered to Abidjan port and 7,000 tonnes to San Pedro between August 1st and 7th for a total of 11,000 tonnes, up from 10,000 tonnes in the same week the previous season. Source: Reuters (Reporting by Ange Aboa; Editing by Nellie Peyton)

Qatar became the world’s biggest LNG (liquefied natural gas) exporter in April this year, surpassing the US after its LNG exports jumped to a five-year high following the completion of seasonal maintenance on its LNG facilities, according to Kamco Invest. Total LNG exports of Qatar reached $11.9bn during April 2022 compared to $5.8bn in April 2021. Most of the Qatar’s LNG exports went to China, followed by India and Japan. The IEA (International Energy Agency) expects the Asia Pacific region to drive as much as 50% natural gas demand growth ...

About 15 million tons of oil and non-oil commodities were loaded and unloaded in Imam Khomeini port, in the southwestern Khuzestan province, during the first four months of the current Iranian calendar year (March 21-July 22), according to a provincial official. Behrouz Aqaei, the director-general of Ports and Maritime Department of Khuzestan province, said that during this period, 4.74 million tons of basic goods were also loaded and sent to domestic consumption destinations. He put the amount of loaded and unloaded non-oil products at 8.783 million tons and that of ...

An inferno at Cuba’s largest oil storage facility has killed at least one firefighter, injured many more, and threatens to further swell the fuel import bill for the impoverished island nation that relies on foreign oil for everything from transportation to its power grid. Cuban officials may need to scramble to set up expensive floating storage capacity to handle imports aimed at easing an acute fuel scarcity, sources and experts said on Monday. Cuba relies on the 2.4-million-barrel Matanzas terminal, about 60 miles (130 km) from Havana, for most crude ...

Ukraine has suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from accepting transit fees from Moscow, Russian pipeline monopoly Transneft said on Tuesday. Benchmark Brent crude oil jumped by $2 per barrel to trade near $98 as the news added to concerns about reduced energy supplies. [O/R] Europe is heavily reliant on Russian crude, diesel, natural gas and coal. Energy prices have rallied this year on short supply as Europe scrambles to replace Russian energy with alternative supplies. Flows ...

Russia suspended oil exports via the southern leg of the Druzhba pipeline from early August due to issues relating to transit fees, two sources familiar with the operations said on Tuesday. According to the sources, the payment from Russia’s pipeline monopoly Transneft TRNF_p.MM to Ukraine’s pipeline operator Ukrtransnafta did not go through. Transneft confirmed the suspension of oil flows from Russia via the southern leg of the Druzhba pipeline, according to the RIA Novosti news agency. Source: Reuters (Reporting by Reuters, Editing by Louise Heavens)

Oil production at the BP-led Azeri–Chirag–Gunashli project in Azerbaijan reached 12 million tonnes in the first seven months of 2022, down from 13.3 million tonnes in the same period of 2021, the energy ministry said on Monday. Oil production in Azerbaijan fell to 19.2 million tonnes in January-July this year from 20.1 million tonnes in the same period of 2021. Source: Reuters (Reporting by Nailia Bagirova; Editing by Jan Harvey)

U.S. natural gas futures rose about 2% on Tuesday on a preliminary drop in daily output and forecasts for more demand this week than previously expected due to an increase in pipeline exports to Mexico. That price increase came despite forecasts for less hot weather over the next two weeks that will reduce air conditioning use next week. Also weighing on prices was the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, both of which leaves more gas in the United States for utilities to ...