Global law firm Norton Rose Fulbright has advised Société Générale, Credit Agricole Corporate and Investment Bank (CA-CIB) and a pool international banks and export credit agencies on a $436m post-delivery green senior secured export credit facility to subsidiaries of Eneti Inc for the purchase of two newbuild wind turbine installation vessels. The vessels are currently under construction at Hanwha Ocean Co., Ltd., previously known as Daewoo Shipbuilding & Marine Engineering Co., Ltd., in South Korea. The owners of the vessels will be two special purpose vehicles incorporated in the United ...

East Java Multipurpose Terminal (EJMT), International Container Terminal Services, Inc.’s (ICTSI) operation in Lamongan Regency, Indonesia, received the inaugural call of Meratus Line’s SBON service on Sunday, 3 December. The weekly domestic service is operated by two 629-TEU multipurpose vessels and calls the Indonesian ports of Surabaya, Makassar, Ambon and Lamongan. The recent addition of Lamongan to the port rotation provides customers from the Lamongan and Tuban area with access to the Makassar and Ambon markets. “We congratulate Meratus Line on the newly added Lamongan port call to their SBON ...

Russia’s Black Sea ports are working on Monday as weather conditions permit, the Ministry of Transport said in a statement, after storms caused considerable disruption to loadings of crude in recent days. The Black Sea terminals have been working intermittently since the end of last month due to the adverse weather conditions that have disrupted up to 2 million barrels per day of Russian and Kazakh oil export shipments. “The seaports of the Russian Federation in the Black Sea basin, as well as the Kerch ferry crossing, operate according to ...

Production of liquefied natural gas (LNG) and the loading of cargoes have resumed at Australia Pacific LNG (APLNG), said operator ConocoPhillips , after a loaded tanker that was stuck at the facility was moved. The disabled tanker, the Cesi Qingdao, had lost power on Nov. 22, leading to a halt in shipments because it blocked other tankers from entering the facility on Curtis Island off Australia’s east coast. “ConocoPhillips Australia can confirm that the CESI Qingdao LNG vessel was moved from the APLNG LNG facility early Friday morning and we ...

Asia’s cash discounts for spot cargoes narrowed to almost 30 cents a barrel after the emergence of several buyers for December-loading parcels and an uptick in spot market activity. The lack of lower-priced sellers also contributed to the narrower discounts. More spot discussions for January physical cargoes will emerge in the next few days, one trade source said. A wider price differential between northwest Europe and Asia for December supported the market slightly, with the exchange of futures for swaps (EFS) spread at a discount of almost $50 per metric ...

Kenoil Marine Services (“Kenoil”), an ISCC-certified marine fuel supplier, has successfully carried out the inaugural ship-to-ship bunker delivery of biofuel-blended low sulphur marine gas oil in Singapore. The sustainable biofuel blend used in this milestone bunkering operation was a B24 composite blend of low sulphur marine gas oil and UCOME (Used Cooking Oil Methyl Ester). The 200 mton parcel was seamlessly loaded onto Kosmos Lily, a bunker tanker operated by Kenoil, at Jurong Port via ISO road tankers. This biofuel blended parcel also marked Kenoil’s first sale as an ISCC-certified ...

Accommodation and support vessel for completion of works 04 Dec 2023, Ras Laffan, Qatar The accommodation and support vessel for the completion of the works on NFQ26 Jackets after installation near Ras Laffan Port is scheduled from 4 to 31 December. Read More » Cyclonic storm expected to make landfall tomorrow 04 Dec 2023, India Cyclonic Storm ‘Michaung’ is likely to intensify and make landfall between Nellore and Machilipatnam in Andhra Pradesh with winds up to 100 kmph tomorrow. Read More » Cyclonic storm Michaung impact on Bangladesh ports 04 ...

AD Ports Group (ADX: ADPORTS), one of the world’s leading facilitators of global trade, logistics, and industry, and the Vietnam Maritime Administration (VINAMARINE), a government authority managed by the Ministry of Transport of Vietnam, have today announced the signing of a Memorandum of Understanding (MoU), which would pave the way for a dynamic partnership focused on bolstering commercial opportunities across various sectors, including ports, logistics, digital solutions, economic cities, free zones, maritime and shipping. The MoU was signed in the presence of Pham Minh Chinh, Prime Minister of Vietnam and ...

U.S. Vice President Kamala Harris sought to claim the mantle of global climate leadership for the United States on Saturday in a speech to the COP28 summit, listing a slew of initiatives to cut emissions and harness renewable energy in the world’s largest oil and gas producer. The address came on the second day of back-to-back speeches by world leaders at the conference in Dubai, where nearly 200 nations are hashing out an international approach to tacklingglobal warming and debating whether fossil fuels should maintain a role in a future ...

Angola has sent a note of protest to OPEC over a decision by the wider OPEC+ oil producer group to reduce the country’s oil output quota for 2024, the office of Angola’s oil minister said in a statement. OPEC+ lowered Angola’s oil output target for 2024 at a meeting on Thursday to 1.11 million barrels per day. This followed a review by outside analysts to verify production figures for Nigeria, Angola and Congo. “Because the decision was not taken unanimously and was against Angola’s position, during the meeting we reiterated ...

Metals – Gold rises to record highs Spot gold prices jumped to record highs of US$2,135/oz this morning on rising expectations of easing monetary policy in the US before paring most of those gains. The latest comments from Fed Chair Jay Powell suggest that monetary policy in the US is “well into restrictive territory”, leaving the market speculating that the Fed might start trimming interest rates early next year. Meanwhile, an easing US dollar and extended weakness in the treasury yields continue to support the buying sentiment for gold. Looking ...

Iraq will voluntarily cut oil production by 220,000 barrels per day (bpd) between January and March 2024, the country’s oil ministry said in a statement. The measure was taken in coordination with OPEC+ and its allies to stabilize the global oil market, it added. The ministry statement came hours after OPEC+ oil producers on Thursday agreed to voluntary output cuts of about 2 million bpd for early next year to bolster the market. On April 2, the ministry said Iraq would voluntarily cut oil production by 211,000 bpd from May ...

We project that global energy-related CO2 emissions from consumption of coal, liquid fuels, and natural gas will increase over the next 30 years across most of the cases we analyzed in our International Energy Outlook 2023 (IEO2023). By 2050, energy-related CO2 emissions vary between a 2% decrease and a 34% increase compared with 2022 in all cases we modeled. Growing populations and incomes increase fossil fuel consumption and emissions, particularly in the industrial and electric power sectors. These trends offset emissions reductions from improved energy efficiency, lower carbon intensity of ...

The revenues of Russia’s largest oil and natural gas producers dropped by 41% in the first nine months of the year, the central bank said in its financial stability review, as export volumes and prices declined. The bank said the price of Russia’s flagship Urals oil grade fell in the same period by 26% on average, while exports via the network of oil pipeline monopoly Transneft TRNF_p.MM declined by 8% compared with the first nine months of last year. The bank did not provide the raw numbers on which the ...

To achieve climate neutrality for all EU countries by 2050 and, thereby, realizing the ambitious European Green Deal, gains in energy efficiency in all sectors are just as important as the increased use of renewable energies. In transportation, this means elevating the share of vehicles with drive systems powered by electricity and sustainable alternative fuels – including inland vessels. Additionally, a green modal shift from highly congested roads to better utilized inland waterways shall be realized. However, the increased use of inland waterways is already being hampered by changes in ...