Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap. Inventions, such as directional drilling and hydraulic fracking, spurred U.S. oil production to the world’s highest in 2018, and boosted its shale production to over 8 million barrels per day last year, from 2.6 million bpd a decade earlier. Output gains, however, have dwindled as tight-fisted producers spend ...

European Union gas demand could fall in the coming 12 months by more than the total volume of gas the EU expects to buy from Russia this year, the European Commission has said. In a document seen by Reuters, EU energy commissioner Kadri Simson said policies to save energy should reduce EU gas use by 60 billion cubic metres (bcm). That would exceed the combined volume of gas and liquefied natural gas that the EU expects to import from Russia in 2023, according to the document, dated May 23 and ...

Nautilus Labs, the technology partner pioneering the decarbonization of the ocean supply chain, and BIMCO, the world’s largest international shipping association, today released a white paper imploring the maritime industry to rethink prevailing charter party frameworks. The white paper explores how current ways of working in the shipping industry have entrenched “sail-fast-then-wait” behaviors, resulting in major inefficiencies that produce excess emissions and increased costs. Using data from live charter agreements, the white paper demonstrates that this “sail-fast-then-wait” behavior can produce substantial excess fuel consumption and emissions even on a single ...

The International Chamber of Shipping (ICS) has submitted detailed well-thought through proposals to the next round of IMO negotiations. These support the development of a Global Fuel Standard as a technical measure to reduce the Greenhouse Gas (GHG) intensity of marine fuels, targeting 5% by 2030 and with an aggressive tightening of this standard after 2030, developed with industry experts to ensure the standard will work in practice. Simon Bennett, ICS Deputy Secretary General, comments: “A fuel standard will not succeed on its own. It has to be supported by ...

Over the Week 21, the global MABUX bunker indices turned into an upward trend. The 380 HSFO index experienced a rise of 9.27 USD, climbing from 477.06 USD/MT in the previous week to 486.33 USD/MT. However, it still remained below the 500 USD threshold. The VLSFO index, in turn, increased by 9.82 USD (607.20 USD/MT versus 607.38 USD/MT last week), once again surpassing the 600 USD level. The MGO index recorded a gain of 8.04 USD, going up from 790.85 USD/MT to 798.89 USD/MT. At the time of writing, the ...

Boudewijn Siemons (58) will be appointed interim CEO of the Port of Rotterdam Authority effective 15 July 2023. Vivienne de Leeuw (48) will stay on as CFO. Her term of office has been extended by four years. Siemons is currently the COO of the Port Authority and therefore responsible for infrastructure and maritime affairs. He will combine both positions until a new CEO has been appointed. Siemons will therefore take over the reins from Allard Castelein, who is stepping down as CEO this summer after nearly a decade. Miriam Maes, ...

Finland’s floating storage and regasification unit (FSRU) is fully booked for liquefied natural gas (LNG) imports in the second and third quarters this year, the terminal’s CEO Satu Mattila said in a speech on Thursday. The FSRU has received reservations for half the capacity available in the next gas year, which begins in October, she said. The Exemplar FSRU was chartered last year by Finland on a 10-year contract to help replace Russian pipeline gas, serving both the domestic market as well as neighbouring Estonia. Russia’s Gazprom Export in May ...

Arcadis, the leading global Design and Consultancy organization for natural and built assets, has developed a circular dismantling approach for an office building nominated for demolition by the Port of Amsterdam. Working on behalf of the port authority, Arcadis was appointed to oversee planning, develop process guidance, and select the contractor for the circular dismantling of Ruijgoordweg 80. This comparatively new and well-maintained building currently sits in the Port of Amsterdam’s safety zone. However, with the port scaling-up production and use of hydrogen and biofuels to meet demand for renewable ...

The ringing of the Oslo Børs bell on Monday 5 June will be heard throughout the global ocean industries. A special ceremony will mark not just the opening of the market, but the start of Nor-Shipping 2023, underlining the stock exchange’s significance as the world leader in shipping listings. Here CEO Øivind Amundsen explains how this leading position has been built from within the Norwegian maritime cluster, and how being part of the Euronext group is enabling further progress. ‘Partnership is very important for us. We would not be the ...

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), today reported its financial results for the three months and fiscal year ended March 31, 2023. Highlights for the Fourth Quarter Ended March 31, 2023 Revenues of $133.6 million. Time charter equivalent (“TCE”)(1) per operating day rate for our fleet of $68,135. Net income of $76.0 million, or $1.89 earnings per diluted share (“EPS”), and adjusted net income(1) of $78.1 million, or $1.94 adjusted diluted earnings per share (“adjusted EPS”)(1). Adjusted EBITDA(1) of $102.1 million. ...

The U.S. on Thursday will hold its first sale of oil and gas drilling rights on federal lands since passage of President Joe Biden’s landmark climate change law, with more than 10,000 acres (40.5 square kilometers) on offer in New Mexico and Kansas. The federal lease auction is just the second to be held in New Mexico, the nation’s second-largest oil-producing state, since Biden became president in 2021. Biden’s Interior Department had attempted to suspend federal oil and gas leasing to study its environmental and climate impacts, but the Inflation ...

On 25 May, Dutch shipping company Future Proof Shipping (FPS) officially launched the first hydrogen-powered zero-emissions inland container ship, H2 Barge 1, in Rotterdam, the Netherlands. Earlier in the week, Nike introduced the H2 Barge 1 at its European Logistics Campus in Laakdal, Belgium. As part of its journey toward a zero carbon and zero waste future, Nike is partnering with Future Proof Shipping (FPS) and BCTN Network of Inland Terminals, to accelerate zero-emission shipping. Future Proof Shipping’s zero-emissions 110m x 11.45m inland containership, H2 Barge 1 is chartered by ...

Asia’s very-low sulphur fuel oil (VLSFO) market steadied on Thursday after sliding over the last four sessions, while onshore inventories at Singapore slipped further to nine-month lows. The premium for 0.5% VLSFO rose to $8.25 a tonne over Singapore quotes as market backwardation widened, while front-month margin climbed to a premium of $10.11 a barrel at 0830 GMT. Weekly residual fuel oil stocks at Singapore have fallen for a seventh consecutive week, as western arbitrage supplies dipped in May, while China’s purchases were steady. The high-sulphur fuel oil (HSFO) market ...

Alfa Laval is at the forefront of the marine industry’s fuel transition with its methanol solutions, knowledge and experience. The pioneering methanol-driven project for a Chinese shipowner involves installation of Alfa Laval’s FCM Methanol-the low-flashpoint fuel supply system (LFSS), on board four of its vessels. This project is a landmark achievement not only for Alfa Laval but also for the shipowner, the shipyard and the engine designer. Collaborative efforts to fuel the future of methanol Alfa Laval has achieved another significant milestone in its methanol journey by winning an order ...

Kazakhstan’s oil exports to Germany via Russia’s Druzhba pipeline are expected to reach 100,000 tonnes in May, pipeline operator KazTransOil said. That is up from 90,000 tonnes of Kazakh crude delivered to Germany via Druzhba in the entire February to April period, Reuters data shows. KazTransOil had planned to deliver 100,000 tonnes of crude to Germany in April, but only supplied 50,000 tonnes. In February, it shipped 20,000 tonnes of crude to Germany via Druzhba, the first such shipment ever, replacing Russian supplies for German refineries. The European Union has ...