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Stena Bulk completes sale of two LNG tankers to BW LNG

Leading tanker shipping company Stena Bulk has announced that it has successfully completed the sale of two of its LNG carriers – Stena Crystal Sky and Stena Clear Sky – to BW LNG. Stena Bulk has delivered the vessels to BW LNG. As part of the sale, BW LNG will assume the existing charters for both vessels. Both vessels were originally delivered in 2011 from Daewoo Shipbuilding & Marine Engineering in South Korea. Stena Crystal Sky and Stena Clear Sky each have an LNG carrying capacity of 174,000 cbm. Speaking ...

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EXMAR Reports 2023 Financial Results

During its meeting of 25 March 2024, the Board of Directors of EXMAR (“EXMAR” or “the Company”) reviewed the results for the year ending 31 December 2023. HIGHLIGHTS 2023 •The Marine XII project in Congo, with Eni, is driving revenue and EBITDA for the Infrastructure division. •The Midsize Gas Carrier market experienced another strong year. Building on EXMAR’s four decades of ammonia expertise, 50% of the midsize fleet operated in the ammonia segment. •For the first time, BEXCO is contributing in full to EXMAR’s revenue and EBITDA. •EXMAR re-entered the ...

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Wärtsilä Lifecycle Agreement to guarantee operational reliability of new Wind farm Installation Vessel

Technology group Wärtsilä has signed a long-term Guaranteed Asset Performance agreement with CSBC-DEME Wind Engineering Co Ltd (CDWE), a joint venture between CSBC Corporation and DEME Offshore. The agreement covers CDWE’s new 216 metres-long marine installation vessel (MIV), the ‘Green Jade’. The order was booked by Wärtsilä in Q1 2024. Green Jade is designed and built in Taiwan with the mission to facilitate government policy to make Taiwan sustainable. As Green Jade will be managing diverse projects and varying offshore distances, operational reliability is of utmost importance. The extensive service ...

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APSEZ acquires Gopalpur Port in Odisha for INR 3,080 crore

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company, has entered into a definitive agreement to purchase the 56% stake of the SP Group and 39% of Orissa Stevedores Limited (OSL) in Gopalpur Port Limited (GPL). The acquisition is made at an enterprise value of INR 3,080 crore#, and the transaction is subject to statutory approvals and fulfilment of other conditions precedents. Gopalpur port is located on the east coast of India and has the capacity to handle 20 MMTPA. The Government of Odisha awarded ...

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Middle East Crude-Benchmarks extend gains; Russian Sokol backlog clears

Middle East crude benchmark Dubai extended gains on Tuesday, supported by firm bids from PetroChina and Shell on the Platts window that led to the delivery of two morecargoes. Similarly, Oman and Murban also extended gains for a second straight session. RUSSIAN CRUDE The seventh and final tanker carrying Sokol oil and sanctioned by the United Stateswill arrive at China’s Tianjin port on Tuesday night to discharge its Russian oil cargo, LSEG and Kpler shipping data showed, clearing a backlog of the crude stored on ships. The six other sanctioned ...

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EUROPE GAS-Prices ease on higher Norwegian supply, milder outlook

Dutch and British wholesale gas prices edged down on Tuesday morning as Norwegian supply ramped up to continental Europe and due to milder weather forecasts for the first week of April. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub edged up by 0.03 euro to 28.0 euros per megawatt hour (MWh) by 1008 GMT, while the May contract TRNLTTFMc2 was 0.40 euro lower at 27.95 euros/MWh, LSEG data showed. In Britain, the front-month contract TRGBNBPMc1 was 0.70 pence lower at 71.90 pence/therm and the May contract TRGBNBPMK4 fell ...

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HOT PORT NEWS from GAC

Marine incident at Francis Scott Key Bridge, Baltimore 26 Mar 2024, Baltimore, USA Safety zone established by US Coast Guard Maryland-NCR. Read More » Update: Adverse weather warning 26 Mar 2024, Iskenderun Bay & Ceyhan Region, Turkey Pilotage services suspended until further notice. Read More » Construction of vehicular bridge between airport & Hong Kong-Zhuhai-Macao Bridge Hong Kong Port 26 Mar 2024, Hong Kong For approximately six and a half months, marine works involving establishment of temporary working platforms, and construction of pile caps, piers and decks will be carried ...

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Svitzer Targets Methanol-Fuelled MAN 175DF-M Engine for Tug Application

MAN Energy Solutions and Svitzer have signed a Memorandum of Understanding (MoU) focused on the development of a methanol-fuelled version of the MAN 175D engine. Designated 175DF-M (Dual Fuel-Methanol), the MoU targets the finalisation of a field-test agreement based on which a dual-fuel engine and plant equipment will be installed on board one of Svitzer’s newbuild tugs. Kasper Karlsen, Chief Operating Officer at Svitzer, said: “At Svitzer, we’ve set ambitious yet realistic, long-term targets to decarbonise our operations. In 2023 alone, we reduced the CO2 intensity of our global fleet ...

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Hydroniq Coolers to equip Donsötank’s new tankers

Norway-based Hydroniq Coolers has been contracted by Wuhu Shipyard Co. Ltd. to deliver a hull-integrated seawater cooling systems to two LNG-fuelled oil product and chemical tankers that the Chinese yard is building for Swedish tanker operator Donsötank. The unique feature about the Rack seawater cooler is that it is integrated in the hull below the main engine room of the vessel. Marine cooling systems are utilised to reduce temperatures in the ships’ engines and other auxiliary systems through use of seawater. Hydroniq Coolers will deliver both hull-integrated Rack seawater cooling ...

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Qatar among top 10 LNG exporters in February 2024

Between January and February 2024, global LNG exports grew by 4% (2.74 million tonnes) y-o-y to 71.45 million tonnes (Mt), driven by GECF and non-GECF countries. Qatar is among the top 10 LNG exporters in February 2024. The US was the largest LNG exporter in February this year, followed closely by Australia and Qatar, according to the monthly gas market report of March 2024 by Gas Exporting Countries Forum (GECF). The global LNG exports were up marginally by 1% (0.35 Mt) y-o-y to stand at 33.95 Mt in February 2024. ...

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Can carbon offsets deliver for oil and gas companies?

A slower energy transition poses a conundrum for oil and gas companies. Stronger fossil fuel demand is positive for balance sheets but magnifies the challenge of emissions reduction. With companies across all sectors struggling to neutralise hard-to-abate emissions, carbon offsets offer an additional string to the decarbonisation bow. Many oil and gas companies will depend on offsets to achieve net zero, and the industry is already buying offsets and increasingly developing offset projects, acquiring offset companies and establishing partnerships with offset project developers. But the sector faces numerous challenges. The ...

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US gas producers shrug off low prices, bet on LNG boom

Energy executives say they are looking past current ultra-cheap gas prices and betting on a coming wave of new liquefied natural gas (LNG) plants to lift demand – and prices – for the fuel. Natural gas prices have fallen by one-third this year, undercut by a warmer winter, outages at LNG facilities and higher-than-expected output. The growth in solar and wind power and a pause on new U.S. LNG export permit reviews also have clouded the outlook for future gas demand. “Domestic U.S. markets are oversupplied,” said Chad Zamarin, a ...

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Evolving blockchain technology can transform diverse oil and gas applications, says GlobalData

Blockchain is emerging as a technology that demands attention within the oil and gas sector. It presents novel approaches to service contracts, review pricing, and support the entirety of the transaction life cycle. It thus promises potential cost reductions and enhanced process efficiencies. Moreover, the advantages of blockchain in the oil and gas industry manifest through enhanced transparency, compliance, and data security, says GlobalData, a leading data and analytics company. GlobalData’s thematic report, “Blockchain in Oil and Gas,” provides an overview of the blockchain technology and its potential implications in ...

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Clean Arctic Alliance Welcomes Support for New Arctic Emission Control Areas for Shipping

As a meeting of the International Maritime Organization’s Marine Environment Protection Committee (IMO, MEPC 81) closed today, the Clean Arctic Alliance today welcomed the support for two new areas in the Arctic to be protected from polluting air emissions from shipping. The two Emission Control Areas (ECAs) proposed by Canada and Norway and approved by IMO member states will provide additional protection from air emissions in Canadian Arctic waters and the Norwegian Sea by reducing emissions of sulphur oxides (SOx), particulate matter and nitrogen oxides (NOx) from international shipping. “The ...

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BAR Technologies Partners With Groke Technologies To Pioneer Enhanced Navigation Solutions For Windwings®

BAR Technologies (BARTech), an innovative simulation-driven marine engineering consultancy and wind propulsion leader, has announced a new partnership with GROKE Technologies (Groke), a world leader in situation awareness solutions, to design and develop systems for BAR’s WindWings® technology. The collaboration with Groke will provide an autonomous navigation solution to enhance passage at sea and port manoeuvrability for vessels equipped with BARTech’s WindWings®. The ground-breaking installation was pioneered on Mitsubishi Corporation’s Pyxis Ocean – chartered by global food corporation, Cargill – which was the first vessel to be retrofitted with WindWings. ...

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