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Teekay Tankers Ltd. Reports Strong Third Quarter 2024 Results

Teekay Tankers Ltd. yesterday reported the Company’s results for the quarter ended September 30, 2024: Third Quarter of 2024 Compared to Second Quarter of 2024 GAAP net income and non-GAAP adjusted net income for the third quarter of 2024 decreased compared to the second quarter of 2024, primarily due to lower average spot tanker rates, a higher number of scheduled dry dockings and the redelivery of two chartered-in vessels, partially offset by the acquisition of one vessel. In addition, GAAP net income in the third quarter of 2024 included restructuring ...

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Newly introduced NextDF technology for Wärtsilä 25DF engine delivers ultra-low methane emissions

Technology group Wärtsilä has introduced its innovative NextDF feature for the Wärtsilä 25DF dual-fuel engine. While operating on liquefied natural gas (LNG), the NextDF feature reduces methane emissions to less than two per cent of fuel use across all load points, achieving as low as 1.1 per cent in a wide load range. What’s more, the nitrogen oxide (NOx) emissions are lower than on the standard Wärtsilä 25DF engine which already has low emission levels below IMO Tier III. LNG is considered an important transition marine fuel, bridging the gap ...

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SHIPPING: Union, US East Coast ports to resume negotiations in November

Union dock workers and US East Coast port operators will resume negotiations on a new master agreement in November, according to a joint statement from both parties. The International Longshoremen’s Association (ILA), representing the dock workers, and the United States Maritime Alliance (USMX), which represents the ports, reached a tentative agreement on 3 October that ended a three-day strike. The strike was paused until 15 January after parties agreed on the salary portion of the agreement, essentially meeting in the middle. But the union remains adamant against any full or ...

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TECO 2030 ASA launches U.S. Capitalization Plans with Hamilton Clark Sustainable Capital Inc. to Establish High-Volume Fuel Cell Production Facility

TECO 2030 ASA (OSE: TECO) today announced that it is launching a potential capitalization process for its U.S. subsidiary, TECO 2030 Inc., with the strategic guidance of investment banking advisor Hamilton Clark Sustainable Capital Inc. (HamiltonClark). If successful, the capital infusion would be directed toward establishing a high-capacity fuel cell production facility in the United States, aimed at preparing for the anticipated surge in demand for hydrogen-based solutions in transportation, data centers, heavy industry, and other critical sectors. As industries worldwide increasingly recognize the need for sustainable energy alternatives, the ...

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Crude oil imports from Canada reached a record after pipeline expansion

U.S. imports of crude oil from Canada reached a record of 4.3 million barrels per day (b/d) in July 2024 following the expansion of Canada’s Trans Mountain pipeline. July is the most recent month for which data are available in our Petroleum Supply Monthly (PSM). The Trans Mountain Expansion (TMX) tripled the line’s previous 300,000-b/d capacity when it began commercial operation in May 2024, bringing additional crude oil produced in the landlocked province of Alberta to Canada’s west coast, where it can be exported. Historically, most crude oil exports out ...

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Sluggish demand, supply glut worries to weigh on oil in 2025

Concerns around demand from top consumer China, prospects of higher supply from key producers and easing geopolitical risks are likely to weigh on oil prices this year and next, a Reuters poll indicated on Thursday. The poll of 40 analysts and economists conducted in the past two weeks projected Brent crude would average $80.55 per barrel this year and $76.61 in 2025, down from estimates of $81.52 and $76.94 projected in September. U.S. crude CLc1 is expected to average $76.73 a barrel in 2024 and $72.73 next year, compared with ...

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Teekay Corporation Ltd. Reports Third Quarter 2024 Results

Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK) today reported results for the three months ended September 30, 2024. These results include the Company’s publicly-listed consolidated subsidiary, Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK), and all remaining subsidiaries and equity-accounted investments. Teekay, together with its subsidiaries other than Teekay Tankers, is referred to in this release as Teekay Parent. Please refer to the third quarter of 2024 earnings release of Teekay Tankers, which is available on Teekay’s website at www.teekay.com, for additional information on Teekay Tankers’ results. The information contained on ...

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TMC bags contract to supply four LNG carriers

Korea Shipbuilding Offshore Engineering has awarded a contract to TMC Compressors to deliver the marine compressed air system to four LNG carriers that Hyundai Heavy Industries (HHI) is building for Capital Gas Corp. Under the contracts, TMC will deliver a complete marine compressed air system to each of the four vessels. The system includes control and service air compressors. TMC has not disclosed the value of the contract. The four newbuilds are constructed by Hyundai Heavy Industries in Korea. Norway-headquartered TMC will manufacture and assemble the equipment in Scandinavia and ...

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MISC Group Hits Major Milestone with First Oil for FPSO Marechal Duque de Caxias

MISC Group is proud to announce the successful achievement of first oil for the Floating Production Storage and Offloading (FPSO) unit, Marechal Duque de Caxias on 30 October 2024. This milestone marks a significant achievement for MISC and demonstrates our continued commitment to safety, operational excellence and innovation in the offshore oil and gas industry. FPSO Marechal Duque de Caxias, one of the largest ultra-deepwater FPSOs in the world, is equipped with state-of-the-art technology designed to operate efficiently in the deepwater environment of the pre-salt Santos Basin, offshore Brazil. The ...

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GTT secures technical services contract with Maran Tankers for eight LNG Dual-Fuel Suezmax vessels

GTT announces the signing of a technical services contract with Maran Tankers, the oil tanker shipping arm of the Angelicoussis Group, for their upcoming eight LNG dual-fuel Suezmax vessels, ordered in 2023 at New Times Shipyard in China. Although the future Suezmax vessels will not be equipped with GTT systems, Maran Tankers has chosen to collaborate with GTT due to its expertise in the performance and safety of LNG dual-fuel vessels. The contract involves GTT providing assistance to Maran Tankers in independently reviewing the Fuel Gas Supply System (FGSS) and ...

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Biden-Harris Administration Announces Nearly $80 Million in Clean Ports Investments for the Port of Philadelphia as Part of Investing America Agenda

On October 29, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Environmental Protection Agency (EPA) announced the that the Philadelphia Regional Port Authority has been selected to receive nearly $80 million through EPA’s Clean Ports Program for the deployment of zero-emission port equipment and infrastructure, and climate and air quality planning. Climate and Air Quality Planning – $2,000,000: To identify availability of terminal and near-terminal space, outline a strategy to power and deploy zero-emission equipment; community and stakeholder engagement to ensure public health; assess baseline emissions ...

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Port Houston Handles Largest Container Vessel to Date

On Tuesday, October 22, the Port Commission of the Port of Houston Authority met for its regular monthly meeting. Chairman Ric Campo began the meeting by commending staff and industry for their efforts during and following the October 1 to 3 strike, tied to contract negotiations between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX). Port Houston’s container operations recovered and returned to normal within a week, despite predictions of longer-lasting impacts reported by the national media. “I am incredibly proud of the team for their ...

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Russia intends to keep gasoline export restrictions, Kommersant says

Russia has no plans to lift restrictions on gasoline exports for now, Kommersant daily reported on Thursday citing several oil industry sources. The Russian energy ministry did not immediately respond to a request for comment. In August, Russian government extended a ban on gasoline exports until the end of 2024, but left the door open for removing the restrictions earlier. Kommersant said the government has no plans to lift the ban due to ongoing maintenance at the country’s oil refineries. One of the sources told the newspaper that gasoline production ...

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HOT PORT NEWS from GAC

Establishment of Restricted Area off Wan Chai Harbour Front 31 Oct 2024, Hong Kong A Restricted Area will be established on 1 and 2 November, from 1800 hours to 2200 hours, in Victoria Harbour off the Wan Chai Harbour Front. READ MORE Palaeontological investigation and excavation at Port Island 31 Oct 2024, Hong Kong A palaeontological investigation and excavation works will be carried out at Port Island, for a period of approximately two months. READ MORE Withdrawal and establishment of weather buoys 31 Oct 2024, Hong Kong Withdrawal and establishment ...

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US natgas prices slide 2% on mild forecasts ahead of storage report

U.S. natural gas futures slid about 2% on Thursday on forecasts for mild weather to continue through mid November, keeping heating demand lower than usual for this time of year and allowing utilities to keep adding more gas into storage than normal for a few more weeks. Analysts forecast U.S. utilities added 82 billion cubic feet (bcf) of gas into storage during the week ended Oct. 25. That compares with an increase of 77 bcf in the same week last year and a five-year (2019-2023) average rise of 67 bcf ...

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