Awilco LNG ASA (the Company) is pleased to announce that a term sheet for refinancing of the Company’s two 2013-built 156,000 cbm TFDEs WilForce and WilPride (the Vessels) has been agreed and signed with a major leasing company based in Asia. Subject to final credit and board approval, documentation, and customary closing conditions the Company will utilize its purchase options under the existing financing facility to repurchase the vessels from CCB Financial Leasing. The new financing is at par value of the outstanding debt and structured as a sale/leaseback similar ...

Ten of the world’s top development banks pledged to step up their climate efforts at the COP28 summit, yet failed to say anything about halting financing for fossil fuel projects, a document seen by Reuters showed. In a statement to be announced at the event in Dubai, the group, including the World Bank and regional peers, said the window of opportunity to secure a liveable planet was “rapidly closing”. Calls to overhaul the way the banks are run in response to the climate crisis have picked up amid record extreme ...

For the very first time, on 28 August 2023, the United States met more than of half of its electricity demand from natural gas. It encapsulated a summer during which gas-fired electricity generation grew dramatically. In just the past two years, its share of the power mix rose from 40 to 45 percent for the summer months of July and August. A confluence of factors, including a significant drop in the price of natural gas, coal plant retirements, low output from wind and hydropower, and high cooling demand in some ...

Kazakhstan’s oil output edged down 2% month on month in November to 7.3 million metric tons (1.78 million barrels per day), official data and Reuters calculations showed on Monday. Oil production, disrupted by storms in the Black Sea through which crude is exported, recovered to 230,500 tons on Dec.3 after dropping to 183,660 tons in late November, data showed. Source: Reuters (Reporting by Alla Afanasyeva, Writing by Olzhas Auyezov, Editing by Bernadette Baum)

Middle Eastern benchmarks Oman, Dubai and Murban tumbled on Monday as the latest OPEC+ decision continued to give the jitters to the market with doubts over the compliance of the voluntary cuts and fears about supply surplus. Spot premium for Dubai crude fell to a six-month-nadir of $0.53 a barrel over the Dubai quotes. The major oil producers last week agreed to a combined 2.2 million barrels per day (bpd) voluntary cuts for the first quarter in 2024. The reductions are led by Saudi Arabia, who will roll over its ...

Supplies of Russian liquefied natural gas to Europe reached a monthly high of 1.75 million metric tons, while deliveries to China declined, Kommersant newspaper reported on Monday, citing a data from Kpler. Russia is seeking to boost production of sea-borne super-cooled gas as its pipeline gas exports to Europe, once a key source of revenue for Moscow, have plummeted amid sweeping Western sanctions imposed over the conflict in Ukraine. Kommersant newspaper said Russian LNG supplies to Europe had eclipsed a previous record of 1.737 million tons set in December 2022. ...

Asia’s naphtha markets extended gains on Monday on the back of weakness in underlying prices, triggered by a slump in crude oil benchmarks, according to traders. The crack rose by about $7 to $77.4 per metric ton over Brent crude and the second-half January naphtha price plunged by $13 to $662.50 per ton in backwardation structure. Margins were also supported by increased spot purchases. At least one Middle East buyer was heard to have bought naphtha with a minimum of 70% paraffin content last week, market participants said. Traders also ...

K2 Security Screening Group, an industry leader in aviation security, is pleased to announce the appointment of Mitch Merriam as the Vice President of Borders and Maritime Security. Merriam will be responsible for expanding the Security Screening Group’s presence in the border and port security space. A former member of the United States Senior Executive Service within the federal government, he held numerous leadership positions with the U.S. Customs Service and U.S. Customs and Border Protection (CBP) for more than 25 years. He has experience in Border Security, Customs and ...

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 ...