America’s fastest-growing source of energy has a power problem. The Permian Basin, which produces almost 4 million barrels of oil a day, has expanded so quickly that suppliers of the electricity needed to keep wells running are struggling to keep up. The Delaware portion alone consumed the...
https://www.hellenicshippingnews.com/power-to-the-permian-spotty-at-best-outrun-by-a-fracking-boom/
Talk about inconvenient timing. Just as Saudi Arabia is about to switch the way it prices its oil exports, the new benchmark throws a spanner in the works by surging inexplicably. Oman crude futures traded on the Dubai Mercantile Exchange (DME) rushed to their highest level in four years last week,...
https://www.hellenicshippingnews.com/oman-crude-surges-at-just-the-wrong-time-for-saudi-arabia/
Hyundai Heavy Industries Co., the world’s biggest shipbuilder by sales, said Monday it has received a US$210 million order to deliver two oil tankers to a Norwegian shipper from June 2020. Hyundai Heavy won the order from Norway-headquartered Knutsen NYK Offshore Tankers (KNOT) and plans to start...
https://www.hellenicshippingnews.com/hyundai-heavy-wins-210-mln-oil-tanker-order-from-norway/
The Golden Week holiday prompted an uptick in enquiry with rates firming four points to WS 59/59.5 for 270,000mt from the Middle East Gulf to both China and Singapore and 280,000mt to the US Gulf now assessed around WS 23 Cape/Cape. West Africa to China moved in line with the Middle East Gulf, with...
https://www.hellenicshippingnews.com/tanker-market-vlccs-enquiries-rising/
Zoological pollution is becoming an increasing concern for commercial shipping worldwide. The threat of invasive species spreading through the intake and discharge of ballast water has resulted in the IMO adopting the International Convention for the Control and Management of Ships’ Ballast Water...
https://www.hellenicshippingnews.com/ballast-water-managing-risks-of-zoological-pollution/
South Korean authorities have seized a Russian-flagged ship and its crew in Busan on suspicion they are violating U.S. sanctions on North Korea, according to Russia’s TASS news agency. The seizure came after concern about the Seoul’s lax enforcement of international economic sanctions on North...
China has hiked its 2019 crude oil import quota for “non-state trade”, generally meaning independent refiners, by 42 percent to 202 million tonnes, as two private companies prepare to launch commercial production at major new plants. It is the second consecutive year that Beijing has increased the...
The Port of Long Beach and six other international seaports recognized for advancing innovative environmental initiatives are combining forces to launch the “World Ports Climate Action Program.” Long Beach will join port authorities in Los Angeles; Rotterdam, the Netherlands; Hamburg, Germany;...
https://www.hellenicshippingnews.com/port-of-long-beach-joins-world-ports-climate-action-program/
Winter has typically been a period of stronger earnings and higher freight volatility for the tanker sector. However, the winter of 2017/2018 Source: GIBSON SHIPBROKERS LTD
https://www.hellenicshippingnews.com/gibson-tanker-report-winter-on-the-way/
Dominion Terminal Associates, based in Newport News, Virginia, loaded and exported 249,589 st of coal on three vessels in the week ended Friday, while two more are currently docked at the pier, according to company data. The terminal, which is owned by Arch Coal and Contura Energy and served by...