Storage

Harvey Gulf orders Wärtsilä energy storage for retrofitted PSVs

In October, Wärtsilä signed an agreement to supply its advanced Energy Storage System (ESS) to be retrofitted on four of Harvey Gulf International Marine’s LNG-fueled platform supply vessels (PSVs). A fifth vessel in the Harvey Energy-class was earlier fitted with a Wärtsilä ESS.

The four vessels, the Harvey Power, Harvey Liberty, Harvey Freedom, and Harvey America, will each be fitted with a Wärtsilä ESS comprising a closed bus-tie 1,360-Kw drive with 746 kWh 1100 VDC batteries. The retrofit...

https://www.workboat.com/news/offshore/harvey-gulf-orders-wartsila-energy-storage-for-retrofitted-psvs/

Strong Crude Structure Enables Release of Crude from Floating Storage

  • There has been a strengthening in the Middle East’s Dubai crude market structure.
  • Several million barrels of the Middle East sour crude from floating tankers off Malaysia has been released.
  • Four tankers are scheduled to lift cargoes from Malaysia’s port of Sungai Linggi and Tanjung Pelepas.
  • Dubai futures inter month spreads have flipped to backwardation.
  • It is a market state where prices in the prompt months are higher than the latter months.
  • This move comes after being in a state of contango...

https://mfame.guru/strong-crude-structure-enables-release-of-crude-from-floating-storage/

Shut Down or Find Space – Oil Majors Scramble for Storage To Survive!

Reuters Graphic

According to a Reuters report, oil traders are struggling to find enough ships, railcars, caverns, and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.

What’s the scenario?
  • Dozens of oil tanker vessels have been booked in recent days to store at least 30 million barrels of jet fuel, gasoline and diesel at sea, acting as floating storage, as on-land tanks are full or already booked, according to...

http://mfame.guru/shut-down-or-find-space-oil-majors-scramble-for-storage-to-survive/

Thirst for Oil Vanishes, Leaving Industry in Chaos!

  • 2020 has unleashed a world-wide oil-production cut led by the U.S., Saudi Arabia, and Russia.
  • Due to lockdown crude-oil demand has collapsed as people stop driving and airplanes are grounded.
  • Refineries that turn crude into fuel are slowing oil purchases.
  • Oil-storage facilities from Asia to Africa and the American Southwest are filling up.
  • Producers have begun to shut in wells whose oil has nowhere to go.
  • OPEC+ countries agreed to withhold 9.7 million barrels a day from markets.
  • U.S. benchmark...

http://mfame.guru/thirst-for-oil-vanishes-leaving-industry-in-chaos/

Tidewater Transportation opens train to barge trans-loading facility

Tidewater Transportation and Terminals continues to build and grow its services and storage capacities along the Columbia and Snake Rivers. On Tuesday, August 27, there was a ribbon cutting ceremony and celebration of the company’s state-of-the-art, onsite ethanol unloading and storage facility in Pasco, Wash.

The facility consists of a 24-hour ethanol unit train railcar unloading rack with 24 new unloading stations and associated rail spurs. In addition, two 65,000-bbl. steel tanks were built...

https://www.workboat.com/news/coastal-inland-waterways/tidewater-transportation-opens-train-to-barge-trans-loading-facility/

Euronav Buys More IMO-Compliant Bunker Fuel for Storage

Euronav, one of the largest tanker companies in the world, will deploy one of its two ultra large crude carriers (ULCC) to store cleaner marine fuel ahead of a major regulatory change in 2020, reports Ship and Bunker.

Purchase from different suppliers

Citing data from a vessel-tracking firm, price reporting agency Argus Media said that Euronav has purchased at least seven 30,000 metric tonne (mt) cargoes from different suppliers since March.

The purchased IMO compliant fuel is stored onto the...

http://mfame.guru/euronav-buys-more-imo-compliant-bunker-fuel-for-storage/

China Procures Crude Oil To Stock, But Difficulties Loom

  • Chinese refineries processed 12.6 million barrels per day (bpd) of crude in the first quarter, up 4.4 %from the three months to end-December.
  • Crude imports in the January-March period were 9.83 million bpd, while domestic output was 3.84 million bpd, giving a total of 13.67 million bpd.
  • China increased the amount of crude stored by around 57,000 bpd in first quarter of 2019 from last quarter of 2018.
  • The cargoes that arrived in China in Jan and Feb would have been fixed at a time when crude...

http://mfame.guru/china-procures-crude-oil-to-stock-but-difficulties-loom/