Euronav to Store Low-Sulfur Oil

Shailaja A. Lakshmi
Thursday, September 5, 2019

The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans.

 In aggregate the purchase value of very low sulfur fuel oil (VLSFO) has been at $447 per metric ton compared to a bunker price (HFO-3.5% Sulfur content) of $400 per metric ton over the same procurement period.

According to the Belgium shipping company, the oil is currently aboard a ultra large crude carrier (ULCC) Oceania, a vessel built in 2003, and will soon be on its way to Singapore.

 Euronav owns the only two operational ULCC vessels (3m barrel capacity): the Europe (2002 – 442,470 dwt) and the Oceania. Both ULCC are unique movable storage units for use of crude or fuel oil given their size and age.

The ULCC Europe is currently under commercial time charter with a third party until the end of 2019.

Hugo De Stoop, CEO of Euronav said: “The introduction of new Sulfur emissions regulations as part of “IMO 2020” is one of the most progressive and significant developments for all shipping segments over the past fifty years. Reducing shipping’s Sulfur footprint is a critical step forward for all seaborne transportation and Euronav wholeheartedly welcomes the new regulations and looks forward to fully complying with them."

Categories: Tanker Fuel Crude Carrier

Related Stories

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

US Pressure on India Could Propel Russia's Shadow Oil Exports

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Shell’s Brazil-Bound FPSO Starts Taking Shape

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com