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

Initial Drilling Results Raise Questions on South Korea’s Offshore Gas Viability

European LNG Imports Up with Asian Influx

ADES’ Fourth Suspended Jack-Up Rig Gets Work Offshore Thailand

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

INEOS Picks Up CNOOC’s US Assets in $2B Deal

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

Valeura Boosts Production at Jasmine Field with Five New Wells Now Onstream

Seatrium Delivers Fifth Jack-Up to Borr Drilling

India Defends Propping Up Russian Oil - Prices "would have hit the roof"

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

Current News

Petronas Inks Two More PSCs for Bid Round 2024, Launches Round 2025

CNOOC Brings Online Second Phase of Luda Oil Field Project in Bohai Sea

Japan's Japex Shifts Back to Oil and Gas Investments

Tokyo Gas Enters LNG Market in Philippines

ONE Guyana FPSO En Route to ExxonMobil’s Yellowtail Field

SLB Names Raman CSO, CMO

Eco Wave Finds Partner for Wave Energy Project in India

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

ONGC and BP Sign Deal to Boost Production at India's Largest Offshore Oil Field

SOV/CSOV Shipbuilding Market: Strong Growth, Volatility in Coming 5 Years

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