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COSCO Orders Three LNG Carriers at Hudong-Zhonghua

Jun 30, 2020

Hudong-Zhonghua Shipbuilding Co, a unit of China State Shipbuilding Corp, has signed contract to construct three liquefied natural gas (LNG) carriers worth 3.9 billion yuan ($551.62 million), reported the state-backed Jiefang Daily on Tuesday.The LNG carriers, each with a capacity of 174,000 cubic metres, will be operated by China COSCO Shipping and be deployed for LNG shipping services for PetroChina International Co…

Sri Lanka: Fire-hit Tanker Towed Further Offshore as Wind Picks Up

Sep 10, 2020

The Sri Lankan navy has towed a fire-stricken supertanker further out to sea to keep it off the coast of the Indian Ocean island after the wind picked up strength and changed direction, a spokesman said on Thursday.The tanker, loaded with 2 million barrels oil…

Sri Lanka Douses Another Fire on New Diamond Tanker. Tows it to Deeper Water

Sep 09, 2020

The Sri Lankan navy said on Wednesday it had extinguished another fire on a stricken supertanker loaded with 2 million barrels of oil and is towing it to deeper water.The navy's disaster management team put out the fire that reignited on Monday on the MT New Diamond…

No Real Danger of Oil Spill from Burning Oil Tanker, Sri Lanka Navy Says

Sep 04, 2020

There is no real risk of a spill from a fully loaded supertanker that caught fire off the east coast of Sri Lanka, a senior official in the Indian Ocean nation's navy said on Friday.The fire that broke out in the engine room of the New Diamond…

US-China Cold War Would Redirect Energy Flows

Jul 29, 2020

Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy.Top policymakers in the United States and some of its closest allies…

Hin Leong's Owners Move to Block OCBC from Picking at Shipping Units

Jul 29, 2020

The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block creditor OCBC's request to appoint overseers for the family's Xihe Holdings and four other subsidiaries to recoup its debt.Oversea Chinese Banking…

Ocean Tankers' Supervisor to Start Restructuring Talks with Owners

Jul 10, 2020

EY, the court-appointed supervisor for Ocean Tankers Pte Ltd (OTPL), has proposed two restructuring options to the shipping company's owners and could meet with them as early as next week to discuss the plans, according to an EY report seen by Reuters…

Spring Oil Flood Causes Summer Queues in Chinese Ports

Jul 02, 2020

Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April's oil price crash, according to traders and shipping data seen by Reuters.More than 80 million…

Oil Barrels Come Off the Water as Storage Boom at Sea Fades

Jul 01, 2020

Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say.Fuel demand tumbled as much 30% from March to May…

China's Saudi Oil Imports Surge to All-time High

Jun 26, 2020

China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to all-time high as refineries snapped up cheap fuel, while the kingdom retained its position as the top supplier to the world's biggest oil buyer.Arrivals from Saudi last month reached 9…

Ships Carrying Stored Gasoline to Discharge Cargoes in Indonesia

Jun 04, 2020

Two of six tankers used to store gasoline in Asia have arrived in Indonesia, with shipments into Asia's largest petrol importer expected to rise this month versus May as Pertamina replenishes stocks, according to industry sources and Refinitiv shipping data…

Qatar Petroleum in 'Largest LNG Shipbuilding Deal in History'

Jun 01, 2020

Qatari state-owned oil and gas company Qatar Petroleum has entered into what it says 'are the largest LNG shipbuilding agreements in history to secure more than 100 ships valued in excess of QR 70 billion [USD19,2 billion] to cater for its LNG growth plans…

Iran Ready to Continue Fuel Shipments to Venezuela

Jun 01, 2020

Iran will continue fuel shipments to Venezuela if Caracas requests more supplies, the Iranian Foreign Ministry spokesman said on Monday, despite Washington's criticism of the trade between the two nations, which are both under U.S. sanctions…

China, India Soak Up Oil from Floating Storage as Demand Picks Up

May 28, 2020

The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged…

Hyundai Heavy Bags Double VLCC Order

May 21, 2020

South Korea's shipbuilding giant Hyundai Heavy Industries has secured an order to build two very large crude carriers for unnamed European shipowners.The value of the orders for two 300,000-ton VLCCs, which will be equipped with scrubbers to meet IMO emission regulations…

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