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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…

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…

China to Receive Rare U.S. Ethanol Shipment on Friday

May 21, 2020

A rare ethanol shipment of U.S. origin is expected to arrive in China this month, according to three industry sources and shipping data, probably the first such cargo since the two countries struck an initial trade deal in January.The market…

LNG Carrier Delivered to Nakilat

May 20, 2020

Qatari shipping company Nakilat took delivery of a newbuild liquefied natural gas (LNG) carrier Global Energy. Built by South Korea's Daewoo Shipbuilding & Marine Engineering (DSME), the vessel will be managed in-house by Nakilat and is the…

SFL Buys Newbild VLCC with Long-Term Charter Secured

May 20, 2020

Shipowner SFL Corporation has agreed to buy a newbuild 308,000 dwt very large crude carrier (VLCC), in combination with a seven-year bareboat charter with an unnamed oil major, adding nearly $60 million to SFL’s fixed-rate charter backlog.The…

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