Athens: Scorpio Tankers has sold its remaining 5.8% stake in NYSE-listed Dorian LPG through the sale of its 3,392,083 common shares to Sino Energy Holdings for a price of $16.16 per share or around $58.82m in total.Read more »
Washington: An energy bill introduced to the US Senate on Wednesday would, if adopted, speed up the processing of liquefied natural gas (LNG) exports.
A major provision in the bill would require the Department of Energy to approve or deny applications to export LNG to non-free trade agreement countries within 45 days of final action at the Federal Energy Regulatory Commission (FERC) or the Maritime Administration.Read more »
Rotterdam: The frosty, sanction-laden relationship between the EU and Russia has seen another big oil project canned.
Shtandart TT, a 100% subsidiary of Russia’s Summa Group, and the Port of Rotterdam Authority have terminated their contract for the construction of the EUR1bn Tank Terminal Europoort West.Read more »
Last week, the International Energy Agency, which advises the OECD countries on energy policy, said that the oil market was “massively oversupplied”. In its monthly report, the IEA observed that global oil supply had grown by 550,000 barrels a day in June, to 96.6mb/d, up from 3.1m at the same time a year ago.Read more »
Oslo: Aker Philadelphia Shipyard (AKPS) has announced that it plans to change its name to Philly Shipyard, provided it receives shareholder approval in October. The name change comes as the company revealed in its latest set of quarterly results that it plans to exit its shipowning investments, via its interest in the AKPS-Crowley joint venture and investment in Philly Tankers.Read more »
While the world is awash with speculation on what will happen to Greece, the Euro and the Chinese economy, a related debate is taking place within the United States. The export of crude oil and most natural gas, and the fight that never ends over trade liberalisation are growing political and economic issues in the US. Oil prices entered a new bare market last week, with Brent crude dropping below $57 a barrel.Read more »
Oslo: After a 35-year career at Odfjell, Morten Nystad is stepping as head of Odfjell Tankers from today. Odfjell has started the process of identifying a new head of Odfjell Tankers. Until a new head is appointed, Tore Jakobsen, Odfjell’s president and ceo, will be in temporary charge.Read more »
Oslo: Norway’s Ocean Yield has agreed to acquire four 115,000 dwt LR2 product tankers which are currently on order from Navig8 Product Tankers at Sungdong Shipbuilding in Korea.
Then four vessels, which are scheduled for delivery from January through to July next year, will be chartered back to Navig8 on 13-year bareboat charters.Read more »
Naples: Opportunities often emerge for canny shipowners in times of crisis but with a lack of financial support it’s hard to snatch them. That’s exactly the feeling expressed by Giuseppe Mauro Rizzo, ceo of Rizzo Bottiglieri De Carlini Armatori (better known as RBD Armatori), am Italian shipping company founded in 1850 in Torre del Greco (Naples) controlling a fleet of 17 ships made up of six aframax tankers (including 4 LR2) and 11 bulk carriers (four capesizes, four post-panamaxes and three panamaxes).Read more »
Diran Majarian from Amalia Tankers ruminates on what Norway’s richest man has been up to of late.
There’s been a few different shake-ups and synergies seen in the Fredriksen empire of late, most notably his stake in the new Exmar LNG venture and the merger of Frontline and Frontline 2012.Read more »
Cairo: The standoff between Libya and tankers calling at the North African country continues with more threats for ships with plans to load oil there. The Trident Hope (105,595 dwt, built 2003) is bound for Ras Lanuf, Libya’s third largest port, but authorities there have said the ship, owned by Greece’s Zahara Shipping, will be impounded if it enters Libyan waters.Read more »
Athens: Industrial action onboard a Teekay products tanker docked in Tasmania must stop, Australia’s Fair Work Commission has ordered.
The 36 crew refused to sail the Alexander Spirit (40,100 dwt, built 2007) to Singapore from Devonport last Friday, after being told they will be made redundant on arrival in favour of foreign workers, who can be paid less.Read more »