Friday, June 22, 2018

Singapore News

Trafigura Signs Second Storage Deal with Singapore LNG Corp

(Photo: Singapore LNG Corp)

Commodities trader Trafigura has signed a second deal with Singapore LNG Corp, operator of the city-state's first liquefied natural gas (LNG) terminal, for storage and reload services, the two companies said on Monday.Under the agreement, which was signed on May 30, Trafigura will have access to 160,000 cubic meters of firm LNG storage capacity on a segregated basis for the next 24 months…

Singapore Bunker Operator Fined $57,000

Singapore-based bunker barge operator New Ocean Maritime was fined 81,000 Singapore dollars ($57,100) on Jan. 17 for providing services without a licence between Jan. 3, 2015 and March 28, 2015, the Singapore port authority said on Tuesday. The company was also found to have used the bunker craft operator licence of Seaquest Tanker, another Singapore-based bunker services provider…

Keppel Shuts Down Three Yards in Singapore

Photo: Keppel Offshore & Marine

Keppel Corp, the world's biggest oil rig builder, is still hard hit by the downturn in the oil industry and will now shut down three yards in its homeland. Singapore-based offshore company Keppel reduced its direct work force by about one third. The workforce has been reduced by 2,620 employees in the fourth quarter a cut of 11.8%. For 2016 as a whole Keppel reduced its direct workforce by 10…

Singapore Fuel Oil Trading Heats Up

Singapore fuel oil trading volumes have soared after the 380-cst front-month time spreads widened by around $1 per tonne from the previous day's close, in what could develop into an aggressive trade strategy that occasionally rattles this market. The 380-cst March/April time spreads on the Intercontinental Exchange (ICE) saw about 700…

ExxonMobil Singapore Refinery to Expand

ExxonMobil in Singapore Courtesy ExxonMobil

ExxonMobil announced today the expansion of its Singapore refinery to support the production of the company’s EHC Group II base stocks, which will strengthen the global supply of these products and enhance the Singapore facility’s competitiveness. Construction is expected to begin during the second quarter of 2017 with completion anticipated in 2019.

Singapore Carbon Tax Would Hit Refiners, Help Renewables

Proposed carbon tax would deal blow to refineries; Singapore is main regional oil trading hub. Singapore's proposed plan to tax greenhouse gas emissions would probably hit oil refiners hard, ramping up costs in an industry that has been central to the city-state's rapid development over the last half-century. Monday's announcement that…

iSURVEY Singapore Secures Solstad Offshore Contract

DLB Norce Endeavour (Photo: iSURVEY)

iSURVEY Pte Ltd, Singapore has been awarded a marine construction survey support contract with Solstad Offshore Asia Pacific for works onboard the DLB Norce Endeavour. Due to commence in March 2017, with options for extension in 2018 and 2019, the four month contract will see iSURVEY provide positioning and survey support to Solstad Offshore Asia Pacific’s 2017 pipeline and platform installation program in Thailand.

IKM Subsea Singapore Inks ROV Contract with Solstad

Merlin WR 200 Work class ROV

Solstad Offshore in Singapore has recently awarded IKM Subsea Singapore a service contract to provide ROV services onboard on the DLB Norce Endeavour for construction support projects offshore in Thailand (hat-trick award from 2015). The barge will be mobilized in Singapore and will be working in the Gulf of Thailand for various clients.

Singapore’s Survivability

New business: Keppel has begun building dredgers like the Cristobal Colon, seen hear outside Rio de Janeiro. (Photo: copyright Jan de Nul Offshore)

Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the downturn, helped by their gas-hungry Australasian backyard and renewed ties with old charterer parties and suppliers.

MPA Honors ABS

Singapore’s Senior Minister of State for Transport Josephine Teo presented the Offshore & Marine Engineering Award to ABS Regional Vice President Thomas Tan. Photo: ABS

ABS has been awarded the Offshore & Marine Engineering Award by the Maritime and Port Authority of Singapore (MPA). This award recognizes organizations that have made significant contributions toward the development of Singapore’s offshore and marine engineering sector. “ABS is honored to receive this award recognizing our leading role in Singapore’s marine and offshore industries…

Swiss Singapore to Start Naphtha Trading in Singapore

To set up naphtha trading desk, hired 1 trader so far; aims to set up office in the US by year-end. Commodity trader Swiss Singapore Overseas Enterprises is expanding its trading operations in Singapore and may start an office in the United States by the end of the year, said three industry sources on Tuesday. The company, which is part of the Indian multinational conglomerate Aditya Birla Group…

Four-month Hangover from Singapore Fuel Party Ends

Singapore's long hangover from a near-record fuel oil trading binge in March is ending as tonnage traded that month and held offshore moves into landed tanks, signalling a tighter market in the world's biggest trading hub for the shipping fuel. The excess floating storage taken up in March is now virtually empty. With fuel oil supplies…

Shell Declares Force Majeure for Singapore Chemical Output

Royal Dutch Shell has declared force majeure on base chemicals from its ethylene cracker at its Bukom manufacturing site in Singapore on Thursday, following an outage the day before, a company spokeswoman said. "We had to initiate a shutdown of the ethylene cracker complex at the Pulau Bukom manufacturing site for unplanned maintenance work to repair a compressor…

Brightoil Petroleum Employees Charged for Fuel Theft

Two employees of Brightoil Petroleum (Singapore) Pte Ltd were charged in court in the city-state this week for their alleged involvement in the theft of marine fuel on board a company barge, a company executive said in a statement on Thursday. Brightoil Singapore's Chief Operating Officer Stephen Qi Jun said in an emailed note to clients provided to Reuters by a company spokeswoman that the two defendants…

Singapore to become an IEA Association Country

Singapore Skyline Photo courtesy International Energy Agency

The International Energy Agency (IEA) has welcomed Singapore as an IEA Association Country, deepening the partnership between both sides for a more sustainable and secure energy future. The announcement was made jointly by Singapore Minister S Iswaran, Minister for Trade and Industry, and Dr Fatih Birol, Executive Director, IEA, at the opening of the Singapore International Energy Week (SIEW) 2016.

Four Bunker Barges Seized in Singapore over Unpaid Debt

Singapore law firm asks for vessels to be arrested; bunker barges owned by Vermont UM Shipping. Four marine refuelling barges owned and operated by Vermont UM Shipping Pte Ltd were seized in Singapore on Monday night, according to the website of Singapore's Supreme Court. Singaporean law firm Rajah & Tann seized the vessels over unpaid claims on behalf of its client…

Singapore's Bunker Market Rallies

© anekoho / Adobe Stock

The Singapore fuel oil market has rallied this week as inventories have dropped at the same time that some supplies in the region do not meet the standards for use as shipping fuel, further reducing the amount of supply available, five trade sources said.Cash premiums for 380-centistoke fuel oil, which is primarily sold for ship fuel, known as bunker fuel, have soared this week to the highest since May 2017.

ABS Execs Discuss Key Maritime Topics in Singapore

ABS Informs the Industry at Singapore Maritime Week Photo ABS

ABS executives informed the industry conversation at Singapore Maritime Week, with presentations on the growing cyber security threat to maritime, new opportunities to take advantage of data, and the huge potential of LNG shipping for the region. Speaking at the Singapore Maritime Cyber Security Seminar, ABS Chief Digital Officer, Howard…

Singapore Court Blocks Noble Group Shareholder Meeting

File Image (CREDIT: AdobeStock / © Renaschild)

Noble has other investor meetings due in next few weeks; but court decision could complicate restructuring process. A Singapore court blocked commodity trader Noble Group Ltd from holding its annual meeting of shareholders on Monday following legal action sought by dissident shareholder, Goldilocks Investment Co. Ltd. Friday's ruling is the latest skirmish between Noble and Goldilocks…

IHI Delivers Drillship Hull to Singapore

Courtesy IHI

IHI Corporation (IHI) announced today that Drillship Hull for Singapore was delivered on December 17, which was constructed at IHI Aichi Works. Drillship is designed for the use in exploratory, completion and maintenance drilling of offshore oil and gas fields. The delivered Drillship Hull is with the length of 242 meters, breadth of 46 meters and depth of 19.6 meters.