V.Ships Wins Contract with Pertamina
V.Ships Offshore, part of V.Group, has been awarded the contract to provide operations and full technical management of the floating storage and offloading (FSO) vessel – Pertamina Abherka in Indonesia. This is the second vessel owned by Pertamina International Shipping to be managed by V.Ships Offshore. The FSO, currently operating at Poleng Marine Terminal…
Iraq's Fuel Oil Exports Soar Despite OPEC Cut
Increased exports intended to help maintain oil revenues; March exports more than triple 2016 monthly average. Iraqi fuel oil exports have soared since January despite a reduction in the country's crude production in line with OPEC supply cuts, industry sources said, in what could be a way to boost output of refined products and maintain oil revenues.
Trafigura's LNG Trade Soared in 2017
Commodities trader Trafigura grew liquefied natural gas (LNG) traded volumes by 27 percent to 8.1 million tonnes of the super-cooled fuel this year after expanding its trading desk, aided by sharp Asian demand growth. Swiss trading houses are expanding into the global market for LNG, until recently the preserve of energy giants, and expect to grab a $10 billion share of the business this year…
ExxonMobil, Chevron, Shell Paid No Tax in Australia for 2016
Oil, gas giants paid no Australian tax in 2016; but commodity rebound seen boosting tax revenue in 2017. Exxon Mobil Corp and Chevron Corp paid no tax in Australia in the 2016 financial year, the third year in a row, despite reporting billions of dollars in income from operations in the country, a report from the tax office showed on Thursday.
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…
SSA Showcases OSV Sector with [email protected] 'Open House'
[email protected] has been taken to the heart of the Singapore public with an anticipated 4,000 visitors, expected to throng the two state-of-the-art Offshore Support Vessels (OSV) “Pacific Legacy” and “VOS Prince” moored at local shopping mall Vivocity Waterfront Promenade from 21 to 23 April 2016. Local institutes of higher learning are lending…
MPA Honors 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…
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…
Catcher FPSO to Add about $200 mln in EBITDA/year
BW Offshore CEO Carl Arnet in FPSO (floating production, storage and offloading) firm BW Offshore Ltd says the Catcher field project in the British North Sea will add about $200 mln in annual EBITDA to its results when it comes on stream in December 2017. ** BW is also developing Dussafu field in Gabon.
Platts Mulls Oil Benchmark Changes
Platts proposing FOB Straits benchmarks to replace FOB Singapore. New benchmarks aimed at storage growth in Malaysia, Indonesia; move could boost liquidity and lower storage costs. Oil pricing agency Platts is consulting with traders on proposed changes to its key oil product benchmarks in Asia to include ports in Malaysia and possibly Indonesia as cargo loading points to take advantage of new storage facilities.
Singapore Adopts Security Legislation
The Singapore Maritime and Port Authority (MPA) issued a Circular advising owners and operators of Singapore ships that Singapore has adopted legislation to give effect to the SOLAS amendments and the ISPS Code. Among other things, the legislation provides that the owner and master of a ship that does not comply with the legislation and regulations may be liable for a fine not exceeding S$10…
Singapore to become an IEA Association Country
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.
Asia Fuel Oil: Market Brightens on Tight January Supply
Asia's fuel oil market strengthened on Wednesday trading as discounts for both 180cst and 380cst fuels narrowed markedly amid tightening supply. In addition to lower discounts on spot cargos, Singapore ex-wharf 380cst term contracts for January switched to a premium, traders said, pointing towards a healthier market. Singapore's onshore…
Radio Holland Secures FLNG Contract for Keppel
Radio Holland, member of RH Marine Group, was awarded a FLNG project from Keppel Shipyard in Singapore. The contract encompasses an Offshore Telecommunication System package for the Golar Hilli LNG carrier, which is being converted into a Floating Liquefied Natural Gas (FLNG) unit. The contract was officially signed in Singapore following a tender procedure that started in November 2014.
Asia Fuel Oil Premium Spikes; Traders Snap up Cargoes
The cash premium on 180-cst fuel oil rose sharply to its highest in nearly four months on Tuesday, supported by buying interest from Swiss-based trader Mercuria. The 180-cst cash premium jumped $1.27 to close at $3.97 a tonne to Singapore spot quotes, Reuters data showed. Mercuria snapped up 80,000 tonnes of fuel oil - evenly split between the 180-cst and 380-cst grades.
Offshore firm's IPO may give Singapore market shot in the arm
This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a Singapore IPO - a boost to the city-state's stock market which has seen just one other mainboard listing this year.
Ship Arrested, More Claims Emerge Against OW Bunker
Fuel barge Laguna, carrying oil sold by Hin Leong to OW Bunker, arrested. Total claims against OW Bunker Far East and Dynamic Oil now over S$5 mln. Oil firms stepped up legal action against the Singapore units of bankrupt ship fuel trader OW Bunker with the arrest of a ship fuel delivery barge Laguna on Wednesday and claims totalling more than S$5 million.
Strong Interest in Keppel DC REIT IPO
Keppel DC REIT Management Pte. Ltd., a wholly-owned subsidiary of Keppel Telecommunications & Transportation Ltd has received overwhelming demand from institutional and retail investors for its initial public offering of 261,138,000 Units. The Offering comprised an international placement of 207,375,000 Units1 to investors, including institutional and other investors in Singapore (the "Placement Tranche")…
COSCO Q1 Profit Sinks on Shipyard, Shipping Weakness
COSCO Corporation Singapore Ltd, part of one of China's largest shipbuilding groups, said its first-quarter net profit dropped 94 percent year-on-year to S$766,000 ($579,600) on weak performance in shipyard and bulk shipping businesses. COSCO Corp, a Singapore-listed subsidiary of Chinese state-owned maritime conglomerate China Ocean Shipping (Group) Company…
Ocean Mineral Singapore Contract for Seabed Exploration
Ocean Mineral Singapore Pte Ltd (OMS) has entered into a 15-year exploration contract for polymetallic nodules at a site within the Clarion-Clipperton Fracture Zone of the Pacific Ocean with the International Seabed Authority (ISA). Sponsored by the Singapore Government, OMS is the first Singaporean company to be awarded an exploration contract for polymetallic nodules.