Friday, February 23, 2018

Singapore News

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…

IKM Subsea Singapore Starts 2018 with Multiple Contracts

IKM Subsea work class ROV, Merlin WR200 (Photo: IKM Subsea)

IKM Subsea Singapore said it has kicked off 2018 with a double contract award. The first is a contract to provide two remotely operated vehicles (ROV) for a floating liquefied natural gas (FLNG) mooring installation in Bangladesh. IKM Subsea provided one Merlin WR200 and a Comanche with the necessary toolings onboard the vessel Jumbo Javelin.

Sembcorp Marine Swings to Q4 Loss

File Image (CREDIT: AdobeStock / (c) Nightman)

Singapore's Sembcorp Marine swung to a net loss in the fourth quarter, with revenue plunging 21 percent due to lower rig-building revenue, fewer floater and offshore platforms projects. The rig builder reported a net loss of S$33.8 million ($25.59 million) for the three months ended December, compared with profit of S$34.3 million a year ago. The company's full-year net profit slumped 82 percent to S$14.1 million.

Argentina Seeks 22 LNG Cargoes

File Image (CREDIT: AdobeStock / (c) Fotmart)

Argentina's state-run Enarsa launches tender to buy 22 liquefied natural gas (LNG) cargoes for delivery from May to August for delivery to its two import terminals, trade sources said. Enarsa seeks nine full-size cargoes for its Bahia Blanca terminal and 13 half-size deliveries to its river terminal at Escobar. Bids must be submitted on or before March 6 and pricing must be based on either U.S.

Unipec Hires Veteran Crude Trader for Hong Kong Office

Unipec, the trading arm of Asia's largest refiner Sinopec, has hired veteran crude oil trader Lee Yee Meng, who will join its office in Hong Kong in May, trade sources familiar with the matter said on Friday. Lee left Trafigura Singapore earlier this week after more than a year with the European commodities trading company, the sources said.

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.

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'

Dedicated Volunteer from Vroon Offshore Services Pte. Ltd.

[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

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…

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…

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

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.

Radio Holland Secures FLNG Contract for Keppel

Photo: Radio Holland

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: 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…

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

Photo: 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

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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…