A plunge in the volume of crude oil stored on ships combined with unexpected cuts from top producer Saudi Arabia have created a glut of vessels available for hire, pressuring the outlook for supertankers this year.Earnings for very large crude…
Ship managers Synergy Group converted a 1992-built, 126,000 cubic meters capacity Liquefied Natural Gas (LNG) carrier into a Floating Storage Unit (FSU). The conversion was performed at Sembcorp Marine’s Admiralty Yard in Singapore.Synergy will manage…
A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis…
Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.Organization…
Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said.Freight rates for very large…
The European Commission has approved the acquisition of OLT Offshore LNG Toscana by SNAM and the UK’s First State Investments International (FSI), under the EU merger regulation.According to the Commission, OLT is active in the management of…
Bahrain LNG, the developer and owner of the first LNG receiving and regasification terminal developed on a public-private partnership (PPP) basis, has completed the mechanical construction and commissioning of the terminal.The customer is paying…
The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and…
The global floating liquefied natural gas (FLNG) market is estimated to grow at CAGR above 5.2% over the forecast time frame 2019 to 2026 and reach the market value around $17.5 billion by 2026.Increasing demand for clean fuel techniques and…
Nakilat said for the first half of the year ended June 30, 2019 that it achieved a net profit of $130 million compared to $122 million during the same period in 2018, an increase of 7%.Nakilat’s financial performance is driven by the acquisition…
MISC has announced its financial results for the financial period ended March 31, 2019.Financial Highlights:Group revenue for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group profit before tax for the quarter ended March 31…
Hoegh LNG, a provider of floating liquefied natural gas (LNG) services under long-term contracts, reported a profit after tax of $ 44.98 million for the quarter and year ended 31 December 2018, compared to $ 19.96 million in the same period in 2017…
Nine or more tankers on the way or discharged into Asia, while at least five still holding LNG off Singapore.Several liquefied natural gas (LNG) cargoes that had been stored on vessels in Asian waters are now heading towards buyers' terminals in China…
As many as 20 LNG tankers floating in Asian waters; most off Singapore. The last time tankers used for storage was in 2014.Tankers storing liquefied natural gas (LNG) in Asian waters have more than doubled in number since late October as traders…
Norway-headquartered Knutsen NYK Offshore Tankers (KNOT) has concluded a time-charter contract for two shuttle tankers with Equinor ASA for a maximum 20-year period starting in the second quarter of 2020.KNOT is a NYK Group company, in which NYK has a 50 percent share…
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