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Tankers & Gas
The coronavirus backdrop is changing the established patterns of winter trading flows for refined products. Lockdown restrictions across Europe are decimating demand for middle distillates
Forward freight agreements are not only an indicator of current sentiment but used by oil companies, traders and shipowners to hedge the future price of freight for shipping crude and refined products
Bank lenders involved in the vessels are expected to back the VLCC sales to stave off a liquidity crunch likely to hurt Xihe Holdings’ fleet value. With cash running out fast, urgent measures to bring in cashflow will be welcomed
Executives from Hafnia, Scorpio Tankers, Ardmore Shipping and d’Amico talk up the sector at a Capital Link forum
The Sri Lankan Attorney General had asked the court to order approximately $1m in restitution, but the court lowered it to approximately $65,000. After paying the fines, Colombo Magistrates’ Court removed the travel restrictions that had been placed on the master
As Cosco Shipping Energy Transportation aims to achieve a ‘leapfrog development’ in its VLCC fleet size, China Merchants Energy Shipping is warning that owners need to ‘show discipline when developing carrying capacities’
Hafnia will work with Arq to optimise bunker blends that meet environmental standards and maximise cost efficiencies. The company aims to expand the trial runs for the 450 vessels it operates from mid-2021
The big downside risk factor is multiple peaks of coronavirus that will leave oil demand hanging in the balance. Oil tanker demand could contract by up to 5.9% next year, according to Cleaves
Stalling crude demand may deepen contango trades, but doubts emerge this will offset lower-than-anticipated exports and lift tanker earnings
Group reports profits of $97.7m on time charter equivalent earnings of $106.9m
Eastern Pacific Shipping has agreed to exercise an option for another dual-fuel LPG vessel, while BW LPG has initiated a trial for a very large gas carrier which has been retrofitted with LPG dual-fuel propulsion technology
Poten expects Indian LPG consumption to increase by 2% in 2020, rising by 17% in the next five years compared with about 40% growth in the past five years
The key to short term supply-demand balance, however, will be crew repatriations. This involves diverting vessels to ports that enable crew changes
The four South Korean-built tankers are worth a total of $174.35m, according to online data provider VesselsValue. They are, however, believed to be less fuel efficient, with higher bunker consumption compared with similar vessels and it appears the days are numbered for the decade-old vessels
Announcement came as NYK took delivery of its LNG-fueled car carrier Sakura Leader, which is said to be able to trim CO2 emissions per unit of transport by up to 40% compared to similar types of vessels using conventional heavy fuel oil bunkers
US-based oil and gas group and Japan’s biggest power generator are betting on an expected uptick in Vietnam’s LNG imports as the country looks set to switch from coal-fired to gas-fired power generation
Interest in freight derivatives appears to lag behind that for the commodity, however, as some LNG players look for alternative instruments offered in the cargo market
The LNG bunkering operation is backed by a joint venture comprising Toyota, JERA, NYK and K Line. The new LNG bunker vessel will play an important role in providing stable LNG fuel supply from Japanese ports
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