A stalled global economic recovery from the coronavirus pandemic is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again.The use of so-called floating storage onboard tankers comes as traditional onshore storage remains close to capacity as supplies outpace demand.
Heerema Marine Contractors' giant semi-submersible crane vessel Sleipnir has broken its recently set heavy lifting record with the removal of Shell's 10100 mT Brent Alpha jacket in the UK North Sea."This single jacket lift breaks Sleipnir’s recent record for lifting the 8100 mT Jotun-B jacket," Heerema Marine Contractors said Wednesday.
The U.S. Navy said it has cleared the burning USS Bonhomme Richard (LHD 6) and its adjacent San Diego pier of all personnel due to a shift in the vessel's list. The warship has been ablaze since Sunday morning."Out of an abundance of caution the pier and ship were cleared of personnel due to an initial shift in the ship’s list. Personnel are now pier side.
Allseas' giant Pioneering Spirit heavy lift vessel has completed its first decommissioning job of summer 2020, with a single-lift removal of Shell UK’s 17,000-tonne Brent Alpha platform from the North Sea. The Pioneering Spirit will now deliver the 44-year old platform to Able UK’s Teesside decommissioning yard in North East England for dismantling and recycling.
The hospital ship USNS Mercy (T-AH 19) departed Los Angeles Friday after supporting local COVID-19 response efforts during the coronavirus pandemic.Mercy has been at the World Cruise Center Terminal in the Port of Los Angeles since March 27, serving state and local healthcare providers by treating non-COVID-19 patients in support of the Federal Emergency Management Agency (FEMA).
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going
The Jaime Ann, the first of four new ASD-90 tugs constructed by Nichols Brothers Boat Builders for the Saltchuk family of companies, arrived today in her new homeport of Long Beach, in California. Powerful enough to escort the largest tankers and containerships calling on ports in the U.S.
Norway's oil minister reiterated on Tuesday that Western Europe's largest oil producer was soon to conclude whether to cut its output following historical curbs agreed by the OPEC+ group.Brent crude front-month contract fell to $18.10 a barrel on Tuesday, its lowest since December 2001, after U.S.
Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits
U.S. Navy hospital ship USNS Mercy (T-AH 19) arrived in Los Angeles, Friday to support the nation’s COVID-19 response efforts.While in Los Angeles, the ship will serve as a referral hospital for non-COVID-19 patients currently admitted to shore-based hospitals, and will provide a full spectrum of medical care to include general surgeries, critical care and ward care for adults.
The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus pandemic continued to cause an unprecedented slump in global demand. The spread on the May to November contracts had widened to as much as minus $10.31 per barrel at 1004 GMT, a level not seen since January 2009.