Edward Schwarz, Vice President for ABB Marine and Ports, received the United States Merchant Marine Academy’s Rear Admiral Lauren S. McCready Award as the 51st recipient.Edward A. Waryas, Jr., Board Member for NYSE-traded KNOT Offshore Partners, LP as the 43rd recipient of the award and co-chair of the award’s committee made the announcement.The Lauren S.
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.
A lawsuit has been filed in Nueces County, Texas on behalf of a worker who was injured and burned in an explosion and fire that occurred while he was working on the dredge Waymon L. Boyd in the Corpus Christi Ship Channel last month.The dredge worker, Jose Cantu, is among six crew members who were hospitalized after the dredge struck a gas pipeline, causing the vessel to catch fire and sink.
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.
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.
ST Engineering North America, Inc. announced Monday that Robert "Bob" L. Merchent has been named President and CEO of VT Halter Marine, Inc. He replaces outgoing President and CEO, Ron Baczkowski.Much of Merchent's career was spent at Ingalls Shipbuilding, where he advanced through multiple positions of ever-increasing responsibility, leading programs critical to both the business and the U.S.
The sulfur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the center stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.The outlook for global economic growth remains bleak as the world is faced with the largest recession since the Great
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
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.
Classification society DNV GL had awarded a new class notation to mitigate fire risks on containerships to MSC Mediterranean Shipping Company. The notation, announced by DNV GL – Maritime CEO Knut Ørbeck-Nilssen in London, has been implemented on the largest containerships in the world, the 23,000+ TEU MSC Gülsün class.The new FCS notation is targeted exclusively towards containerships.
The final quarter of 2019 marked a massive decline of high-sulphur fuel oil (HSFO) sales, as the industry transitioned into compliance of the International Maritime Organization's (IMO) 2020 Sulphur Cap (IMO 2020). In Singapore, the world’s largest bunkering hub, the bunker sale landscape saw significant change as the sale of high-sulphur fuel oil dropped tremendously in a matter of months.