Covid

Chesapeake files for bankruptcy

Chesapeake Energy, the emblem of the American revolution for shale, is facing bankruptcy following the collapse of oil and gas prices linked to coronavirus

Slow recovery

LNG-Asian pricese steady despite cargo cancellations

Asian spot liquefied natural gas prices remained steady this week on a continued stream of spot supply even though traders continued to cancel cargoes loading from the United States due to poor economics

On the Baltic Sea

Poland signs deal to expand its LNG terminal

Poland has signed contracts worth 1.9 billion zlotys ($483 million) to expand its liquefied natural gas (LNG) terminal in Swinoujscie to 8.3 billion cubic metres (bcm) by 2023 from 5 bcm now in response to increasing domestic demand.

The "Golsan"

Another Iranian cargo ship en route to Venezuela

Teheran - Another Iranian oil tanker is en route to Venezuela, as the Islamic Republic of Iran continues to defy the sanctions put on both the nations (Iran and Venezuela) by the United States of America’s (USA). As per various reports received, the Iran-flagged "Golsan" is en route to Venezuela and is expected to dock soon

Troubles in the Med

Libya releases 14 Ukrainian seafarers after three years in jail

Tripoli - 14 Ukrainian seafarers who were arrested off Libya in 2017 have finally returned home. None of them were ever formally charged with a crime, but officials in Tripoli held them for more than three years. The Ukrainian crew and their ship, the product tanker "Ruta", were intercepted by Libyan Navy forces in April 2017 and detained for allegedly smuggling a cargo of diesel

Dnv Gl

Autonomous drone inspections move step closer after successful test

Trondheim - A drone has successfully inspected a 19.4 meter high oil tank on board a Floating Production, Storage and Offloading vessel. The video shot by the drone was interpreted in real-time by an algorithm to detect cracks in the structure. It is the latest step in a technology qualification process that could lead to tank inspections becoming safer and more efficient

He left the Company last August

Ex-chairman of CSIC under investigation for corruption

Shanghai - Hu Wenming, the former chairman and Party chief of China Shipbuilding Industry Corporation (CSIC), is under investigation for "suspected serious violations of discipline and law," according to Chinese anti-corruption investigators

Fiscal crises

Algeria pins hopes on oil prices to avert cuts and renewed unrest

The government is offering debt and tax holidays and an $80 cash handout to needy families. "Losses of firms are being assessed. We are ready to provide financial support. Even self-employed people such as taxi drivers and hairdressers will be helped," Tebboune said

First client: Genting Cruise

DNV GL launches new certification in infection prevention for the maritime industry

Hamburg - DNV GL, the world’s leading classification society, has launched a new certification in infection prevention for the maritime industry. The release of this custom certification aims to help the maritime industry resume operations better prepared for COVID-19 or other emerging pathogens. Genting Cruise Lines is the first customer working towards the CIP-M certification for their vessel “Explorer Dream”

The initiative

Panama threatens sanctions for ships disabling positioning signals

Panama City - Panama’s maritime authorities issued a stern warning to all Panamanian flagged vessels seen as another crackdown on common tactics used by ships trying to avoid international restrictions or hide their activities. Panama’s directive follows the United States that recently highlighted the tactics used by illegal shippers and rogue nations

Qatar's strategy

Biggest LNG shipper signs $20 billion deal to secure more vessels

Doha - Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas. The Gulf emirate entered into agreements with Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co

Covid

Pandemic forces virtual safety checks for oil tankers

Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage

Introducing the world's largest containership

Moon says S. Korea’s shipping industry reviving, vows continued support

Seoul - President Moon Jae-in said Thursday that South Korea’s shipping sector has set sail toward a renaissance with the introduction of the world’s largest container ship. He was attending a ceremony to christen the 24,000-TEU vessel, the "Algeciras", for use by the South Korean shipper HMM

The Covid-19 effects

Moody's expects poor GDP numbers for the first quarter / ANALYSIS

London - Preliminary first -quarter GDP estimates for several euro zone member countries and for the currency area itself will make the coming week extremely busy. We expect the numbers to be awful. Whole swaths of the European economies were forced to shut down in March owing to the COVID -19 crisis

Energy and strategy

Trump to lease oil storage to nine companies

Washington - The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude

Energy

Russia hails oil deal it says will save millions of U.S. jobs

Having been in a stand-off with western nations from 2014 on everything from Crimea's annexation from Ukraine to allegations of election meddling, Moscow has sought to rebuild ties since the coronavirus outbreak. It sent medical support to Italy and the United States to fight the pandemic and has supported the historic oil supply pact

Purchases have more than doubled

South Korea's thirst for U.S. crude to keep growing in 2020

South Korea is on track to overtake Canada as the top buyer of U.S. crude oil in 2020 as a mix of steep price discounts to alternative supplies, attractive refining economics and rebates on shipping charges prove too good to resist for big refiners

Cargo volume

Port of New York surpasses Long Beach

During 2019, the port handled 5,231,418 loaded TEUs, surpassing the loaded imports handled by the Port of Long Beach, elevating the port to No. 2 in the nation for the first time in two decades

IMO 2020

"US-China deal brings limited cheer to LNG shipping"

With 25% tariff on LNG still in play, the Phase-1 deal between the US and China is not expected to bring any significant change in the LNG trade between the two countries, writes research firm Drewry

Middle East

Oman's Sultan Qaboos dies, successor vows to pursue peace

With his death, the region loses a trusted and seasoned leader, seen as the father of modern Oman, who balanced ties between two neighbours locked in a regional struggle, Saudi Arabia to the west and Iran to the north, as well as the United States

Finance and Shipping

Moody's upgrades long-term rating of NordLB

Moody's has today upgraded by two notches the long-term ratings of Norddeutsche Landesbank GZ, NordLB, and its rated subsidiaries. NordLB's long-term senior unsecured debt and deposit ratings were upgraded to A3 from Baa2 

Gas and diplomacy

Turkey, Russia launch TurkStream pipeline carrying gas to Europe

The presidents of Turkey and Russia on Wednesday formally launched the TurkStream pipeline which will carry Russian natural gas to southern Europe through Turkey, part of Moscow’s efforts to reduce shipments via Ukraine

Markets and shipping

China won't hike grain import quotas for U.S. trade deal

China will not increase its annual low-tariff import quotas for corn, wheat and rice to accommodate stepped-up purchases of farm goods from the United States, senior agriculture official Han Jun said on Tuesday

Trade

Turkey, hazelnut exports up over 43% in 4 months

The Black Sea Hazelnut and Products Exporters' Union reported that Turkey earned $1.09 billion from hazelnut exports during the first four months of the season, which starts in September and ends in August