The Mediterranean Shipping Company and Maersk informed that they will implement Emergency Bunker Surcharge. The two companies resorted to this solution, as a measure to deal with the rising bunker prices. Fuel prices increased by more that 30% this year, and almost 70% since last June.
French oil and gas major Total inked an agreement with Russian LNG producer Novatek to acquire a direct working interest of 10% in Arctic LNG 2, the giant LNG project lead by Novatek on the Gydan Peninsula in the north of Siberia. The deal was signed in the presence of the Russian and French Presidents.
Sri Lanka has approved a $500 million LNG plant by China Machinery Engineering Corp near a port and industrial zone controlled by China, Sri Lanka’s development and trade minister Malik Samarawickrama informed. Sri Lanka’s Board of Investment approved investment projects of $1 billion in the first quarter, the largest of which was the LNG project in Hambantota.
Ultra-Low Sulphur Fuel Oil with 0.1% maximum sulphur will be available to vessels calling in the Amsterdam-Rotterdam-Antwerp region. ULSFO deliveries will be conducted by five certified barges which have fast pumping rates to maximise the delivery process. ULSFO complies with the 2020 sulphur cap.
During April the Marine Environment Protection Committee agreed to move forward on developing an Arctic HFO ban. The ban on the use and carriage of HFO as fuel in the Arctic was co-sponsored by eight countries: Finland, Iceland, Norway, Sweden, the United States, Germany, the Netherlands, New Zealand.
US lawmakers introduced a bill called “Energizing American Shipbuilding Act of 2018.” This bill aims to rebuild America’s domestic shipbuilding and maritime industry.
The legislation will support American shipbuilding by requiring a portion of LNG and crude oil exports to be transported on US-built, U.S.-crewed vessels.
The number of LNG bunkering vessels has grown from one at the beginning of 2017, to six in early 2018, with these numbers expected at least to double by 2020, says SEA\LNG Chairman Peter Keller. 2017 has been a momentous year for LNG, but he recognised that there is much to be done to ensure that this momentum continues.
Less than a week after South Korea revealed plans to order two LNG-fueled bulk carriers by August 2018, the Ministry of Oceans and Fisheries announced that the country seeks to develop advanced bunkering technology for LNG-powered ships, in a bid to increase the number of eco-friendly vessels it can support.
China’s attempt to reduce its trade surplus with the US with increased energy imports can cause US plans for LNG plants to advance. With over twenty US LNG plants waiting for final investment decision, many of them are looking to China to seal a deal. US and China trade teams will meet in China to explore new energy and agricultural deals. This aims to soften trade tensions,
The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high, according to US EIA, noting that, since 2008, US petroleum and natural gas production has increased by nearly 60%. US has been the world’s top producer of natural gas since 2009.
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