There is a an increase in dual fuel vessel orders are increasing after the low-sulfur fuel oil price hit an all-time high recently. An increasing number of ship-owners are opting for those vessels such as LNG-powered ships in order to meet environmental regulations. This year, the three major South Korean shipbuilders received orders for 154 […]
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U.S. oil rigs rose 13 to 576 this week, their highest since March 2020. While gas rigs gained one to 150, their highest since September 2019. More than half of U.S. oil rigs are in the Permian shale in West Texas and eastern New Mexico where total units this week jumped by eight to 343,
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Russia earns $98 billion exporting oil and gas the first in 100 days of Ukraine war. Russia earned 93 billion euros ($98 billion) from fossil fuel exports during the first 100 days of its war in Ukraine, with most sent to the European Union, according to research published Monday 13th July 2022. The top importers
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Nigerian-based PPP Fluid Mechanics Limited (PPPFM) and Vitol Group from the Netherlands have jointly launched a new bunkering operation in Nigerian waters backed by the Secure Anchorage Area (SAA) West Africa. PPPFM has entered the agreement with Vitol, which is fully licensed by Nigerian Department of Petroleum Resources. The cooperation enables PPPFM to provide bunker
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Both Suezmax and VLCC markets could be hit by downward pressure from sustained outages of Nigerian crude oil, resulting from attacks on oil infrastructure by rebel fighters in the Niger River Delta, according to energy and ship brokerage Poten & Partners. Africa’s largest oil producer has seen its crude oil production and exports slashed as
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The Nigerian Navy has foiled an attempted hijacking of a merchant vessel some 16 nautical miles off the coast of Bonny, Nigeria. Six persons in a skiff boarded a general cargo ship underway in the early morning hours on July 13, according to the IMB Piracy Reporting Centre. IMB added that the alarm was
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