Oil major Chevron has revealed that it will offer the IMO 2020-compliant 0.5% sulphur bunker fuel by the end of the third quarter, reports said.
Oman Shipping Company's (OSC) spot chartering VLCC desk has paid dividends for the shipping company in terms of fixtures.
Offshore services costs and rig rates will continue to fall until 2018 when the resulting lower breakeven will boost the sanctioning of new projects by oil companies back to average levels according to Rystad Energy.
DNV GL has classed the world’s largest semi-submersible drilling rig, Ocean Greatwhite.
d’Amico International Shipping (DIS) is entering the LR1 sector of the product tanker market with an order for two vessels at Hyundai Mipo Dockyard (HMD).
The steep decline in oil prices over the last few months is already having an adverse impact on the oil service industry. Oil majors are continuing to reduce their investment budgets and projects are being postponed or cancelled. Charterers under offshore contracts are looking for opportunities to suspend performance or to re-negotiate terms and reduce day rates.
Independent tanker owners association Intertanko is planning to introduce a voluntary code of best practice for charterers in the next few months as tanker companies battle for survival.