Trafigura Names Richard Holtum CEO
gas market, with prices spiking on the back of Russia's invasion of Ukraine, which helped to generate billions of dollars worth of profit for trading houses and helped gas and LNG desk profit rise to unprecedented levels.Prior to joining Trafigura, Holtum worked on rival trader Glencore's crude oil desk. He began his career in the British army.Outgoing CEO Jeremy Weir, who held the position for over 10 years, will take up the role of group chairman on Jan 1.Reuters exclusively reported in April that Weir had begun priming Holtum to take the helm."The Board of Directors unanimously selected
Gernot Ruppelt to Take Over as Ardmore Shipping CEO
Maritime. Earlier, Kelleher held roles in banking and equity research in the maritime and energy-related industries at Bear Stearns and HSH Nordbank. He also held management positions in both the cruise industry and at a naval architecture firm, as well as serving as a deck officer onboard U.S.-flag crude oil tankers. He holds an MBA from Columbia Business School, an MS in Ocean Systems Management from MIT, and a BE in Naval Architecture from NY Maritime College. He has also completed INSEAD's International Directors Program. Kelleher serves as a director of methanol-to-hydrogen technology developer
CEO in Focus: Allard Castelein, Port of Rotterdam
the port reported that first half ’22 total cargo throughput of 233.5 million tons was slightly higher (0.8%) than the first half of 2021, with sharp increases in LNG and coal cargos to reduce the impact of Russia cutting gas supplies to Europe via pipeline. In addition, the throughput of crude oil increased, with oil products falling off. Throughput of iron ore, agricultural bulk and containers was lower than in the same period last year.“Europe relies heavily on Russian energy, and the current geopolitical situation makes Europe very vulnerable,” said Castelein in announcing
Kelleher to Succeed Tivnan as Ardmore Shipping CFO
;s start-up and initial growth phases. In addition, Kelleher has held roles in investment banking, commercial banking, equity research and capital markets in the maritime and energy-related industries at Bear Stearns and HSH Nordbank. Earlier in his career, he served as a deck officer onboard U.S.-flag crude oil tankers and held management positions in both the cruise industry and with a leading naval architecture firm. Kelleher holds an MBA from Columbia Business School, an MS in Ocean Systems Management from Massachusetts Institute of Technology, and a BE in Naval Architecture from New York Maritime
Norway Oil Companies, Workers Agree Wage Deal in Principle, Avert Strike for Now
had said a strike "could affect" output but declined to say by how much.All three labour unions had said they would, at least initially, seek to prevent a cut in Norway's natural gas export at a time of tight supply in Europe.The Industri Energi union had said it would also seek to shield crude oil production from impact, while Lederne said its members would target oil. Safe had not said whether a strike by its members would have an impact on oil output.Norway pumps just over 4 million barrels of oil equivalent per day, half in the form of crude and other liquids and half from natural gas
Tanker Firm Frontline Keeps Barstad as Permanent CEO
and to be appointed CEO of Frontline. I look forward to continuing my work with this great team in positioning the company for what I believe is very exciting years ahead for the tanker industry in general, and for Frontline in particular.”Frontline, which specializes in the transport of oil crude oil and refined products, owns and operates a large fleet of vessels within the VLCC, Suezmax, and Aframax/LR2.In May this year, Frontline agreed to acquire six very large crude carrier (VLCC) newbuilds under construction at the Hyundai Heavy Industries shipyard in South Korea, for $565.8 million.The
Kongsberg Sim-based eLearning Solutions for MAAP
in the latest contract with MAAP is Kongsberg Digital’s new full-mission K-Sim Safety simulator, which will deliver the ability to carry out safe, realistic advanced firefighting and onboard search and rescue procedures in a cost-efficient manner. Using a replica of the layout on board a real crude oil carrier, an interactive 3D environment combines precise object and equipment models with immersive visuals, exposing trainees to a broad range of situations related to preventing and dealing with onboard fires. As with all Kongsberg Digital’s simulation solutions, K-Sim Safety is designed
Coronavirus, Consolidation Taking Toll On Energy Jobs
to cut staff.Global fuel demand slumped by more than a third in the spring. While consumption has recovered somewhat, it remains lower than a year ago with major economies resuming lockdowns to contain the pandemic.The downturn has been particularly harsh in the United States, the world's largest crude oil producer. The nation has recorded the most deaths from coronavirus, and the damage from the pandemic has sent unemployment to about 8%.U.S. Energy Secretary Dan Brouillette said it is unlikely to return to the peak, near 13 million barrels per day, reached in 2019, largely through the use of fracking
Report: Mitsui Hires Crude Oil and Condensate Traders
Mitsui Energy Trading Singapore, a unit of Japanese trading house Mitsui & Co , has hired two traders to trade crude oil and condensate, two sources with knowledge of the matter said on Friday.Wei Xiyu, previously a crude oil trader and charterer at Petrowin Resources, will join the company in November, according to the sources and Wei's LinkedIn profile.Andy Ang, formerly a crude trader with Hengyi Industries International Pte responsible for sourcing feedstock for Hengyi's Brunei refinery, will join Mitsui in January next year, the sources said.Mitsui did not immediately respond to a
'This could be the one that gets me,' Says Oilfield Service Veteran
; expenses for job cuts this quarter. Oil major BP plans to cut half its senior managers in coming months.Since March, some 66,300 oilfield jobs, or 8.5% of the sector's workforce disappeared, according to an analysis by trade group Petroleum Equipment and Services Association. For all of 2016, when crude oil prices slumped amid a supply glut, employment in the sector fell 17.4%."Losing talented people is a concern," said Kevin Broom, a PESA director who did the analysis. "We're going to need that knowledge and expertise when demand returns."Harris has cut his oil ties, moving
OMV Might Cut Jobs Due to COVID-19, Low Oil Prices
reductions. It is a possibility we cannot rule out," the company's CEO told Handelsblatt.OMV, which has a global workforce of around 20,000, said its output fell to 472,000 barrels of oil equivalent per day in the first quarter from 505,000 boe/d in the fourth quarter.The average realized crude oil price fell to $46.8 in January-March, from $61 in the three months through December, said OMV, which will publish first-quarter results on April 29. ($1 = 0.9203 euros) (Reporting by Kirsti Knolle Editing by Madeline Chambers and Alexander Smith
ExxonMobil Hires Crude Trader in Singapore
Crude oil trader Michael Huang is expected to join Exxon Mobil Corp in Singapore soon as the U.S. major expands its trading team to sell its oil into China, the world's top importer of the commodity, three industry sources said. Huang was recently a Singapore-based crude trader for Chinese independent refiner Wonfull Petrochemical, purchasing feedstock for its Shandong refinery and carrying out hedging activities. He left the company in late June, the sources said on Monday. Before Wonfull, Huang has worked for China's CEFC International Singapore, the Intercontinental Exchange (ICE)
Trafigura Hires ex-Noble Crude Oil Trader
Trading house Trafigura has hired Dan Stirk, formerly a North Sea crude oil trader at commodity trader Noble Group, to join its crude desk, according to trading sources. Stirk started his new job this week, one of the sources said. He served as North Sea trader at Noble starting in July 2016, according to his LinkedIn page. The move comes after Chinese trader Unipec hired three former Noble employees to join its middle distillates desk in London. Reporting by Ahmad Ghaddar
Keppel Wins SBM FPSO Conversion Deal
work scope includes refurbishment and life extension works, such as the upgrading of living quarters, fabrication and installation of spread mooring systems, as well as the installation and integration of topside modules. The converted FPSO will have a storage capacity of 1.6 million barrels of crude oil and is capable of producing up to 120,000 barrels of oil per day. The vessel will have a gas treatment capacity of circa 170 million standard cubic feet per day and a water injection capacity of circa 200,000 barrels of water per day
Shell Nabs Sinochem Crude Trader for Singapore Desk
Royal Dutch Shell has hired a former manager in Sinochem's London office to help bolster its crude oil trading into the Chinese market, sources told Reuters. Zheng Qingpu, who worked as the deputy general manager for Sinochem in London, has joined the Shell crude oil trading desk in Singapore, the sources said. Major trading houses and independent oil firms are chasing qualified and well-connected staff for their Asia trading desks, spurred on by the opening up of China's oil imports to include independent refineries. Shell declined to comment on staff moves. Qingpu, who managed West African
Gunvor Hires BP's Former Top US Trader
house further expands in North American energy markets. Gunvor began building its U.S trading operations last year, expanding outside its core markets in Europe, Asia and Africa. The company initially focusing on refined products and natural gas but this year has hired several traders to launch a crude oil desk in Houston, Texas, and beefed up its Canadian trading desk. Garza will start in September as the new managing director for Gunvor USA, based in Houston, a Gunvor spokesman said. He will replace Francois Ostinelli, who will retire after helping set up Gunvor's U.S. operations and hiring
Oil Rises on Expected U.S. Inventory Decline
high in the previous session, but a strong dollar has shaved off most of those gains. U.S. West Texas Intermediate crude futures were trading at $52.42 per barrel, up 9 cents. "Positive equities and gains in industrial metals this morning, as well as expectations that U.S. crude oil stocks will show a decline ... are ingredients helping to drive a slight gain in Brent crude," said Bjarne Schieldrop, chief commodities analyst at SEB Markets in Oslo. Weekly U.S. statistics on oil stocks are expected to show a 1.7-million-barrel draw on Thursday, analysts polled
