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01 April 2025
Hellenic Shipping Newsport-and-ship
Apr 01, 2025Hellenic Shipping News
in International Shipping News
01/04/2025
Russia’s leading tanker group Sovcomflot’s saw transportation volumes drop around 16% to 63 million metric tons last year compared to 2023, Russian news agency Interfax reported on Friday, citing the group’s CEO Igor Tonkovidov as saying.
The United States and the European Union imposed sanctions on state-controlled Sovcomflot and its fleet in 2024 in an effort to reduce Russia’s revenue from oil sales that it can use to finance its war in Ukraine. The company’s net profit dropped by 55% to $424 million last year.
Sovcomflot hopes that the transportation volume of oil, liquefied natural gas (LNG) and petroleum products will stay at the same level this year, Tonkovidov added. Transportation volumes in 2023 stood at 75 million tons.
The U.S. added more of Sovcomflot’s vessels to its sanctions list this year, restrictions that the company warned would exert increased operational pressure.
Source: Reuters (Reporting by Gleb Stolyarov; Editing by Alexander Marrow and Louise Heavens)
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China Coal Imports Could Drop By Up To 100 Million Tons In 2025, Industry Group Saysin Dry Bulk Market,Freight News
12/06/2025
China’s coal imports could drop by up to 100 million metric tons in 2025, an official at a major industry group said, potentially putting further pressure on key price benchmarks already trading at multi-year lows.
Imports by the world’s largest consumer, importer and producer of the fossil fuel rose to a record high of 542.7 million metric tons in 2024, as lower international coal prices spurred buyers to substitute imports for domestic supply.
Shipments could fall by 50 million to 100 million tons in 2025, Xuegang Li, vice president at China Coal Transportation and Distribution Association, told the Coaltrans China conference on Wednesday.
Coal imports were 8% lower in the five months to the end of May, official data showed. A decline of 100 million tons this year would amount to a drop of 18.4% annually.
“The decrease in China’s coal imports in 2025 will exceed expectations,” Li said, without indicating how much he expected imports of thermal coal and metallurgical coal to fall.
Thermal coal is mainly used in power generation, while metallurgical coal is used in steelmaking processes.
The Chinese government’s recent directives to coal-fired power plants to reduce imports and stockpile more of the domestically mined fuel could put further pressure on prices.
Indonesian (IDIDX42GRW1=ARG) and Australian (API5DXWKY=ARG) coal indices reflecting grades preferred by Chinese buyers have been trending lower since October 2023, with the Indonesian grade falling 25% and the Australian grade 37% in that period.
Domestic coal production is expected to increase by 70 to 80 million tons this year after falling in 2024, which would contribute to lower import requirements, Li said.
Rising renewable output has also helped China progressively cut dependence on thermal coal, which accounts for the bulk of coal consumption in the world’s second largest economy.
The share of coal in power generation fell to a record low of 54% in April, with the share of wind and solar in overall output rising to 26%, data from energy think-tank Ember showed.
“Looking ahead, coal production will increasingly be constrained by capacity limit,” Li said, adding that China’s total coal consumption could peak by 2027 or 2028.
Source: Reuters
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12 June 20255 min readChina Coal Imports Could Drop By Up To 100 Million Tons In 2025, Industry Group Says
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12 June 2025
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China May Soybean Imports Hit Record High Of 13.92 Million Metric Tonsin Dry Bulk Market,Freight News
11/06/2025
China soybean imports hit a record high of 13.92 million metric tons in May, customs data showed on Monday, more than double the volume imported in April, as customs clearance speeds returned to normal and the operating rate of crushing plants recovered.
Imports had plunged to a 10-year low of 6.08 million metric tons in April, as prolonged customs delays and late shipments from Brazil – caused by harvest slowdowns and logistical issues – disrupted the usual cargo flow.
Customs clearance speed has returned to around two weeks from 20-25 days, said Rosa Wang, an analyst from Shanghai-based agro-consultancy JCI.
“The operating rate of crushing plants has risen to over 50%, and soybean meal deliveries have also been good,” Wang said, adding that May’s import volume exceeded her expectation of 12 million to 12.5 million metric tons.
Imports in May were up 36.2% from 10.22 million metric tons in the same period last year, based on Reuters’ calculations from customs data.
Imports in the first five months of the year totalled 37.11 million tons, 0.7% lower than the year-ago period, data from the General Administration of Customs showed.
Most imports come from top producer Brazil, which typically ships the bulk of its soybean crop between March and June.
Brazil exported 14.10 million tons of soybeans in May, up from 13.44 million tons in the same month last year, according to government data.
The country’s grain exporters association Anec forecast Brazil’s soybean exports will reach 12.55 million metric tons in June, down from 13.83 million tons in the same month last year.
In Argentina, the world’s third-largest producer, soybean yields continue to track higher than expected despite slower-than-usual harvesting due to heavy rainfall affecting multiple crops, the Rosario grains exchange said last week.
Source: Reuters
Hellenic Shipping News
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11 June 20255 min readChina May Soybean Imports Hit Record High Of 13.92 Million Metric Tons
Hellenic Shipping News
11 June 2025
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Adnoc L&S Lands $530M Deal With Petchem Giant BorougeADNOC Logistics & Services (ADNOC L&S) has secured a 15-year contract with its compatriot polyolefins major, Borouge, to manage logistics for more than half of its annual petrochemicals output.
The deal, valued at $531m, covers port management, container handling, and feeder container ship services for the Borouge container terminal in Al Ruwais Industrial City, Abu Dhabi.
Founded in 1998, Borouge is a joint venture between the Abu Dhabi National Oil Company (ADNOC), which holds a 54% stake, and Borealis, a company majority-owned by Austria’s OMV. Borouge operates one of the world’s largest integrated polyolefin production facilities, providing materials for sectors such as infrastructure, mobility, healthcare, energy, agriculture, and advanced packaging.
Under the agreement, ADNOC L&S will manage the transportation of up to 70% of Borouge’s production, which is expected to increase by an estimated 1.4m tonnes per annum by the end of 2026 following the completion of the Borouge 4 plant expansion project.
The shipping and maritime logistics arm of ADNOC said it will deploy at least two feeder ships to transport products to the deepwater ports of Jebel Ali in Dubai and Khalifa Port in Abu Dhabi.
The two companies said the agreement should bring Borouge more than $50m in cost savings and efficiencies in the first five years.
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11 June 20255 min readAdnoc L&S Lands $530M Deal With Petchem Giant Borouge
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11 June 2025
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Port Of Brisbane Targets $25 Billion Growth With Vision 2060PBPL reported that industry, government, and community partners helped develop Vision 2060.
Backed by research, it outlines a path to boost economic growth while promoting innovation and environmental stewardship.
According to PBPL, Queensland’s population is expected to reach 8.3 million by 2060.
Container trade is projected to triple, while energy demand could rise as the port community drives decarbonisation. DAE’s modelling indicates that by 2060, the port and its supply chain could generate $25 billion in economic value for Queensland and support 125,000 jobs.
READ: Port of Brisbane delivers new home for DSV
PBPL outlined Vision 2060’s three key goals:
PBPL CEO, Neil Stephens, said: “This is a chance to create a cleaner, smarter, and more connected port that will drive Queensland’s prosperity for generations.”
“Vision 2060 invites all stakeholders to innovate, collaborate, and build a globally competitive port delivering lasting value. Ultimately, this is about ensuring Brisbane’s port of the future is driven by seamless connectivity, powered by clean energy and designed for future generations.”
In November 2024, the Cook Labor Government finalised plans for a new A$7.2 billion ($4.7 billion) container port in Kwinana, set to replace Fremantle as Western Australia’s primary port.
Port Technology International
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11 June 20255 min readPort Of Brisbane Targets $25 Billion Growth With Vision 2060
Port Technology International
11 June 2025
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Cosco Signs $310 Million Deal To Lease Six New Heavylift Ships To FleetCOSCO Shipping Specialized Carriers has signed a $310 million bareboat charter agreement to lease six new multipurpose heavylift ships.
The vessels, each with a capacity of 60,000 deadweight tonnes (dwt), will be built at Chengxi Shipyard in China, which is affiliated with China State Shipbuilding Corporation (CSSC).
The agreement is with Bank of Communications Financial Leasing (BoComm Leasing), a leading Chinese leasing firm and subsidiary of Bank of Communications.
COSCO Shipping Specialized Carriers, listed in Shanghai and part of the larger China COSCO Shipping Group, will lease the vessels for 189 to 195 months, about 16 years. The charter will cost around $19.4 million annually, adding up to a total of approximately $310.6 million.
According to the company, the first four ships will be chartered at a daily rate of CNY63,500 (around $8,843), while the final two ships will have a slightly higher rate of CNY63,800 (about $8,885) per day. This brings the average daily charter rate to $8,864 per vessel.
These new vessels are designed to carry a range of specialized cargo such as wind power equipment, port machinery, heavy industrial parts, and large project cargoes. The ships will feature onboard cranes and strengthened cargo holds, making them more capable and versatile than standard bulk carriers.
The six MPP (multipurpose project) vessels are not yet listed in Chengxi Shipyard’s current orderbook, based on data from shipping database Clarksons, suggesting they are newly ordered for this specific deal.
COSCO Shipping Specialized Carriers operates a fleet of around 164 ships and is actively working to expand. The company stated that it is boosting its fleet by both ordering ships under its own name and entering into long-term charters through leasing partners like BoComm.
MPPs are described as one of its main operational vessel types, and the company said this charter is aimed at better responding to market shifts and improving profitability.
Earlier this year, local Chinese media reported that COSCO Specialized Carriers plans to add over 50 new ships, including car carriers, multipurpose ships, and heavylift vessels, by the end of the year. This expansion is being driven by a rise in demand for transporting renewable energy components, port equipment, and other specialized goods.
In the first quarter of 2025, COSCO Specialized Carriers posted an operating profit of CNY5.2 billion, marking a 51.47% jump compared to the same period in 2024.
Its sister company, COSCO Shipping Bulk, has also been linked to major expansion plans. In May, it was behind an order for up to 30 ships at Fujian Mawei Shipbuilding. This included a firm order of 15 MPPs of 80,000 dwt each, placed by Citic Financial Leasing for COSCO Shipping Bulk, with options for 15 more vessels.
BoComm Leasing, which is providing the six newly chartered vessels, is one of the most active players in China’s maritime leasing sector. The company manages a fleet of over 470 vessels with a combined value exceeding $20.8 billion.
Reference: nauticalvoice
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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11 June 20255 min readCosco Signs $310 Million Deal To Lease Six New Heavylift Ships To Fleet
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Panama Canal Chief Warns $23B Msc Port Deal Could Threaten Canal’S NeutralityRicaurte Vásquez Morales, the administrator of the Panama Canal Authority (ACP), has raised serious concerns about a $23 billion global port sale involving Mediterranean Shipping Company (MSC) and U.S. investment firm BlackRock, warning that it could threaten the canal’s neutrality and harm Panama’s competitiveness in global trade.
Morales said the sale of ports currently owned by Hong Kong-based CK Hutchison Holdings includes two key terminals in Panama, Balboa and Cristobal, located on either side of the canal. He cautioned that the deal, if finalised as currently structured, might lead to a concentration of power under one shipping giant, which goes against the long-standing principle of neutrality that governs the canal.
The Panama Canal operates under a neutrality agreement established through treaties signed in 1977 during U.S. President Jimmy Carter’s administration. These treaties led to the eventual handover of the canal from U.S. control to Panama by December 31, 1999. The neutrality clause ensures that the canal remains open and impartial to vessels from all nations.
The proposed transaction involves MSC and BlackRock taking control of 43 ports across 23 countries, including the Panama terminals. MSC, the world’s largest ocean carrier would gain significant leverage with control over such a large portion of port infrastructure.
Rival shipping companies and logistics operators have raised concerns that this move would give MSC an unfair advantage, allowing it to dominate transshipment routes and pricing. Vásquez confirmed these fears, calling the current state of global port competition “a significant battleground on transshipment capacity.” He said some ACP officials were worried the canal could lose traffic if Hutchison’s existing customers moved their operations to other ports controlled by MSC.
U.S. President Donald Trump has repeatedly claimed the Panama Canal is under Chinese influence due to CK Hutchison’s ownership of the Panama ports. He even said the U.S. should “take back” the canal, calling the sale to MSC and BlackRock a win for America to reduce China’s influence.
China doesn’t control the canal, but it strongly opposed the sale. Per reports, Chinese President Xi Jinping was furious that Hutchison moved ahead with the deal. In response, China’s antitrust regulator, the State Administration for Market Regulation (SAMR), launched an investigation and warned against splitting the Panama ports from the full 43-port deal to avoid review. Under pressure, Hutchison considered selling some or all of its 10 remaining Chinese ports separately.
Vásquez said the Panama Canal should use this situation as a chance to diversify. He suggested restarting a delayed project to build a terminal at the Port of Corozal, on the Pacific side of the canal. This would let the canal operate its own terminal and rely less on outside companies.
“This is a great opportunity to bring a new proposal,” Vásquez told the Financial Times.
Besides the MSC port deal, the Panama Canal Authority (ACP) is also under pressure from the U.S. Federal Maritime Commission (FMC). The FMC is closely monitoring how the canal allocates transit slots, especially after last year’s severe drought led to restrictions on ship traffic and increased tolls. FMC Chairman Louis Sola recently called the canal’s operations the commission’s “number one priority,” adding that U.S. officials are watching how the ACP manages drought-related challenges.
The ACP is working with the U.S. Army Corps of Engineers to improve water management to address future climate risks. A new reservoir is being planned in the Indio River area to help stabilise the canal’s water levels and prevent future transit reductions due to drought.
Additionally, the ACP is also exploring ways to diversify its business. Vásquez revealed that the authority is considering building a pipeline along the length of the canal to transport up to 1 million barrels per day of liquefied petroleum gas (LPG).
The pipeline would allow ships to unload cargo like LPG and ethane on one side of the canal and reload it on the other, freeing up valuable canal capacity for other shipments, including liquefied natural gas (LNG), which is in rising demand from Asia.
The pipeline would also help recover traffic lost during the 2023 drought, which caused many LNG customers to shift to alternative routes due to limited transit slots and higher tolls.
Meanwhile, U.S. authorities have requested that American government ships be allowed to pass through the canal for free. Vásquez responded that such a move is not legally possible, pointing out that even Panama’s own navy ships must pay tolls. “Free is not an option as presented,” he said, adding that any changes would have to comply with existing laws and treaty obligations.
References: Reuters, sourcingjournal
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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11 June 20255 min readPanama Canal Chief Warns $23B Msc Port Deal Could Threaten Canal’S Neutrality
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11 June 2025
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Cosco Shipping Specialized Carriers Seals $310M Deal For Six Heavylift ShipsCOSCO Shipping Specialized Carriers is bringing in six multipurpose heavylift vessels in a deal with Bank of Communications Financial Leasing (BoComm Leasing).
The Shanghai-listed unit of COSCO Shipping Group, with a diversified fleet of more than 150 ships, has signed up for 60,000 dwt units built at CSSC-affiliated Chengxi Shipyard.
Under the agreement, COSCO Specialized Carriers will bareboat charter the vessels for roughly 16 years, paying about $19.4m per year or some $310m in total.
The company has engaged in multiple leasing deals with BoComm Leasing and other compatriot lessors to expand the fleet for its specialised shipping needs, including heavylift and pulp carrier projects.
Earlier this year, local media reported COSCO Specialized Carriers’ plans to add more than 50 ships, including car carriers, multipurpose ships, and heavylift vessels by year-end, on the back of increased demand for transporting wind power products, port machinery, and other specialized cargo.
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10 June 20255 min readCosco Shipping Specialized Carriers Seals $310M Deal For Six Heavylift Ships
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Port Of Long Beach Drives $309 Billion In Economic ImpactThis is according to a new analysis released on 12 May.
The report came just hours after the US and China announced a surprise 90-day rollback of tariffs that could have raised consumer prices by up to 145 per cent in the US and 125 per cent in China.
Port CEO, Mario Cordero, said: “The timing was purely coincidental. But it was also fortuitous. At this moment, all eyes are on international trade and we have the hard data that shows the Port of Long Beach fuels the US economy.”
READ: Port of Long Beach boosts investment in zero-emission trucks
The Port of Long Beach’s 2023 economic analysis outlines its direct, indirect, and broader impacts across the region, California, and the nation, based on last year’s cargo volume.
Nationally, the port supports over 2.7 million jobs, generates $176 billion in income, and contributes more than $309 billion to the US GDP.
In California, 1.1 million jobs are linked to the port, producing $77.9 billion in income.
Across Southern California’s five-county region, nearly 692,000 jobs depend on port activity, with $46.6 billion in income generated.
READ: Port of Long Beach sets record with busiest April ever
Port operations also contributed $84.4 billion in taxes at the local, state, and federal levels in 2023.
Cargo handled by the port reaches every California legislative district and all US congressional districts, underscoring its national reach and economic importance.
Long Beach Mayor, Rex Richardson, stated: “Our community, our jobs and our collective future depend on stable, smart trade policies that grow, not shrink, business incomes at home and markets for US goods abroad.”
Recently, the Port of Long Beach promoted Suzanne Plezia, P.E., to Managing Director of Engineering Services, following the retirement of Sean Gamette, P.E.
Port Technology International
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09 June 20255 min readPort Of Long Beach Drives $309 Billion In Economic Impact
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09 June 2025
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Corpus Christi Port Completes $625 Million Ship Channel ExpansionThe Port of Corpus Christi in Texas has completed a major upgrade to its ship channel, deepening it to 54 feet and widening it to 530 feet.
The project, estimated to save over $200 million in transportation costs annually, allows larger vessels to move more efficiently and safely through the port.
The Corpus Christi Ship Channel Improvement Project (CIP), which began construction in 2017, is a massive national infrastructure initiative aimed at supporting growing export demands, especially for crude oil and liquefied natural gas (LNG).
The $625 million project was completed in four phases, with funding support from the U.S. Congress, the Port of Corpus Christi, the U.S. Army Corps of Engineers (USACE), and private marine companies.
According to USACE’s Galveston District, this project was one of the largest beneficial use efforts in its history. The Corps acknowledged the strong partnership with the Port and discussed the contributions of state-level agencies and environmental stakeholders in delivering the outcome.
First planned over 30 years ago, the CIP aimed to improve the port’s navigation. By increasing the channel’s depth from 47 to 54 feet and widening it from 400 to 530 feet, the project ensures two-way traffic for bigger ships and adds barge shelves for added efficiency.
Port officials expressed gratitude for the decades of bipartisan political support and the dedicated efforts of current and former staff. The Chairman of the Port Commission stated that the completion of the CIP is the beginning of a new economic chapter for both the region and the nation. He discussed the importance of unified efforts in achieving long-term growth and global competitiveness.
The Port of Corpus Christi is strategically located near two of the nation’s largest oil and gas production areas, the Permian Basin and Eagle Ford Shale. The promise of enhanced infrastructure has helped attract more than $65 billion in commercial investments to the region over the past 10 years.
Currently, the Port is the largest crude oil export hub in the United States, moving over 2.4 million barrels per day to global markets. It also ranks as the second-largest U.S. gateway for LNG exports and handles a wide range of other cargo.
Additionally, port-related activities now provide jobs for more than 95,000 people across Texas.
Reference: portofcc
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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04 June 20255 min readCorpus Christi Port Completes $625 Million Ship Channel Expansion
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04 June 2025
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Dp World Launches $2.5 Billion Global Port Infrastructure Expansion Across India, Africa, Europe, And South AmericaDP World has announced a major global port infrastructure development programme, with groundbreaking projects set across India, Africa, South America, and Europe in 2025. The group plans to invest US $2.5 billion to expand its integrated logistics network, reinforcing its position as a leading global trade enabler.
The five new developments aim to boost end-to-end supply chain capacity, meeting growing demand for resilient port infrastructure and efficient logistics hubs across key international trade corridors.
One of the largest projects is the new US $510 million container terminal at Tuna Tekra in Gujarat, on India’s northwestern coast. Featuring a 1.1 km berth and an annual capacity of 2.19 million TEUs, the terminal will connect India’s industrial hinterland to global markets through a multimodal network of roads and railways. This expansion is set to enhance trade efficiency and strengthen India’s role as a global export hub.
In Africa, DP World is advancing the development of the new deep-sea port at Banana in the Democratic Republic of Congo (DRC). The port, with a capacity of 450,000 TEUs per year, is expected to offer significant cost and time savings for regional trade, attracting larger vessels from Asia and Europe and contributing to the DRC’s economic growth.
Work has also commenced on the 1.2 million TEU capacity Ndayane Port in Senegal. The project has an initial investment of US $830 million and is considered strategically vital to Senegal’s long-term development.
In South America, DP World is expanding the Port of Posorja in Ecuador with a US $140 million berth extension. This will increase dock length to 700 meters, enabling the simultaneous berthing of two post-Panamax vessels and improving throughput for Pacific trade routes.
Finally, in Europe, DP World is investing $1 billion at London Gateway to build two new berths and a second rail terminal. This expansion will create 400 new jobs, support the UK’s growing role as a global trade gateway, and move the port closer to becoming Britain’s largest container port by the end of the decade
Maritime Standard
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02 June 20255 min readDp World Launches $2.5 Billion Global Port Infrastructure Expansion Across India, Africa, Europe, And South America
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02 June 2025
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Ukraine Needs 500 Million Euros To Rebuild Critical Port Facilities Damaged By RussiaFirefighters work at a site of a Russian missile strike in a sea port of Odesa, as Russia's attack on Ukraine continues, Ukraine July 23, 2022. Press service of the Joint Forces of the South Defence/Handout via REUTERS
KYIV, May 30 (Reuters) – Ukraine needs an initial 500 million euros ($566 million) to rebuild the most important infrastructure facilities at its Black Sea ports destroyed by constant Russian missile and drone attacks, a government minister said on Friday.
Almost 400 port infrastructure facilities have been damaged as a result of Russian attacks during more than three years of war. Seaports are critical for Ukraine, which ships more than 90% of its exports by sea.
“The main critical infrastructure facilities for ports and shipping that we have already lost have been identified … and now we have to restore them,” Andriy Kashuba, deputy minister of territorial development, told the Black Sea Security Forum in Odesa.
Ukraine currently operates three major seaports in the Odesa area. Other Black Sea ports suspended operations after Russia launched its full-scale invasion in February 2022.
Kashuba said the total cost of rebuilding the ports’ infrastructure was estimated at around 1 billion euros.
That figure is dwarfed by the total estimated cost for Ukraine’s overall reconstruction and recovery. The World Bank last December put that cost at $524 billion (€506 billion) over the next decade, or about 2.8 times the country’s estimated nominal GDP for 2024.
Many industrial and residential infrastructure facilities across Ukraine have been destroyed or severely damaged by Russian attacks.
($1 = 0.8828 euros)
(Reporting by Yuliia Dysa, writing by Pavel PolityukEditing by Gareth Jones)
(c) Copyright Thomson Reuters 2025.
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31 May 20255 min readUkraine Needs 500 Million Euros To Rebuild Critical Port Facilities Damaged By Russia
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31 May 2025
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Totalenergies Sells Nigeria Oilfield Stake To Shell For $510 MillionFrench oil major TotalEnergies TTE said on Thursday it agreed to sell its 12.5% stake in the Bonga oilfield offshore Nigeria to Shell SHEL, the field’s operator, for $510 million.
The deal will bring Shell’s stake in Bonga to 67.5% and shows its continued interest in producing oil offshore Nigeria after selling its spill-plagued Nigerian onshore assets to Renaissance, a consortium of four local companies and an international energy group.
Last year, the owners of Bonga decided on an extension of the field to add 110,000 barrels of oil equivalent per day with the first oil expected to flow by the end of the decade. Bonga’s floating production vessel has a capacity of 225,000 bpd.
“This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,” said Shell’s upstream chief Peter Costello.
Exxon subsidiary Esso Exploration and Production Nigeria XOM holds 20% and Oando’s Agip 12.5% of Bonga.
The deal, subject to approvals, is expected to close by the end of the year.
Source: Reuters
Bunker Port News Worldwide
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30 May 20255 min readTotalenergies Sells Nigeria Oilfield Stake To Shell For $510 Million
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30 May 2025
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