Industry news


For all the latest industry news and insight, visit Tank Storage Magazine.

4th December 2017

Global storage tank market key players 2017 Luqiang metal container, Toyo Kanetsu K.K., Motherwell Bridge, CB&I and Wuxi Xinkaihe tank

Global Storage Tank Market Report incorporates the market statistics and Storage Tank trends were seen in North America, Europe, China, Japan, Middle-East, Africa, India and South America. The Storage Tank market evaluates the past market trends, present market scenario and covers the forecast market information.

27th November 2017

Suncor sells $395m worth stake in East Tank Farm

November 27, 2017 [Energy Business Review] - Canada-based Suncor Energy has divested a stake of 49% in its East Tank Farm Development, an oilsands storage terminal in Alberta province to Fort McKay First Nation (FMFN) and Mikisew Cree First Nation (MCFN) for a sum of C$503m ($395.3m).

21st November 2017

Chemical Storage Tank Market Global Analysis 2017- CST, Poly Processing, BELCO, ZCL Composites and Snyder Industrial Tanks

Global Chemical Storage Tank market research report 2017 carries an in-depth investigation of Chemical Storage Tank market thus featuring important movements, business conveniences, developments and performances of different players of the Chemical Storage Tank market.

20th November 2017

Emerson proposes to acquire Rockwell Automation in transaction valued at $29bn

Emerson announced that its chairman and CEO, David N Farr, has sent a letter to Rockwell Automation President and CEO, Blake D Moret, proposing to acquire all outstanding shares of Rockwell for $225 per share, consisting of $135 per share in cash and $90 per share in Emerson shares.

15th November 2017

Lower Oil Prices Benefit European Refiners

European refiners have seen their energy costs drop alongside the fall in oil prices, which has boosted their competitive position compared to North and South America, but Europe is still lagging in lowering energy costs compared to refineries on the other side of the Atlantic.

14th November 2017

Global stocks, oil prices decline; German growth lifts euro

NEW YORK (Reuters) - The euro was set for its strongest session in more than four months on Tuesday, boosted by strong economic growth in Germany, but world stocks fell for the fourth straight day as oil prices fell and investors worried about U.S. tax reform.

21st October 2017

Don't look now but the oil market is turning bullish

Not that long ago analysts were throwing in the towel on the oil market, with some growing downright bearish. In late June, for example, analysts at Seaport Global Securities downgraded more than 50 oil stocks in one swoop after changing their mind on oil prices, which they saw crashing back into the $20s early next year.

17th October 2017

Kinder Morgan gears up for tank farm construction

Trans Mountain, a subsidiary of Texas-based Kinder Morgan, has told The Peak that work to accommodate its pipeline expansion project at the nearby marine terminal has begun, though construction scheduled for last month has not yet started at the tank farm.

16th October 2017

What drives tank storage demand? Arbitrage

Geographical price differences will lead to increased trade! In this article we would like to highlight the subject arbitrage and what this theme has for impact on the tank storage market.

13th October 2017

Opportunity or disaster? Traders see choppy waters due to shipping sulfur cap

The world's top trading houses, among the most nimble entities in oil, say even they aren't sure how to stay a step ahead of a coming cut in shipping fuel sulfur.

9th October 2017

What drives tank storage demand? Market structure

The market structure stimulates traders to buy now and sell late. In this article we would like to highlight the themes contango and backwardation and what market structure means for tank storage operators.

28th September 2017

Gas pipeline through Central Europe to go ahead as planned- Romania

BUCHAREST, Sept 28 (Reuters) - An EU-backed natural gas pipeline to connect Bulgaria, Romania, Hungary and Austria and ease reliance on Russian gas will proceed as planned despite a recent setback, officials said on Thursday.

26th September 2017

Gothenburg Freight Terminal Kicks off soon

Swedish Gothenburg port’s move of its intermodal terminal, with both RoRo and rail freight facilities, is proceeding according to plan.

18th September 2017

Kinder Morgan OK to build B.C. Marine Terminal, Part of Trans Mountain Project

September 18, 2017 [Seeking Alpha]- Kinder Morgan is cleared by Canada's National Energy Board to begin construction on the Burnaby marine terminal- "but nowhere else as of yet"- as part of its Trans Mountain pipeline expansion project.

12th September 2017

OPEC Increases global oil demand forecasts on Europe, China

LONDON (Bloomberg) -- OPEC raised estimates for the amount of crude it will need to supply next year amid a stronger outlook for global oil demand.

7th September 2017

EU to reopen biodiesel market to Argentine exporters

Argentina will regain access to the European Union's biodiesel market within three weeks after its successful World Trade Organization challenge to Europe's anti-dumping duties on the fuel.

18th August 2017

Crude market shows enduring strength beyond seasonal peak

The market for physical barrels of crude from places as far apart as Oman and Colombia is strengthening beyond the traditional seasonal peak in demand, a positive indicator for global benchmark futures prices that remain stuck near $50.

14th August 2017

OPEC Faces Uphill Struggle After IEA Find 230million Barrels Of Oil Storage

In what should be considered the worst news for the oil industry the IEA has announced that there are approximately 230 million more barrels of oil in storage than previously believed. 

11th August 2017

Oil market re-balancing underway but non-OPEC expansion continues, IEA says

The oil market is re-balancing as demand continues to grow but more time is needed before these shifting fundamentals are felt by markets, the latest report from the International Energy Agency said Friday.

7th August 2017

EUROPE: Shell wins contract to supply first LNG shipment to Klaipeda Nafta’s new bunkering station

Three companies took part in the international tender to deliver and reload LNG from a small-scale LNG carrier into the facility’s new tanks.

31st July 2017

This Oil Price Rally Has Reached Its Limit

Last week, crude oil rallied the most so far this year, gaining more than 8 percent, or $4 per barrel. Oil traders are much more optimistic than they were just a month ago, and the market is on the upswing. However, the rally could run out of steam in the not-so-distant future, a familiar result for those paying attention to the oil market in the last few years.

31st July 2017

Gulf Petrochem to provide bunkering in Dutch port

Gulf Petrochem Group, the UAE based global bunker supplier, has announced that it is now officially offering physical bunker supply in the Dutch port of Rotterdam, out of its new office in Dordrecht, in the western parts of the country.

27th July 2017

Kuwait plots worldwide downstream growth

The overseas refining and petrochemical arms of state energy conglomerate Kuwait Petroleum Corp. (KPC) in mid-July both signalled plans for a new push towards international expansion.

18th July 2017

Navis Explores Fully Automated Long Beach Terminal

Navis has produced a video focusing on its involvement with Long Beach Container Terminal (LBCT), the first fully-automated container terminal in the US and the cleanest and most environmentally-friendly terminal in the world.

17th July 2017

Zhoushan Island to add 6,000,000 m3 of storage within next 2-3 years

Market Brief:How many millions of cubic meters will Zhoushan Island add in the next upcoming years? New Tank Storage Opportunities: North Germany, Sweden, Ukraine (Danube).

6th July 2017

Key Agreement Signed to Develop Ras Markaz Crude Oil Storage Terminal

The Special Economic Zone Authority at Duqm (Sezad) has granted Oman Tank Terminal Company (OTTCO) a usufruct right to construct Ras Markaz crude oil storage terminal. OTTCO is one of Oman Oil Company’s subsidiaries, the investment arm for the Sultanate of Oman in the field of oil and gas industry.

23rd June 2017

U.S. Diesel Imports to Europe Surge, Latin American Demand Clouds Total

European imports of U.S. diesel are on track to reach their highest monthly level this year so far during July, according to data from OPIS tanker tracking, although increasing demand from Latin America is making it difficult for traders to estimate how much will eventually arrive in the region.

20th June 2017

Wanhua-BorsodChem to set up MDI bulk storage facility at LBC Rotterdam

In response to the growing demand for MDI in the European market and to improve its services and flexibility, Wanhua & BorsodChem announced that they will work together with LBC Rotterdam and rent two new tanks for the Wannate MDI products. The bulk storage facility at the LBC Rotterdam facility is ideally located to serve as Wanhua & BorsodChem’s regional European distribution hub for European customers for Wannate MDI products imported from China.

12th June 2017

Oil Storage Market Is Expected To Boom Rapidly Owing To Regulatory Norms and Technological Advancement Till 2025: Grand View Research, Inc

According to report published by Grand View Research, Global Oil Storage Market is expected to reach 2.16 billion cubic meters by 2025. Ongoing revisions in energy security policies and guidelines issued by International Energy Agency (IEA) has urged its member countries to adhere to minimum oil stockholding rule.

8th June 2017

Global Oil and Gas Storage Market 2017-2021: Use of Satellite Imagery to Quantify Storage Tanks - Research and Markets

Research and Markets has announced the addition of the "Global Oil and Gas Storage Market 2017-2021" report to their offering. The global oil and gas storage market to grow at a CAGR of 2.92% during the period 2017-2021.

7th June 2017

LNG-Gorskaya Overseas to Construct LNG Center in Denmark

Estonian company LNG Gorskaya Overseas OU and Danish port Grenaa Havn A/S have signed the MoU providing coordinated actions of the parties on construction of the bunkering LNG center with floating storage up to 10,000 m3 in the harbor Grenaa, says LNG Gorskaya LLC.

7th June 2017

DP World under union microscope

The International Transport Workers’ Federation is to target standards at DP World terminals around the world. Standards in health and safety, automation and contract labour will be targeted through a newly formed global union alliance formed of 17 unions based in DP World terminals.

24th February 2017

New Milestone for Load Collision Prevention

Lase, a specialist in laser-based sensor applications for the shipping industry, has achieved a new milestone in its load collision prevention system product development after meeting performance levels for safety standards and receiving certification by the German Employers' Liability Insurance Association. 

14th February 2017

Europe’s Big Oil Breaks Even At $50-60 Per Barrel

Europe’s big oil companies need oil to stay in a range between US$50 and US$60 a barrel to remain cash flow positive, Fitch Ratings said. The agency added that this represents significant progress from the times when Big Oil in Europe was finding it hard to break even at US$100 per barrel. Still, dangers remain if crude falls below the US$50 mark and the companies risk losing their current credit ratings.

13th February 2017

Watch: Hamburg smartPORT 2017 Update

The Port of Hamburg has released its smartPORT TV outlook for 2017 in a new 360 degree video format that focuses on its smart port projects for the year with the chief executive Jens Meier.

5th February 2017

Russia Looks At Greece As Gas Gateway To Europe

The Greek private limited company Gastrade, owned by the Greek conglomerate Coupelouzos Group, has been licensed to develop a floating storage and regasification unit (FSRU), which would allow for the import of liquefied natural gas (LNG) from various sources, including the United States, to northeastern Greece (Energypress.gr, December 22, 2016).

3rd February 2017

35 firefighters tackle blaze at oil storage refinery in Erith

Two people had to be rescued by firefighters from the roof of an oil storage refinery in Erith as it caught fire earlier today, February 3.

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