Dozens of tankers holding jet fuel and gasoline are at anchor in sea lanes around Europe's main storage hubs, unable to discharge their cargoes as onshore tanks are full to capacity following the collapse in demand linked to the coronavirus crisis.Nearly 1 million tonnes of refined products are parked on around 30 tankers off Europe's coast, Reuters calculations found.
The White House has reached a "deal in principle" with Beijing to resolve the 17-month U.S.-China trade war, according to a source briefed on the trade talks.The White House was expected to make an announcement later on Thursday, the source said."The written agreement is still being formulated, but they have reached an agreement in principle," the source said.
For Marine Technology Reporter's (MTR) 14th Annual "MTR100" - a look at 100 innovators and technologies in the subsea space - MTR editor-at-large Elaine Maslin reports on five companies and technologies that are worth the watch for the remainder of 2019 and beyond. For the full edition, see https://magazines.marinelink.
Offshore drilling contactor Valaris, which is exploring a bankruptcy restructuring, on Thursday said it could take up to two years to reactivate idle equipment as contracts dry up during a historic rout in oil prices.Global oil markets have collapsed since the beginning of March as the coronavirus pandemic has crushed fuel demand.
Technology group Wärtsilä and classification society DNV GL say they will work together to contribute to the marine industry’s ongoing digital transformation. In particular, the two companies aim to to further explore the potential use of digital technologies, collaborative data sharing and standardization to enhance existing products and services, and to develop new ones.
Gulf of Mexico (GoM) Lease Sale 253 in New Orleans generated over $159 million in high bids for 151 tracts covering 835,000 acres in federal waters.Twenty-seven companies participated in the lease sale, submitting approximately $175 million in bids, said Bureau of Ocean Energy Management (BOEM).
Brazilian iron ore miner Vale on Monday said it now expects sales of iron ore and pellets to be between 307 million and 312 million tonnes in 2019, further reducing its full-year outlook as it grapples with the aftermath of a deadly dam burst.Vale has been compelled to halt production at various facilities because of safety worries after the collapse of a tailings dam in the town of Brumadinho
BW Group-owned product tanker owner and operator Hafnia has acquired two 2015-built medium range product tankers from Gestion Maritime.The acquired vessels are the StenaWeco Andrea Corrado and StenaWeco Caterina Corrado, which were built by Hyundai Mipo Dockyard. Hafnia said the duo is expected to be delivered by October/November 2019.
U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.The world's two largest economies imposed fresh tariffs on each other on Sunday
The Council of the International Maritime Organization (IMO) has condemned recent attacks on commercial shipping in the Strait of Hormuz and Sea of Oman.The Council of the UN body expressed its concern over the grave danger to life and the serious risks to navigational safety and the environment to which such incidents may give rise.
Corvus Energy, a provider high power energy storage in the form of modular lithium ion battery systems to the maritime industry, has completed the installation of a 5.5 MWh battery energy storage systems (ESS) in each of the two Grimaldi Group RoPax cruise ferries Cruise Barcelona and Cruise Roma.
Finnish manaufacturer of cargo-handling machinery Cargotec Oyj said that its subsidiary Kalmar has concluded an agreement with long-term customer EUROGATE Tanger in Morocco to upgrade the capabilities of four ZPMC ship-to-shore (STS) cranes.The order was booked in Cargotec's 2019 Q3 order intake, and the project is scheduled to commence in Q1 of 2020 and be completed in Q2 2021.