President Vladimir Putin said on Tuesday Russia wanted to retain its "superiority" in the Arctic and that it planned to renew its icebreaker fleet to bolster its presence there.Moscow has stepped up its efforts to tap the region's commercial potential, including by increasing freight traffic on the Northern Sea Route, which runs from Murmansk in the Russian Arctic to the Bering Strait near Alaska.
Oil traders are scouting for newly built supertankers to store diesel for the next few months as they brace for lower demand in Europe amid renewed restrictions aimed at battling the COVID-19 pandemic, shipping and trade sources said.Trading companies, including oil majors, are making enquiries to charter very large crude carriers (VLCC) to carry diesel with 10 parts-per-million (ppm) sulphur
A nuclear-powered ice breaker Russia says is the world’s largest and most powerful set off on Tuesday on a two-week journey to the Arctic as part of Moscow’s efforts to tap the region’s commercial potential.Known as Arktika, the nuclear icebreaker left St. Petersburg and headed for the Arctic port of Murmansk, a journey that marks its entry into Russia’s icebreaker fleet.
A stalled global economic recovery from the coronavirus pandemic is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again.The use of so-called floating storage onboard tankers comes as traditional onshore storage remains close to capacity as supplies outpace demand.
The owners of four Iranian fuel cargoes that were confiscated by U.S. authorities last month mounted a challenge to the seizure, asserting their rights to control the cargo, according to a court filing on Tuesday.The U.S. Justice Department last month announced the seizure of 1.116 million barrels of fuel it said was destined for Venezuela.
U.S. prosecutors late on Wednesday filed a lawsuit to seize the gasoline aboard four tankers that Iran is shipping to Venezuela, the latest attempt by the Trump administration to increase economic pressure on the two U.S. foes.The government of Venezuelan Socialist President Nicolas Maduro has flaunted the tankers, which departed last month, to show it remains unbowed by U.S. pressure.
Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed a record cut in output from May of 9.
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.
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits
Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said.Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 a day on Monday, up from some $125
SINGAPORE, March 24 -- From banks of screens and giant phones in the office, energy traders worldwide are adapting to a laptop in the bedroom -- and it's going surprisingly well.Working from home has become the new norm in the oil trading hubs of Singapore, London and New York as governments encourage physical distancing to curb the spread of coronavirus.