Tankers that had been scheduled to install emissions-cutting equipment ahead of stricter pollution standards starting in 2020 have deferred their visits to the dry docks to capitalize on an unexpected surge in freight rates, three trade sources said.U.S. sanctions on subsidiaries of vast Chinese shipping fleet Cosco in September sparked a surge in global oil shipping rates as traders scrambled
Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.
Russia's first-floating nuclear power plant has arrived to its permanent base near an isolated Russian town across the Bering Strait from Alaska, Russian state nuclear energy company Rosatom said on Saturday.Developed by Rosatom, the plant, known as "Akademik Lomonosov", set off on a 5,000 km (3,100 mile) journey on Aug. 23 through Arctic waters to reach the Chukotka region.
Chinese oil trader Unipec chartered a supertanker to ship U.S. crude to China in September, trading sources said, the first such cargo since U.S. President Donald Trump announced additional tariffs on Chinese import, ending a monthlong trade truce.Unipec, the trading arm of state refiner Sinopec , has fixed the Very Large Crude Carrier (VLCC) Anne to load U.S.
U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data
Vitol, the world's largest independent oil trader, has started building a small oil refinery at its storage terminal in Malaysia that will provide low-sulfur fuel for ships, a senior company official said on Monday.The project consists of a crude distillation unit that can process 30
China's iron ore futures extended gains on Friday after touching a record high in the previous session, as concerns persisted over tight supply amid declining shipment from Rio Tinto and expectations of strong demand.Mining giant Rio Tinto on Wednesday lowered its guidance on volumes of iron ore it expects to ship from the key Pilbara producing region in Australia for the third time since April.
Shipping group A.P. Moller-Maersk said on Friday it is in talks with Russia's state-owned icebreaker operator to send more goods via the Arctic, which is becoming more accessible as climate change reduces the sea ice.Russia has made developing the so-called northern sea route (NSR) - which requires new ports and heavy icebreakers to move goods - a priority
Gasoil traders expect the middle distillates market to stay well supplied until almost the end of 2019 before swinging into deficit with the introduction of new maritime fuel regulations.Calendar spreads for low-sulphur gasoil delivered to Europe's Amsterdam-Rotterdam-Antwerp hub are currently in contango through until October before shifting to backwardation from November onwards.
On the night of March 23, 2008, most of the crew sleeps while fishing vessel Alaska Ranger makes her way to the rich fishing grounds off the coast of Alaska. As the Engineer makes his nightly rounds, he discovers a serious flood in the rudder room. He raises the alarm and the captain issues a Mayday call.
Malaysia seizes 3,300 rare turtles from a boat in suspected trafficking caseMalaysian authorities seized about 3,300 rare pig-nosed turtles on Wednesday suspected of being smuggled into the Southeast Asian country.The turtles, found in Australia and on the Indonesian island of Papua, are endangered due to high demand from exotic pet traders, wildlife experts said.
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks