The sulfur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the center stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.The outlook for global economic growth remains bleak as the world is faced with the largest recession since the Great
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going
South Korean ocean carrier HMM held a naming ceremony for the newly constructed 24,000 TEU-class containership HMM Algeciras, the world’s largest containership, at the Daewoo Shipbuilding & Marine Engineering’s (DMSE) Okpo shipyard in Geoje, Korea.The 399.9-meter HMM Algeciras is the first of a dozen 24,000 TEU-class vessels scheduled to be delivered this year
Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on
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
The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus pandemic continued to cause an unprecedented slump in global demand. The spread on the May to November contracts had widened to as much as minus $10.31 per barrel at 1004 GMT, a level not seen since January 2009.
Classification society DNV GL had awarded a new class notation to mitigate fire risks on containerships to MSC Mediterranean Shipping Company. The notation, announced by DNV GL – Maritime CEO Knut Ørbeck-Nilssen in London, has been implemented on the largest containerships in the world, the 23,000+ TEU MSC Gülsün class.The new FCS notation is targeted exclusively towards containerships.
The final quarter of 2019 marked a massive decline of high-sulphur fuel oil (HSFO) sales, as the industry transitioned into compliance of the International Maritime Organization's (IMO) 2020 Sulphur Cap (IMO 2020). In Singapore, the world’s largest bunkering hub, the bunker sale landscape saw significant change as the sale of high-sulphur fuel oil dropped tremendously in a matter of months.
U.S. federal officials are calling for new safety rules following the fatal sinking of a Missouri amphibious passenger vessel in July 2018.Seventeen of the 31 people aboard the modified WWII DUKW amphibious passenger vessel, or "duck boat", Stretch Duck 7 died, when the vessel sank during a rapidly developing high-wind storm on Table Rock Lake near Branson, Mo.
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.
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.
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.