Russian crude oil producers are enjoying the cheapest costs to ship to refiners in China and India in almost a year thanks to a growing number of vessels plying the routes, according to trading and shipping sources.The arrival of new shippers working outside the purview of Western governments allows Russian firms to earn more than the $60 per barrel cap that the U.S.
The International Maritime Organization's Council (IMO) has elected Arsenio Antonio Dominguez Velasco from Panama as its secretary-general, the UN shipping agency said on Tuesday.Dominguez beat six other contenders from China, Turkey, Kenya, Finland, Dominica and Bangladesh in a vote and will take office on January 1, 2024, for a four-year term, subject to the approval of the IMO Assembly.
An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control.These vessels were part of a "shadow" fleet of tankers carrying oil last year from countries hit by Western sanctions
The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they're snapping up old tankers that might normally be scrapped.
An Iranian-flagged tanker on Friday delivered an oil shipment to Syria, which the United States had previously confiscated around Greece, ending months of uncertainty about the cargo, a ship tracker said.The seizure from the Lana, formerly the Pegas, prompted Iranian forces in May to seize two Greek tankers in the Middle East Gulf which were released on Nov. 16.
Malaysian FPSO leasing company Bumi Armada said Tuesday it had completed the sale of the Armada Claire floating production storage and offloading vessel. The FPSO was sold by Bumi Armada's subsidiary, Armada Balnaves."The Armada Claire sale was on an “as is where is” basis, at a sale price of US$20 million.
BIMCO’s Documentary Committee has approved a revised version of the Continent Grain Charter Party, SYNACOMEX, to reflect changes in the geopolitical landscape following events including the COVID-19 pandemic and the war in Ukraine. The revised charter party now includes BIMCO’s anti-corruption clause and updated versions of the war risks and sanctions clauses.