Water levels in the Panama Canal are likely to remain exceptionally low for months despite forecasted short-term improvements, meaning no end in sight to the prolonged disruptions hampering vessels transiting the vital shipping artery.The Panama Canal Authority earlier this year began imposing restrictions on daily vessel transit and maximum draft amid a prolonged drought that has lowered the
Insurance companies have notified charterers of ships operating in Russia's Black Sea ports of an increase in additional payments known as "war risk premiums", four traders said.A war risk premium was added to the common insurance costs for tankers last year after the start of Russia's military action in Ukraine, which Moscow calls a special military operation.
Freight rates to ship Russian oil have fallen this month towards parity with those for other global exporters for the first time since 2022 as more tankers were available despite Western sanctions and exports fell, three sources said on Wednesday.Freight rates to ship Russian oil soared to more than $20 million per voyage in 2022 after the West imposed sanctions and a $60 dollar price cap to try
Esgian reports an eventful week with contract confirmations, terminations and suspensions in its Week 18 Rig Analytics Market Roundup.Report SummaryContractsBurullus Gas Company, the self-operated joint venture between Shell Egypt, the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC) and Petronas
Chevron is sending cargoes of Kazakhstan's CPC Blend oil to Asia around Africa's Cape of Good Hope rather than via the Red Sea to avoid the risk of attacks by Yemen’s Houthis, according to three industry sources and LSEG ship-tracking data.The Iranian-aligned Houthis have stepped up attacks on shipping despite U.S.
Russian ports are operating during more severe storms and easing restrictions for non ice-class vessels during winter, traders said and regulations showed, in an attempt to boost exports following disruptions from Western sanctions and harsh weather.Following the European Union oil embargo, Russia has to rely mostly on seaborne loadings
Oil loadings from Russia's Black Sea port of Novorossiisk have resumed after being suspended due to a storm on Dec. 27, two sources familiar with the matter told Reuters on Thursday.The port will likely be able to ship all the crude volumes scheduled for December, as the weather has improved, the sources added.Oil loadings from Russia's Black Sea port of Novorossiisk were suspended on Wednesday.
Russia's Novorossiisk port resumed oil loadings after a severe storm on Thursday, two sources familiar with the port's operations told Reuters.The loadings started as the weather conditions improved after the storm had suspended exports since last week, one of the sources said.The nearby Caspian Pipeline Consortium (CPC) terminal, a main export route for Kazakhstan's crude oil
Oil loadings from the Black Sea port of Novorossiysk and the Caspian Pipeline Consortium (CPC) terminal have not resumed due to an ongoing storm forcing exporters to look for alternative routes, three sources familiar with exports told Reuters on Wednesday.Novorossiysk and the CPC terminal account for about 2 million barrels of oil per day (bpd) from Russia and Kazakhstan.
A severe storm in the Black Sea region has disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhtsan and Russia, according to state's officials and port agent data.Oil loadings from Novorossiysk and the Caspian Pipeline Consortium (CPC) terminal in nearby Yuzhnaya Ozereyevka have been suspended since last week.