The global oil tanker market faces another year of low earnings as the coronavirus pandemic and vaccine inequalities disrupt demand and producers limit output of crude, a shipping analyst said on Wednesday.The earnings of very large crude carriers (VLCCs) that carry the bulk of crude stand at about $10,000 a day, down from 2020 record highs of more than $240,000
New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.Drivers of demand and freight ratesTo say that the summer has not been kind to the crude oil shipping industry would be an understatement.
Canadian dry-bulk shipping company Fednav Limited on Thursday announced it has signed an agreement with Sumisho Marine Co., Ltd. (Sumitomo Corporation Group) and Oshima Shipbuilding to build 10 new oceangoing lakers. The ships will be built at Oshima shipyard in Japan, with the first vessel expected to be delivered in mid-2023.
“Fill her up, son; unleaded. I need a full tank of gas where I'm headed,” former Police-front man, Sting, sang back in 1999 on his solo album Brand New Day. This country-inspired song could be the anthem for what is coming around next week, as Monday. May 31 is Memorial Day in the U.S., the day that kicks off “the U.S. driving season”.
The Biden administration granted oil refiner Citgo Petroleum a maritime shipping waiver allowing it to move fuel between U.S. ports on a foreign flagged vessel, two sources told Reuters on Friday, making it the second company to secure one this week.The waivers are intended to help ease distribution of fuel after a major pipeline serving the U.S.
The second vessel in the ShadowCat range, Wayfinder, has been delivered, naval architect Incat Crowther and yacht services fir YCTS Ltd announced. Wayfinder builds on the capability of Hodor, delivered in 2019.Wayfinder has a 68-meter length, 14-meter beam and a draft of 2.4 meters which permits close coastline navigation.
Morton S. Bouchard, III, fourth generation leader of family-owned Bouchard Transportation, has been ordered to step down from his role as chief executive officer as the Long Island-based tug and barge operator continues to navigate through bankruptcy and a string of legal challenges.
Venezuela is shipping jet fuel to Iran in return for vital gasoline imports for the South American nation as part of a swap deal agreed by the two state-run oil firms, three people with knowledge of the matter told Reuters.Iran has ramped up assistance to Venezuela since last year as the United States tightened sanctions on both countries
Three people were rescued from a 71-year-old tugboat that sank south of Puerto Rico on Thursday.The U.S. Coast Guard said its watchstanders at Sector San Juan fielded a mayday call from the crew of the 112-foot U.S.-flagged tug Proassist III, stating they were taking on water approximately two miles south of Yabucoa Harbor.
Seri Everest, the first in a series of three 98,000 cbm Very Large Ethane Carriers (VLECs) built at Samsung Heavy Industries Co., Ltd. (SHI) and delivered to MISC Berhad on October 30, 2020. Seri Everest is the first from a series of six VLECs that MISC purchased in July 2020. As a second generation VLEC, Seri Everest is one of the largest vessels of its kind in the world.
Piracy and armed robbery against ships is on the rise in Asia, ReCAAP ISC reveals in its latest monthly report. In October, nine incidents of armed robbery against ships and no piracy incidents were reported in Asia. With these, the total number of incidents from January to October was 84, a 35% increase from 62 over the same period in 2019, and the most reported since 2016.
A Marshall Islands flagged livestock carrier listing from hull damage off Australia's western coast was directed to the Port of Geraldton.On Monday night, the Australian Maritime Safety Authority (AMSA) tasked its Challenger search and rescue jet to fly over the vessel Barkly Pearl, and it was able to confirm damage to the starboard side of the vessel, which was listing to port.