In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade.Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been shipping Venezuelan oil. The vessels got new names.
How have major events such as the U.S./China trade war, oil price fall and COVID-19 impacted Twin Disc’s commercial marine business to date, and what adjustments have you made in response?These are the three things that I’ve been highlighting in employee communications and with investors over the last few months. For us, COVID was just the third punch after the other two.
U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S.
China's crude imports surged 25% in July from a year earlier, as massive purchases made while prices collapsed in April arrived and as some shipments delayed at ports in June finally cleared customs.China, the world's top crude oil importer, brought in 51.29 million tonnes of oil last month, equal to 12.
Driven by the need to organically protect maritime Task Groups from the threat of sea mines, the Royal Australian Navy is introducing a deployable Mine Counter-Measures (MCM) capability under the first phase of Project SEA 1778.The Royal Australian Navy’s (RAN) SEA 1778 deployable Mine Counter-Measures (MCM) capability is both a small step forward in the spiral development process and a
Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing.The United States had imposed sanctions on Venezuela’s state-owned oil company as part of a bid to topple that country’s socialist president, Nicolas Maduro. U.S. refineries stopped buying Venezuelan crude.
Iran has asked Indonesia to provide details about the seizure of an Iranian-flagged vessel, Iranian Foreign Ministry spokesman Saeed Khatibzadeh said on Monday, a day after Jakarta said it had seized Iran and Panama-flagged tankers in its waters.Indonesia said on Sunday its coast guard had seized the Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal oil
The first of two CSL-Hartmann joint venture ships built at Chengxi Shipyard in China was delivered on August 10.Having already completed all dockside and sea trials, the 40,000 DWT self-unloading bulk carrier Starnes set sail for Hamburg via the Suez Canal on August 14. Captain Bi Fusheng and Chief Engineer Li Fuwang will take the 190-meter-long vessel to Manilla where there will be a crew change
Congestion at China's east coast oil ports that is adding to costs for shippers and importers is likely to run well into August, with crude shipments set to hit another record high this month, according to analysts and Refinitiv data.The massive inflows are straining offloading facilities
From 2015 to present an estimated 250 incidents related to electric hoverboard fires have been recorded according to the United States Consumer Product Safety Commission. The same commission reports that 83,000 Toshiba laptop batteries were recalled in 2017 due to fire and safety concerns.
The founder and director of Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT) directed the firm not to disclose hundreds of millions of dollars in losses over several years, he said in a court filing reviewed by Reuters.The affidavit signed by Lim Oon Kuin, a Singaporean in his 70s widely known as O.K.
The International Association of Classification Societies has named Lloyd’s Register CEO Nick Brown as its Incoming Council Chair.Brown will take up the role on July 1 this year, marking the first time that the IACS Chair has been chosen by the Association’s Members and not by rotation, a move that follows governance changes announced in December last year.