China will construct a “Polar Silk Road” and actively participate in the development of Arctic and Antarctic regions, it said in its new 2021-2025 “five-year plan” published on Friday.The plan said China would “participate in pragmatic cooperation in the North Pole” and “raise its ability to participate in the protection and utilization of the South Pole”.
Freezing temperatures across Asia and Europe are driving liquefied natural gas (LNG) prices to record highs and pushing up the cost of shipping the fuel globally as buyers grapple with tight inventories and a shortage of tankers.Demand for super-cooled natural gas has surged in recent years as buyers, particularly China and India, move away from dirtier coal-polluting power plants.
Oil traders are scouting for newly built supertankers to store diesel for the next few months as they brace for lower demand in Europe amid renewed restrictions aimed at battling the COVID-19 pandemic, shipping and trade sources said.Trading companies, including oil majors, are making enquiries to charter very large crude carriers (VLCC) to carry diesel with 10 parts-per-million (ppm) sulphur
The U.K.’s most advanced polar research ship RRS Sir David Attenborough left Cammell Laird shipyard Wednesday to commence two weeks of technical sea trials ahead of scheduled delivery to the Natural Environment Research Council (NERC) in November.“Although the vessel’s construction is now complete
A stalled global economic recovery from the coronavirus pandemic is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again.The use of so-called floating storage onboard tankers comes as traditional onshore storage remains close to capacity as supplies outpace demand.
The U.S. Coast Guard Cutter Healy (WAGB-20) is making an early return to its Seattle homeport, and its future Arctic operations have been canceled after the 21-year-old medium icebreaker suffered a fire in one of its main propulsion motors last week.The electrical fire was reported at 9:30 p.m.
President Donald Trump says the U.S. is hashing out a plan to acquire up to 10 additional polar icebreakers for the U.S. Coast Guard.Trump, who over the years has emphasized his administration's commitment to growing the Coast Guard's icebreaker fleet, outlined the new plans in vague terms within remarks delivered at Southern Command headquarters in Doral, Fla., Friday.
Two Canadian shipyards have joined forces in a bid for the contract to deliver the next polar icebreaker under Canada's National Shipbuilding Strategy (NSS).Seaspan Shipyards (Vancouver Shipyards Co. Ltd.) and Heddle Shipyards (Heddle Marine Service Inc.) announced Tuesday they will big as partners to build the Canadian Coast Guard’s future polar icebreaker to replace the decades old CCGS Louis S.
Leading tanker operator Euronav posted record high first-quarter results on Thursday and expects strong demand for oil storage at sea to continue in 2020, driving its shares up 8.5%.The world is still struggling with an oil glut due to a drop in demand caused by the coronavirus even after top oil producing countries have cut output.
Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed a record cut in output from May of 9.
Dozens of tankers holding jet fuel and gasoline are at anchor in sea lanes around Europe's main storage hubs, unable to discharge their cargoes as onshore tanks are full to capacity following the collapse in demand linked to the coronavirus crisis.Nearly 1 million tonnes of refined products are parked on around 30 tankers off Europe's coast, Reuters calculations found.
The good news is that work has commenced on the first new heavy polar icebreaker for the United States Coast Guard in 43 years. The bad news is that when it enters service, projected to occur in FY2024, it will be the first new heavy polar icebreaker for the USCG in 47 years.Meanwhile, Russia has approximately 30 active polar icebreakers, including four that are nuclear powered.