Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded.Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures.
Shipowners in all sectors face the same decision: build new or refurbish older tonnage. In the booming cruise sector the decision is more pressing, particularly as new construction ships can take two to three years to build, perhaps longer today with global shipyard orderbooks packed full.
When the Rubymar sank in the Red Sea after a Houthi attack, the ship went down carrying 21,000-tonnes of fertiliser which could trigger massive algal blooms that could create "dead zones" for marine life and starve coral reefs of light.Alongside a slick of leaking fuel, the ammonium phosphate sulphate fertilisers could deliver an extreme pulse of nutrients into waters harbouring rare corals
Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine
Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the vast country, sources at OPEC+ and ship-tracking firms told Reuters.Russia is the only member of OPEC+ which contributes to export cuts rather than production cuts as part of its participation
The November edition of Marine News magazine highlighted a selection of the most notable American newbuilds delivered of 2023—from a first-of-its-kind green towboat, to the lead vessel in a series of game-changing ships to train U.S. mariners.Empire StateAs the lead vessel in a series of five new training ships being constructed to serve America's state maritime academies
Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets.Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants.
The American Association of Port Authorities (AAPA) today announced its newly elected Board of Directors and officers who will serve for the 2024-2025 term. These port leaders, representing a diverse range of expertise and regions, are poised to guide AAPA’s efforts to advance the maritime and port industries.
Seaspan on Thursday announced its Vancouver Drydock has completed a Vessel Life Extension (VLE) program for the 38-year-old Canadian Coast Guard icebreaker vessel CCGS Sir Wilfrid Laurier. After undocking at the end of April 2024, the vessel completed an in-water work period in preparation for ship commissioning and sea trials, finally departing Seaspan on August 17, 2024.
Naval architecture and marine engineering firm C-Job Naval Architects announced it has appointed Heidi Landen-Greene as president of C-Job Houston, overseeing sales and engineering teams located in the company’s office in the city and overall U.S. operations.Prior to joining C-Job
The shipping industry is consuming an additional 100,000 barrels per day of fuel to sail longer distances needed to avoid traversing the Red Sea, Vitol Chief Executive Officer Russell Hardy said on Wednesday.Total distance traveled by ships is about 3% more than it was before Yemen's Houthi group started attacking shipping, Hardy said.
Scientists aboard Britain's high-tech polar research vessel RRS Sir David Attenborough are headed to the Weddell Sea to investigate how carbon dioxide moves and transforms in the Southern Ocean.The ship departed Tuesday from Punta Arenas, Chile for the 30-day scientific expedition.