Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow's top customers, traders and analysts said.The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas
A Russian cargo ship that ran into trouble on Monday in the Mediterranean Sea and later sank was rocked by a series of three explosions in "an act of terrorism," state news agency RIA cited the vessel's owner as saying on Wednesday.Russia's Foreign Ministry said on Tuesday that the "Ursa Major," built in 2009
A Russian cargo ship called Ursa Major sank in the Mediterranean Sea after an explosion ripped through its engine room and two of its crew are still missing, the Russian Foreign Ministry said on Tuesday.The vessel, built in 2009, was controlled by Oboronlogistika, a company that is part of the Russian Defence Ministry's military construction operations
Hapag-Lloyd's CEO said on Thursday he expects continued strength in container shipping volumes, which are driven by global demand for transporting goods and seen as a proxy for trade and a health barometer for the world economy.The volume of twenty-foot equivalent (TEU) containers moved by its 292 ships rose to 9.3 million metric tons in the nine months from January to September, up 5% from 8.
At least one oil and gas platform in the U.S. Gulf of Mexico was shut on Monday and Florida ports imposed restrictions on vessel navigation as Hurricane Milton rapidly intensified.Most energy infrastructure on the U.S. Gulf Coast, including oil and gas production facilities, liquefied natural gas (LNG) plants and refineries, is expected to be out of the storm path
Iran has released the oil cargo of a Greek-owned, Marshall-Islands-flagged tanker it seized in the Gulf of Oman earlier this year, a shipping source told Reuters on Thursday.The vessel, M/T St. Nikolas, is still being held by Iran, the source added. It was laden with 1 million barrels of Iraqi crude oil destined for Turkey when it was seized.
Port worker unions in Argentina cut short a planned strike in grains shipping ports in the Rosario region following government-ordered talks, a union head said on Thursday, in welcome news for the country's farm exports.The area north of the city of Rosario along the Parana River is Argentina's main agricultural exports hub, where more than 80% of its processed soybeans, corn
A global maritime court found on Tuesday that greenhouse gases constitute marine pollution, a major breakthrough for small island states threatened by the rise in sea levels caused by global warming.In its first climate-related judgment, the International Tribunal for the Law of the Sea said emissions from fossil fuels and other planet-warming gases that are absorbed by the oceans count as
The St. Marys River has reopened to vessel traffic after a U.S.-flagged Great Lakes freighter struck a channel light in the waterway.At approximately 1 a.m. on Thursday, the 730-foot bulk carrier American Mariner suffered a marine casualty and went bow-first into the Munuscong Junction Light, the U.S. Coast Guard said. The incident occurred in Munuscong Lake, which is a section of the St.
A portion of the St. Marys River has been closed to vessel traffic after a U.S.-flagged Great Lakes freighter struck a channel light in the waterway.At approximately 1 a.m., the 730-foot bulk carrier American Mariner suffered a marine casualty and struck the Munuscong Junction Light with its bow, the U.S. Coast Guard said. The incident occurred in Munuscong Lake, which is a section of the St.
The first towboat of 2024 passed through Lock and Dam 2, in Hastings, Minn. on Sunday, signaling the start of this year's navigation season on the Mississippi River.The U.S. Army Corps of Engineers' St. Paul District said it considers the first tow to arrive at Lock and Dam 2 as the unofficial start of the Mississippi River navigation season
The volume of goods moving through Spain's top ports rose by as much as 25% in January as attacks on shipping in the Red Sea caused companies to divert Europe-bound vessels around southern Africa instead.Spain's northern ports have also seen volumes in transit jump by up to triple as traders opt to avoid moving goods by truck through Europe because of widespread blockades by farmers