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
Container ship operator CMA CGM is revising steering guidance across its fleet after ambiguous procedures contributed to one of its ships colliding with a navigational beacon in the Yarra River, Victoria, Australia, an ATSB investigation report notes.Departing the Port of Melbourne on 25 May 2023 under the conduct of a harbor pilot
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.
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.
Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers.
Venture Global LNG said on Sunday it would acquire a fleet of nine liquefied natural gas (LNG) transport vessels, expanding its ability to sell and ship its own cargoes.Venture Global LNG has exported hundreds of cargoes since it started liquefying gas for export in 2022 from the first of its three planned facilities in Louisiana. The vessels it used were owned by other companies and leased.
Naval architecture and marine engineering firm Bristol Harbor Group, Inc. (BHGI) announced it has hired Addison Pope as a naval architect. Pope holds a bachelor’s degree in Naval Architecture and Marine Engineering from Webb Institute. Before joining BHGI, Pope interned at Viking Cruises in Louisiana. During his time there, he created reports detailing the yard’s progress and various vendors.