At least one Israeli-owned vessel was attacked in the Arabian sea on Feb. 10, a regional defence source said on Friday, in an assault that Iran is assumed to have carried out. The source said drones were likely used and that there were no reports of casualties. There was no immediate comment by Iran, which …
Israeli-owned vessel attacked in Arabian sea on Feb. 10 -regional security source Read More »
Pertamina International Shipping (PIS), a unit of Indonesia’s state energy firm, has secured a $185 million syndicated loan to fund investment in its fleet and infrastructure, the company said. The loan would be used to expand its fleet and upgrade a liquefied petroleum gas (LPG) terminal and is expected to boost the company’s revenue and …
Indonesia’s Pertamina shipping unit secures $185 mln syndicated loan Read More »
The United States Court of Appeals for the Fifth Circuit upheld the lower court’s dismissal of claims against a time charterer, China Navigation Co. (the ‘charterers’). The court rejected the invitation to expand a charterer’s independent tort duties, and, in doing so, recognised the potentially far-reaching ramifications such a ruling would bring. District Court in …
Case law: Grand Famous Shipping Limited, et al. v. China Navigation Co. Read More »
The Baltic Exchange’s main sea freight index edged higher on Friday but declined for the seventh straight week on lower demand for larger vessels, while the capesize segment marked its worst weekly drop in nearly six months. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 8 points, …
MR secondhand sales have dominated the Tanker sale and purchase sector so far this year, accounting for 35% of Tanker sales. Unlike the crude markets that saw record highs in the run up to the 5th December sanctions on Russian oil, before the February sanctions on Russian petroleum products came in to force on 5th …
While pockets of resilience might be emerging, the International Monetary Fund predicts that the global economy will slow further in 2023 in what it describes as “subpar” economic growth. In its World Economic Outlook Update, the IMF said that while the fight against inflation is starting to pay off, central banks must continue their efforts. …
Improved economic outlook, but growth still ‘subpar’ Read More »
Refined product sanctions coming into play offer new destinations for Russian diesel with changing trade flows, according to a presentation by Scorpio Tankers during the product tanker fleet operator’s fourth-quarter earnings call Feb. 16. Changing trade flow impacts Clean product exports from China increased in January 2023 from 800,000 b/d seen in December 2022 to …
Product tanker markets shift amid Russian sanctions: Scorpio Tankers Read More »
Phoenix International Holdings, Inc.’s (Phoenix) commercial ship husbandry division recently responded to a call from a 330-meter tanker that suffered major propeller damage in Corpus Christi, TX in 60ft of water. Upon mobilizing a fly away dive spread and dive team, the PM Errol Gritten performed the complex mathematics involved in calculating the mass loss …
Phoenix Divers Aid Tanker With Propeller Damage At Port In Corpus Christi, TX Read More »
Asia’s spot cash premiums and refining margins for 0.5% very low sulphur fuel oil (VLSFO) ended at a month’s low on Friday, weighed by persistent supply inflows and tepid bunkering demand. The spot 0.5% VLSFO cash differential (MFO05-SIN-DIF) edged lower to a premium of $11.70 a tonne. The front-month crack (LFO05SGDUBCMc1) was at a premium …
Spot premiums, margins for VLSFO at one-month lows Read More »
The European Union is preparing new sanctions against shipping company SUN Ship Management Ltd, which helps Moscow with illicit oil shipments circumventing EU’s restrictions on trade with Russia, Politico reported on Feb. 14. According to them, the company secretly hosted 92 ships of Russian state-owned company Sovcomflot in April 2022. It was done in order …
EU prepares to sanction Russia’s ‘shadow fleet’ of oil tankers Read More »
