It is undisputable that we need to drive a lower-carbon future and meet the IMO’s 2050 net-zero target, but the procrastination we’re witnessing around fuel choice is delaying progress. Informed brokers can help to drive momentum and influence the direction of travel towards a more sustainable future, while also meeting commercial objectives. Two years ago, …
How are brokers helping to drive the fuelling transition? Read More »
Refined oil products inventories at the UAE’s Port of Fujairah rose 4.7% in the week ended Dec. 23, heading for an annual gain with one week left, according to Fujairah Oil Industry Zone data published Dec. 25. Total stockpiles increased to 18.649 million barrels, the second consecutive gain to a three-month high, according to FOIZ …
FUJAIRAH DATA: Oil products stockpiles head for 2024 gain Read More »
The world’s largest iron ore consumer, China, continues to grapple with a sluggish economy, particularly in its crucial property sector. This has had a significant impact on iron ore demand, driving prices down over 20% year-to-date. “Iron ore is among the most vulnerable to China’s slowdown risks, as the country’s property market constitutes the bulk …
FuelEU Maritime aims to promote the use of green and low-emission fuels within EU shipping. Danish Shipping supports the new regulation but highlights the need for global climate regulation of the shipping industry. FuelEU Maritime is part of the EU’s climate legislation package, “Fit for 55.” The new rules aim to significantly reduce CO2 emissions …
New Regulation: FuelEU Maritime Comes into Force on 1 January Read More »
Seadrill Limited Friday announced that it has completed the sale of the jack-up rig West Prospero for cash proceeds of $45 million. With the sale of the West Prospero, we have monetized a non-core asset that has been stacked since 2016 and successfully executed on our strategy to exit the benign jack-up market,” said President …
Seadrill Announces Sale of Jack-Up West Prospero Read More »
Asia’s fuel oil markets continued to be barren of deals on Friday, as thin trading liquidity on the window persisted against a backdrop of consistently bearish outlooks for January. Ample inventories will continue to be a near-term market driver, multiple trade sources said. Fuel oil arrivals into Singapore are still slated to hit a fresh …
Asia Fuel Oil: Thin market liquidity persists; cash premiums mixed Read More »
On a balmy December evening, four Indian crew members, eager to go explore this Mediterranean city where their container ship docked for a few hours, turned for help to Stella Maris. It’s the largest of the faith-based organizations that minister to seafarers in hundreds of ports around the world. “We just call them, they help …
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 this week. Russia’s Foreign Ministry said on Tuesday that the “Ursa Major,” built in 2009, …
The shipping industry is expected to report solid profits despite deteriorating market conditions due to the rise in the won-dollar exchange rate. While many anticipated that profitability would decline due to oversupply as ships ordered during the COVID-19 pandemic are being delivered, it is believed that some losses can be offset by foreign exchange gains. …
Global law firm Norton Rose Fulbright has advised UniCredit on the financing and delivery for the Italy headquartered ferry company Caronte & Tourist. The financing is in relation to the motor vessel named Pietro Mondello which is a Ro Pax vessel built at the Turkish shipyard Sefine Denizcililk Turizm. The financing is supported by SACE’s …
