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 …
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 »
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 »
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 »
Negotiations will start in a week on extending a U.N.-backed initiative that has enabled Ukraine to export grain from ports blockaded by Russia after its invasion, a senior Ukrainian official said. The agreement was extended by a further 120 days in November and is up for renewal again in March, but Russia has signalled that …
Talks on extending Black Sea grain deal start in a week – Ukraine Read More »
WiseTech Global (ASX:WTC), developer of the leading logistics execution software CargoWise, today announces its acquisition of Blume Global (Blume), provider of a leading solution facilitating intermodal rail in North America, for US$414 million. Headquartered in the United States, Blume is being acquired from funds managed by Apollo, EQT and other minority shareholders. North America is …
A celebratory naming ceremony was held at the Samsung Heavy Industries shipyard in Korea for the ZIM SAMMY OFER, a 15,000 TEU LNG-powered vessel that is the first of 10 ships ordered by Seaspan Corporation as part of a long-term chartering agreement with ZIM. The vessel is named after the late shipping magnate Sammy Ofer, …
ZIM SAMMY OFER Naming Ceremony Held in SHI Shipyard in Korea Read More »
The MSC Group and the MSC Foundation have organized an urgent response to support the population in the aftermath of the devastating earthquake in Türkiye and Syria. A wide effort is underway across the MSC family and the company is closely coordinating with the Turkish authorities, the Italian Foreign Ministry and the Vatican. MSC Aurelia, …
MSC group and MSC foundation support earthquake relief initiatives in Türkiye and Syria Read More »
