By Jonathan Saul, Reuters Crude oil tanker earnings on the major Middle East route fell on Tuesday as a build up of vessels available for hire weighed on rate sentiment. Shipping markets continued to monitor developments in Ukraine after Russia sent military forces into the Crimea region of southern Ukraine. Russian President Vladimir Putin said Moscow would only use military force in Ukraine as a last resort. A U.S. official said it was ready to impose economic sanctions on Russia. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W50.73 in the Worldscale measure of freight rates, or $25,765 a day when translated into average earnings. That compared with W51.33 or $27,219 a day on Monday and W55.05 or $32,176 a day last Tuesday. "Higher available capacity in the Middle East continues to weigh on rates out of the region to both Asia and the U.S. East Coast," said Justin Yagerman with Deutsche Bank. "While the number of available VLCCs in the Middle East decreased by 4 last week to 83, the level remains elevated from a historical perspective." In January, average earnings reached $61,630 a day - their highest level since February 2010, before that rally lost steam. VLCC rates from the Gulf to the United States <DFRT-ME-USG> were at W31.63 on Tuesday versus W32.77 on Monday and W34.17 last Tuesday.
Cyprus’ MIE Group, Limassol, is arranging an exhibition of marine equipment managers and services (East Med Marine Exhibition) during 7-8th April next year (2005) at the Hawaii Grand Hotel & Resort, Limassol. Backed by the Cyprus Minister of Communications and Works, the exhibition will not only have exhibitors that use MIE as their agent in Cyprus, but also other marine equipment and service companies. Some 45 companies have already signed up for this exhibition
The world's first ocean-going luxury resort is scheduled to be afloat late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder, company officials said. The vessel for the rich, dubbed The World of ResidenSea, was conceived four years ago by Norwegian cruise magnate Knut Kloster Jr. "After four years of an uphill struggle...we have finally made it," Henning Oeglaend, chairman of the board of ResidenSea
Greek rescuers will deploy a robot submarine to search for the bodies of two French tourists believed to have drowned when a cruise ship sank off a resort island in the Aegean Sea last week, reported the Houston Chronicle. The ship's captain blamed the accident on sea currents that swept the Sea Diamond onto a charted reef off the island of Santorini, tearing a hole in the ship's hull. According to reports, more than 50 tons of the ship's fuel leaked after the sinking
Emaar, the Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has revealed the final blueprints of the KAEC Sea Port, designed in coordination with Halcrow, the international consultancy specializing in the provision of planning, design and management services for maritime projects. One of the six key components of the 168 million sq m KAEC, the Sea Port will be the largest in the Red Sea with a capacity to handle 20 million TEU (twenty ft
A small motor vessel fired on in the Persian Gulf after ignoring warnings to keep away from 'USNS Rappahannock' The incident occured near Jebel Ali, United Arab Emirates. In accordance with Navy force protection procedures, the sailors on the USNS Rappahannock (T-AO 204) used a series of non-lethal, preplanned responses to warn the vessel before resorting to lethal force. The U.S. crew repeatedly attempted to warn the vessel's operators to turn away from their deliberate approach
The team of Japanese experts who flew into the country to help assess the the damage caused by the sinking of the M/T Solar 1 and the resulting oil spill said oil continues to leak out from the tanker, a statement from the Japanese embassy said Tuesday. In Guimaras, President Gloria Macapagal-Arroyo ordered Transportation and Communications Secretary Leandro Mendoza to conduct a full-blown inquiry into the August 11 sinking
The Canadian Press reported that federal politicians say Canada is considering regulations to ban liquefied natural gas supertankers from a sensitive waterway in the Bay of Fundy, risking renewed territorial tensions with the United States. Maxime Bernier, Canada's new minister of foreign affairs, assured a citizens' group on Sunday that Canada is opposed to the prospect of LNG supertankers navigating the treacherous waters that lead into Passamaquoddy Bay between Maine and New Brunswick
Viva Gaming Resorts reported that it has finalized its bare-boat charter agreement and related letter-of-credit commitments with Discovery Dawn Limited Partnership and, as a result, has now taken possession of the Bahamian-flagged luxury casino cruise ship M/V Island Dawn. The cruise ship is presently being moved from its previous location in Freeport, Grand Bahamas, directly to Corpus Christi, with scheduled arrival this week
Guiding your marine electronics business in challenging economic times is one of the themes for the upcoming National Marine Electronics Association (NMEA) Convention & Expo, to be held Sept. 30 – Oct. 2, 2009, at the Sanibel Harbour Resort in Fort Myers, Florida. Training and seminar opportunities at the 2009 NMEA Convention & Expo cover the following: NMEA 2000 Standard QuickBooks Training ENavigation Satellite Communications Airmar Transducers
China, involved in a growing dispute with its neighbours over the energy-rich South China Sea, wants to promote peaceful development of the oceans, Premier Li Keqiang said, warning conflicts in the past had only brought "disaster for humanity".
Drydocks World, the international service provider to the shipping, maritime, offshore, oil, gas and energy sectors, announced that it will sign an Agreement with Kleindienst Group to provide a complete range of offshore marine and operational management solutions for their The Heart of
For an unprecedented 19th consecutive year–and with its highest score ever–Travel + Leisure readers have voted Crystal Cruises the “World’s Best” Large-Ship Cruise Line in the prestigious magazine’s 2014 annual survey
Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,000 litres of crude oil leaked from pipeline operated by PTT Global Chemical in July 2013 and blackened several beaches on Koh Samet
Kuwait's state oil group said on Sunday it would sign a six-year liquefied natural gas (LNG) supply deal with Royal Dutch Shell estimated at $12 billion as the major oil exporter seeks to meet energy demands for the hot summer months.
Tugboat workers at Australia's biggest iron ore port have approved a plan to go on strike, which would halt a quarter of the world's iron ore exports, if they are unable to resolve a dispute over leave and pay, their union said on Monday.
Long-range clean tanker rates rallied on Wednesday as buoyant demand for cargoes reduced vessel availability with expectations of further gains. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W111
The White House said on Wednesday that a dispute between China and Vietnam that erupted within days of President Barack Obama's visit to Asia to address regional tensions needs to be resolved with dialogue, not intimidation.
Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, today announced the financial results for the fourth quarter and year ended March 31,2014. Consolidated total income for the year FY14 increased by 43% to Rs 5,508 crore compared to Rs 3
Long-range clean tanker rates stayed firm on Monday extending a recent rally with firmer cargo demand bolstering sentiment further. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W117
The global offshore drilling market's dip could be longer than previously expected and charter rates could take until 2017 or 2018 to recover to last year's levels, the head of Maersk Drilling said on Thursday. Oil groups continue to delay projects to save cash and rig rates will fall further
European diesel barge swaps weakened in the week to Monday as huge product inflows from the United States and Russia continue to put heavy pressure on prices. Diesel imports from the U.S. Gulf Coast were expected to exceed 2 million tonnes in June for the second month in a
... emerging as an issue as alarming as piracy. Last week an oil rig in the Barents Sea hit the headlines after being successfully boarded, stopping drilling for 89 hours at an estimated cost of $1.26million. So who were the boarders; gun toting pirates threating violence and looking to
On June 15, 2014 there was a serious accident at Achinsk oil refinery. Unfortunately, as a result, people died and some were injured. President and all Company’s staff send their condolences to the victims’ relatives. An Emergency Operations Center headed by Rosneft
The risk of Gulf of Mexico 2014 production shut-ins by storms is considered to be higher than last year, according to a recent U.S. Energy Information Administration (EIA) analysis of the potential for Gulf oil and gas shut-in production during the upcoming months, as follows: