According to an April 15 report from Bloomberg, Frontline Ltd. said that a plunge in supertanker rates to their lowest in at least 11 years will likely spur owners to scrap ships and cancel orders for new ones. Supertankers are making $4,335 a day after fuel costs for delivering Middle East crude to Asia and the U.S., according to data from the London-based Baltic Exchange. (Source: Bloomberg)
's state-owned shipping company aims to spend up to $4 billion over the next three to four years to expand its fleet size, a senior company official said, according to a report published on www.guardian.co.uk. Oman Shipping Company (OSC) is looking to grow its shipping fleet mainly to meet the demand for energy transportation, the company’s CFO reportedly told Reuters in a recent telephone interview. Part of OSC's multi-billion dollar expansion includes a recent order to build 10 VLCCs
Reports indicate that a supertanker and a container ship collided in Singapore waters southeast of St John's Island. But the incident did not result in any oil pollution or casualty, says the Maritime and Port Authority of Singapore. It has deployed an anti-pollution craft to monitor the situation and is investigating the incident. MPA says Greece-registered supertanker, Astro Luna, was heading west in the Singapore Strait when it collided with Panama-registered
Murmansk Shipping Company (MSCO) has completed modernizing the Natali supertanker, Interfax Russia reported. The China State Shipbuilding Corporation modernized the tanker over a six-month period. The tanker currently meets the requirements of the international convention to prevent marine pollution. Murmansk Sea Shipping operates the state nuclear icebreaker fleet under a trustee agreement for the management of state property
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
Proponents of a controversial liquefied natural gas plant in Maine say a study ordered by the Canadian government has found there is no reason to ban supertankers from the Bay of Fundy, as Ottawa has threatened to do if the U.S. approves the project. Downeast LNG said the environmental study found there were no immediate risks of having LNG supertankers go through the Bay of Fundy, part of which is split by the New Brunswick-Maine border, to the proposed plant.
Petrobras, which has a $112 billion investment plan through 2012, is expanding and refurbishing its fleet. It has already contracted the construction of 23 tankers, and more orders are in the pipeline. Petrobras is also planning to order two Very Large Crude Carrier (VLCC) supertankers, but did not give a timetable for the transaction. The plan to build new ships – and potentially some new drilling rigs – in Brazil is designed to revitalize the local ship-building industry and
According to a Dec. 15 report from Financial Times, oil companies and traders are storing at least 50 million barrels of oil in supertankers in a clear sign of supply outstripping demand as the global economy slows. The current floating storage is enough to meet France’s oil imports for a month and the biggest since late 2001. Storing oil in tankers is unusual as it is significantly more expensive than inland.
According to a Dec. 17 report from the Nigerian website, www.punchng.com, the cost of delivering Middle East crude to Asia, the world‘s busiest route for supertankers, rose to an 11-month high because of reduced supply of vessels for hire. Charter rates for very large crude carriers, or VLCCs, on the industry benchmark Saudi Arabia to Japan route climbed 1.4 percent to 57.75 Worldscale points according to the London-based Baltic Exchange.
A Dec. 25, 2009 report from Gulf News, said the number of single-hull supertankers bound for Saudi Arabia, the world's biggest oil-producer, fell 50 percent over the past month, according to ship-tracking data compiled by Bloomberg. Trading of single-hull tankers will become more restricted next year under International Maritime Organization regulations. The vessels will require inspections to prove their seaworthiness. (Source: www.gulfnews.com)
The Norwegian Coastal Administration (Kystverket) has signed a contract with Miko Marine AS to become the first national agency to purchase the ShipArrestor system. The two packages ordered are due for delivery this summer and feature sea anchors that can be deployed on ships by helicopter
By Jonathan Saul, Reuters Iran's oil tanker fleet is gearing up for more business, with some vessels taking to the high seas after over more than a year at home ports, another sign that an easing in Western sanctions is enabling exports to begin to pick up.
By Manash Goswami, Reuters Brent crude futures slipped on Friday below $109 a barrel on expectations demand growth will slow as severe winter weather eases, with supply worries keeping the losses in check for now. A severe winter chill in the United States and Europe and supply disruption
Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program. The International Energy Agency's monthly report revised February's global crude imports from Iran
BW Maritime inks contract with Samsung Heavy Industries for BW’s first Liquefied Natural Gas Floating Storage Regasification Unit (LNG-FSRU). Expected to be delivered in 2015, it will be the latest addition to BW's fleet of 16 LNG carriers
BP's 'British Pride' made Port of Long Beach history as it came alongside with a draft of 65 ft. The Port says that the British Pride’s call exemplifies the its dedication to long-range strategies that will help it stay ahead of the maritime industry’s dynamic business needs
"The revelation this week that the owner of an Algerian cargo ship whose crew was held by Somali pirates paid them $2.6 million in ransom is yet another indication that the rewards these denizens reap for their illegal, life-threatening work remain a serious stumbling block to ending maritime
The last 12 months has been one for the books ... or the trash. There was no shortage of government inducements to turn the lackluster tide in 2012—stimulus spending in China and Japan, quantitative easing by the U.S
The biggest slump in tanker rates since January is signaling weaker U.S. oil imports, and is causing a 15-year low in the shares of one major crude-oil tankship operatore, reports Bloomberg. Rates for the biggest crude carriers tumbled 68 percent in the past two weeks
With Western Sanctions increasingly tightening on Iran, the country has taken delivery of several new oil tankers as it must rely on its own fleet capacity to help sustain crude export shipments, Reuters reported. Sanctions by the U.S. and Europe have severely reduced Iran’s oil Exports
The looming threat of small boats to national security calls into play some innovative options. Since the horrific terrorist attacks of September 11, 2001 revealed a series of national security vulnerabilities, the U.S. Departments of Defense and Homeland Security have been exploring options to
The Combined Maritime Forces operation was co-ordinated from the British Royal Fleet Auxiliary vessel 'Fort Victoria' with support from Australian ship HMAS Melbourne, South Korean destroyer ROKS Wang Geon, European Union flagship HNLMS Johan de Witt and a Seychelles-based maritime patrol aircraft
Regional insurance brokerage and risk management company AAIB first to be granted license to operate in Somalia as economic opportunities drive demand. Regional specialist in broking, risk management and consultancy Anglo Arab Insurance Brokers (AAIB), has broadened its footprint
FMC Commissioner William P. Doyle, addressed the Executive Committee of the National Lieutenant Governors Association (NGLA) in Little Rock, Arkansas: Topic – "Is Your State Ready for a Historic Transformation of Transportation, Energy
On February 12, 2013, President Obama issued Executive Order 13636 – Improving Critical Infrastructure Cybersecurity. Citing repeated electronic intrusions into critical infrastructure, the document states that it is the policy of the United States Government to increase the volume