Demand for Arabian Gulf Crude Export Dips in Q1
Seaborne demand for Arabian Gulf crude exports down 14 percent in first quarter 2017 in very large crude carriers (VLCC) and Suezmaxes. In the first quarter of 2017, more than 2.5 trillion ton miles were completed by the global VLCC and Suezmax fleet. This was down 4.6 percent from the previous quarter with a reduction in VLCC work done being the major contributor at -5.42 percent. Over 50 percent of seaborne demand for crude exports stems from the Arabian Gulf.
Baltic Index Down as Capesize Rates Sag
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for larger vessels. The overall index…
WIN WIN: Wind Powered Oil Recovery Concept Progresses
The DNV GL-led joint industry project, WIN WIN (WINd powered Water INjection), has completed its first phase and determined that wind power could be used to power offshore water injection. The project is currently moving into its second phase, which includes refining and testing the electrical systems, and investigating possibilities for broader applications. The project consists of four partners: DNV GL…
Eleven Missing after Bulker Sinks off Crimean Coast
A cargo ship heading from Russia to Turkey sunk off the coast of Crimea early on Wednesday morning and 11 of the crew are missing, Crimea's emergency situations ministry said.
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