Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions
South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.The United States…
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Sanctions spell the end of OPEC output deal
President Donald Trump’s decision to withdraw from the nuclear agreement with Iran marks the end of the current output agreement between OPEC and its allies.OPEC is likely to insist the current agreement remains in effect, at least for now, but the prospective removal of several hundred thousand barrels per day of Iranian exports from the market will require a major adjustment.Saudi Arabia has already promised to "mitigate" the impact of any potential supply shortages…
Dry Bulk: Baltic Index Touches over 4.5 Month High
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday to its highest in over 4-1/2 months, boosted by rising rates for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 33 points, or 2.3 percent, at 1,465 points.The capesize index rose 134 points, or 5.4 percent, to 2,616 points, its highest in four months."Capesize rates continued to demonstrate positive momentu
Maersk Likely to Shelve Plans to List Drilling Division
Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined…
Polsteam, Nova Ship Tech SA Select Alfa Laval PureBallast 3
Alfa Laval said it has signed fleet agreements with Polsteam and Nova Ship Tech SA for the supply of PureBallast 3, the third generation of Alfa Laval’s ballast water treatment technology.Under the agreements, Alfa Laval will provide dozens of Polsteam and Nova Ship Tech SA vessels with PureBallast 3 systems – the vast majority of which will handle large flows of more than 1,000 m3/h.The agreements…
New Global Ocean Institute Inaugurated
International Maritime Organization (IMO) Secretary-General Kitack Lim attended the inauguration of the new maritime and ocean policy research institute at the World…
Euroseas Spins Off Its Drybulk Fleet
Greece-based owner of containerships and bulk carriers Euroseas has spun off its drybulk fleet into a separate company. The Company announced that it filed a registration…
SMT Shipping, CSL Rolls out Joint Venture
SMT Shipping and The CSL Group announced they have entered into an agreement for CSL to acquire 50% of Eureka Shipping, SMT's pneumatic cement vessel business.
Digitisation Helps APM Terminals Pipavav
With more than 500 trucks per day passing through the gates at APM Terminals Pipavav, even the smallest efficiency improvement quickly adds up to 100s of hours saved per day.
MOL to Open New Maritime Academy in Philippines
Mitsui O.S.K. Lines announced that the establishment of MOL Magsaysay Maritime Academy in Salitran, Dasmariñas City, the Philippines — a joint project with Magsaysay…
MSC Cruises Raises EUR 8million for UNICEF
MSC Cruises, the world’s largest privately owned cruise company and leading cruise line in Europe and South America, has announced today that to date it has raised…
ICS Chairman on Implementation of Global Sulphur Cap
“Time is fast running out” for implementation by IMO Member States of the 0.5% global sulphur in fuel cap by 1 January 2020, says Esben Poulsson, Chairman of the…
Tightening Noose: Venezuela's Crisis Deepens
The news that Venezuela's PDVSA has diverted a crude tanker from Curacao after ConocoPhillips moves to satisfy a $2 billion arbitration award signals that worst may be yet to come.
PDVSA Halts Caribbean Storage, Shipping; Diverts Oil Cargo
Venezuela's state-run PDVSA suspended oil storage and shipping from its Caribbean facilities following a move by ConocoPhillips to temporarily seize the firm's assets on four islands, according to a PDVSA source and Reuters data.PDVSA has begun concentrating most shipping in its main crude terminal of Jose on Venezuela's eastern coast and recalling tankers to Venezuelan waters to avoid seizures that…
V.Group Names Zou Managing Director for China
V.Group said it has appointed Junshan Zou to build, lead and drive V.Group’s activities in China, including business development, ship management and marine services.“We have made a long-term commitment to growing our business in China,” said Alastair Evitt, Group Managing Director for V.Group’s Ship Management East division. “This new role will enable us to focus our efforts on growing all aspects…
Nigerian Migrants Sue Italy for Aiding Libyan Coast Guard
Nigerian migrants who survived a deadly sea crossing last year filed a lawsuit against Italy for violating their rights by supporting Libya’s efforts to return them to North Africa, their lawyers said on Tuesday.Seventeen plaintiffs petitioned the European Court of Human Rights last week, Violeta Moreno-Lax, a legal advisor for the Global Legal Action Network, told reporters. She was among four lawyers…
Memphis Orders Fire Rescue Patrol Boat
San Francisco Bay Area boat designer and builder Moose Boats said it has been awarded a contract from The City of Memphis Fire and Police Departments for the construction…
Trade War All About the Eastbound Transpacific -BIMCO
When two of the world’s top trading partners get entangled in a stand-off, where the outbreak of a trade war could become the extended tool of intense negotiations, BIMCO says we’d better prepare for what may come while hoping that it will never take place.The U.S. is China’s largest trading partner measured by value – and China is the largest one-country trading partner that the U.S. has.“The global…
Fishing Companies to Pay $400,000 for Pollution Claims
Challenge Fisheries LLC, Quinn Fisheries Inc., Charles Quinn II, and Charles Quinn III have agreed to pay a total of $414,000 in civil penalties and to perform fleet…
