Conoco Seized PDVSA Products from Isla Refinery
U.S. oil major ConocoPhillips has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on Sunday.Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under late…
Kutubu Light Crude Oil Exports to Resume in Spot Trade
Sales of Kutubu Light crude oil cargoes will resume in the Asia spot market in July after a major earthquake in Papua New Guinea shut production from late February to early April…
China's Crude Oil Futures Boom Amid Looming Iran Sanctions
A U.S. decision to reimpose sanctions on Iran is supporting China's newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders and analysts said.Since launching in March, Shanghai crude oil futures have seen a steady pick-up in daily trading, while open interest - the number of outstanding longer-term positions and a gauge of institutional interest - has also surged.Traded daily volumes hit a record 250…
ZIM Names Destriau CFO
ZIM Integrated Shipping Services Ltd. announced that Xavier Destriau will take over as the company’s new CFO, effective June 15, 2018. He will replace Acting CFO, Yohai Benita, who has completed his position at ZIM.Destriau has worked at CMA-CGM for 10 years and has served as Vice President - Head of Group Financing from 2014 to 2016. Destriau will be joining the company after two years as Strategic Advisor to Founder and Interim CFO of LTF Partners…
Singapore Marine Fuel Sales at 3-month High
Singapore marine fuel sales climbed to a three-month high of 4.233 million tonnes in April, up 1.6 percent from the previous month but 0.5 percent lower from the same time last year, data from the Maritime and Port Authority of Singapore (MPA) showed on Monday.In a signal of steady demand for marine fuels, the firm April sales volumes came despite rising fuel costs and supply disruptions of some bunker fuels towards the end of the month, trade sources said.The cost of 380-centistoke (cst) fuel o
Hapag-Lloyd Delays Recovery Hopes
German container shipping line Hapag-Lloyd reported a higher net profit and operating result in the first quarter of 2018 on Monday, citing better transport volumes, but said earnings improvements would mostly be made in the second half."We have had a solid start into the current year, but the market environment is challenging," Chief Executive Rolf Habben Jansen said."Freight rates have been under pressure…
Britain Awards $3.3 Bln in Submarine Work to BAE Systems
Britain on Monday awarded defence firm BAE Systems 2.4 billion pounds ($3.26 billion) to work on two submarine programmes, the company said in a statement.The Ministry of Defence gave BAE a 1.5 billion pound contract for delivery of the seventh Astute class submarine, and a further 900 million pounds for the next phase of the Dreadnought submarine program, the company said.($1 = 0.7364 pounds)(Reporting by Alistair Smout; editing by Kate Holton)
OOCL Bags Outstanding Green Leadership Award
Orient Overseas Container Line (OOCL) has received the 2017 Hong Kong Awards for Environmental Excellence (HKAEE) Gold Award in the Transport and Logistics Sector…
TOTE Delays Midnight Sun’s LNG Conversion
TOTE Maritime Alaska has adjusted its liquefied natural gas (LNG) conversion schedule, pushing back works on its RoRo vessel Midnight Sun by one year in order to…
Reach Subsea Bags Statoil Contract
Norway-based Reach Subsea has been awarded a Frame Agreement for Inspection, Maintenance and Repair (IMR) services to Statoil Petroleum.The frame agreement has a duration of five years…
Seabourn Ovation Christened in Malta
Carnival Corporation's luxury cruise brand Seabourn introduced its newest vessel with a naming ceremony for Seabourn Ovation in the harbor of Valletta, Malta.Seabourn…
Stronger Capesize Rates Lift Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged higher on Monday on firmer demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up four points, or 0.3 percent, at 1,476 points.The capesize index gained five points, or 0.2 percent, at 2,635 points, its highest since Jan.
China's First Home-built Aircraft Carrier Begins Sea Trials
China’s first domestically built aircraft carrier headed out for sea trials on May 13, Chinese state media reported. The report said that the new aircraft carrier…
Renewed Optimism is Exploration
Renewed optimism is the theme for exploration in 2018, driven by higher oil prices and improving exploration performance. The cost of exploring has fallen more than…
Skuld Launches Members’ Performance Bonus
Norway-based international marine insurance company Skuld announced a positive bottom line result of USD 58 million (USD 51 million in 2016 before members' credit)…
Shell, Total to Develop Gas Project in Oman
Total has signed a Memorandum of Understanding (MoU) with the Government of Oman to develop natural gas resources in Oman. This MoU covers both upstream and downstream businesses.
V.Group Appoints Junshan Zou as Managing Director for China
The global provider of maritime services V.Group has appointed Junshan Zou to build, lead and drive V.Group’s activities in China, including business development, ship management and marine services.
ADNOC to Run Ruwais Container Terminal
ADNOC Logistics and Services, the shipping and services arm of the Abu Dhabi National Oil Company (ADNOC), has signed a contract with Borouge, a leading provider of value creating plastics solutions…
Kongsberg Norcontrol Pact with Norwegian Coastal Administration
Kongsberg Norcontrol has signed a framework agreement with the Norwegian Coastal Administration for delivery, operations and maintenance of radars to the maritime traffic service.
Yang Ming Marine Transport Corporation Reports Higher Revenue
Yang Ming Marine Transport Corporation said that the consolidated revenues of Q1 totaled NTD 31.03 billion (USD 1.07 billion), up 2.58% compared with NTD 30.25 billion…
