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VLCC Rates to Hold Firm as Owners Await MidEast Cargoes
Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs this week, are likely to hold firm as owners tread water before the release of further Middle-East and West Africa cargoes, ship brokers said on Friday. "The market is taking a bit of a breather. The market is waiting for Saudi Arabian cargoes," said Captain Ashok Sharma, managing director of broking house BRS Baxi Far East in Singapore.
IMO Supports African Maritime Summit
International Maritime Organization (IMO) is continuing its work to support sustainable maritime development in Africa by participating in the opening of the African…
South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal
A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion…
Delay of Shipping SOx Law Could Endanger 200K Lives -Study
The implementation of a global low-sulphur fuel law for ships in 2020 would prevent 200,000 premature deaths globally, a health study by a group of researchers from…
LNG Newcomer Mulls $3.8 billion 20-Vessel Order
According to Reuters CBI Energy and Chemical (CB&I), a little known investment firm, plans to order up to 20 LNG carriers, in a deal worth up to US$3.8 billion…
New Container Terminal Inaugurated in Iraq
International Container Terminal Services, Inc. (ICTSI) formally opened the first phase of its new greenfield terminal development at its Basra Gateway Terminal in the North Port, Umm Qasr, Iraq.
Roundtable Discusses Nigeria’s Maritime Future
The Commonwealth Enterprise and Investment Council (CWEIC) together with the Ship Owners Association of Nigeria (SOAN) have co-hosted an event on “The Future of…
Matrix PDM Signs Licensing Deal with GTT
GTT's Houston-based US subsidiary, GTT North America (GTT NA), has signed a license agreement with the American engineering company Matrix PDM Engineering. The agreement…
ICC Releases its Latest Trade Finance Survey
According to this year's Global Survey - which received 357 responses from 109 countries worldwide - 61% of respondents reported a global shortage of trade finance.
Asia Tankers-VLCC Steady After Bumping Four-Month High
Power struggle breaks out between between owners and charterers; West Africa cargoes hit a monthly record. Freight rates for very large crude carriers (VLCCs), which…
No Reprieve for Multipurpose Shipping Until 2018: Drewry
The last three months have been some of the worst the multipurpose and project carrier sector has endured in living memory. The breakbulk and project cargo sector remain weak…
Asian Crude Demand Pushes Charter Rates
Robust Asian demand for West African crude is fueling a worldwide surge in shipping rates for the largest oil tankers that is being felt from Houston to Singapore.
More than 11,000 Migrants Rescued off Libya this Week
More than 5,000 migrants were saved on Tuesday and Wednesday off the Libyan coast and 28 bodies recovered, bringing the total number of people rescued this week to more than 11…
Nearly 11,000 Migrants Rescued in Last 48 hours off Libya
Many bodies found in the hold of one ship. More than 4,650 migrants were saved on Tuesday off the Libyan coast and 28 bodies recovered, bringing the total number…
BP Pact with Eni to Buy Gas from New Mozambique Field
BP and the Area 4 concession partners, Eni East Africa (EEA), Galp Energia (Galp), Kogas and Empresa Nactional de Hidrocarbonetos (ENH), have entered into a sales…
GP Group Expands Antwerp Bunker Operations
UAE based global bunker supplier Gulf Petrochem Group is now offering physical bunker supply in the port of Antwerp, Belgium from its existing office in Rotterdam, the Netherlands with immediate effect. The new offering will cater to the group’s global customers and provide them with a wide portfolio of marine fuel products such as RMG 380 and LSGO from two exclusive time chartered barges, the Valsinni and the Chardonnay.
MPA Academy Trains Over 110 Global Maritime Leaders
The Maritime and Port Authority of Singapore’s (MPA) training arm, the MPA Academy (MPAA) and the Nanyang Technological University (NTU), jointly organised the 6th MPLP from 3 to 7 October 2016…
Choke Points are Flash Points
The world is closely watching several contentious flash points that have potential to ignite. The behavior and rhetoric of China and Russia regarding vital shipping lanes in international waters have been alarming. Disputed sovereignty claims and efforts to enforce them have the maritime world on edge. China’s nine-dash line claims about owning the entire East and South China Sea have created a dilemma for themselves and the other nations in the region. The Philippines v.
6Sigma Named a HydroComp Representative
HydroComp, Inc. announced 6Sigma Naval Architects of Capetown, South Africa as its new representative. 6Sigma Naval Architects & Offshore Engineering Pty Ltd, Cape Town…
Asia Tankers-VLCC Rates Soar on West Africa, MidEast Liftings
VLCC earnings double in a week. End of force majeure in Nigeria buoys cargo volumes. Freight rates for very large crude carriers (VLCCs) are set to rise further next week…