Nasdaq SINGAPORE, Feb 25 – Oil tanker rates are soaring globally as traders scramble to cope with jitters over possible disruption in Russian supplies, as well as war risk premiums for ships plying the Mediterranean region following Moscow’s invasion of Ukraine. Shipowners are also grappling with higher fuel costs after oil prices soared nearly $2 per barrel on Friday, with
Reuters LONDON, Feb 4 – Tanker and barge shipments in and out of Europe’s biggest oil hub have been delayed by up to a week as four storage companies scramble to resume operations after cyber attacks, sources familiar with the matter said. Since the end of last week, storage company Oiltanking and oil trading firm Mabanaft, both owned by Germany’s
Reuters LONDON – Two tankers have had their environmental and safety classification withdrawn by a U.S. company that provides such certification, after accusations by a U.S. advocacy group that they had shipped cargoes of Iranian oil, documents seen by Reuters show. Countries targeted by tougher U.S. sanctions, including Iran and Venezuela, have responded to the mounting pressure with elaborate
Reuters GLASGOW – A coalition of 19 countries including Britain and the United States on Wednesday agreed to create zero emissions shipping trade routes between ports to speed up the decarbonisation of the global maritime industry, officials involved said. Shipping, which transports about 90% of world trade, accounts for nearly 3% of the world’s CO2 emissions. U.N. shipping agency the
Reuters WASHINGTON – The head of a U.S. commission that oversees ocean transportation said in an interview on Tuesday he suspects some ocean carriers have improperly charged importers, one of many factors driving supply chain woes. A broad range of companies importing goods have been frustrated not only by the pile-up of ships outside harbors but also by higher shipping
World Oil Transocean announced that BOE Exploration & Production LLC (“BOE”) awarded Transocean a $252 million firm contract for its newbuild ultra-deepwater drillship, the Deepwater Atlas, including a mobilization fee of $30 million. Additionally, the contract provides for a significant performance bonus opportunity based upon agreed operating metrics. This award results from the final investment decision of BOE and the Shenandoah
Reuters LONDON/MEXICO CITY – Top oil shipping companies say they have tightened operational guidelines and deployed technology to prevent accidental breaches of sanctions, as the countries hit by ever tougher restrictions fight back with elaborate strategies to dodge them. Washington has ramped up shipping-related sanctions over the last two years to make it harder for countries, such as Iran and
Reuters LONDON – Traders provisionally booked at least six tankers to ship gasoline from Europe to U.S. destinations following a cyber attack that shut the United States’ top fuel pipeline network, Refinitiv Eikon data showed on Monday. The attack forced the Colonial Pipeline to shut down its entire system on Friday, stoking expectations of gasoline shortages along the U.S. East
Reuters SINGAPORE -BHP Group Ltd said on Thursday it completed its first refuelling of a ship with biofuel this month in a trial run that is part of its efforts to reduce carbon emissions. It was also the first time that a ship has been refuelled with biofuel in Singapore, the world’s largest bunkering hub. A biofuel blend derived from
Reuters CAIRO -The cargo vessel that blocked global shipping in the Suez Canal and is caught in a legal dispute in Egypt is fit to sail once approval is given, its technical manager said on Wednesday. The Ever Given was declared suitable for onward passage from the Great Bitter Lake to Port Said, where she would be assessed again before
Reuters CAIRO – The Suez Canal said on Friday it was close to clearing a backlog of shipping that built up when a giant container ship was grounded in the waterway. Suez Canal Authority (SCA) Chairman Osama Rabie told Egypt’s Extra News TV that 61 ships were still waiting and would pass on Saturday, down from 422 that were queuing
Reuters CAIRO – Egypt’s Suez Canal must move quickly to upgrade its technical infrastructure if it is to avoid future shipping disruption, shipping industry sources said, as the major trade route tries to bounce back from a costly six-day closure. International supply chains were thrown into disarray on March 23 when the 400-metre-long (430-yard) container ship Ever Given ran aground
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