The number of very large crude carriers (VLCC) engaged in non-trading activities, primarily Iranian/non-Iranian crude storage and fuel oil storage, has started to slip, according to the latest tanker report from Gibson Shipbrokers. Namely, at the end of February, 45 VLCCs were involved in various no
Readers’ Picks of the Week (February 27 – March 3, 2017)
Omani government-owned Oman Shipping Company (OSC) has secured USD 227 million in debt to finance the acquisition of ten tankers, Reuters said citing France-based Societe Generale. Comprising a combination of commercial debt and export credit agency financing, the agreement covers the purchase of 50
Israeli shipping company ZIM has managed to return to profit in the fourth quarter of 2016, generating a net profit of USD 4.6 million and adjusted EBITDA of USD 43.9 million in Q4 2016. This is a significant improvement over Q3 2016 when ZIM posted a loss of USD 37.6 million on the back of [&hellip
Following the lifting of sanctions against the Islamic Republic of Iran in early 2016, seaborne demand for Iranian crude has more than doubled, according to a report released by VesselsValue. In the past five years, the greatest demand for Iranian crude came from China, Japan and South Korea, respec
Very large crude carrier (VLCC) rates on the AG/Japan route tumbled by nearly w10 points within a day to w60 on Tuesday, according to Ocean Freight Exchange (OFE). The drop comes on the back of S-Oil placing its tanker Australis on subs for an AG/Onsan run at w54.75, as charterers “went for the jugu
Global bunker fuel costs could rise by up to USD 60 billion annually from 2020, in a full compliance scenario, when the International Maritime Organization’s (IMO) 0.5% sulphur cap for bunker fuels kicks in, Wood Mackenzie said. With the implementation of the IMO regulation in 2020, the shipping ind
The containership sector has started 2017 in a positive mood, with each of the industry’s drivers – demand, supply and earnings – in a healthy shape. Maritime Strategies International (MSI) expects the sector to move into the next quarter with a reinforcement of this encouraging trend. In terms of d
By examining the correlation between carrier terminal ownership and the choice of port calls by the 2M and upcoming Ocean and THE liner alliances, Drewry said that the choice of port call is often not in line with carrier terminal ownership interests. The shipping consultancy conducted a research an
Following the easing of sanctions against Iran by the US and five other world powers, Europe has been eager to revive maritime trade relations with Tehran, sending its shipping majors and port officials to ink new and renew old cooperation deals. Aside to increased activity in the carriage of oil, c
Two ballast tanks aboard the 121,946 dwt liquefied natural gas (LNG) carrier Al Khattiya were breached with a loss of some ballast water after the ship was hit by an oil tanker on February 23 off Fujairah, United Arab Emirates. The vessel’s manager Shell International Trading and Shipping Company Lt
Marine transporter Qatar Navigation (Milaha) has reported a drop of 35 percent in its net profit for the full year ended December 31, 2016, driven by a challenging business environment. The company’s profit plunged to QAR 711 million (USD 195.2 million) from a net profit of QAR 1.095 billion (USD 30
Bahri Dry Bulk Company (BDB), a subsidiary of Bahri, has signed an agreement with the Dutch firm Koninklijke Bunge B.V. (Bunge) aimed at establishing a joint venture to charter vessels for dry bulk shipping. Under the deal, the parties would hire ships for importing and exporting of dry bulk commodi
As the focus on cyber safety is rising, the classification provider ABS has issued its first notation for the ABS Guide for Cybersecurity Implementation for the marine and offshore industries. “Awarding the CS1 notation (Asset, Basic-level, Informed Cybersecurity Implementation) is a significant ind
