Italian oil company Eni has performed the production test of Zohr 2X, first appraisal well of Zohr discovery, in the Shorouk block, offshore Egypt. The Italian company completed the drilling of the first appraisal well of Zohr discovery in February. On Thursday, Eni reported that, during the test, 1
The economies of scale that have been a key feature of the liner industry, may be running out, shows Drewry’s study of the operational and financial impacts on lines, terminal operators, ports and other supply chain stakeholders as vessel size increases up to and beyond 18,000 teu. Since 2009, leadi
By Amanda Cooper LONDON (Reuters) – Oil prices broke above $40 a barrel on Wednesday, driven by anticipation that the world’s largest exporters may agree as soon as this month to freeze output, which could accelerate a decline in the largest global build in unwanted crude in years. Producers in and
Omani Port of Salalah and Iranian Shahid Rajaee Port and Chabahar Port have inked a Memorandum of Understanding that aims to facilitate growth in shipping, trade and commerce between the two countries. Under the MoU, Port of Salah, the biggest port in Oman, is to support modernization of Iranian por
Thirty years ago, the film ‘Back to the Future II’ made some amazingly accurate predictions about everyday technology, including video conferencing, biometrics and wearable tech. Around that same time, the US was also experiencing a major oil price collapse, which is an appropriate analogue for toda
The first 3 months of 2016 are shaping up to be the busiest quarter on record for bulk carrier demolition as owners fight to restore balance in supply-demand capacity, data from Clarksons Research shows. In the first 9 weeks of the year, 120 bulk carriers of 10.1m dwt have been reported sold, a pace
Two Indian sailors have died in a fire that broke out on board the Al Sadaa tanker in Yemen, according to India’s Minister of External Affairs, Sushma Swaraj. As informed, three more seafarers, also all of Indian nationality have been injured in the incident. “The three sailors injured in Yemen are
By Libby George LONDON (Reuters) – Brent crude hit a three-month high on Monday, extending gains that have lifted crude benchmarks by more than a third from this year’s lows on an improving global outlook and stronger sentiment for a market recovery. Front-month Brent crude futures LCOc1 traded as h
The Sustainable Shipping Initiative (SSI), a coalition of shipping leaders, and industry stakeholders have developed a roadmap to define tangible milestones across all areas of sustainability that must be collectively delivered to create a sustainable shipping industry by 2040. The roadmap highlight
Market researcher and energy industry consultancy Douglas-Westwood used its inaugural business breakfast, held in London last week, to present the company’s latest research for the financial sector and energy industry. DW founder John Westwood chaired the proceedings and gave an introductory talk fo
Popular news, Feb 29 – Mar 6, 2016
South Korea has inked an agreement with Iran on cooperation in the maritime field and fisheries. Under the deal, the two countries have agreed to facilitate passage to each others’ ships through their respective territorial waters, Korea’s Ministry of Oceans and Fisheries said. According to IRNA, th
Shippers continue to experience poor quality services and disruption to their supply chains since the consolidation of the world’s 20 top lines into 4 ‘super alliances’, the Global Shippers’ Forum (GSF) says, calling for urgent resolving of the issue. In particular, the shippers are faced with bunch
By Karolin Schaps LONDON (Reuters) – Oil prices rose on Tuesday after China’s surprise monetary policy easing stoked expectations for higher oil demand from the world’s largest commodities consumer and signs emerged that a global supply glut was starting to deflate. Benchmark Brent crude futures <LC
