Six new Very Large Crude Carriers indicate that 2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, according to BIMCO. The six new VLCCs were delivered in a strong winter market. Having reduced sl
The Fluxys-operated Zeebrugge LNG terminal is scheduled to receive one cargo of liquefied natural gas from Qatar. The 145,800 cbm Simaisma LNG carrier departed from Qatari port of Ras Laffan on Saturday and is set to arrive in Belgium on February 25, port data reveals. The Zeebrugge LNG terminal has
Bunker prices are now at a low level not seen since the early 2000s and with much lower marine fuel prices big containerships’ cost advantages are dwindling, according to Drewry Maritime Advisors. When bunker prices increased five-fold, to levels in excess of USD 600 per tonne, lines responded with
Having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States, the newly released IEA Oil Market Report (OMR) for February
India and Australia on Monday formed a sub-group to prepare a roadmap that would look into ways in providing cheap LNG for power plants in the south Asian country. “India is willing to consider long-term fixed price contracts for the supply of gas which will enable power producer to enter into a pow
Pakistan will reportedly sign a long-term deal to import liquefied natural gas from Qatar this week. Under the 15-year deal, Qatar will supply 3.5 million tonnes per annum of LNG to Pakistan, Reuters reported on Monday. A report by Pakistan Today says that the country negotiated a “very attractive p
Earnings for liquefied natural gas shipping will stay under pressure this year as accelerating fleet growth and changing trade patterns will weaken supply-demand conditions, shipping consultancy Drewry said in a report. LNG vessel fleet growth is forecast to double in 2016 to 12%, compared to 6% in
Qatar Petroleum has reached an agreement with the U.S. oil juggernaut Chevron to buy a 30% participating interest from Chevron’s 75% share in three deep-water offshore leases in Morocco. Under the agreement Qatar Petroleum will acquire an interest in the deep-water leases, while Chevron will retain
Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected to remain as the market is yet to find a new equilibrium. So far, only modest cuts in US shale production have been realised, and global o
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Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros
The Baltic Dry Index has fell below 300 points, plunging to a new low of 298 points on Thursday, February 4. The Cape Index was down by one point at 208, followed by Supramax index at 271 after a dip of 9 points. Only the Panamax index had a slight improvement with 5 points up […]
By Amanda Cooper LONDON (Reuters) – Oil rose on Wednesday, paring earlier losses after Russia reiterated its openness to talking with OPEC about output cuts, which helped revive hope among investors that the world’s largest producers could act to boost prices. Russian Foreign Minister Sergei Lavrov
A new shipping route has been launched between China and Iran following the sanctions lifting against Tehran. Namely, the arrival of the Iranian containership Perarin to Qinzhou Port on Wednesday marked the official kick off of the first shipping service to link Middle East and Beibu Gulf, Guangxi B
