By Henning Gloystein SINGAPORE (Reuters) – Oil prices fell by 1 percent on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China’s imports, ending a two-day short-covering rally. U.S. West Texas Intermediate (WTI) crude futures were trading at $
Charter rates on major dry bulk shipping routes are expected to recover due to increasing trade and contracting supply, according to shipping consultancy Drewry. “Demand for coal-carrying vessels will increase in the coming quarters because Japan has decided to increase its coal-fired power generati
Yemeni Ash Shihr oil terminal resumed operations on August 2 with the arrival of an oil tanker, after it was closed in March 2015 due to hostilities in the country, Gulf Agency Company (GAC) said. The tanker arrived under the GAC Yemen agency at the terminal to load a shipment of Marsila crude. The
By Alex Lawler LONDON (Reuters) – Oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar. But prices could struggle to make much headway, analysts said, as sentiment r
Time charter rates in the smaller chemical tanker vessel sizes are expected to remain stable over the next two years, but rates for the larger sizes, especially Medium Range tankers (MRs), will decline due to the impact of falling freight rates for clean petroleum products (CPP), shipping consultanc
By Henning Gloystein SINGAPORE (Reuters) – Oil rose on Monday, driven by new orders as traders staked out positions at the start of the new month, but the market remains dogged by plentiful crude supplies, a flood of refined products, and a weakening economic outlook. Brent crude was at $43.72 per b
Popular news, July 25 – 31, 2016
The Paris Memorandum of Understanding (MoU) on Port State Control will launch a Concentrated Inspection Campaign (CIC) on the Maritime Labour Convention, 2006 (MLC,2006). The aim of the CIC is to verify that the minimum standards for working and living conditions have been implemented on board. This
Shipowners will need to order an additional 65 vessels by 2020 to meet LNG shipping demand as new supplies are coming on-stream, according to the shipping consultancy Drewry. Despite the current weakness in LNG shipping rates, Drewry “maintains its bullish long-term outlook” for LNG shipping and bel
By Karolin Schaps LONDON (Reuters) – Oil prices fell close to three-month lows on Wednesday after U.S. industry data showed weekly oil stocks declined by less than expected, feeding into concerns over persistent oversupply dragging down prices. Global benchmark Brent crude <LCOc1> was on track for t
During the first half of 2016, some USD 28.4 billion worth of vessels have been delivered to their respective owners, while over USD 43.8 billion worth of ships is left on the orderbook to be delivered by year’s end, according to data provided by VesselsValue. So far this year, a grand total of 905
Piracy and armed robbery at sea have fallen to their lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a report from the International Chamber of Commerce’s International Maritime Bureau (IMB). IMB’s global piracy report shows 98 incidents in the first half of 20
By Henning Gloystein and Osamu Tsukimori SINGAPORE/TOKYO (Reuters) – Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come. International Brent crude oil futures <LCOc1> were trading at $45.51 per barrel a
Maritime security incidents on a global level declined by 24 percent in the first six months of 2016, compared with the same period in 2015, according to Control Risks, a global risk consultancy. This decrease has been driven by a 61 percent decline in cases in South-East Asia, where incidents of pi
