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Last month, the US Department of the Treasury announced the COSCO Shipping Tanker (Dalian) Company and COSCO Shipping Tanker (Dalian) Seaman and Ship Management Company met the requirements for new sanctions under Executive Order 13846, which reimposed sanctions with respect to Iran. US Secretary of State, Mike Pompeo, claimed the Chinese state owned shipping company had knowingly violated US restrictions on handling Iranian oil. The surprise announcement threw global shipping markets into turmoil, raised oil transport prices on the world’s oceans, and negatively affected the global community by denying the ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued slight downward trend on Oct.22: 380 HSFO – USD/MT – 348.40(-4.02) 180 HSFO – USD/MT – 390.54(-4.19) MGO – USD/MT – 660.52(-1.27) Meantime, world oil indexes demonstrated slight upward movement on Oct.22 after China signaled progress in trade talks with the United States. Brent for December settlement increased by $0.74 to $59.70 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December ...

The joint venture that owns a number of specialized Arc7 icebreaker vessels serving the Novatek-operated Yamal LNG plant in northern Russia is no longer subject to US sanctions, Novatek said. The JV — a 50-50 partnership between China LNG Shipping (Holdings) Limited (CLNG) and US company Teekay LNG — was designated as a “blocked person” under US sanctions imposed in late September against subsidiaries of Chinese shipping company COSCO. The US government imposed the measures on two subsidiaries of COSCO — COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker ...

Hyundai Oilbank, South Korea’s smallest refiner by capacity, will begin selling very low sulphur fuel oil (VLSFO) from November as part of its efforts to meet growing demand for cleaner marine fuels, the refiner said on Tuesday The planned sales come as International Maritime Organization (IMO) will limit the sulphur content of marine fuels to 0.5% from January 2020, compared with 3.5% now The refiner also said in its statement that it has signed term contracts to supply VLSFO and will keep looking for ways to respond to market needs ...

ABB, a leading provider of integrated automation solutions, is introducing a new augmented reality platform to improve the ability of ABB and its customers to speed response times, extend asset lifecycles, improve production performance and ensure operational excellence. ABB Ability™ Remote Insights for service is being introduced at the Industrial Transformation Asia Pacific EXPO in Singapore, Oct. 22-24. Augmented reality is a technology that allows computer-generated information, data, images, video or other content to be overlaid onto the real-world environment through applications on devices such as smartphones, tablets or wearable ...

Iridium Communications Inc. (NASDAQ: IRDM) yesterday announced Intellian as the newest manufacturer of Iridium CertusTM maritime terminals. Intellian is introducing the C700 terminal which will enable a variety of applications including safety, bridge and crew welfare communications, connected ship IoT capabilities like engine monitoring and remote diagnostics, as well as situational awareness reports. Developed for Iridium’s global network and designed to provide the fastest L-band broadband service in the industry, the C700 will deliver up to 352kbps transmission and 704kbps reception speeds through the Iridium Certus platform. Its 12-element patch ...

DP World PLC handled 17.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 3Q2019, with gross container volumes growing by 1.1 % year-on-year on a like-for-like basis[1]. On a nine-month basis, like-for-like gross container volumes grew by +0.7% year-on-a year to 53.5 million TEU. Jebel Ali (UAE) handled 3.6 million TEU in 3Q2019, down -1.0% year-on-year, as volumes stabilised following a shift of low-margin cargo. Growth in Asia and India remains robust with strong growth in ATI (Philippines), Qingdao (China). Growth in India has been ...

It looks like a cuddly character in a children’s television show — messy blue hair, googly eyes, thick mitts for hands. Known to some Europeans as the Dutch government’s Brexit monster, the furry face of nuisance resurfaced this week as the Port of Rotterdam braces for whatever happens when Britain leaves the European Union. Europe’s busiest port is distributing 25,000 of its “Get Ready for Brexit” pamphlets heading into the Oct. 31 deadline explaining to truck drivers how to avoid bottlenecks. On the leaflet, the creature is sitting on a ...

Essar’s Ports business, which operates four terminals on the east and west coasts of India, has registered a 20.07% growth in cargo volumes with a throughput of 27.29 Million Tonnes (MT) in the first half of FY2019-20. The growth has been driven by a 183.21% increase in third-party cargo compared to that in the corresponding period in the previous financial year. Cargo from captive customers grew by 6%. Speaking on the performance, Mr Rajiv Agarwal, MD & CEO, Essar Ports Ltd, said: “Significant boost in third-party business has been the ...

Exports of Nigeria’s Forcados and Qua Iboe crude oil streams will fall in December, according to loading programmes. Forcados will load 9 cargoes at a daily rate of 257,000 barrels down from 263,000 bpd in November. Qua Iboe will load 7 cargoes at a daily rate of 215,000 bpd assuming a cargo size of 950,000 barrels. This is down from 8 cargoes in November at 245,000 bpd. Loading programmes for other grades also began to trickle out. Escravos will load 6 cargoes, Agbami will have four, Amenam three cargoes and ...

India’s appetite for vegetable oil imports will likely grow by about 1 million mt annually in the coming years as rising disposable incomes will drive consumption growth at a rate faster than the pace at which domestic output is likely to rise, B.V. Mehta, executive director of the Solvent Extractors Association of India, told S&P Global Platts in an interview. The incremental requirement of vegetable oils — both edible and non-edible — by the world’s largest importer would not only help leading exporters such as Indonesia and Malaysia grab a ...

Another year, another portfolio review by Alcoa. The U.S. aluminium producer has just announced a five-year review of around 4.0 million tonnes of alumina capacity and 1.5 million tonnes of smelter capacity. Assets will be improved, curtailed, closed or sold. It’s not quite an annual event but Alcoa shareholders have been here many times before as the company keeps trying to move down the cost curve in the face of chronically depressed prices. On the London Metal Exchange (LME) three-month aluminium has ground steadily lower over the course of 2019 ...

Equity analysts have cut their earnings forecasts for Asia’s oil refiners as a surge in oil tanker freight rates and crude premiums offset an expected boost in refining margins. With an outlook for slumping profits amid squeezed margins, shares of top Asians refiners such as China Petroleum and Chemical Corp (Sinopec), Japan’s JXTG Holdings and South Korea’s SK Innovation may come under pressure in the coming months. Spot market freight rates for crude cargoes from the Middle East to Asia recently surged to a record following U.S. sanctions on Chinese ...

The rally in Asian liquefied natural gas prices may soon run out of steam as the bulk of winter purchasing is complete, leaving the market awash with supply. Benchmark LNG Japan/Korea Marker futures have jumped about 50% since mid-September to the highest in eight months as a boom in vessel rates and unplanned outages coincided with a flurry of buying from the biggest consumers including Korea Gas Corp. in preparation for winter. But the uptick probably won’t last because buyers are mostly done stocking up for the heating season, according ...

Oil prices declined on Wednesday, holding below $60 a barrel on data showing a bigger-than-expected rise in U.S. crude stocks, but the prospect of deeper output cuts by OPEC and its allies offered support. Brent crude futures were down 25 cents, or 0.43%, to $59.45 a barrel at 0834 GMT. West Texas Intermediate (WTI) crude futures for December delivery fell 32 cents, or 0.59%, to $54.16 per barrel. The November contract expired on Tuesday at $54.16. U.S. crude stocks rose by 4.5 million barrels to 437 million barrels in the ...