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MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) declined on Mar. 18 380 HSFO – USD/MT 421.21 (-3.50) 180 HSFO – USD/MT 469.07 (-2.22) MGO – USD/MT 638.36 (-3.78) Meantime, world oil indexes demonstrated irregular changes on Mar. 18 supported by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines at the delivery point for U.S. crude futures Brent for May settlement increased by $0.38 to $67.54 a barrel on the ...

The Panama Canal formally joined the Global Industry Alliance (GIA), a public-private partnership initiative of the International Maritime Organization (IMO) under the framework of the Global Maritime Energy Efficiency Partnership (GloMEEP) Project, which is a Global Environment Facility (GEF)-United Nations Development Program (UNPD)-IMO project comprised of maritime industry leaders working to improve energy efficiency and reduce greenhouse gas (GHG) emissions in international shipping. Panama Canal Administrator Jorge L. Quijano made the announcement today during a signing ceremony inducting the waterway into the GIA at the Panama Maritime World Conference and ...

ABS published its updated Best Practices for Operation of Ballast Water Management (BWM) Systems Report, offering fresh insight on best practices to overcome key challenges with selecting, installing and operating a BWM system. First published in 2017, the updated 2019 Report captures the key discussion items, lessons-learned and valuable insight gathered and shared during its global program of industry workshops, shaped by questionnaires from owners and operators of vessels with BWM systems. “Our engagement with the industry has helped us gain a deep understanding of the challenges from around the ...

Global Ship Lease, Inc., a containership charter owner, has agreed a three-year charter with Hapag-Lloyd for the 2015-built, 9,115 TEU containership UASC Al Khor. The new charter is in direct continuation of the current charter and is expected to commence in June, 2019, with re-delivery in the second quarter 2022. The charter is expected to generate approximately $28 million of Adjusted EBITDA. Ian Webber, Chief Executive Officer of Global Ship Lease, stated, “We are pleased to announce another longer-term charter of one of our modern, high-specification, eco, wide-beam containerships acquired ...

Skuld encourages all its members and assureds to conduct early planning regarding the Global Sulphur Cap 2020 limits. Skuld would like to highlight that the preparation for having the vessels ready for 0.50% m/m fuel will involve several sets of risk. These include but are not limited to stability issues when several fuel tanks are emptied at the same time, work in enclosed spaces and correct handling and disposal of accumulated sludge during tank cleaning. Strict compliance with each company’s Safety Management System (SMS), proper risk assessments and well-trained crew ...

Milaha has embarked on a multi-pronged strategy, which includes opening new shipping routes, especially into Europe and selected South East Asian markets this year, as part of its efforts to further cement its leading position in the global maritime and logistics industry. “Going forward, Milaha will continue to build on its strong position as a partner-of-choice in the maritime and logistics sector in Qatar, while simultaneously expanding beyond the region into other emerging, high growth markets,” its chairman Sheikh Jassim bin Hamad bin Jassim Jaber al-Thani told shareholders at the ...

Watson Farley & Williams (“WFW”) advised Crédit Agricole Italia (“Crédit Agricole”) on two financings for Marittima Emiliana S.p.A ., a company owned by the Amoretti family’s Armatori Group, for the construction of two 4,500 dwt chemical tankers at Ningbo Xinle Shipbuilding, a Chinese shipyard specialising in small chemical construction. Construction will start in 1H 2019m, with delivery is scheduled for 2020. This transaction represents the Amoretti family’s first newbuild order in nearly ten years. The Armatori Group is a leading company in the international maritime transportation sector, most notably for ...

Seaborne imports into the biggest U.S. gateways for Asia trade fell sharply in February, halting a monthslong shipping surge driven by strong consumer demand and a rush by companies to bring goods into the country ahead of potential new tariffs. Loaded container imports into the ports of Los Angeles and Long Beach declined a combined 10.2% last month from the same month a year ago. The gateways in February handled 651,180 20-foot equivalent units, a common measure of container shipments, down nearly 75,000 fewer containers from February 2018. The drop ...

There are indications that crude oil imports from Nigeria could be further threatened with the country’s highest oil buyer, India, signing an agreement to import 0.6 million barrels of oil from the United States India was Nigeria’s top crude oil buyer in five of the last six years. Nigerian and Angola crude oil cargoes were said to be clearing slowly on Thursday in lacklustre demand with programmes due to emerge next week, with about 30 Nigerian cargoes from April loading programme still available, according to a Reuters. A recent report ...

Crude oil exports and transit from Russia have been set at 62.8 million tonnes for April-June 2019 compared with 61.7 million tonnes for January-March, according to a quarterly schedule issued by the energy ministry and seen by Reuters. On a daily basis, exports will rise in the second quarter of 2019 by 0.74 percent compared with January-March 2019, Reuters calculations showed. Turkmenistan, which resumed crude oil transit via Russia in February for the first time since 2016, received a quota to export 0.59 million from the Black Sea port of ...

Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said it would keep its steel product prices unchanged in April amid soft overseas prices and slower local demand due to a shortage of labour and some materials. This is the fourth straight month the company kept prices unchanged for all of its steel products, including its main H-shaped beams. For April, prices of steel bars, including rebar, will remain at 69,000 yen ($619) a tonne, while H-shaped beams will also stay at 89,000 yen ($798) a tonne. “Overseas ...

Russian Energy Minister Alexander Novak said that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks. “As far as the meeting is concerned we, of course, discussed the situation with the execution of the agreement (and) we stressed once again that Russia is discharging its obligations in accordance with the agreement to smoothly achieve the target output,” Novak told CNBC’s Dan Murphy in Baku, Azerbaijan, according to a translation. “As for the target output level that forms part of the signed agreement, we plan to reach ...

Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC. U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output. U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the previous day. Brent crude oil futures were up 20 cents at $67.74 per barrel, also close to this ...

Worldwide oil demand has been steadily climbing for years, and it recently topped 100 million barrels per day (BPD) for the first time in history, according to data from the International Energy Agency (IEA). That should continue, with the IEA expecting oil demand to march higher for at least the next five years. That’s good news for oil producers, which can continue expanding their output so that the industry can keep up with demand growth. No peak in sight The IEA recently released its latest five-year oil market outlook. One ...

Hedge fund managers have become more cautious about buying oil since the end of February as doubts about the global economy resurface, dampening expected price rises from OPEC-led production cuts and U.S. sanctions on Iran and Venezuela. Front-month Brent futures prices were steady in the last week of February and the first part of March, giving funds little incentive to continue buying in the short term. Although hedge funds and other money managers were net buyers of 5 million barrels of Brent crude futures and options in the week to ...