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Nigeria lost $1 billion in Q1 revenue to crude oil theft

Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said on Friday, warning the practice was a threat to the economy of Africa’s top producer. Nigeria loses millions of barrels of crude oil a year because of theft and vandalism including tapping of crude from a maze of pipelines owned by oil majors, underscoring how poor security causes vast financial losses for the country. Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission, said of the ...

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Iran’s oil revenues exceed $25bn last year: OPEC

A report released by the Organization of Petroleum Exporting Countries (OPEC) indicates that Iran earned more than $25 billion in revenue from oil exports in 2021. OPEC reported $560 billion in revenue from oil sales in 2021 in its annual report, which shows a 77 percent increase in comparison with a year earlier. The revenues of 13 members of OPEC from oil exports stood at $317 billion in 2020. Iran also earned more than $25.313 billion from oil sales in 2021. Iran’s revenue from oil sales tripled in that period ...

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Norway strike could cut gas output by 13% next week – oil lobby

A planned strike next week by Norwegian energy sector workers could cut the country’s gas output by 292,000 barrels of oil equivalent per day, or 13% of output, employers’ group the Norwegian Oil and Gas Association (NOG) said on Sunday. Oil output could be cut by 130,000 barrels per day, NOG added, corresponding to around 6.5% of Norway’s production, according to a Reuters calculation. The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes at a time of high oil and gas prices, with supplies ...

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Aspo’s subsidiary ESL Shipping has confirmed an additional order for one electric hybrid vessel

Aspo’s subsidiary ESL Shipping has confirmed an additional order for one electric hybrid vessel [email protected] Shipping, a subsidiary of Aspo Group’s ESL Shipping, has declared an option and order for the first additional vessel from the Indian shipyard Chowgule & Company Private Limited, from which the shipping company has previously ordered six identical electric hybrid vessels, as announced in September 2021. In connection with the forthcoming series of new-generation electric hybrid vessels and additional vessel options, ESL Shipping is preparing to start a long-term pooling partnership together with a group ...

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Port Labor Talks Enter New, High-Stakes Phase With Contract Expiring

Labor talks between West Coast dockworkers, cargo-handling companies and container shipping lines are entering a new, high-stakes phase with the expiration of the contract covering U.S. seaports from Washington state to Southern California. With both sides remaining far apart on issues including pay and automation, the multiyear contract was due to end late in the day on Friday, raising fears over the potential for disruptions at major American gateways for trans-Pacific trade, including the country’s busiest container port complex at Los Angeles and Long Beach. The congestion at those ports ...

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World’s largest container ship crosses Suez Canal

On Thursday, the latest and largest container ship in the world, EVER ART crossed the new Suez Canal as part of the convoy of the south. Its journey is coming from Malaysia and headed for the port of Rotterdam, the Netherlands, Osama Rabie, head of the Suez Canal Authority, announced. EVER ART follows the shipping line of Evergreen and is the sixth ship in a series of 12 giant ships under construction of the 24 A class. Its weight is 221,000 tons, and it can carry 24,132 containers on board. ...

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Container Dwell Fee On Hold Through July 8

The San Pedro Bay ports of Long Beach and Los Angeles will once again delay consideration of the “Container Dwell Fee” for another week, this time until July 8. Since the program was announced on Oct. 25, the two ports have seen a combined decline of 27% in aging cargo on the docks. The executive directors of both ports will reassess fee implementation after monitoring data over the next week. Fee implementation has been postponed by both ports since the start of the program. The Long Beach and Los Angeles ...

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HHLA and EUROGATE make joint declaration on cooperation talks

In light of the current geo-political situation and its unforeseeable impact, the two terminal operators HHLA and EUROGATE have agreed to delay their talks on a cooperation until the general economic conditions have stabilised enough to ensure a successful continuation. The parties involved have agreed not to disclose the results of the negotiations to date. Source: HHLA

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Exxon signals operating profits could double over the first quarter

Exxon Mobil Corp on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing. Energy prices have shot up this year with oil selling for more than $105 per barrel and gasoline at about $5 per gallon in the United States. The enormous earnings are likely to ignite new calls for windfall profit taxes. The largest U.S. oil producer projected a sequential increase of about $7.4 billion in operating profits compared with the first quarter. In the first quarter, ...

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Gazprom’s gas exports to Europe via Ukraine steady on Thursday

Russian gas producer Gazprom (MCX:GAZP) said its supply of gas to Europe through Ukraine via the Sudzha entry point was seen at 42.2 million cubic metres (mcm) on Thursday compared with 42.1 mcm on Wednesday. An application to supply gas via the Sokhranovka entry point was again rejected by Ukraine, Gazprom said. Source: Reuters

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DP World’s Record Of Developing Apprentices In The Uk Is Recognised With Prestigious Industry Award Win

DP WORLD’s team in the UK is celebrating after the leading provider of smart logistics solutions won a prestigious award last week for its work in developing apprentices. DP World beat four other finalists to be named ‘Best Apprenticeship Employer (Corporate)’ at PETA’s Apprenticeship and Employer of the Year Awards. Staged at Portsmouth’s Royal Maritime Club, it is the 20th year in which the awards have been held to celebrate the achievements of people employed in industry and commerce on the south coast on England. Ian McCrindle, UK Engineering & ...

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Just 35% Of Shipping Companies Have A 2050 Net Zero Pledge Or Have Committed To IMO Targets Of 50% Absolute Emission Reduction

A new study examining the top shipping companies’ commitment to decarbonization shows that only 35% have a clearly expressed emissions target to be net zero by 2050. The assessment, conducted by the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, draws on published decarbonization ambitions and actions of the largest companies by owned capacity in tanker, bulk, container, and RORO/car segments. Together, these four segments cause a substantial share (70%) of global maritime emissions. The state of decarbonization in the maritime industry shows that while real progress has been made, ...

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Global LNG Carrier Market Continuing to Grow

Clarksons Research announced on June 29 that a total of 108 LNG carriers were ordered in the first half of this year. The figure is an all-time high, exceeds last year’s total, 86, and increased even with the overall new ship orders on the decline in that period. More than half of the orders went to South Korean shipbuilders. Specifically, Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries won 21, 18 and 24, respectively. Samsung Heavy Industries received orders for 14 LNG carriers on ...

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Dreaded U.S. West Coast port labor contract expiration ticks closer

The contract covering more than 22,000 workers at 29 U.S. West Coast ports expires late on Friday, dialing up worries that labor disruption could roil the nation’s battered supply chains, stoke inflation and threaten a weakening economy. The International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) employer group, which declined comment for this report, said in a rare joint statement on June 14 that they were not planning any work stoppages or lockouts that would worsen supply chain logjams. That matters because when the contract expires ...

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Performance Shipping Inc. Announces New Loan Facility With Piraeus Bank S.A. to Finance Acquisition of Sixth Aframax Tanker

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that it has entered into an agreement for a new amortizing term loan facility of up to approximately US$31.9 million with Piraeus Bank S.A. (the “Facility”) through two separate wholly-owned subsidiaries of the Company. Proceeds from the Facility will be used to refinance approximately US$7.3 million of the existing term loan facility with Piraeus Bank S.A. secured by the M/T P. Yanbu and to partially finance the previously-announced acquisition of the Company’s sixth Aframax ...

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