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Tanker shipping consolidation saga watched ‘like it’s Netflix’

Take a fleet of tankers, add a high-stakes merger plan, mix in a big personality or two and season with founding-family pride. It’s a time-honored recipe for the kind of messy business disputes that give tanker shipping its colorful reputation. Today’s three-way fracas involving tanker owner Euronav (NYSE: EURN) — with Frontline (NYSE: FRO) on one side, Belgium’s Saverys family on the other and Euronav’s management and board in the middle — is just the latest in a long line of tanker confrontations that have spanned decades. There was the ...

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Product Tanker Still Weak, Albeit Rate of Declines Is Slower

Clean The BCTI finished the week at 626, down from 659 the previous week. In the Middle East Gulf, freight levels have fallen with cargos not covering available tonnage. Most routes have consequently registered continued decreases from where they were this time last week. The LR2s of TC1, 75,000 Middle East Gulf / Japan, declined from WS106.88 to WS95.63 (-WS11.25) a round-trip TCE of $10,068 per day. LR1s have also seen a similar downward trajectory over the last week with TC5, 55,000 Middle East Gulf / Japan, declining 7.14 points ...

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Euronav sees China pickup as sales beat forecast on crude tanker recovery

Belgian oil tanker and storage operator Euronav on Thursday flagged rising demand from China after it reported better-than-expected fourth-quarter sales driven by large crude tanker recovery and good seasonal demand for crude. One of the largest oil tanker companies in the world, Euronav said it saw stronger oil demand from China following the Lunar New Year holiday and the lifting of COVID-19 restrictions in early January. “We are very optimistic about the fact that the economy will grow massively compared to the previous quarter,” De Stoop said in a call ...

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USGC-Northern Europe diesel freight in slump despite looming Russian import ban

Counter to market expectations, Americas clean tanker freight rates have plunged ahead of the upcoming EU ban on Russian oil product deliveries to Europe, amid limitations to supply and demand of diesel. This comes as demand from Europe has yet to significantly materialize for US Gulf Coast barrels, with Russian product still traveling to Europe at significant levels and amid low US diesel export volumes. The US Gulf Coast-to-UK and Continent diesel route is showing pronounced losses. Platts, part of S&P Global Commodity Insights, assessed it at 75 worldscale — ...

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The IMO’s unified interpretations of the LLMC and CLC Conventions clarify the right to limit liability

A challenge for shipowners and their insurers engaged in international trade is to ensure that a common set of guidelines or standards for ship related liabilities apply across the different trading nations. Several IMO liability and compensation conventions require the shipowner and their insurers to accept strict liability, irrespective of fault, and with mandatory insurance cover in exchange for the right to limit liability to an amount set by the convention. The IMO’s clarification underlines there is a ’virtually unbreakable’ right to limit. This is reflected in the adoption of ...

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Turkey to require P&I documentation for ships carrying petroleum products

Turkey will require a document showing P&I insurance validity for ships carrying petroleum products through the Turkish straits from Feb. 6, as it already does for crude oil ships, the general directorate of maritime affairs said on Thursday. Oil tankers suffered delays in passing through the Turkish straits in December, with Turkey requiring that vessels provide proof they have insurance covering the duration of their transit through the straits. Source: Reuters (Reporting by Ezgi Erkoyun; Writing by Daren Butler; Editing by David Goodman )

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Ship owners struggle to retain seafarers

About 1,700 residents in Binh Chau Commune in the Central Province of Quang Ngai’s Binh Son District engage in marine activities. The number of fishing vessels in the commune is 483. Of these, 160 are specialized in offshore fishing. Although many commune inhabitants are fishermen, ship owners find it very difficult to retain seafarers for each long fishing trip after the Tet holiday ( the Lunar New Year). Mr. Trinh Van Vinh, an owner of the ship QNg-95229 TS in Binh Chau commune, said that he is preparing for a ...

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Gibson tanker report – Wait and See

This week, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ held a virtual meeting where they

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China’s shipbuilders catch tailwind to sail on brighter journey

China’s shipbuilders have kicked off the new year on a busy note, as they are handling new orders. One such company is the Shanghai Waigaoqiao Shipbuilding Co., Ltd. (SWS), which received an order from overseas in the first month of the year. The order has been placed by the Italian company Grimaldi Euromed for the building of five car carriers, each with a loading capacity of 9,000 cars. Despite a gloomy global market, China has wrapped up 2022 with an eye-catching performance in the shipbuilding sector. The country retained the ...

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Odfjell: Guidance suggests a very strong quarter

Odfjell reports its 4Q22 figures on Wednesday’s evening. We have been waiting for the results from the main competitors to have our view towards the chemical tanker market reassured prior to issuing an update. And now we are even more confident about the guided very strong quarter for the company. Buy is reiterated under an unchanged NOK 100/sh Target Price as the turn in the cycle is yet to arise, but not in the nearest future in our view. Improved quarter for Tankers guided We follow the company’s guidance and ...

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Easing prices revive LNG interest from Asia’s emerging gas markets

Energy companies in Asian emerging markets are returning to the market for liquefied natural gas (LNG) cargoes as prices have fallen to their lowest in more than a year. The shifting market trend reverses months of buyers in Thailand, India and Bangladesh staying on the sidelines as prices soared following Russia’s invasion of Ukraine while European buyers paid top dollar for supplies to make up the shortfall in Russian supplies. Should prices stay low, it may mean additional LNG demand that was not there last year. Asian spot LNG prices ...

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‘Russia has become India’s largest oil supplier’: Russian Envoy

Russia has become India’s largest oil supplier and significantly contributed to the country’s energy security, said Russian Ambassador to India Denis Alipov while addressing the Indian Council of World Affairs (ICWA)-Russian Council Dialogue on Thursday. He said that Russia is successfully developing an alternative transport route, the North-South ITC, to attract partners to large-scale energy and infrastructure projects in the Russian forest in Siberia for the northern sea route, according to the news agency ANI. There is an immense prospect in sectors such as airport infrastructure, sea and rail infrastructure, ...

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Senegal president says finance constraints lifted for DP World’s $1.1 bln port

Senegal’s President Macky Sall said that financing is in place to enable construction to begin in earnest on a $1.13 billion deep-water port being developed by Dubai’s state-owned port operator DP World. The project in Ndayane, around 50 km (31 miles) south of the capital Dakar, is the biggest private investment in the West African nation. “We have lifted all the constraints linked to financing, and the state has met all its obligations so that this major project can start,” Sall told a summit on infrastructure finance in Africa, held ...

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Maersk North America and Ashdod Port Company sign agreement to collaborate on logistics and supply chain innovation

Ashdod Port Company has signed an agreement with Maersk North America – to collaborate on innovation opportunities in supply chain logistics. The agreement enables Israeli startups that are participating in Ashdod Port’s Blue Ocean for Startups technology incubator to be considered for pilot projects in North America to test the proposed technologies in landside operations. The agreement was signed at the Manifest conference in Las Vegas, one of the largest logistics conferences in the world. Over 3,000 visitors from 50 countries participate in the conference, along with 1,000 startups and ...

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Middle East refiners capitalizing on Europe’s thirst for non-Russian diesel

The Middle East, flush with new refining capacity, has stepped up its fuel exports to Europe, just as the EU’s embargo on Russian oil products is set to go into effect Feb. 5. Diesel shipments from the Middle East to Europe have seen volumes hit a weekly peak of just below 500,000 b/d in January, according to data from S&P Global Commodity Insights, helping the continent ease a supply crunch expected ahead of the ban on Russian imports and the G7’s planned price cap. The EU had earlier issued a ...

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