Britain’s Foreign Secretary Jeremy Hunt said there was no reason not to believe the United States’ assessment that Iran was responsible for attacks on two oil tankers in the Gulf of Oman on Thursday. “We are going to make our own independent assessment, we have our processes to do that, (but) we have no reason not to believe the American assessment and our instinct is to believe it because they are our closest ally,” Hunt told BBC radio on Friday, echoing comments he made late on Thursday. Source: Reuters (Reporting ...

A Danish high court on Friday increased a sentence against the ex-manager of OW Bunker’s Singapore subsidiary to five years in prison for granting credit outside his mandate, contributing to the bankruptcy of the marine fuel supplier. Last year, a Danish city court found Lars Moller, former head of Dynamic Oil Trading in Singapore, guilty of approving credit beyond his mandate, hastening the collapse of OW Bunker – then the world’s leading supplier of bunker fuel. Moller earlier received an 18-month prison term, which he then appealed. Source: Reuters (Reporting ...

Watson Farley & Williams (“WFW”) advised Credit Agricole Asia Shipfinance Limited (“Credit Agricole”) as facility agent on a US$91m term loan facility to a subsidiary of investment firm Sole Shipping Group (advised by Nordisk Legal Services) for the financing of two VLCCs (and scrubbers). The ships will be bareboat chartered to Hong Kong-based Landbridge group, with the leases arranged by Pareto Securities. The lenders were Crédit Agricole Corporate and Investment Bank and BNP Paribas. The WFW Hong Kong Maritime team advising on the transaction was led by Partner and Office ...

While the cause of the incidents that took place in the Gulf of Oman on 13 June 2019 has not been confirmed, all vessels, and tankers in particular, are advised to operate with a heightened level of security in the Gulf of Oman/Strait of Hormuz/Persian Gulf region. On 13 June 2019, two tankers suffered explosion incidents in the Gulf of Oman causing major damage to the vessels. Both vessels have been abandoned by the crew. Some reports indicate that the type and extent of damage experienced by the two vessels ...

Bunge, a leader in agriculture, food and ingredients, became the first in its industry to join the Ship Recycling Transparency Initiative (SRTI), a coalition aimed at increasing transparency to create a new norm for responsible ship recycling. The SRTI uses an online platform to gather information from shipowners on key disclosures related to social and environmental measures, allowing cargo owners and financial stakeholders to make decisions based on companies’ ship recycling reporting and approaches. “Bunge is focused on building 21st century value chains that are transparent, verified sustainable and create ...

Port Tampa Bay is marking a major milestone and partnership today with CMA CGM as Port customers, local officials, and business leaders gather to celebrate the inaugural call of the CMA CGM DALILA at 4 pm today at The Ports America Terminal. CMA CGM Group, a world leader in shipping and logistics, begin their weekly direct ocean carrier service between Asia and Port Tampa Bay today. CMA CGM’s excellent transit times will significantly improve the competitiveness of the region’s importers and exporters, transforming Tampa Bay’s economic landscape. With a capacity ...

Kalmar, part of Cargotec, has been awarded a contract to supply Antwerp Euroterminal NV (AET) with six Kalmar forklifts of varying specifications, including one fully electric model. The order, which also includes a Kalmar Complete Care service contract covering all the machines, was booked in Cargotec’s 2019 Q2 order intake with delivery scheduled to be completed during Q4 2019. AET, is the largest multipurpose terminal in Europe and home to vessels of the Grimaldi Group. The terminal specialises in different types of cargo including break bulk, containers, project cargo, and ...

Porthos now aims to close cooperation agreements (so called Joint Development Agreements, JDA) with interested companies. With these agreements, Porthos and companies agree to jointly work towards the conclusion by mid-2020 of final contracts for the transport and storage of CO2. Companies which sign a JDA before October 1st 2019 will get a preferential right to capacity in case the demand exceeds the available capacity for the transport and storage system. Early 2019 several companies signed an Expression of Interest with Porthos, which was legally not binding. The JDA does ...

Gulf Stevedoring Contracting Company (GSCCO), part of the Gulftainer group of companies, has signed an agreement with Red Sea Marine Services Company Limited to manage and operate King Fahad Industrial Port in Yanbu. The deal takes GSCCO’s portfolio of terminals in Saudi Arabia up to four, a statement said. GSCCO said it will handle all types of cargo at KFIP, including containers, breakbulk cargo, vehicles and bulk cargo. adding that the company will invest in new equipment. The decision to award the operation of the port to GSCCO, which also ...

Mexican bread and flour tortilla makers will likely use significantly more wheat sourced from the United States this year despite growing unease with US President Donald Trump, Mexico’s main wheat chamber CANIMOLT said. Wheat shipments to Mexico from Russia are also expected to repeat last year’s big jump in volume, while Argentine wheat is seen gaining a new foothold as the Mexican industry continues to diversify its suppliers. Mexico relies on wheat imports to meet about two-thirds of domestic demand. Source: Reuters

China said on Friday that it was raising anti-dumping duties on certain alloy-steel seamless tubes and pipes used at utilities and imported from the United States and the European Union. The anti-dumping tax rate applicable to the steel tubes and pipes is between 57.9% and 147.8% on companies in the United States and the EU, effective June 14, the Commerce Ministry said on Friday. Tariffs on U.S. steel extrusion firm Wyman-Gordon Forgings are at 101%, while those on all other U.S. companies are 147.8%, the ministry said. The anti-dumping tariff ...

Australia’s BHP has announced price discounts for its term contracts of 60.3% Fe Jimblebar Blend fines at 0.5%, and flat for 61% Fe Mining Area C and for 57% Fe Yandi fines, for shipments loading in the third quarter of 2019, contract customers of the miner said Friday. When contacted, a BHP spokeswoman declined to comment on the matter. In Q2, BHP’s discount for Jimblebar blend fines stood at 6%, discount for MAC fines stood at 3%, while discounts for Yandi fines were 3%. Market sources said the latest discounts ...

Attacks on two tankers in the Gulf of Oman threaten global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said on Friday. Thursday’s tanker attacks stoked concern of reduced flows of crude on one of the world’s key shipping routes, pushing up oil prices as much as 4.5%. “This is a major concern for global energy security, for global oil security and for global energy markets,” Birol told reporters. “We are monitoring events very closely,” he added, saying the agency stood ready to act if ...

OPEC and non-OPEC producers should raise oil production starting from the second half of the year in order to keep the market balance and acceptable oil prices, Alexander Dyukov, the head of Russia’s Gazprom Neft, said on Friday. He told reporters that the oil price range of $55-$65 per barrel is “acceptable” for the Russian producers, while the company is ready to quickly restore its oil output, curbed by a global agreement. Source: Reuters (Reporting by Vladimir Soldatkin Editing by Andrey Kuzmin)

Saudi Arabia is committed to providing reliable oil supplies to global markets and has stepped up readiness to deal with any threats following attacks on oil tankers in the Gulf on Thursday, the energy minister said. Khalid al-Falih condemned the strikes against the tankers — one of which carried methanol from Saudi Arabia — in the Gulf of Oman, which followed an attack last month on four vessels, including two Saudi oil tankers, off the United Arab Emirates. “Saudi Arabia will take the measures it deems necessary to protect its ...