This report consolidates considerations on Risk Mitigation measures and follows the report of 16th June. What we know Two tankers, in close proximity, suffered explosions whilst underway by what was reported to be multiple magnetic limpet mines. The explosions were at or above the waterline and reporting suggests they were attached from undetected small boats possibly acting under the cover of darkness. Neither vessel was flagged to a nation related to the Saudi-led Coalition. The attack appears to have been well-planned and coordinated. Additional military assets and vessels are actively ...

Shipping associations have called on ship owners to inform Britain’s navy of their movements before sailing into the Middle East Gulf and Strait of Hormuz because of the escalating international crisis in the region. About a fifth of the world’s oil passes through the Strait of Hormuz and shipping companies are already deploying more unarmed security guards as an extra safeguard. However, in a joint note issued by the leading trade associations on Monday, ship captains were requested to register with the Royal Navy’s liaison body, the United Kingdom Marine ...

Escalating tensions in the Strait of Hormuz forced Asian refiners and shipowners to weigh alternative crude sources, deploy contingency plans and boost safety measures for navigation along Iran’s coastal areas, industry sources and officials told S&P Global Platts. Asian oil importers’ moves intensified after Iran on Friday seized a UK chemical tanker and briefly detained a UK-owned VLCC in one of the world’s most critical chokepoints, ratcheting up regional tensions and risks to oil shipments. “We may look for more shipments from the US, the central Asia and other non-Middle ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated slight upward trend on July 22: 380 HSFO – USD/MT – 423.76(+2.56) 180 HSFO – USD/MT – 461.06(+3.10) MGO – USD/MT – 658.05(+4.36) Meantime, world oil indexes rose on Jul.22 as tensions mounted between the U.K. and Iran, increased fears of a disruption to oil supplies coming out of the Persian Gulf. Brent for September settlement increased by $0.79 to $63.26 a barrel on the London-based ...

Iran took measures against a ship in the Strait of Hormuz to implement international law, not in retaliation to actions by Britain, Iran’s Foreign Minister Mohammad Zarif said on Monday in Nicaragua, where he met with his local counterpart. The Iran military seized the Stena Impero ship in the Strait of Hormuz on Friday in what appeared to be an act of retaliation for the British capture of an Iranian tanker two weeks earlier. Source: Reuters (Reporting by Ismael Lopez, Writing by Daina Beth Solomon; Editing by Frank Jack Daniel)

Japan’s Mitsui O.S.K. Lines is maintaining its advisory for its UK-related vessels to keep a distance when sailing along the Iranian coast in the Persian Gulf, including the Strait Hormuz, in the wake of rising tensions in the region, a company spokesman told S&P Global Platts. MOL, one of Japan’s largest ship owners, remains on high alert after the UK government advised British ships to avoid the area “for an interim period” after Iran seized on Friday a UK chemical tanker and briefly detained a UK-owned VLCC in the Strait ...

Around the world, the environmental agenda is increasing. International focus has been levelled on Greta Thunberg, the 16-year-old credited with starting the school strike for climate movement. Extinction Rebellion, which aims to use civil disobedience and non-violent resistance for environmental protest, has received media coverage across the globe. The Ocean Cleanup has become known for its effort to clean the Great Pacific garbage patch, a Pacific Ocean marine debris particle gyre. As resolve to protect the planet has increased, it has filtered into international shipping and as the sector moves ...

The Baltic Exchange’s main sea freight index climbed to its highest since December 2013 on Monday, pushed by higher demand for vessels ferrying iron ore in the Atlantic. The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose about 1%, or 21 points, to 2,191, a peak since Dec. 20, 2013. The index rose for the 10th straight session, mainly spurred by strong demand for vessels that ship iron ore from Brazil into China. Port stocks of seaborne iron ore across China stood at 118.35 million tonnes, ...

Since the Fujairah attacks, we have increased our measures to safeguard our owners and crew interest. Everyone is encouraged to heighten their situation awareness to stay vigilant for any abnormalities. The principles of situation awareness require one to observe the situation, understanding it and projecting ahead. Cultivating a culture that encourages situation awareness is an ongoing focus for us to improve decision making processes. Though situation awareness is considered part of basic seamanship, this attribute will only thrive in a suitable environment and culture. To maintain high situation awareness as ...

Oil traders are chartering more ships and snapping up fuel oil storage tanks in and around Singapore, the world’s top bunkering port, to stock up cleaner fuel that will meet new shipping rules coming into force next year, industry sources said. The move has pushed up lease rates for tank storage in Singapore and increased the number of supertankers floating in Singapore and Malaysian waters as traders store fuel months ahead, betting on a spike in prices for low-sulfur fuel oil (LSFO). Under new International Maritime Organization rules aimed at ...

A small oil tanker that Iran accused of smuggling fuel was empty of any cargo when Iranian forces seized it at gunpoint in the Strait of Hormuz earlier this month, according to the company that chartered the ship. Iran impounded the tanker Riah when it was scheduled to sail to Oman to load fuel for further shipment to Berbera in Africa’s Somaliland, said Rishi Kumar, who heads the charterer, KRB Petrochemicals. He denied Tehran’s assertion that the Riah, with a capacity of 2 million liters, was smuggling 1 million liters ...

Tensions between Iran and the West have escalated since U.S. sanctions on Iranian oil exports took full effect in May and British naval forces seized an Iranian supertanker. Below is a timeline of recent incidents: May 2 – The United States, which withdrew from a nuclear accord between Iran and global powers in 2018 and stepped up sanctions on Tehran, ends waivers that had allowed eight countries – China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey – to continue buying Iranian crude May 5 – The United States ...

Scorpio Bulkers Inc. reported its results for the three months ended June 30, 2019. The Company also announced that, its Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common shares. Results for the Three and Six Months Ended June 30, 2019 and 2018 For the second quarter of 2019, the Company’s GAAP net income was $35.0 million, or $0.50 per diluted share, including: a non-cash gain of approximately $52.6 million and cash dividend income of $0.5 million, or $0.77 earnings per diluted share, ...

Pirates attacked a South Korean-flagged cargo ship in the South China Sea early on Monday, stealing thousands of dollars in cash and even the sailors’ shoes, South Korean authorities said. Two people sustained minor injuries when seven pirates boarded the CK Bluebell and made off with $13,000 and belongings including mobile phones, clothes and shoes from the 22-strong crew, officials from the oceans and fisheries ministry said. Tougher policing has made piracy less frequent on the strategic shipping route in recent years. The dry bulk vessel CK Bluebell had set ...

Survitec has signed a partnership agreement with Netherlands-based manufacturer Evacuator Worldwide for the global distribution rights to the pioneering emergency descent system introduced to the market in April. Evacuator, the world’s first fire-proof and panic proof emergency descent system designed to evacuate people from heights of up to 300m, will be solely marketed and distributed by Survitec across all industry sectors. Survitec will also provide after-sales service, training and installation support to Evacuator customers. Eugene Verstegen, co-owner of Evacuator Worldwide and inventor of the system, said: “Demand for the Evacuator ...