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PaxOcean Delivers Largest FRSU Built in China

Singapore-based PaxOcean has delivered a 26,000m3 floating storage and regasification unit (FSRU) to Indonesia-based Jaya Samudra Karunia (JSK). Karunia Dewata is the largest FSRU to be built in China and the first to feature Type C cargo tanks. The unit was built at PaxOcean’s Zhoushan Shipyard and classed by Lloyd’s Register’s (LR). The FSRU will [...]

By | 2018-11-19T06:51:59+00:00 November 19th, 2018|News|0 Comments

Dry Bulk Market: Capesizes Find The Floor and Bounce Back

Capesize After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predicted a strong fourth quarter have, as yet, offered few reasons for the dramatic fall. The key trade from West Australia to China recovered to the low-mid $6.00s as the week [...]

By | 2018-11-19T06:47:58+00:00 November 19th, 2018|News|0 Comments

Statement from the UK Chamber of Shipping on the Brexit deal

The UK Chamber of Shipping has welcomed reports that the UK Government and the European Union have reached agreement on the UK’s withdrawal. Bob Sanguinetti, CEO of the UK Chamber of Shipping said: “From the outset we have said that maintaining frictionless trade between the UK and the European Union is the absolute priority. This [...]

By | 2018-11-19T06:44:32+00:00 November 19th, 2018|News|0 Comments

Norway’s Frontline says worst is over for tanker market

Norwegian independent tanker operator Frontline said Friday the worst for the tanker sector was over, adding it was well positioned for any rebound in the market. Frontline said in its third-quarter results that the most important factor behind its bullish stance was that demand for oil remained strong. Frontline, which has one of the world’s [...]

By | 2018-11-19T06:42:00+00:00 November 19th, 2018|News|0 Comments

Owner of detained Turkish cargo ship owes Russian sailors back pay of $90,000

The owner of the arrested Turkish vessel, Streamline, anchored off Istanbul, owes the Russian crew more than $90,000, the cargo ship’s captain, Bakhman Bagirov, told TASS. There were earlier reports that the 11 sailors, most of whom are Russians, haven’t been paid since June 3. The ship’s owner planned to pay the crew in September, [...]

By | 2018-11-19T06:38:46+00:00 November 19th, 2018|News|0 Comments

Americas MR freight spikes 40% ahead of Thanksgiving holiday

Americas Medium Range freight spiked 40% from Wednesday level on the US Gulf Coast-Caribbean route amid apparent short-covering activity ahead of the four-day long US Thanksgiving Holiday weekend starting next Thursday, depleting the open tonnage count on the US Gulf Coast. “Thanksgiving dates are a rush for people taking the entire week off,” a shipbroker [...]

By | 2018-11-19T06:36:21+00:00 November 19th, 2018|News|0 Comments

Trade War Finally Hammers Commodity Ships, Confounding Optimists

The commodity shipping industry was expected to sail through the trade war unscathed. Tariffs were being slapped on hundreds of goods and yet shipping rates for dry bulk — the segment that hauls billions of tons of coal, iron ore and crops around the globe — kept rising. No more. The Baltic Dry Index is [...]

By | 2018-11-19T06:34:03+00:00 November 19th, 2018|News|0 Comments

Expert says downward trend in bunker prices may continue next week

World oil indexes have continued downward evolution this week. Conflicting signals demonstrate a new level of uncertainty in global fuel market. After many media reports claimed that Iranian oil exports had been falling sharply and steadily, data now suggests the fall has been less steep-a fact immediately weighing on oil and fuel prices. Saudi Arabia [...]

By | 2018-11-19T06:29:42+00:00 November 19th, 2018|News|0 Comments

Switzerland releases additional diesel, gasoline reserves on low Rhine water levels

The Swiss Federal Office for National Economic Supplies (BWL) granted oil product importers temporary permission to take delivery of an additional 46,000 mt of ultra-low sulfur diesel and 12,000 mt of gasoline from mandatory reserve stocks until the end of November due to persistently low water levels on the Rhine, a spokesman told S&P Global [...]

By | 2018-11-19T06:25:44+00:00 November 19th, 2018|News|0 Comments

Alang’s green ship recyclers in a spot as fleet owners overlook eco-friendly scrapping: Ship owners taking advantage of competition to demand higher price for demolition

Only a few global fleet owners are dismantling their end-of-life ships at green ship recycling facilities in Alang, Gujarat, rendering many under-utilised, amidst intense competition that has nixed the price advantage yard owners had hoped to get when they invested in the upgrade some two years ago. Currently, 72 of the 120 working plots at [...]

By | 2018-11-19T06:22:33+00:00 November 19th, 2018|News|0 Comments


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