Part of the Alexander Spirit crew lead the rally in Devonport, Tasmania, July 6, 2015. Photo: Maritime Union of Australia

Cabotage Unraveled – Striking Tanker Crew Gains Support in Australia

  About 200 people took to the streets of Devonport, Tasmania Monday in support of the Australian crew of an oil tanker who are refusing to sail after being told they would be replaced low-cost foreign workers. The 36 crew members of the MT Alexander Spirit have been striking since last week after they were […]

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Suez Canal file photo (c) Shutterstock/Oleksandr Kalinichenko

Egypt Busts Suez Terror Plot – Sources

  CAIRO, July 6 (Reuters) – Egyptian authorities have arrested 13 members of the Muslim Brotherhood on suspicion of planting bombs around the Suez Canal to disrupt shipping, security sources said on Monday. The waterway, the fastest shipping route between Europe and Asia, is a vital source of hard currency for Egypt, particularly since the […]

Photo: Shutterstock/Lledo

Shipping Industry Gloomiest Since 2009, Survey Finds

  By Bill Lehane (Bloomberg) — The shipping industry is the most pessimistic in six years about its prospects as a fleet surplus persists, according to a survey by law firm Norton Rose Fulbright. Two thirds of respondents working in the industry said they were pessimistic about its prospects, the most negative outlook since 2009, […]

Johan Sverdrup rendering. Photo: Statoil

Norway Baffles Analysts by Ceding 15 Million Barrels of Oil

By Mikael Holter (Bloomberg) — No one can accuse the Norwegian government of being greedy when it last week decided on the ownership stakes in the giant Johan Sverdrup oil discovery. After months of deliberation, the Petroleum and Energy Ministry’s decision meant it took away as much as 15 million barrels of oil from Petoro […]

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MT 30 engine rolls royce

Rolls-Royce Cuts Profit Forecasts as New CEO Takes Helm

By Sarah Young LONDON, July 6 (Reuters) – British engineer Rolls-Royce cut profit expectations for the third time in nine months on Monday, increasing the challenge for its new chief executive. Shares in the 131-year-old company dropped as much as 10 percent after it also scrapped a plan to buy back 1 billion pounds ($1.6 […]

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British Columbia Expects $7.1 Billion From Petronas Gas Exports Project

By Rebecca Penty (Bloomberg) — British Columbia is pledging to cap levies on Petroliam Nasional Bhd.’s gas export project as it expects to collect C$9 billion ($7.1 billion) from the venture by 2030. Canada’s westernmost province must compensate the Malaysian oil producer, known as Petronas, and its partners if it adds costs through changes to […]