By Olga Yagova, Dmitry Zhdannikov and Florence Tan MOSCOW/LONDON, June 25 (Reuters) – In the opinion of Russian officials, the oil contamination crisis that disrupted flows from the world’s second-largest exporter of crude this spring is long over. But a closer look at a dozen tankers containing dirty Russian oil suggests that for the buyers, the […]
Breaking News
Orsted Wins New Jersey Contract as Offshore Wind Poised to Boom
By Christopher Martin (Bloomberg) — New Jersey awarded a contract to Denmark-based Orsted A/S to provide power from a wind farm it’s planning in the Atlantic Ocean as Northeast states push to jump-start an industry that’s languished in the U.S. Orsted, the world’s biggest offshore wind developer, plans to build the project 15 miles (24 […]
Portuguese Shipping Company to Pay $1.5 Million Criminal Fine in ‘Magic Pipe’ Case in U.S.
Portuguese shipping company Portline Bulk International has pleaded guilty in federal court Charleston, South Carolina to one count of violating the Act to Prevent Pollution from Ships and one count of Obstruction related to use of a so-called “magic pipe” onboard one of its ships calling in the United States. According to Justice Department press […]
Persian Gulf War Risk Premiums Seen Costing $500,000 Per Oil Shipment
(Bloomberg) –The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the tanker hauling it can now cost upwards of $500,000, according to people familiar with […]
More Arrests in MSC Gayane Cocaine Bust
U.S. authorities have made four more arrests related to the record cocaine bust on an MSC containership at the Port of Philadelphia last week. The investigation into the more than 35,000 pounds of cocaine smuggled in shipping containers on board the MSC Gayane has now resulted in six total arrests, including the arrests of the […]
Russia’s Rosatom Sees Northern Sea Route Development Costing $11.7 Billion
By Katya Golubkova and Gleb Stolyarov MOSCOW, June 24 (Reuters) – Russia’s ambitious Northern Sea Route (NSR) requires 735 billion roubles ($11.7 billion) in investments, with the state budget to provide a third and the rest to come from companies and banks, the head of state nuclear firm Rosatom, Alexey Likhachyov, said. Rosatom, the world’s top […]
U.S. Seeks Allies’ Support to Protect Persian Gulf Shipping Lanes
By Nick Wadhams (Bloomberg) –The U.S. is seeking support from allies for a program to monitor commercial shipping in the Persian Gulf after attacks on tankers that the Trump administration has blamed on Iran. The effort is intended to deter Iran by equipping ships with cameras to monitor tanker traffic and document any threats, a […]