Federal authorities have seized approximately 16.5 tons of cocaine from a ship at the Port of Philadelphia, the U.S. Attorney’s Office for the Eastern District of Pennsylvania tweeted Tuesday. The drugs were seized on a ship at the Packer Marine Terminal on the Delaware River. The U.S. Attorney’s office said the drug bust marks the […]
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Banks With $100 Billion in Shipping Loans Get Strict on Climate
(Bloomberg) –A group of financiers with $100 billion of loans to shipowners are about to get stricter on the kinds of vessels they’ll finance as part of a drive to improve the maritime industry’s environmental performance. Eleven major financiers including Citigroup Inc. and Societe Generale SA are for the first time adopting a set of […]
U.S. Charges Greek Ship Operator and Two Engineers Over Oily Waste Dumping, Cover-Up
The United States has charged a Greek cargo ship operator and two of its chief engineers with environmental crimes for allegedly failing to record the illegal dumping of oily waste into international waters and then obstructing justice by ordering the ship’s crew to lie about it. A federal grand jury in Los Angeles last week returned the five-count […]
Trade War Concerns Impacting Shipping Confidence
Confidence in the shipping industry has fallen marginally over the past three months, largely as a result of ongoing concern over trade wars and increased regulation, according to the latest Shipping Confidence Survey from leading shipping adviser and accountant BDO. The average confidence level in the three months to May 2019 was 6.1 out of […]
Tanker Attacks Seen as Calibrated But Risky Iranian Response to U.S. Sanctions
By Babak Dehghanpisheh GENEVA, June 18 (Reuters) – If, despite its firm denials, Iran was behind attacks on two oil tankers in the Gulf last week and a further four last month, they represent a calibrated yet risky pushback against a U.S. sanctions squeeze, regional experts say. The targeting of six vessels on a major […]
Banks to Include CO2 Emission Measures in Evaluating Shipping Loan
By Jonathan Saul LONDON, June 18 (Reuters) – A group of leading banks will for the first time include efforts to cut carbon dioxide emissions in their decision making when providing shipping company loans, executives said on Tuesday. International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.’s International Maritime Organization […]
Report: Shipowners Ready for IMO 2020, But Bunker Market Lags
By Mike Wackett (The Loadstar) – The bunker market is far from ready for the substantial switch in demand to low-sulphur fuel, when the IMO’s 0.5% cap comes into force on 1 January next year, according to the Marine Bunker Exchange (MABUX). In an article published by international shipping association BIMCO, the bunker exchange cautions […]