By David Marino (Bloomberg) –Iran is capable of shutting the Strait of Hormuz — a crucial choke-point for oil flows — but doesn’t want to do it, the country’s foreign minister said. “We certainly have the ability to do it, but we certainly don’t want to do it because the Strait of Hormuz and the […]
Breaking News
Shipbuilding and Repair Work Dries Up at Philly Shipyard
All shipbuilding and repair work has completely dried up at Philly Shipyard following the delivery of the second of two container ships for Matson back in March as the shipbuilder eagerly tries to secure more orders from commercial and government customers. Philly Shipyard, the leading Jones Act shipbuilder on the U.S. east coast, reported this […]
Fast and Lean: How North Sea Oil Is Taking Tips From U.S. Shale
By Eddie Spence (Bloomberg) –The U.S. oil boom changed the petroleum industry forever. Now its philosophy is being adopted by conventional producers in the North Sea. Motivated by lower crude prices and higher volatility, many companies are favoring smaller and nimbler investments known as “short-cycle projects.” That term — first coined in American shale fields […]
War Risk Costs Drag on UAE Marine Fuel Sales, Boosting Singapore
By Roslan Khasawneh SINGAPORE, July 17 (Reuters) – Shippers trying to minimise time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates’ (UAE) Fujairah oil hub, trade sources said. Instead, they are turning primarily to Singapore, the world’s top refuelling […]
Seeking to Avoid Escalation, Ships Deploy Unarmed Guards to Navigate Gulf
By Jonathan Saul LONDON, July 17 (Reuters) – Shipping companies are hiring unarmed security guards for voyages through the Middle East Gulf as an extra safeguard after a wave of attacks in the region, security companies involved said. Relations between Iran and the West are increasingly strained after Britain seized an Iranian tanker in Gibraltar […]
Weaker Scrubber Demand Takes Shine Off Alfa Laval’s Results
STOCKHOLM, July 17 (Reuters) – Sweden’s Alfa Laval reported a fall in quarterly orders on Wednesday on weaker-than-expected demand for ship exhaust cleaners and pumping systems, sending its shares sharply lower. Demand for so-called scrubbers which strip out sulphur from marine fuel has boosted the engineering group as well as Wartsila in the past few […]
Iran Says Missing Tanker Had Problems and Was Towed for Repairs
(Bloomberg) –A small oil tanker that had gone missing in the Persian Gulf had technical difficulties and was towed into Iranian waters for repairs, an Iranian foreign ministry official said, according to the ISNA news agency. Further details on the ship, the Panamanian-flagged Riah, will be announced later, Foreign Ministry spokesman Abbas Mousavi said, according […]