By Jack Wittels (Bloomberg) --Two weeks ago, the vast majority of the world’s ships were forced to change the fuel they use. Some big winners -- and potential losers -- are starting to emerge from what was a historic switch for the world’s oil refining and maritime industries. Regulations began on Jan. 1 forcing vessels to sharply reduce emissions of sulfur oxides from … [Read more...]
Oil Shippers Raise Offers for Middle East Route on Gulf Risk
By Serene Cheong, Sharon Cho and Ann Koh (Bloomberg) --Owners of oil tankers are boosting their rates to haul crude on a key route from the Middle East as risks in the Gulf escalate after Iran retaliated against the U.S. killing of a top general. Shipowners are offering rates for supertankers carrying crude from the Persian Gulf to China at increasingly higher levels, in … [Read more...]
Oil Giant Reveals Survival Tactics in Age of Climate Anxiety
By Mikael Holter (Bloomberg) --The largest oil company in western Europe’s biggest petroleum exporter wants to drastically cut its carbon footprint. Equinor ASA, which is based in the Norwegian town of Stavanger on the edge of the North Sea, is trying to adapt its business model to a world increasingly alarmed by the fallout of climate change. Eldar Saetre, the chief … [Read more...]
Floating Wind Farm Starts Generating Power Off Portugal
By William Mathi (Bloomberg) --A wind turbine floating off the coast in northern Portugal began transmitting electricity to the grid, a crucial step for a technology that could vastly increase the potential for offshore wind power. The WindFloat Atlantic project is backed by European energy companies EDP Renovaveis SA, Engie SA and Repsol SA and uses the floating platform … [Read more...]
Risk to Shipping Set to Rise in Middle East with U.S. Attack on Top Iranian Commander
By Brian Wingfield and Firat Kayakiran (Bloomberg) --The risk to shipping in the Persian Gulf region is set to rise following a U.S. airstrike in Iraq that killed a top Iranian commander, just months after spiking to record levels on heightened geopolitical risk. The attack, for which Iran has vowed retaliation, escalates tensions in a region that exports much of the world’s … [Read more...]