By Ryan Collins and Naureen S. Malik (Bloomberg) -- Three liquefied natural gas tankers sailed through the Panama Canal on the same day this week, marking a first for the newly expanded waterway and highlighting the booming global gas trade. All three ships -- Gaslog Hong Kong, Gaslog Gibraltar and Clean Ocean -- entered the canal on a staggered basis from the Pacific side … [Read more...]
Russian Billionaire to Lose $492 Million Expedition Yacht in Divorce
By Jonathan Browning (Bloomberg) -- A London court ordered the seizure of a luxury $492 million yacht owned by a Russian billionaire as judges sought to enforce one of the largest divorce payouts in U.K. history. The court ruled that Farkhad Akhmedov should transfer ownership of the 115-meter (380-foot) MV Luna, currently impounded in a dry dock in Dubai, to his wife, … [Read more...]
Blockchain Is About to Revolutionize the Shipping Industry
By Kyunghee Park (Bloomberg) -- Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents. That last throwback to 19th century trade is about to fall. A.P. Moeller-Maersk A/S … [Read more...]
Limit Sulphur in Shipping Fuel, But No So Fast -Opinion
By Philip K. Verleger (Bloomberg View) -- In “Poor Richard’s Almanack,” Ben Franklin imparts a centuries-old proverb about a kingdom lost by a series of events that starts with a shortage of horseshoe nails. A similar catastrophic cascade could be in the works today for the world oil market. It began in 2008 with the International Maritime Organization’s decision to limit the … [Read more...]
First Commercial LNG Cargo from U.S. East Coast Sets Sail
(Bloomberg) - The first export of natural gas from the U.S. East Coast has set sail. Dominion Energy Inc.’s Cove Point terminal in Maryland shipped its first commercial cargo of liquefied natural gas Monday, officially bringing the total number of U.S. exporters of the super-chilled fuel to two. The company last week said the facility was finally poised to send gas under … [Read more...]