Iraq Set for Key Oil Cargo Surge in Sign of Increased Output
Iraq will raise shipments of a key crude grade next month, part of an enlarged export program indicating that the OPEC+ nation is boosting its oil production.
Stock Photo: InfinitumProdux/Shutterstock
The Federal Maritime Commission (FMC) has designated the Chinese-Polish Joint Stock Shipping Company (Chipolbrok) as a controlled carrier of the People’s Republic of China (PRC), leading to its addition to the FMC’s Controlled Carrier List.
Despite equal ownership shares between PRC and Polish governments at 50% each, the FMC’s comprehensive review revealed that the PRC government exercises greater control over Chipolbrok’s corporate structure and commercial operations.
The Shanghai-headquartered company operates a fleet of 31 vessels with over 1 million DWT gross tonnage. Their modern multipurpose vessels feature box-shaped designs with movable pontoons and heavy gear capacity up to 700MT, suitable for break bulk projects and bulk cargo operations.
Under FMC regulations, controlled carriers – defined as ocean common carriers whose operating assets are directly or indirectly owned or controlled by a foreign government – face increased regulatory scrutiny in U.S.-foreign trades.
The Controlled Carrier List specifically encompasses government-owned or controlled carriers serving U.S. ports, excluding non-vessel-operating common carriers, freight forwarders, and marine terminal operators.
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