High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
About 100 metric tons of fuel oil leaked after a bunker tank on the South Korean-registered Oriental Pioneer was damaged in the collision with the Bahamas-registered Atlantic Hero, the Maritime and Port Authority of Singapore said in a statement. The accident occurred about 6.6 kilometers (4 miles) south-west of Tanah Merah Ferry Terminal, the MPA said today.
No one was injured, and port operations and traffic in the Strait of Singapore are unaffected, the authority said. The two vessels are now anchored.
“Good progress has been made in containing and cleaning up the oil spill,” the MPA said in a second statement. “There has been no further spillage of fuel oil from Oriental Pioneer.”
A total of 11 craft and 100 personnel have been deployed to clean up the oil spill. The authority is coordinating the action with other government agencies and ship owners, it said in the statement.
The Oriental Pioneer is beneficially owned by Tokyo-based Nippon Yusen K.K., according to data compiled by Bloomberg. The company’s South Korean subsidiary is aware of the incident and is preparing for repairs to the ship, Jiro Tanida, a spokesman for Nippon Yusen said by telephone today.
– Chua Baizhen, Copyright 2013 Bloomberg.
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