Large shipping losses have declined by 50% over the past decade, largely driven by development of a more robust safety environment by ship-owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017. In 2016, there were 85 total losses reported around the shipping world, down 16% compared with a year earlier (101). … [Read more...]
Qatar Petroleum Signs LNG Bunkering Agreement with Shell
DUBAI, June 13 (Reuters) - Qatar Petroleum and Shell signed a framework agreement to develop global LNG bunkering facilities on Tuesday, Qatar Petroleum said. "We view LNG bunkering as a promising opportunity for LNG to further grow as a clean energy source," Qatar Petroleum CEO Saad Sherida Al-Kaabi was quoted as saying. "LNG demand for bunkering is expected to increase … [Read more...]
CMA CGM to Acquire Brazilian Shipping Line Mercosul from Maersk
French shipping company CMA CGM says it has reached a binding agreement with Danish rival Maersk to acquire Mercosul Line, one of the leading carriers in Brazil's domestic container shipping market. Launched in 1996 and acquired by Maersk in 2006, Mercosul Line specializes in the Brazilian domestic transport market with a fleet of four ships and 92 land based staff and 160 … [Read more...]
A Laden Supertanker Sitting Idle a Sign of OPEC’s Struggle
By Laura Hurst and Javier Blas (Bloomberg) -- If a single ship can capture the current state of the global oil, it’s the supertanker Saiq, floating idly about 850 kilometers (528 miles) south of the Canary Islands. Until a few days ago, the 330-meter-long tanker, chartered by Royal Dutch Shell Plc, was steaming at 13 knots toward the Chinese port of Tianjin after loading a … [Read more...]
Port of Long Beach Reports Record-Breaking May on Economic Gains, Shipping Alliance Changes
New vessel-sharing alliances and increased use of terminals pushed the number of containers flowing through the Port of Long Beach in May to a record high for the month, the Port of Long Beach said Monday. A total of 648,287 twenty-foot equivalent units (TEUs) moved through the harbor in May, an increase of 1.2 percent compared to the same month a year ago. May 2016 volume … [Read more...]
Foss Christens Third and Final Arctic-Class Tugs
Seattle-based Foss Maritime has christened the last of three Arctic Class tugs, the Nicole Foss, at the Foss Waterway Seaport in Tacoma, Washington. Built at the Foss Rainier Shipyard in Oregon, the Nicole Foss has a bollard pull of 221,000 pounds and is designed to operate in the extreme conditions of the far north, where she will enter service this summer. The … [Read more...]
Tanker Rates from Qatar Set to Rise on Port Ban
By Jessica Jaganathan and Florence Tan SINGAPORE, June 12 (Reuters) - The costs to ship fuel and crude oil from Qatar are expected to rise after the United Arab Emirates banned vessels that previously called at Qatar from docking at UAE ports, multiple sources from the oil and shipping sectors said on Monday. After Saudi Arabia, the UAE, Egypt and others last week severed … [Read more...]
