In 2007, total world oil production amounted to approximately 85 million barrels per day (bbl/d), and around one-half, or over 43 million bbl/d of oil was moved by tankers on fixed maritime routes. The international energy market is dependent upon reliable transport. The blockage of a chokepoint, even temporarily, can lead to substantial increases in total energy costs. In addition, chokepoints leave oil tankers vulnerable to theft from pirates, terrorist attacks, and political unrest in the form of wars or hostilities and shipping accidents which can lead to disastrous oil spills.
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Angeliki Frangou’s Navios Maritime Partners (NYSE: NMM) has agreed to purchase four newbuild 115,000 dwt LR2 tankers. The vessels are being acquired for a purchase price of $58.5 million each,...
The effort to “Save The Sullivans” at the Buffalo and Erie County Naval and Military Park will transition to the next phase response as the USS The Sullivans was dewatered...
By William Clowes (Bloomberg) The owners of an oil-production and storage ship had a history of financial problems before the vessel blew up in Nigerian waters two months ago. The Trinity...
