By Jonathan Saul, Reuters Crude oil tanker earnings on the major Middle East route fell on Tuesday as a build up of vessels available for hire weighed on rate sentiment. Shipping markets continued to monitor developments in Ukraine after Russia sent military forces into the Crimea region of southern Ukraine. Russian President Vladimir Putin said Moscow would only use military force in Ukraine as a last resort. A U.S. official said it was ready to impose economic sanctions on Russia. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W50.73 in the Worldscale measure of freight rates, or $25,765 a day when translated into average earnings. That compared with W51.33 or $27,219 a day on Monday and W55.05 or $32,176 a day last Tuesday. "Higher available capacity in the Middle East continues to weigh on rates out of the region to both Asia and the U.S. East Coast," said Justin Yagerman with Deutsche Bank. "While the number of available VLCCs in the Middle East decreased by 4 last week to 83, the level remains elevated from a historical perspective." In January, average earnings reached $61,630 a day - their highest level since February 2010, before that rally lost steam. VLCC rates from the Gulf to the United States <DFRT-ME-USG> were at W31.63 on Tuesday versus W32.77 on Monday and W34.17 last Tuesday.
Cyprus’ MIE Group, Limassol, is arranging an exhibition of marine equipment managers and services (East Med Marine Exhibition) during 7-8th April next year (2005) at the Hawaii Grand Hotel & Resort, Limassol. Backed by the Cyprus Minister of Communications and Works, the exhibition will not only have exhibitors that use MIE as their agent in Cyprus, but also other marine equipment and service companies. Some 45 companies have already signed up for this exhibition
The world's first ocean-going luxury resort is scheduled to be afloat late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder, company officials said. The vessel for the rich, dubbed The World of ResidenSea, was conceived four years ago by Norwegian cruise magnate Knut Kloster Jr. "After four years of an uphill struggle...we have finally made it," Henning Oeglaend, chairman of the board of ResidenSea
The Canadian Press reported that federal politicians say Canada is considering regulations to ban liquefied natural gas supertankers from a sensitive waterway in the Bay of Fundy, risking renewed territorial tensions with the United States. Maxime Bernier, Canada's new minister of foreign affairs, assured a citizens' group on Sunday that Canada is opposed to the prospect of LNG supertankers navigating the treacherous waters that lead into Passamaquoddy Bay between Maine and New Brunswick
Emaar, the Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has revealed the final blueprints of the KAEC Sea Port, designed in coordination with Halcrow, the international consultancy specializing in the provision of planning, design and management services for maritime projects. One of the six key components of the 168 million sq m KAEC, the Sea Port will be the largest in the Red Sea with a capacity to handle 20 million TEU (twenty ft
A small motor vessel fired on in the Persian Gulf after ignoring warnings to keep away from 'USNS Rappahannock' The incident occured near Jebel Ali, United Arab Emirates. In accordance with Navy force protection procedures, the sailors on the USNS Rappahannock (T-AO 204) used a series of non-lethal, preplanned responses to warn the vessel before resorting to lethal force. The U.S. crew repeatedly attempted to warn the vessel's operators to turn away from their deliberate approach
The team of Japanese experts who flew into the country to help assess the the damage caused by the sinking of the M/T Solar 1 and the resulting oil spill said oil continues to leak out from the tanker, a statement from the Japanese embassy said Tuesday. In Guimaras, President Gloria Macapagal-Arroyo ordered Transportation and Communications Secretary Leandro Mendoza to conduct a full-blown inquiry into the August 11 sinking
Greek rescuers will deploy a robot submarine to search for the bodies of two French tourists believed to have drowned when a cruise ship sank off a resort island in the Aegean Sea last week, reported the Houston Chronicle. The ship's captain blamed the accident on sea currents that swept the Sea Diamond onto a charted reef off the island of Santorini, tearing a hole in the ship's hull. According to reports, more than 50 tons of the ship's fuel leaked after the sinking
Viva Gaming Resorts reported that it has finalized its bare-boat charter agreement and related letter-of-credit commitments with Discovery Dawn Limited Partnership and, as a result, has now taken possession of the Bahamian-flagged luxury casino cruise ship M/V Island Dawn. The cruise ship is presently being moved from its previous location in Freeport, Grand Bahamas, directly to Corpus Christi, with scheduled arrival this week
On May 31 and June 1, 2014 . Over two thousand children from the Saratov, Tambov and Penza Regions took part in sports competitions, environmental quizzes and cheerful celebrations with performances by entertainers and company’s amateur creative teams. he volunteers of the Our Concern youth association jointly with the PR and Media Relations Service organized a charity celebration for the patients of the anti-tuberculosis health resort patronized by the company for ten years
China has to comply with any ruling on competing territorial claims with the Philippines in the South China Sea even if it will not take part in case before Hague court, opined Philippine judge, reports Bloomberg. Philippine Supreme Court Justice Antonio Carpio said that it
Dozens of ships queuing to dock due to ports dispute; Honda slowing North American car production as parts held up. A labor dispute at ports on the U.S. West Coast is disrupting supply chains across the Pacific, forcing some Asian suppliers to resort to costly air freight and pushing up
The number of U.S. oil and gas rigs declined by 48 last week, according to data released today by Baker Hughes, which shows the number of U.S. rigs is now down to 1,310, a decrease of 461 from a year ago and the lowest since January 2010.
Outer Continental Shelf sand will protect infrastructure, restore dunes and habitat The U.S. Bureau of Ocean Energy Management (BOEM) and Naval Air Station Oceana at Dam Neck, Virginia, expect to begin a shore protection project at the Dam Neck annex within the next month.
More than 50 people remain missing a day after a South Korean fishing vessel sank in the Bering Sea off the coast of Russia's far eastern Chukotka region as severe weather conditions hampered a rescue operation, officials said on Tuesday.
Rolls-Royce has successfully completed seatrials of its first S4 series of waterjets, designed to give higher efficiency at lower speeds. The trials aboard the recently upgraded Tangalooma Jet, a 350 passenger-carrying high-speed catamaran
BMT Asia Pacific, a subsidiary of BMT Group has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors.
Exporters of Russian wheat have cut prices to try to speed up sales abroad before the government possibly introduces curbs to replenish its own stocks and prevent rises in the cost of bread, traders and analysts said on Friday. Russia's grain exports are running at a record high
Port Tampa Bay, Florida’s largest maritime port and the 16th largest in the United States, has elected to implement PlateSmart's ARES enterprise license plate recognition-based video analytics system. Overseen by the Tampa Port Authority
A leak on a major Russian oil pipeline caused a spill in the Black Sea near the port of Tuapse on Wednesday where officials said stormy weather was hampering efforts to assess and respond to the mishap. "Some quantity of oil has spilled into the sea," Sergei Proskurin
Senior Chinese and Vietnamese officials have agreed to settle their maritime disputes without resorting to "megaphone diplomacy", the official Xinhua news service said on Saturday. The agency's report follows a meeting in Hanoi on Friday between Chinese political advisor Yu
A study says Hong Kong will eventually have to move its container terminals out of Kwai Tsing to remain competitive. A study by think tank SD Advocates, the Chinese University and BMT Asia Pacific says that Hong Kong needs to relocate the container terminals from Kwai Tsing to another
Regent Seven Seas has unveiled plans for the largest cruise ship suite in the world, which is under construction at the Fincantieri shipyard in Genoa, Italy Regent says the luxury ship, Seven Seas Explorer, will have the highest space ratios and one of the highest staff-to-guest ratios in the
Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the third quarter and nine months ended December 31, 2014. Consolidated cargo handled by the company was 108 MMT in 9M-FY15
The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement (EIS) for proposed Central Planning Area (CPA) Lease Sales 241 and 247 and Eastern Planning Area (EPA) Lease Sale 226.