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
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
Thirty Rosneft subsidiaries in most of the regions of the Company presence, from Sakhalin in the east to the Arkhangelsk Region in the west, took part in the All-Russian Environmental Cleanup Day ‘Green Russia’. As part of the event
Tropical storm Odile formed on Wednesday off Mexico's Pacific Coast and is due to strengthen overnight as it moves towards the famous beach resort of Acapulco, which was hit hard by storms and record flooding last year. On Wednesday morning
The Rolls-Royce brand MTU is showing its concepts at the current SMM, Hamburg, in response to the IMO Tier III emission standard which is due to come into force in 2016. “MTU is well-prepared for IMO Tier III, be it with SCR exhaust aftertreatment systems for diesel engines or with gas
Vancouver-based Water Wall Turbine Inc. (WWT) has selected The Switch to provide a 500 kW full-power converter for its self-floating power plant. This new system extracts potential and kinetic energy from large, fast moving water currents for conversion into electric energy.
Tropical storm Polo barreled nearer on Friday to the Mexican Pacific resort of Los Cabos where thousands of troops were restoring order following widespread chaos caused by Hurricane Odile at the start of the week. Odile plowed into the southern tip of the Baja California peninsula on
Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko
Congestion at Paradip expected to ease in a week if rains stop; higher-than-usual congestion at some other ports too. Indian power and steel companies are importing shiploads of coal due to a severe shortage at home, leading to heavy congestion in one of the country's busiest ports that now has
Tropical storm Simon formed early on Thursday off Mexico's Pacific coast, but it was projected to wheel out to sea in the coming days. The U.S. National Hurricane Center said that as of Thursday morning, the storm was about 360 miles (580 km) south-southeast of the southern tip of the Baja
Costa Diadema the fifteenth ship and new flagship of Costa Cruises fleet, was presented today by Costa Cruises and Fincantieri. Costa Cruises has invested a total of around 550 million euro in the construction of the Costa Diadema at Fincantieri shipyard in Marghera.
ILWU withholds hundreds of skilled workers from vital terminal jobs at Los Angeles and Long Beach Ports, threatening holiday commerce and U.S. economy San Francisco, CA (November 6, 2014) – Escalating its use of orchestrated job actions that have already crippled terminal
The Great Lakes limestone trade racked up its fifth straight month of increases over the corresponding period last year in October, Lake Carriers’ Association reported. Stone cargos totaled 3.7 million tons, an increase of 2.8 percent