U.S. naval forces have deployed off the Somali coast to prevent leaders of defeated Islamic militias escaping. Kenya has also significantly tightened border security to stop an influx of fleeing fighters, as aid agencies called for help for genuine refugees. Uganda's president is traveling to Ethiopia to discuss forming an African force to stabilize the country. A two-week advance by Ethiopian troops swept the Islamic militias from areas they had controlled for six months. Source: BBC
At a scheduled meeting today, the Governing Board of the International Energy Agency discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices. They expressed concern that the tightening supply situation could feed inflation and slow economic growth, thereby giving rise to problems particularly for developing countries. “Such instability would be in no one’s interest,” said Robert Priddle
The captain of the tanker Erika, which sank off France's west coast in December causing a huge oil spill, said crews had to work to such tight budgets that safety standards could not always be met. "There are certain things that nobody dares to say, but the job has changed a lot, everything is going too fast, everything is dominated by money," the 36-year-old captain said. The Erika's crew was winched to safety when the vessel split apart and sank in stormy seas on December 12.
The Panama Canal Authority (ACP) Board of Directors has unanimously appointed engineer Jose Barrios Ng as its new deputy administrator after serving as ACP chief financial officer since 2002. He will continue to oversee his former position until a replacement is appointed. Barrios Ng holds a master's in economics engineering from the University of California at Los Angeles, a master's in electrical engineering from Georgia Tech and a degree in corporate finance from the Massachusetts
European Union transport ministers welcomed proposals to tighten safety rules for oil tankers in the wake of the disastrous Erika oil spill off France's Atlantic coast last year. Ministers from the 15 EU states had an initial discussion of proposals put forward by the EU's executive Commission, but took no decisions. The Commission has called for a series of measures, including the phasing out of single-hulled oil tankers and the tightening up of port inspections
China's Tianjin Port Holdings has found no evidence of an alleged fraud involving petrochemicals reported by media earlier this month, the company said in a statement on Monday. Citing police and trade sources, Reuters had reported police were investigating a suspected contract fraud at Tianjin Port that involved "mixed aromatics", a refinery product commonly used for blending petrol. But Tianjin Port said it had made checks with the companies said to be involved and had found
Exxon-Mobil has toughened its policy on using tankers more than 20 years old, shipbrokers said. The company has adopted a policy of accepting vessels more than 20 years old only on a case-by case basis after senior chartering managers' approval. The move mirrors several oil companies' increasing reluctance to charter older tankers in the wake of the break up of the fuel oil tanker Erika in December. Heavy pollution of French beaches resulted from the sinking.
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 123 points in the week ending Monday to 5,726. "A major resurgence from Japanese interests heated the spot market in the Pacific with rates rising accordingly. Because of the tightened supply situation any new interest will boost the market," SS&Y said. "Several charterers have already covered early November positions, but enquiries are still relatively plentiful leading to a conclusion of continued strength in the Pacific for
According to a June 20 report from the Associated Press, in reaction to the oil spill in the Gulf of Mexico, Britain has doubled rig inspections. Bulgaria scrapped plans for a new oil pipeline. Canada's offshore regulator is tightening oversight of its deepest-ever exploration well, being drilled by Chevron off the coast of Newfoundland. Meanwhile, China's offshore oil company, China National Offshore Oil Corp., or CNOOC
Coast Guard crews are overseeing the containment of product and pollution to minimize environmental impact from the fire at McCotters Marina in Washington, Jan. 7. Two thousand feet of boom was deployed to encircle the marina, and absorbent pads were placed within the boom where sheen was apparent. Eastern Environmental Management, a contracted cleanup company based from Rocky Mountain, N.C., is working to collect the absorbent pads and tighten up the boom.
China has released its first "white list" of 51 shipyards that it deems worthy of favourable policy support, as the world's largest shipbuilder strives to tackle over-capacity that has slammed the global shipping market. The government said last year that shipbuilders that complied
Growing Caribbean exports to Asia create a tighter VLCC market in the US Gulf, says Poten & Partners in their latest 'Poten Tanker Opinion'. Back in March 2001, a VLCC was fixed from the Caribbean to India with a cargo of Venezuelan crude oil for the first time ever
China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter.
Chinese President Xi Jinping began a visit to Sri Lanka on Tuesday agreeing to open bilateral negotiations for a free trade pact as Beijing tightened its embrace of the island nation along a vital shipping route. Sri Lanka, located just off the southern tip of India
Brent crude prices will move higher after some first half July weakness predicts NYC-based PIRA Energy Group. Brent crude prices will move higher after some first half July weakness with tighter global crude markets and reduced OPEC spare capacity even as Saudi Arabia makes up for lower Iraqi
The first day of the refloating operation of the Costa Concordia has concluded successfully. Confirming technician’s estimations, the wreck is now afloat thanks to the buoyancy given by sponsons, 2.2 meters off the false sea bed, and has been towed for about 30 meters eastwards
Led by Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee the Company's delegation paid a working visit to Bosnia and Herzegovina today. As part of the visit, meetings were held with the Government officials, namely Bakir Izetbegovic
Doosan Engine delivers world’s first dual-fuel, low-speed ME-GI engine to NASSCO When TOTE announced plans to build the world’s largest LNG powered containerships, it stood to reason that along the way many milestones would fall
Coal miners have called on the government to extend the transition period for implementing a new coal-export rule that creates longer procedures before shipment. In a change to previous arrangements, from Sept. 1 Indonesia, the world’s biggest exporter of thermal coal
Following a three-year record of improved results from Port State Control (PSC) inspections, the London-headquartered St Kitts & Nevis International Ship Registry (SKANReg) has moved up to Grey List ranking on the Paris MoU performance lists covering Europe and the North Atlantic
Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Ample supplies keep pressure on oil prices
Japan on Friday froze the assets of the operator of a North Korean ship seized for smuggling arms, the Foreign Ministry said, just as Tokyo is engaged in talks with Pyongyang to return Japanese citizens kidnapped by North Korean agents decades ago.
Doosan Engine has confirmed delivery of the world’s first dual-fuel, low-speed ME-GI engine to the American National Steel and Shipbuilding Company (NASSCO) shipyard in San Diego, USA. The new engine is capable of operation on LNG and/or bunker C oil and will power the first of two 3
The United States is considering limiting hi-tech exports to Russia's Arctic oil and gas industry as part of plans to strengthen sanctions against Moscow over the crisis in Ukraine, a U.S. envoy said on Wednesday. On the eve of a NATO summit in Wales
NYC-based PIRA Energy Group reports that oil inventories are higher and crude demand is lower. In the U.S., stock surplus to last year is roughly flat. In Japan, crude stocks draw amid peak run rates. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following: