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
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
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
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
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.
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
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
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.
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.
Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive, leaving them to add exposure incrementally.
100 Orders received for ME-GI; second ME-GI engine dispatched by engine builder after successful Factory Acceptance Testing MAN Diesel & Turbo reports that its ME-GI engine has now received more than 100 orders. FLEX LNG announced on February 2 that two-stroke slow-speed ME-GI main
IEA report sees a transformed market, with supply more responsive to prices than in the past – and demand less so The recent crash in oil prices will cause the oil market to rebalance in ways that challenge traditional thinking about the responsiveness of supply and demand
Britain said on Monday it would ban fracking in national parks, reversing a policy announced last year, in a concession to the opposition Labour Party which had called for tighter controls to be written into law. "We have agreed an outright ban on fracking in national parks
Morgan Stanley and Evercore Partners Inc. predicting the highest shipping rates in six-years are possible with demand to store oil on vessels is strengthening, says a Bloomberg report. Supertanker owners from Tokyo to Athens days that oil-at-sea storage demand has gone up. Frontline Ltd
Indonesian search and rescue teams plan to start lifting the crashed AirAsia jet's tail off the sea bed on Friday, officials said, raising hopes that "black box" recorders can be retrieved to reveal the cause of the disaster.
Classification society ClassNK has published the third version of its Guidelines for Gas Fuelled Ships which aims to provide comprehensive, up-to-date information on key design features relating to bunkering, hull structure, fire safety and explosion prevention measure.
ClassNK has released the third version of its Guidelines for Gas Fuelled Ships. The updated version provides comprehensive, up-to-date information on key design features relating to bunkering, hull structure, fire safety, and explosion prevention measures
A White House task force on Tuesday issued proposals to tighten the grip on the illegal global seafood trade, which the group said causes billions of dollars in losses to the legal fishing industry annually. Under the plan, the United States would create a program to trace seafood
MAN Diesel & Turbo received an order for four MAN B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co.,Ltd. (DSME) agreeing a deal with the BW Group to build two LNG carriers. The technical engine specification complies with IMO Tier II
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
The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share towards cash-rich trading companies and barge operators, traders said. Marine fuel premiums over cargo prices in Singapore
Classification society ClassNK has granted approval to the design of the new 28AHX-DF dual-fuel engine developed by Niigata Power Systems Co., Ltd. The new engine is slated to be used as the main engine on a new LNG-fuelled tugboat being built by Keihin Dock Co., Ltd. for NYK Line
Demand for shipping fuel at major Indian ports has climbed in the past week by up to 25 percent as the cost of refuelling at Singapore, Asia's bunkering hub, soared following the collapse of the world's leading supplier, traders said. The announcement of OW Bunker's bankruptcy drove up shipping
Hong Kong bunker suppliers are expecting up to 20 percent more inquiries from shipowners who have had fuel contracts cancelled after the world's largest supplier announced its bankruptcy last week, sources said on Friday. Since the fall of OW Bunker