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TIGHTEN UP

U.S. Navy Patrols Somalia's coast

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


EU Welcomes Tighter Rules

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


Erika Captain Says Tight Budgets Overrode Safety

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.


IEA: Expressing Concern Over Tight Oil Supply

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


SS&Y Indices Push Higher

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


USCG Assist with N.C. Marina Fire

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.


ACP Appoints Deputy Administrator

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


Global Reactions to GOM Oil Spill

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


Tianjin: No Petrochem Fraud

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


BBC Chartering Opens Vietnam Office

BBC Oregon Courtesy BBC

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation due to good prospects and growth rates outperforming other countries in the region. “The strong expansion of the Vietnamese economy means increased investments and more project activity within the industrial sector of the country,” said Svend Andersen, CEO of BBC Chartering.


Global LNG Prices Hold, Supported by Middle East Demand

Asian liquefied natural gas (LNG) spot prices for August delivery were firm on Friday, underpinned by steady demand from the Middle East and the potential for stronger European demand after production cuts at the region's largest gas field.  


Greece: Migrant Crisis Won't be Solved with Fences

Greece appealed to its European Union partners on Tuesday to come up with a comprehensive strategy to deal with a growing migrant crisis as new data showed 21,000 refugees landed on Greek shores last week alone.   That number is almost half Greece's overall refugee intake in 2014 and brings


Cosco Blame it on Weak Shipping Industry

Photo: COSCO International Holdings

 The global economic recovery was slower than expected and the overcapacity problem in the shipping industry remained serious, in the  first half of 2015, says COSCO International Holdings.   This drove stable business volume to the Company’s business segments which serve


Boskalis Posts Highest Profit

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  Royal Boskalis Westminster N.V. (Boskalis) achieved a very busy first half year with historically high profit and realized a net profit of EUR 306.5 million in the first half of 2015, a rise of 21% (H1 2014: EUR 253.0 million). Revenue in the first half of the year rose 1.6% to EUR 1


MAN Diesel & Turbo Reports ME-GI Milestones

ME-GI engine (Image: MAN Diesel & Turbo)

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


Petrobras Downgrade Shakes Market

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.  


Iran and India to Revive Shipping Joint Venture

Image by Islamic Republic of Iran Shipping Lines

 Irano Hind Shipping Company, a joint venture between Shipping Corporation of India (SCI) and Islamic Republic of Iran Shipping Lines (IRISL) which was dissolved in the face of the US-led anti-Iran sanctions, could be revived, reports Livemint.  


U.S. Offshore Oil Drilling Rule Planned

Offshore fire courtesy CMMI

The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials.


Yemen Conflict: Shipping Lines Pull Back

Port of Aden. Pic by Yemen Gulf of Aden Ports Corporation

 The Saudi Arabian-led coalition of anti-Houthi forces attacking Yemen has tightened the blockade on Yemen's ports affecting shipping activity including the delivery and loading of oil and gas shipments.    Ships are unlikely to be able to access ports in areas that the coalition


Houthis: Additional US Warships off Yemen Tightens Seige

A senior official in the Iran-allied Houthi movement said the movement of more U.S. warships into waters off Yemen escalates Washington's role in a Saudi-led campaign against the group and aims at tightening a "siege" on the country.


China Maritime Disputes Bedevil ASEAN

Association of Southeast Asian Nations (ASEAN) a group photo souvenir. Photo credit: pcoo.gov.ph

 Chinese island-building efforts in the disputed South China Sea, where airstrips are being built on coral reefs, risk undermining "peace, security and stability" in the region, bedeviled the Asian leaders warned at a regional summit.


Japan, Philippines First Naval Drill in South China Sea

Matsu-class Destroyer by Japanese Navy

 Two Japanese warships arrived in the Philippines on Saturday to take part in the first naval drill between the two countries in the disputed South China Sea.   The May 12 maritime safety exercise in the South China Sea near a disputed shoal claimed by China


Asia Tankers-VLCC Rates Softening

Owners waiting for charterers to release July cargoes next week.   Rates for very large crude carriers (VLCCs) on key Asian routes are set to soften early next week before rebounding on the first wave of supertanker charters from the Middle East to Asia in July's fixture


Ecopetrol Breaks Silence in Risk-on Day for LatAm Markets

A recovery in LatAm debt spreads opened a window for Colombia's Ecopetrol on Tuesday when it printed a US$1.5bn 11-year bond - the state-owned oil company's first debt issue in nine months. Optimism over Greek debt talks spurred risk buying on Tuesday


U.S. West Coast Refiners Snap up Russian Crude

Move comes amid worries of seasonal dent in Alaskan supply; gap between U.S., international crude prices narrows. Refiners on the U.S. West Coast and Hawaii have stepped up purchases of Russian crude, taking advantage of a narrow gap between U.S






 
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