Russian Oil Heads East as EU Embargo Takes Hold
The European Union's full embargo of Russian oil products came into effect on Feb. 5, but data from traders and Refinitiv show that the bulk of Russia's fuel oil and vacuum gasoil (VGO) is already being shipped to other regions, mostly in Asia.In January, less than 5% of Russian fuel oil and VGO was shipped to EU countries, including some 100,000 tonnes to Agioi Theodoroi in Greece, about 80,000 tonnes to the Latvian port of Ventspils and 30,000 tonnes - to the Italian port of Augusta."No need to say…
INSIGHTS: Noose Tightens Around Iranian Shipping
Somewhere on its journey from the waters off Iran, around Africa's southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own.The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines off Gibraltar, raising tensions in the Gulf where Iran detained a UK-flagged ship in retaliation.Grace 1 remains impounded, not because of its flag but because it was suspected of taking oil to Syria in breach of EU sanctions, an allegation that Iran denies.Yet Panama's move on May 29 to strike it from its register…
Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea
Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers. The state…
Domestic Maritime Training: In Extremis
The built-for-purpose National Security Multi-Mission Vessel (NSMV) training ship comes to life. Anybody who has spent four years at a State Maritime Academy (SMA) has also spent time at sea on a Marad-owned training vessel. Today, these platforms are long in the tooth, equipped with outdated equipment and not necessarily conducive to the task of training cadets for a future career at sea. For a long time, though, they’ve gotten the job done. It is also true that some of these hulls are one equipment casualty away from the bone yard, despite that best efforts of the schools tasked with their upkeep. That’s got SMA officials worried. The Massachusetts Maritime Academy’s Academic Dean Brad Lima knows what is at stake. “Kennedy is 50 years old and sound mechanically.
Ebola Fears Hit the Maritime Market
Brazil, Argentina and the United States have tightened port entry procedures for ships that have sailed from West Africa in a bid to control the potential spread of the deadly Ebola virus. Ebola has killed more than 3,400 people in Guinea, Sierra Leone and Liberia, and its spread has become a global concern -- with worries for trade, which could affect the airline and tourism industries together with seaborne activity. The virus is already threatening to disrupt logistics activity…
