Cap News

The European Union would ban trans-shipment of Russian LNG, the use of EU ports by vessels transporting goods contributing to Russia's war effort and make EU operators more accountable for any sanctions violations, according to a text under discussion.The text seen by Reuters on Monday covers proposals that would constitute a 14th package of sanctions against Russia over its 2022 invasion of Ukraine now being debated by EU members before it enters force.According to the proposals presented to EU envoys on Friday…

Russia has been quietly shipping refined petroleum to North Korea at levels that appear to violate the mandates of the United Nations Security Council, a U.S. official said on Thursday, adding the U.S. is planning new sanctions in response.The disclosure came on the first day after a U.N. panel of experts monitoring enforcement of longstanding U.N. sanctions against North Korea for its nuclear weapons and missile programs was disbanded after a Russian veto."At the same time that Moscow vetoed the panel’s mandate renewal…

Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions.A raft of sanctions by the U.S. and allies against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.Russian companies Sogaz Insurance…

Russia remained China's top oil supplier in March, data showed on Saturday, as refiners snapped up stranded Sokol shipments.China's imports from Russia, including supplies via pipelines and sea-borne shipments, jumped 12.5% on the year to 10.81 million metric tons, or 2.55 million barrels per day (bpd) last month, according to data from the General Administration of Customs.That was quite close to the previous monthly record of 2.56 million bpd in June 2023.Seven Russian tankers under sanctions offloaded Sokol cargoes in Chinese ports in March…

U.S. sanctions are limiting tanker activity for Russia's top shipping group, Sovcomflot, the company's head said on Tuesday, as Washington tightens the screws on Moscow.The U.S. imposed sanctions on Sovcomflot on Feb. 23 as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its military actions in Ukraine.Sanctions have impacted the company's operations, "limiting our geography and commercial prospects", Sovcomflot CEO Igor Tonkovidov told reporters.He added that as sanctions are a relatively new instrument to the shipping market…

The collapse of Baltimore's Key Bridge has highlighted what engineers say is an urgent need to better protect the piers holding up spans over shipping channels as the size of cargo ships has grown in recent decades.Federal authorities continue an investigation into why a massive cargo ship lost power and crashed into a pier of the Francis Scott Key Bridge early Tuesday, bringing down the structure and killing six workers who had been filling potholes atop it.The Maryland Transportation Authority did not respond to questions about what…

India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.The U.S.

French shipping group CMA CGM said on Friday it was suspending its calls at Port au Prince due to the worsening security situation in the Haitian capital.The group, one of the world's largest container lines, will call at Lafito, 20 km from Port au Prince, as an alternative, while also continuing to call at Cap Haitien as usual, CMA CGM said in a customer advisory.(Reuters - Reporting by Gus Trompiz, Editing by Ingrid Melander)

Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials.The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands, which are headquartered not in their home countries, but in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S.

The Singapore government has recounted the achievements of Maritime Singapore to date to highlight the nation’s successes as a maritime hub in 2023:Total business spending by key maritime companies overseen by MPA exceeded S$4.8 billion, up from S$4.3 billion in 2022. Twenty-five maritime companies established or expanded their operations in Singapore last year. These included maritime services companies and companies setting up sustainability desks in Singapore as part of their…

A fire has broken out on board a Liberian-registered containership off Canada's East Coast, the Canadian Coast Guard said.At around 11 p.m. on Sunday, the MSC Sao Paulo V issued a call for help after a blaze erupted in the engine room of the 294-meter-long vessel. The ship had left Montréal in the morning and was approaching the Les Escoumins pilot station while en route to Portugal when the incident occurred.By Monday afternoon, the containership crew had informed the Coast Guard that the fire was under control…

One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.Turkey has become one of the biggest importers of Russian crude and fuel since 2022, after the West imposed sanctions on Moscow for the invasion of Ukraine. Russia responded by re-routing oil away from Europe and the U.S. to Asia, Turkey and Africa.Global Terminal Services' (GTS)…

Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges because of a lack of bigger tankers owing to EU sanctions and price cap limitations, market sources said and LSEG data showed.Some ship owners have avoided Russian ports since the EU embargo and price cap on Russian refined oil products went into effect in February last year, forcing shippers to turn to a so-called shadow fleet of ageing tankers.The shadow fleet has supported the flow of Russian barrels…

The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian commodities to businesses in China in sanctions announced on Tuesday.Mohammad Reza Falahzadeh, deputy commander of Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen's Houthi militia, were designated under the sanctions, the Treasury Department said.The Iranian military has provided weapons and intelligence support to the Houthis that support the group's attacks on international shipping in the Red Sea…

The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest. It issued a general license allowing the offloading of crude oil, or other cargoes, from the vessels for 45 days."Sovcomflot as a whole…

The new IMO Secretary-General Arsenio Dominguez has released a video with his 2024 message to the industry, saying:“Here at IMO, we have a great trajectory of successes. But of course, we can always do more. I don't need to tell you how vital the shipping industry is for the world. And IMO has done much to support its member states, seafarers, the industry and everyone who lives on the planet. For example, during the COVID pandemic, we supported hundreds of individual cases of seafarers…

Esgian has published its Week 49 Rig Market Roundup highlighting new drilling activity in the North Sea and a new licensing deal in Morocco.Drilling Activity and DiscoveriesSerica Energy is continuing with plans for its four-well drilling campaign in the UK North Sea, scheduled for 2024 and early 2025. The campaign will be carried out using the semisubmersible COSLInnovator. All four wells are production wells. The first well in the campaign will be a sidetrack of an existing well (B1z) on the Bittern field.

ABS Chairman and Chief Executive Officer Christopher J. Wiernicki expressed the thanks of a grateful industry to IMO Secretary General Kitack Lim at the official gala dinner to mark the transition to his successor Arsenio Dominguez. Speaking to more than 250 assembled leaders of the shipping industry at COP28, Wiernicki detailed Secretary General Lim’s “glittering legacy of achievement” and honored their shared commitment to safety. “Consider the water under the bridge since January 1, 2016, when he took office.

Commodities trader Trafigura said on Saturday it was assessing the security risks of further Red Sea voyages after firefighters put out a blaze on a tanker attacked by Yemen's Houthi group a day earlier.The U.S. military said a U.S. Navy ship and other vessels provided assistance after the Marlin Luanda was hit by a Houthi anti-ship missile."No further vessels operating on behalf of Trafigura are currently transiting the Gulf of Aden and we continue to assess carefully the risks involved in any voyage…

Russian ports are operating during more severe storms and easing restrictions for non ice-class vessels during winter, traders said and regulations showed, in an attempt to boost exports following disruptions from Western sanctions and harsh weather.Following the European Union oil embargo, Russia has to rely mostly on seaborne loadings, rather than westbound pipeline supplies via the Druzhba pipeline.Traders and analysts said the easing of restrictions carried technical and ecological risks, but could help Russia's revenues that are heavily reliant on oil.Russian pipeline monopoly Transneft,

Swedish shipping company Stena Bulk has expanded its fleet with new long-term charter agreements for four newbuild eco Medium Range (MR) tankers.Two of the vessels, Stena Continent and Stena Conquest, will be delivered from Hyundai Mipo by the end of 2025.Two further eco MR tankers, Stena Contender and Stena Concept, will follow in 2026. All vessels are set to use the South Korean yard’s latest 8th generation MR tanker design, which has been recognized for its excellent efficiency performance.The tankers will feature efficient fuel consumption systems…

The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime the Treasury Department said will make it harder for Russian exporters to bypass the cap.The Treasury also imposed fresh sanctions on a ship manager owned by the Russian government and three oil traders involved in Russian oil trade.The Group of Seven (G7) industrialized countries last year imposed a price cap of $60 per barrel on Russian oil shipments in…

Canada’s Minister of Environment and Climate Change, Steven Guilbeault, and Minister of Energy and Natural Resources, Jonathan Wilkinson, introduced Canada’s draft framework to cap pollution from the oil and gas sector on December 7. The aim is to reduce emissions and remain competitive in a shifting global market. “No sector of the economy should be allowed to emit unlimited pollution, not when we are all driving toward the same goal of net zero by 2050 to ward off the worst impacts of the climate crisis,” said the ministers in a statement.