Negative Media News

Lloyd's Register has told India's Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters.It is the latest setback for Gatik, which was also been forced to find new flags for 36 of its ships after they were deflagged by the St. Kitts & Nevis International Ship Registry."Lloyd's Register is committed to facilitating compliance with sanctions regulations on the trading of Russian oil," it said in an email to Reuters.

Shares in Norwegian tanker group Frontline fell 5.3 percent on weak tanker rates, delays to scrapping of old tankers and a negative media and broker report, traders said. Frontline shares were down 9.0 Norwegian crowns ($0.996) at 161 at 0844 GMT after tumbling from a recent high of 190. The total share index of the Oslo bourse was down 0.7 percent. A meeting of the International Maritime Organization (IMO) last week agreed to eliminate all single-hulled tankers by 2021, later than a widely anticipated date of 2015. "It will take longer to scrap old tankers under the IMO rules," First Securities analyst Jarle Sjo said.