Oil Prices Fall 4% as US-Iran Talks Ease Supply Risks
Oil prices fell 4% on Monday after U.S. Vice President JD Vance said progress has been made in talks with Iran and that the Strait of Hormuz was open, easing supply concerns.Brent crude was down $3.18 or 3.95%, at $77.39 a barrel by 11:44 a.m. ET (1544 GMT) Prices had climbed to $82.30 at the start of trading because of threats from U.S. President Donald Trump to restart the war on Iran, as well as an announcement from Tehran that it had again closed the Strait of Hormuz.U.S.
Saudi Arabia Crude Oil Exports Hit Lowest on Record in April
Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran war disrupted shipments from the Gulf region.Exports fell to about 3.990 million barrels per day in April from 4.974 million bpd in March. The JODI data for Saudi Arabia's crude oil exports and output extends back to 2002…
Tampnet Awarded Connectivity Contracts for Two US Gulf Deepwater Projects
Tampnet, the world’s largest offshore high-speed, high-capacity communications provider, has been selected by an international energy major to deliver advanced connectivity solutions to two development projects in the US Gulf.The projects in Keathley Canyon in the Gulf of America have leveraged Tampnet's digital and engineering concept for high-capacity offshore connectivity which is set to enable…
DNV Publishes Recommended Practice for Onboard Carbon Capture, Storage
DNV has published a recommended practice (RP) providing a standardized framework for measuring and verifying the performance of onboard carbon capture and storage (OCCS) systems on ships, setting the stage for further developing onboard captured carbon solutions and technologies. With around 90% of the operational fleet still dependent on fossil fuels, onboard carbon capture is emerging as a viable…
Don Davis Appointed as New Managing Director at OCIMF
OCIMF announced the appointment of Don Davis as its new Managing Director. Don joins the organisation at a pivotal moment, as OCIMF enters a new phase following the recent evolution of its mission and brand to support maritime safety across the wider energy sector.Don will join OCIMF on secondment from Chevron and assume the role on July 1, 2026. He succeeds Karen Davis, who will remain with the organization…
Misaligned Charter Terms Amounts to $110,000 Shipbroker Settlement
A mismatch in contract terms has led to a $110,000 settlement against a shipbroker, highlighting the risks brokers face when fixtures are not clearly aligned on a back-to-back basis when fixing charter parties.According to International Transport Intermediaries Club (ITIC), a shipbroker was instructed by their principal to source a ship under a Contract of Affreightment (COA). Following a nomination by the trader…
Industry Leaders See Regulation as Main Barrier to Offshore Vessel Electrification
Vessel electrification is no longer a future concept for offshore wind and policy and regulatory alignment is now the main barrier to uptake, a cross-industry panel hosted by Bibby Marine told an audience during Global Offshore Wind on Wednesday.Speakers from RenewableUK, Corvus Energy, Stillstrom, Tidal Transit and Kongsberg Maritime said rapid progress in vessel and charging technology means electrified vessels now represent an increasingly credible commercial proposition.
Fortescue Charters Up to 12 Ammonia-Capable Bulkers from CMB.TECH
Australian mining company Fortescue has signed an agreement with Belgian shipping and cleantech group CMB.TECH to charter up to 12 ammonia-capable bulk carriers, stepping up efforts to decarbonize maritime transport and support the development of green ammonia as a marine fuel.Under the agreement, Fortescue will charter 12 Newcastlemax dry bulk vessels, each with a carrying capacity of 210,000 deadweight tonnes…
Qatari LNG Carriers Re-Enter Hormuz as Traffic Through Strait Slumps
Four liquefied natural gas tankers controlled by Qatar headed into the Strait of Hormuz on Monday, despite a fall in ship traffic after Iran announced that it had again closed the waterway over the weekend, shipping data showed.The tankers - Wadi Al Sail, Mekaines, Al Sadd and Mesaimeer - entered the strait via the Iranian route for the first time since the U.S.-Israeli war with Iran started, shiptracking data from analytics firm Kpler showed.QatarEnergy…
