AAPA ‘encouraged’ by US infrastructure plan
Feb06

AAPA ‘encouraged’ by US infrastructure plan

The American Association of Port Authorities (AAPA) is said to be encouraged by the recent release of the infrastructure investment outline by Senate Minority Leader Chuck Schumer (D-NY) and Senate Democrats. This is said to be due to the outlines’ the recognition that ports and waterways play a vital role in the nation’s economy, jobs and supply chain. “Coupled with President Trump’s stated intention to make major improvements in...

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Expect ‘3 R’s’ in Oil & Gas in 2017: More Restructurings, More Realignment, Some Rebuilding
Feb01

Expect ‘3 R’s’ in Oil & Gas in 2017: More Restructurings, More Realignment, Some Rebuilding

Though the overall outlook for the oil and gas industry doesn’t seem to be quite as dire as it was a year ago, 2017 is likely to be a year of “3 R’s” for industry players — a year of more restructurings, more realignment via mergers and acquisitions, and, for some players that take the right actions, finally a year of rebuilding. That’s according to a new study released today by AlixPartners, the global business-advisory firm. The...

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Europe preparing for biggest Iran oil imports
Jan30

Europe preparing for biggest Iran oil imports

Market figures show Europe is preparing to import the highest amount of crude oil from Iran in five years this month. Figures released by Bloomberg show that arrivals on supertankers will reach 622,581 barrels a day in January, the biggest flows for a single month since at least November 2011. Bloomberg said two Iranian supertankers — Huge and Snow – were already en route to Europe, bringing about 4 million barrels between them....

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Korean big 3 shipbuilders continue tough restructuring this year
Jan27

Korean big 3 shipbuilders continue tough restructuring this year

South Korea’s three largest shipbuilders will continue intensive downsizing programs this year, cutting payrolls further and selling additional assets to regain global competitiveness amid a deep recession across the industry. The shipbuilders aim to jettison assets worth more than 4 trillion won ($344 million) by the end of this year, while raising a new order target by three times from what they earned last year. That’s according to...

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Too many vessels spoil the oil tanker rate
Jan19

Too many vessels spoil the oil tanker rate

The freight rates that large oil carriers charge on certain routes have plunged about 30% since the beginning of the year. The reason is twofold: There are suddenly more tankers looking for work and less demand for their services because of OPEC’s production cut. The benchmark Worldscale rate for very large crude carrier tankers in the 300,000-ton class has sharply fallen to around WS65 at present — the lowest point since November —...

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Amendment 03-15 To The IMSBC Code And The BIMCO Solid Cargo Database
Jan12

Amendment 03-15 To The IMSBC Code And The BIMCO Solid Cargo Database

What are the changes under Amendment 03-15 ? The changes are as follows: 1. New Provisions for cargoes that may liquefy There is a new provision allowing specially constructed cargo ships that are designed and constructed solely to carry dry powdery cargoes (new section 7.3.3). These ships can handle these cargoes by means of closed type systems using pneumatic equipment that enables cargo to be protected from the weather. Another new...

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Tankers to benefit from additional Chinese oil import demand says shipbroker
Jan10

Tankers to benefit from additional Chinese oil import demand says shipbroker

Decline in Chinese crude oil production According to CR Weber, “Chinese crude oil production has dropped sharply in 2016 from 4.25million b/d in December 2015 to 3.8million b/d in October, which was a seven‐year low. It recovered to 3.93million b/d in November but we are presently anticipating an estimated number of around 2,437,000 tons of domestic crude exports for China for 2016, down 77% from their 2000 exports. Aging oil fields...

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How the US war on piracy brought one Somali to a West Virginia prison
Jan06

How the US war on piracy brought one Somali to a West Virginia prison

Mohamed Hassan Farah, a Somali in US federal prison, has little in common with the 19th-century seafarer Thomas Smith besides the fact that they are among the few people to be convicted of piracy on the high seas in a US court. While Smith and 13 of his crewmates were hanged in 1820 for boarding and pillaging 30 vessels in three months – including one by the name of Irresistible – Farah is expected to be handed a life sentence in a...

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