Category archives for: Middle East

Lloyd’s Register Takes Rules for Offshore Units Step Forward

Lloyd’s Register Takes Rules for Offshore Units Step Forward

Lloyd’s Register has launched its new Rules for Offshore Units in one single document following an in-depth consultation with industry. It signals a move by the world’s oldest classification and certification society, to modernise the way in which Rules and their guidance notes are presented to industry – and importantly how they are used by […]

Can Brazilian Iron Ore Improve Freight Rates?

Can Brazilian Iron Ore Improve Freight Rates?

The freight market, which performed so well in Q1, has certainly not delivered in the past 4 months. BDI has dropped from 1,621 on 20 March to hit 747 on July 29. Panamax ships have not been above USD 10,000 per day since February20, and below USD 5,000 per day for most of June and […]

LUKOIL Ships First Cargo from Iraq’s West Quarna 2 Oilfield

LUKOIL Ships First Cargo from Iraq’s West Quarna 2 Oilfield

Sea Triumph, a tanker chartered by LITASCO (an international marketing subsidiary of OAO LUKOIL), left the port of Basra in southern Iraq with a load of crude. This is the first batch of oil in reimbursement of the costs incurred by LUKOIL as part of the West Qurna-2 project. The shipment is one million barrels. […]

1st LNG Cargo Delivered to China’s Hainan Terminal

1st LNG Cargo Delivered to China’s Hainan Terminal

On 7 August Qatargas delivered the first cargo of Liquefied Natural Gas (LNG) to China National Oil Corporation’s (CNOOC) Hainan LNG terminal located in the Hainan province. The cargo arrived aboard a Q-Max class LNG vessel Rasheeda and it will be used to commission the new LNG terminal, owned byCNOOC, which will start operating soon. […]

MV Cape Ray Completes Destruction of Syrian Chemical Stockpile

MV Cape Ray Completes Destruction of Syrian Chemical Stockpile

The crew of the U.S. ship MV Cape Ray has completed the work of neutralizing Syrian chemical weapons components, Pentagon Press Secretary Navy Rear Adm. John Kirby said in a statement on Monday. “This morning (August 18th), Secretary of Defense Chuck Hagel called Navy Captain Rich Dromerhauser aboard the US ship MV Cape Ray to […]

Crude Oil Tanker Market Going Strong

Crude Oil Tanker Market Going Strong

Crude oil tankers have shown incredibly positive momentum going into Q3. Earnings surpassed the expected ceiling at USD 20,000, to reach USD 44,058 per day briefly in mid-July for Suezmax tankers, according to BIMCO’s latest market analysis report. A stronger freight market is often followed by a stronger second-hand market. Data cleaned for large en bloc […]

Kurdish Oil Offloaded in Croatia

Kurdish Oil Offloaded in Croatia

Iraqi Kurds have found a buyer for their fourth major oil cargo shipment in Croatia. Hungarian MOL has bought 80,000m3 of crude, which will be sent to Hungary’s refineries through Croatia’s pipelines, local newspapers Jutarnji List confirmed. The tanker carrying the cargo entered the Port of Omisalj, Croatia on Saturday, and the crude was reportedly offloaded at […]

Demand for Container Shipping Outstripping Supply

Demand for Container Shipping Outstripping Supply

The demand side for container shipping continues to improve on a global scale. The winter weakness in the US and still-sluggish demand in Europe has been offset by continued strong demand on North-South trades in the Atlantic basin and improving conditions on the ever-strong intra-Asian trading lanes, the Baltic and International Maritime Council (BIMCO) said in […]

Tanker Oversupply Might Be Easing Up

Tanker Oversupply Might Be Easing Up

Although the Caribbean market for Aframaxes has taken a precipitous tumble last week, other tanker segments have maintained healthy spot rates suggesting that vessel oversupply could be moderating in the general sense, Poten & Partners reports in their latest  ‘Tanker Opinions’. “Since ordering momentum continues, due in large part to a feeling that the market is coming […]

Readers’ Picks of the Week (Aug 11 – 15, 2014)

Readers’ Picks of the Week (Aug 11 – 15, 2014)

Lilly Johanne Capsizes in Turkey Lilly Johanne, a live fish carrier, capsized in Celiktrans shipyard in Tuzla, Turkey, on August 7, iLaks reports …Read more Poland Eyes Canal Construction to Evade Russian Waters Polish authorities have revived plans to build a canal in order to connect the Baltic Sea with the Vistula Lagoon and, thus, […]

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