Business

28 jun 2019 After extended diplomatic talks on Iran’s threat to exceed nuclear treaty limits, the European Union announced Friday that it was finally launching an alternative financial mechanism to facilitate international commerce with Tehran, circumventing U.S. sanctions.  The barter mechanism, INSTEX, is part of Europe’s attempt to salvage the Joint …

28 jun 2019 A former merchant seafarer is building a world-first boat that will be powered by plastic. The French Plastic Odyssey project, led by Simon Bernard, will see the 25-meter catamaran generate her own fuel on board via the pyrolysis of plastic waste that cannot be recycled. Pyrolysis can …

27 jun 2019 The Singapore Shipping Association (SSA) has elected its first-ever female President since its founding in 1985. Caroline Yang, Chief Executive of Hong Lam Marine, was elected as the association’s President on June 26. Yang started her career with Hong Lam Marine as their in-house counsel in 1991 …

27 jun 2019 The United Arab Emirates appeared to part ways  with the Trump administration Wednesday on the question of whether Iran is responsible for the recent attacks on merchant tankers in the Gulf of Oman.  The White House maintains that Iran or Iran-backed forces carried out the attacks, which …

26 jun 2019 14 maritime organizations sent a letter to U.S. Coast Guard Commandant Karl Schultz on June 25, the IMO’s annual “Day of the Seafarer.” The letter urges him to raise the issue of jamming and spoofing of GPS and other Global Navigation Satellite System (GNSS) signals at the …

24 JUN 2019 The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the tanker hauling it can now cost upwards …

26 jun 2019 On Monday, the U.S. Supreme Court ruled against a seafarer who sought punitive damages from his employer after a hatch blew open and injured his hand, finding that punitive damages – that is, extra money awarded to the plaintiff as an additional punishment for the defendant – …

25 jun 2019 The world will never see fully autonomous transoceanic commercial cargo ships. In fact, autonomous vessels are likely to operate in only very limited situations. In recent years, the prospect of fully autonomous vessels has become a hot topic for commercial shipping. The same fast-paced advances in technology …

24 JUN 2019 The WTO’s 21st Monitoring Report on G20 trade measures issued on June 24 shows a continuation of record high trade restrictions. The trade coverage of new import-restrictive measures introduced during the period (October 2018 to May 2019) was more than 3.5 times the average since May 2012 …

23 JUNE 2019 China’s Dalian Shipbuilding Industry (DSIC) has delivered what local media are calling the first smart tanker in the world. The 300-meter, 308,000dwt VLCC, New Journey, has assisted autopilot navigation, intelligent cargo management and integrated energy efficiency management, among other functions. The vessel was delivered to China Merchants Energy …