20 AUG 2019 German shipowner MC-Schiffahrt reports that the freigher MarMalaita was attacked by pirates off Cameroon on the night of August 14. Eight members of her 12-man crew have been kidnapped. At about 2300-2400 hours Wednesday, the vessel was anchored at Douala when pirates boarded the ship and kidnapped the eight victims. …
Read More »DELOITTE: INVESTMENT ATTRACTIVENESS OF BRI COUNTRIES HAS RISEN
19 AUG 2019 Deloitte and the Shanghai Municipal Commission of Commerce (SMCC) jointly issued the second Belt and Road Countries Investment Index Report earlier this month indicating that the overall investment attractiveness of Belt and Road Initiative (BRI) countries has risen, particularly in Southeast Asia. 2018 marked the fifth year …
Read More »RENAMED GRACE 1 RAISES IRANIAN FLAG
19 AUG 2019 The Grace 1, the Iranian tanker that has been detained in Gibraltar, has been renamed the Adrian Darya 1 and raised the Iranian flag in preparation for departure on Sunday night. The maritime traffic monitoring site Refinitiv shows the vessel left around 2100GMT, giving a destination of Kalamata in Greece. Gibraltar refused a U.S. …
Read More »FAST FACTS: WHAT IS THE MARINER’S 1-2-3 RULE ?
17 AUG 2019 The Mariner’s 1-2-3 Rule is the guideline mariners follow to keep out of a tropical storm or hurricane’s path. The Mariner’s 1-2-3 rule, also referred to as the Danger Rule, is an important guideline mariners follow to keep out of a tropical storm or hurricane’s path. It …
Read More »EURONAV’S GIANT ‘OCEANIA’ STARTS 12,400-MILE TRIP TO FUEL-STORAGE ZONE
13 AUG 2019 The world’s biggest oil tanker has begun a 12,400-mile voyage to a fuel-storage zone in Asia, the latest movement of a vessel that’s intrigued the shipping market and fuel traders for months. More than 1,200 feet long, 16 years old, and able to hold roughly a day …
Read More »IDLING LNG TANKERS HINT AT INCREASING APPEAL OF FLOATING STORAGE
11 AUG 2019 Liquefied natural gas tankers are taking longer-than-usual journeys to deliver cargoes and spending more time idling at sea in a sign some traders are starting to use vessels for storage. There may be other reasons for keeping the cargoes on the water, including logistical or weather issues, …
Read More »BALTIC INDEX NUDGES UP, BUT POSTS THIRD WEEKLY FALL
09 AUG 2019 The Baltic Exchange’s main sea freight index rose on Friday, buoyed by an uptick in demand across all vessel segments, but still posted its third straight week of losses. * The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 28 points, or 1.6%, …
Read More »2020 BUNKER PRICING PAINS
07 AUG 2019 With the IMO 2020 regulations approaching, it is important that commercial operators are aware of the potential impact that volatile fuel prices may have on their operations. The effect the new MARPOL provisions will have on bunker prices is not yet clear though it is expected to …
Read More »SANCTIONS AND TARIFFS: THE NEW ECONOMIC BATTLEFIELD
06 AUG 2019 Economic warfare is being fought with an intensity not seen since the period leading up to World War II as countries deploy tariffs, embargoes and economic sanctions to force policy changes or punish their adversaries. Free trade is coming off second best, and global trade has stalled. …
Read More »STENA BULK PRESSES FOR RELEASE OF TANKER’S CREW
05 AUG 2019 The Swedish tanker operator Stena Bulk protested the continued detention of the UK-flagged Stena Impero by Iranian authorities, describing the action as “unacceptable and unjustifiable.” The vessel has been in Iranian custody for 19 days. “We are maintaining limited communication with the crew onboard and although they remain in …
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