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Oil Benchmark Revamp Sees Surge in Trading of Opaque Swaps

Oil Benchmark Revamp Sees Surge in Trading of Opaque SwapsA planned overhaul of how the world’s most important benchmark crude price is calculated has caused a surge in trading of swaps used to hedge North Sea oil prices.

Wakashio Captain Confirms He Navigated Close to Shore to Pick Up Cell Signal, But Blames Chief Officer for Grounding

Wakashio Captain Confirms He Navigated Close to Shore to Pick Up Cell Signal, But Blames Chief Officer for GroundingThe Wakashio was unladen when it ran onto a reef off Mauritius’ Pointe-d’Esny on July 25, 2020, while en route from China to Tubarão in southern Brazil.

Australia Launches Livestock Carrier Inspection Campaign

Australia Launches Livestock Carrier Inspection CampaignThe Australian Maritime Safety Authority has launched a inspection campaign that will target all livestock carriers departing the country after recent incidents involving the ships.

Ship Owners Lock In Charter Rates at 13-Year Highs

Ship Owners Lock In Charter Rates at 13-Year HighsContainership charter rates have hit 13-year highs and shipowners are locking these in with carriers on three- and five-year charters.

Germany and Belgium Seize a Record 23 Tonnes of Cocaine Found in Shipping Containers

Germany and Belgium Seize a Record 23 Tonnes of Cocaine Found in Shipping ContainersCustoms authorities in Germany and Belgium have seized a record haul of more than 23 tonnes of cocaine destined for the Netherlands in two raids this month, Dutch prosecutors said on Wednesday.

Samsung Heavy Industries Settles Petrobras Bribery Case for $150M

Samsung Heavy Industries Settles Petrobras Bribery Case for $150MSamsung Heavy Industries has agreed to settle allegations of corruption in connection with the sprawling Petrobras bribery investigation, paying a fine of $150 million in an agreement with Brazilian prosecutors.

Indonesian Navy Catches Five Pirates in the Act of Raiding a Barge

Indonesian Navy Catches Five Pirates in the Act of Raiding a BargeThe Indonesian Navy successfully intercepted five pirates in the middle of a theft aboard a barge in the Singapore Strait.

Companies Bail on Russia’s Nord Stream 2 Pipeline

Companies Bail on Russia’s Nord Stream 2 PipelineRussian energy company Gazprom and its western partners are racing to build the pipeline to take Russian gas to Germany under the Baltic Sea, and hope to finish it this year. President Joe Biden believes the pipeline is a “bad deal” for Europe.

Rauma shipyard shuts down production after over 230 coronavirus infections

Rauma shipyard shuts down production after over 230 coronavirus infectionsFinland-based shipbuilder Rauma Marine Constructions has shut down production after 239 workers tested positive for coronavirus.

Grimaldi inks $500 million RoRo order with Hyundai Mipo

Grimaldi inks $500 million RoRo order with Hyundai MipoThe Grimaldi Group has signed an agreement worth over $500 million with Ulsan-based Hyundai Mipo Dockyard for the construction of six new Ro/Ro multipurpose vessels.

Singapore’s 1st LNG bunkering vessel starts commercial ops

Singapore’s 1st LNG bunkering vessel starts commercial opsFueLNG Bellina, Singapore’s first liquefied natural gas (LNG) bunkering vessel, kicked off commercial operations.

‘Perfect Trips’: Venezuela and Iran Swap Jet Fuel for Gasoline

‘Perfect Trips’: Venezuela and Iran Swap Jet Fuel for GasolineVenezuela is shipping jet fuel to Iran in return for vital gasoline imports for the South American nation as part of a swap deal agreed by the two state-run oil firms, three people with knowledge of the matter told Reuters.

Iran And Russia Start Joint Naval Drill

Iran And Russia Start Joint Naval DrillIran and Russia on Tuesday embarked on joint naval exercises in the Indian Ocean which will include thwarting a mock pirate attack on a merchant ship, Iranian state media reported.

DP World UAE digitisises customer transactions as part of smart trade project

DP World UAE digitisises customer transactions as part of smart trade projectDP World UAE Region digitised 100% of its customer transactions in 2020 as part of an initiative with the UAE government to expand digital infrastructure and encourage paperless trade.

Tarballs From Unknown Source Wash Up on 100 Miles of Israeli Shoreline

Tarballs From Unknown Source Wash Up on 100 Miles of Israeli ShorelineA tar-like petroleum substance is washing up in large quantity on Israel's Mediterranean shoreline, prompting a large-scale cleanup effort involving thousands of troops and volunteers.

Brazilian president moves to replace Petrobras CEO

Brazilian president moves to replace Petrobras CEOA spat between Brazil’s president Jair Bolsonaro and Petrobras CEO Roberto Castello Branco has resulted in the government moving to appoint a new CEO to lead the state-run oil giant.

Maersk Eindhoven Cargo Loss: Engine Oil Pressure Triggered Loss of Propulsion

Maersk Eindhoven Cargo Loss: Engine Oil Pressure Triggered Loss of PropulsionMaersk says a loss of propulsion led to some 260 containers falling overboard from the Maersk Eindhoven in severe weather off the coast of Japan this week. Another 65 containers are reported damaged on deck.

Gibraltar Detains Bulker as it Cleans Bunkering Oil Spill

Gibraltar Detains Bulker as it Cleans Bunkering Oil Spill“Every attempt is being made to ensure that the waters within the surrounding areas of our port and coastline are being cleared as soon as possible,” said the Captain of the Port, Manuel Tirado.

DNV: Safety Gaps Emerging as Shipping Industry Transforms

DNV: Safety Gaps Emerging as Shipping Industry TransformsThe classification society I presenting its analysis of the looking safety gaps in a new white paper that explores how the ambitions to become more digital and decarbonize will impact how the industry functions.

IMO 2030, Maersk Claims First Vessel Powered Carbon Neutral Ship Will Sail Seven Years Ahead Of Plan

IMO 2030, Maersk Claims First Vessel Powered Carbon Neutral Ship Will Sail Seven Years Ahead Of PlanShipping group Maersk ($AMKBY) said on Wednesday it would accelerate plans to decarbonize sea-borne container shipping by putting the world’s first vessel powered by carbon-neutral fuel into operation in 2023, seven years ahead of its original plan.

Robots Penetrate Massive South Atlantic Iceberg

Robots Penetrate Massive South Atlantic IcebergFor the next four months, robotic submersible vehicles will swim the frigid, choppy waters around South Georgia island, gathering evidence to determine whether a massive Antarctic iceberg might have harmed wildlife there, scientists said Wednesday.

2M Blanks Asia-Europe Sailing at Last-Minute

2M Blanks Asia-Europe Sailing at Last-MinuteThe 2M alliance has announced a further blank sailing this week from Asia to North Europe to use the vessel on another service.

Deep Freeze Shuts Houston Ship Channel

Deep Freeze Shuts Houston Ship ChannelA deep freeze continued to wreak havoc on the U.S. energy sector, bringing operations to a halt at the Houston Ship channel, while several of the biggest oil refineries remained offline in the nation’s largest crude-producing state.

America’s Largest Port Starts COVID-19 Vaccinations

America’s Largest Port Starts COVID-19 VaccinationsThe shots were a welcome relief for the International Longshore and Warehouse Union (ILWU) members who snapped up the appointments in about 20 minutes.

EDITOR'S PICKS

Penguin has delivered Singapore's first hybrid-powered ship

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