Investment company United Overseas Group (UOG) is to acquire Dubai-based shipping company United Arab Chemical Carriers (UACC), the two companies said on Thursday.The deal is subject to regulatory approvals and is expected to close in the first quarter…
The freight derivatives markets for both tankers and dry cargo vessels saw increased traded volumes in 2020, according to data released by the Baltic Exchange.Tanker Forward Freight Agreement (FFA) volumes were up 31% on the previous year, reaching 603…
The United States on Wednesday imposed sanctions on companies based in China and the United Arab Emirates, accusing them of supporting the sale of Iranian petrochemicals as Washington increases pressure on Tehran in the closing days of President Donald Trump's term…
Swedish tanker shipping company Concordia Maritime has named Martin Nerfeldt as the new CFO and member of Group management. He will replace the current CFO Ola Helgesson, who has decided to leave his position to take on new challenges.Nerfeldt…
Florida-based transportation and logistics firm SEACOR Holdings Inc announced Monday it has entered into a deal with private equity firm American Industrial Partners (AIP) to take the company private in an all-cash transaction valuing it at about $1 billion…
The U.S. Department of Energy on Thursday issued a rule to exclude environmental reviews for marine transport of liquefied natural gas (LNG), as the Trump administration unleashes last minute rules supporting the fossil fuel industry.The rule…
On Aug. 21, a tanker called the Otoman docked at the Jose oil terminal on Venezuela’s coast in the Caribbean to load 1.82 million barrels of heavy crude, according to the state oil company’s internal documents.Yet no tanker with that name is registered in major global shipping databases…
The number of oil tankers passing through the Suez Canal in October has declined sharply, down 27% for the month year-on-year amid persisting subdued demand for oil transport since the April crash in oil prices that fueled high demand for oil tankers…
Oil traders are scouting for newly built supertankers to store diesel for the next few months as they brace for lower demand in Europe amid renewed restrictions aimed at battling the COVID-19 pandemic, shipping and trade sources said.Trading companies…
Cargill, one of the world's biggest charterers of ships, is working with technology partners to fit sails on vessels in its fleet to cut carbon emissions through harnessing wind power, the U.S. agribusiness group said on Wednesday.About 90%…
Nicholas Georgiou has been promoted to Chief Executive Officer of ship owning and management business Lomar, its parent company the Libra Group announced. Georgiou has been Lomar’s Chief Operating Officer since 2010 and succeeds Achim Boehme…
The U.S. Army Corps of Engineers said on Wednesday that it may be able to clear enough debris from Hurricane Delta to open the Calcasieu Ship Channel in Louisiana to vessels drafting up to 30 feet (9.14 m) with restrictions by the end of the week…
The U.S. Army Corps of Engineers said on Tuesday it has identified three obstructions from Hurricane Delta that have to be removed before it can reopen the Calcasieu Ship Channel in Louisiana to deep draft vessels.The Army Corps, however, said…
Mexico's naval authorities on Tuesday ordered the closure of oil, cargo and passenger ports in the Gulf of Mexico and Caribbean ahead of Hurricane Delta, expected to sweep the Yucatan peninsula overnight.Ports shuttered to large ships included Dos Bocas in Tabasco and oil installations in Campeche…
Some of the world's biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry's carbon footprint.About 90% of world trade is transported by sea…