Russian Urals prices in the Mediterranean held close to a 14-month low on Wednesday due to very weak refining margins in the region and cheaper alternative grades. Vitol offered a 140,000 tonne cargo from Novorossiisk for loading May 24-28 at dated Brent minus $1…
Argentine oil company Pluspetrol and its partners at blocks 88 and 56 at the Camisea field in Peru are offering to sell two 300,000 barrel naphtha cargoes for delivery from June 6 to July 5 at Pisco, according to an invitation seen by Reuters on Monday…
Israel Corp shareholders are set to vote on a $3 billion restructuring plan by the conglomerate's shipping offshoot Zim, first set out in January and which has now received a key government go-ahead. An Israel Corp spokesman said shareholders of the group…
The Great Lakes shipping industry is calling on Congress to quickly pass the Water Resources Reform and Development Act (WRRDA) approved by the House/Senate conference committee. The bill contains provisions that will significantly reduce the…
AWO President & CEO Tom Allegretti issued a statement on behalf of U.S. tugboat, towboat and barge operators praising House and Senate leaders for their work in forging “critically needed” waterways infrastructure legislation and urged Congress…
London P&I Club’s result for the 2013/2014 financial year produced an overall surplus of $6.6 million, increasing the free reserve to $160.6 million.There was an increase in P&I claims costs within the club’s retained layers in the financial year…
The TT Club announced its financial results for the year ended December 31, 2014, maintaining its A- (Excellent) rating by agency AM Best for the eight consecutive year.Highlights: $186.3 million gross written premiums $12 million surplus Total assets of $641…
Waterways Council, Inc. (WCI) says it praises the final conference agreement for the Water Resources Reform Development Act (WRRDA) of 2014, which contains four major recommendations of the Capital Development Plan (CDP), and urged passage of a final bill…
Office of Congressional and Public Affairs Maritime Administration draws attention to a new video in which Vice-President Joe Biden explains in 90 seconds why the country needs to invest in its ports.The video is at: http://1.usa.gov/1lbkE99
Wellsite Rental Services Appoints FaucheauxWellsite Rental Services has appointed Blair Faucheaux as controller.Faucheaux’s responsibilities include the management of all financial matters and support to the management and ownership teams…
Nigerian oil services firm Caverton plans to start the process of raising fresh equity by the fourth quarter after its $197 million stock market listing next Tuesday, the company's chief executive told Reuters on Thursday. Caverton, which…
Specialist professional indemnity insurer International Transport Intermediaries Club (ITIC) says that, in today’s highly competitive industry, ship agents and other shipping and transport intermediaries run the risk of being sued even when they are not at fault…
An EPC contract for a production unit can easily exceed $1 billion – and $3 billion for an FPSO has recently been breached. Overall, this is a $20 to $30 billion annual market. But, as described below, the sector is hitting some headwinds that could impact future business opportunities…
Aberdeen Harbor has reported its results for 2013, with vessel tonnage exceeding 28 million metric tons for the second year in succession, and nearly 4.9 million metric tons of cargo crossing the quayside.Strong activity across the Harbor’s…
Shipowners have been warned they could face being saddled with ‘negative equity’ in the insurance aftermath of disasters at sea, according to Keith Jones the outgoing chairman of the Association of Average Adjusters (AAA) at its London AGM, reports UK shipping trade association Maritime London…
