The UK currently imposes sanctions via the powers contained in the European Communities Act 1972. This Act provides for the incorporation of all European Community law, and its Treaties, Regulations and Directives into UK law. This is, however, due to change as a result of the European Union...
https://www.hellenicshippingnews.com/uk-sanctions-post-brexit/
Scorpio Bulkers Inc. announced that the Company has received a commitment from Nordea Bank Abp, acting through its New York branch, and DVB Bank SE for a loan facility of up to $90.0 million. The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk …
Vroon Group has completed the sale of MPI Offshore to Van Oord. Van Oord has acquired the MPI office organisation in Stokesley (UK), the vessels MPI Adventure and MPI Resolution, and associated crew. A total of hundred people, both office staff and crew, will be joining the Van Oord UK...
https://www.hellenicshippingnews.com/vroon-sells-mpi-offshore-to-van-oord-2/
Oil product stocks in the Middle Eastern hub of Fujairah surged 17% on the week to 19.272 million barrels in the week to Monday, according to the Fujairah Energy Data Committee. The biggest rise was in light distillate stocks, which rose 26.1% to a three-month high of 7.432 million barrels. “Steady...
Nineteen months. That is how long the world’s oil and shipping markets have left to adjust to the International Maritime Organisation’s (IMO) ruling to reduce the sulphur cap from 3.5% to 0.5% at the start of 2020. The change will be immense for the shipping, refining and trading industry but could...
GC Rieber Shipping has entered into a time charter agreement with a Tier 1 client for the offshore construction vessel Polar Queen. The charter holds two firm periods, one period of 45 days plus options with commencement of operations shortly, and one period of 50 days with commencement in February...
https://www.hellenicshippingnews.com/gc-rieber-shipping-new-charter-agreement-for-the-polar-queen/
Less than two years since it began helping tug and barge operator Ivy Marine become one of the first companies to achieve compliance with new Subchapter M rules, Alabama-based Tug and Barge Solutions (TBS) announced today that more than 100 vessels now use the company’s Towing Safety Management...
Shipments of West African oil to Asia are set to hit a two-month high in October as Chinese refineries scramble for alternatives to Iranian crude before U.S. sanctions take effect on Nov. 4. Loadings for Asia will rise to 2.52 million barrels per day (bpd) in October, equivalent to 75 percent of...
Globally there are far too many ports competing for the same clients and not earning enough revenue to cover the infrastructure demands of ever-larger ships, writes Ben Hackett. This excess in port capacity has caused cargo handling rates to be flat or even decline. Too much carrier capacity in the...
https://www.hellenicshippingnews.com/capacity-excess-cargo-deficit/
ABP’s Port of Hull continues to boom as it welcomes yet another new container service. The latest service will connect Hull with Antwerp, Belgium’s largest port. Global logistics company, Samskip, has opened up the twice-weekly route which will officially arrive at the Port of Hull for the first...