Tanker rate boost from pipeline cyberattack could be fleeting

product tanker

Bad news — accidents, war, extreme weather — is generally good news for commodity shipping. Case in point: Product tanker stocks, rates and futures jumped Monday in the wake of the cyberattack that shut down the Colonial Pipeline.

The pipeline, which has the capacity to carry 2.5 million barrels per day of refined products from the U.S. Gulf to the East Coast, was shut by a ransomware attack on Friday.

The best-case scenario for product tankers is an extended outage. A lengthy shutdown would...

https://s29755.pcdn.co/news/tanker-rate-boost-from-pipeline-cyberattack-could-be-fleeting

Ransomware gang blamed for Colonial Pipeline attack expresses regret

Storage tanks from the Colonial Pipeline system

The FBI said on Monday that the DarkSide ransomware gang was responsible for the cyberattack that led to the shutdown of Colonial Pipeline.

The FBI shed any new light on its investigation into the attack, saying in a statement, “We continue to work with the company and our government partners on the investigation.”

It came after the hacking group itself issued a statement suggesting that the cybercriminals may be feeling a tinge of regret over the massive disruption to the U.S. gas and diesel...

https://www.freightwaves.com/news/ransomware-gang-blamed-for-colonial-pipeline-attack-expresses-regret

Colonial Pipeline pointing to week’s end for resumption of operations

Colonial Pipeline, which carries fuel from the Gulf Coast region to the mid-Atlantic and Northeast, is now targeted to be back online by the end of the week.

In a statement released midday Monday, the company, which shut the line following a cyberattack, said it had a goal of “substantially restoring operational service by the end of the week.” The statement was conditional, noting that the process required “diligent remediation of our systems, and this takes time.”

“This plan is based on a...

https://s29755.pcdn.co/news/colonial-pipeline-pointing-to-weeks-end-for-resumption-of-operations