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The post Daily Infographic: In 2022, US crude oil exports increased to a new record appeared first on FreightWaves.
Most people know about large oil spills in the ocean such as the Exxon Valdez or Deepwater Horizon disasters, but smaller spills on land and in water occur every day. The reporting, response, cleanup and restoration processes have improved with technology and lessons learned.
But logistical challenges remain. Among them, experts have to decide when to halt cleanup efforts that may be doing more harm than good.
Companies must have contingency plans with oil spill response organizations (OSROs) in...
https://www.freightwaves.com/news/when-oil-is-spilled-what-happens-next
Container shipping is having its best year ever and dry bulk shipping its best since pre-financial crisis. Crude-tanker shipping is having its worst year since the 1980s.
Tanker executives speaking on conference calls and analysts writing in client notes continue to highlight the green shoots, yet earnings remain stubbornly and deeply in the red.
On Wednesday and Thursday, tanker owners reported huge losses for Q3 2021: Euronav (NYSE: EURN) lost $105.9 million, Teekay Tankers (NYSE: TNK) $52.1...
https://www.freightwaves.com/news/crude-tankers-still-bleeding-cash-stars-aligned-for-2022-recovery
The day before the surprise OPEC+ crude-production decision, Lars Barstad, interim CEO of tanker owner Frontline (NYSE: FRO), pointed to estimates that up to 1.5 million barrels per day (b/d) of output might return. If so, that could lead tanker markets “to tighten up quickly” and “be a trigger to sentiment … and give owners the gumption to say, ‘Rates are negative so I’m going to hold back.’”
Barstad was addressing the virtual Annual Capital Link International Shipping Forum, along with other...
https://www.freightwaves.com/news/opec-deal-shocker-will-prolong-crude-tanker-bloodletting
President Joe Biden’s revocation of the March 2019 permit enabling the construction of the Keystone XL pipeline will likely result in more crude-by-rail volumes, according to industry observers. But how much volumes will increase could largely depend on the price that heavy crude oil can fetch in the global market.
“The cancellation of the Keystone pipeline project was inevitable once the government changed. Despite its merits or drawbacks, it is now a deflated political football,” said Barry...
https://s29755.pcdn.co/news/what-keystone-pipeline-cancellation-means-for-crude-by-rail