Talk about inconvenient timing. Just as Saudi Arabia is about to switch the way it prices its oil exports, the new benchmark throws a spanner in the works by surging inexplicably. Oman crude futures traded on the Dubai Mercantile Exchange (DME) rushed to their highest level in four years last week,...
https://www.hellenicshippingnews.com/oman-crude-surges-at-just-the-wrong-time-for-saudi-arabia/
OPEC producers and President Donald Trump are both embracing a “show me” attitude to energy market uncertainty, analysts told CNBC, as traders speculate about the possibility of $100 a barrel before year-end. “The market and certainly the U.S. president is saying to OPEC and Saudi Arabia: ‘Show me...
As U.S. sanctions on Iran have forced some countries to stop importing oil from Iran, crude oil prices have inevitably risen. The U.S. started down this path earlier this year when President Trump announced the withdrawal from the Obama-era Iran nuclear agreement. Some sanctions went into effect in...
https://www.hellenicshippingnews.com/high-oil-prices-dont-constitute-an-emergency/
Since the middle of 2014 the price of a barrel of crude oil dropped from about $115 to less than $30, and thousands of jobs have been lost from the North Sea Oil & Gas industry alone.[i] These statistics are just a small indication of the devastating impact the global downturn has had on the …
https://www.hellenicshippingnews.com/staying-competitive-in-the-offshore-industry-the-bid-process/
The tanker market is readjusting to the Iranian sanctions and the Chinese Holidays already underway. In its latest weekly report, shipbroker Charles R. Weber said that “VLCC rates were strengthening this week and are poised for more substantial gains in the coming week on the back of strong draws...
https://www.hellenicshippingnews.com/vlcc-market-is-on-the-mend-for-now-at-least/
The IMO treaty countering the threat to marine ecosystems by potentially invasive species transported in ships’ ballast water entered into force globally in September 2017. One year on, the number of ratifying States stands at 77, representing just over 77% of world gross tonnage, and the issue of...
https://www.hellenicshippingnews.com/focus-on-ballast-water-management-implementation/
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ time has been well publicised. Concerns about the cost of complying with this low sulphur cap and whether there will be sufficient availability of low sulphur fuel oil (LSFO) have also...
Mexico may finally buy U.S. crude oil for the first time ever. After three years of announcements, negotiations, and potential deals, Petroleos Mexicanos is seeking to buy a trial cargo of 350,000 barrels for its refineries in October. The much-anticipated deal has been in the making since 2015,...
https://www.hellenicshippingnews.com/after-three-years-of-talking-mexico-may-finally-buy-u-s-crude/
As mentioned in Company Announcement 07/2018 there was a risk that the Company may breach certain of its loan covenants as at 30 September 2018. Below please find the relevant quote from the Company Announcement 07/2018. “In view of the expected continued low TCE rates and depressed vessel values,...
The Norwegian capital markets have been and continue to be attractive and a widely used sources of equity and debt funding for shipping and offshore companies from around the globe. This is to a large extent due to the high industry knowledge among the participants in the market and their ability...
https://www.hellenicshippingnews.com/green-funding-for-shipping-in-the-norwegian-capital-markets/