Last week, Donald Trump attacked the Organization of Petroleum Exporting Countries (OPEC) in yet another extension of what has become a semi-regular war of words over oil prices. Rather than engaging Trump in a twitter battle, the Saudi oil minister, Khalid al-Falih, responded from Algeria on...
https://www.hellenicshippingnews.com/saudi-arabia-and-russia-fire-back-at-trump-on-oil-prices/
The Marshall Islands, an atoll-nation vulnerable to sea level rise from climate change, announced steps towards an ambitious plan to cut its greenhouse emissions to zero by 2050. The Pacific country became the first small island nation to present such a strategy to the United Nations amid...
Iran’s Ministry of Petroleum confirmed on Sunday that South Korea has halted oil imports from the Islamic republic. “It it for three successive months that South Korea has not imported oil from Iran,” public relations of the ministry announced. “South Korea was the first country to halt Iran’s oil...
https://www.hellenicshippingnews.com/iran-confirms-s-koreas-halt-of-oil-imports/
The U.S. State Department said on Saturday that Washington would not wait to impose sanctions on any shippers helping to get fuel to North Korea, in an apparent warning to Russia days after the U.S. ambassador to the United Nations accused Moscow of cheating on the measures. North Korea continues...
The price of Brent oil climbed past $80 a barrel Monday, leaving the international crude benchmark on course to its highest close in almost four years as OPEC and its allies keep their production in check. Brent’s move comes as some analysts believe OPEC and its allies will struggle to make up for...
https://www.hellenicshippingnews.com/brent-crude-breaks-above-80-r/
Despite the fact that ship owners appeared to be pushing for higher VLCC rates over the course of the past week, a rebound in freight rates wasn’t able to be materialized, as a result of abundant tonnage availability. In its latest weekly report, shipbroker Charles R. Weber said that “VLCC rates...
There is rising concern about whether China will use its commercial acquisitions of overseas ports for military purposes, under its drive to put civilian technology and resources to military use. Under its trillion-dollar “Belt and Road Initiative” – a blueprint announced in 2013 to boost trade and...
https://www.hellenicshippingnews.com/why-china-buying-up-ports-is-worrying-europe/
OPEC is dying. President Donald Trump will probably rejoice. But he may not like what takes its place any better. For a while, in its youth, the group burned so very bright, helping members wrest control over their oil industries and stand up to foreign producers — and their governments. But now,...
https://www.hellenicshippingnews.com/opec-like-a-dying-star-is-about-to-go-supernova/
Ship recycling yards approved by the EU will have enough capacity to handle demand from EU-flagged ships that need to be scrapped, a new analysis shows. The shipping industry wants low-cost ship ‘breaking’ yards outside the EU – with dangerous working conditions and poor environmental standards –...
Iranian oil tankers are actively hiding their movements in the Persian Gulf, likely trying to evade impending U.S. sanctions that are already killing business in the petrostate, according to TankerTrackers.com, which tracks international oil storage and transport. U.S. sanctions on Iran are...