Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said.
Adani Ports and Special Economic Zone Ltd (APSEZ), India’s biggest private port operating firm, will begin a feasibility study into building a greenfield multi-purpose port mainly for handling containers at Carey Island in Malaysia’s Selangor state, about 50 km southwest of the capital, Kuala Lumpur.
As the growth potential for global trade appears to be limited for the time being, ship owners should continue to look to trim further tonnage supply, in order to avoid a new crisis in the freight market. In its latest weekly analysis, shipbroker Allied Shipbroking said that “with focus being turned on the G7 meeting taking place in Italy this week and part of W-O-W change the main agenda to be discussed being the openness of trade and a hold on the growing trend towards protectionism, the prospects of global growth and its reliance on the openness of international trade are once again on the defense. Global growth has been moving at a sluggish pace for several years now and despite the optimism prevailing the commodities’ trade these past twelve months, it still seems as though there just isn’t enough drive to really getting things moving on a higher gear”.
Wilson Sons Limited (BM&FBovespa: WSON33) announces to its shareholders that the shipyard subsidiary Wilson Sons Estaleiros Ltda, has signed a contract to construct two azimuth tugboats for Saam Smit Towage do Brasil S.A. (“Saam Smit”), to be delivered within twenty months of payment of the first instalment of each vessel.
New train route from UK to China will be cheaper than air and faster than shipping
The world’s bunker industry is making progress in inching toward meeting the International Maritime Organization (IMO) global sulfur cap target by 2020, but with less than three years to go, achieving the target in its entirety still looks like a tough climb.
Nakilat is participating in the Gastech 2017 Conference and Exhibition taking place in Tokyo, Japan from 4 to 7 April 2017. Deemed as one of the most highly anticipated gas industry events, Gastech receives more than 25,000 visitors and features over 600 international exhibitors from over 70 countries worldwide.
Iraq is on track for what may be the country’s highest monthly crude exports even as the Middle East nation supports moves to extend Opec-led production cuts aimed at trimming bloated global inventories.
The National Inland Waterways Authority (NIWA) says militancy and sea piracy slow down marine transportation on the dredged 572km stretch of the lower River Niger.
German container shipping firm Hapag-Lloyd said it should achieve higher earnings this year, based on expectations for a moderate increase in freight rates and cost savings. “The outlook is fairly positive,” Chief Executive Rolf Habben Jansen said in a video interview on the company’s website. “Supply and demand are getting closer and closer together.”
Global crude differentials have narrowed and higher crude oil volumes are moving from west to east. S&P Global Platts trade flow tool cFlow shows that in April alone, China likely saw the arrival of at least six VLCCs and four Suez-max vessels transporting North American crude. In this video, S&P Global Platts senior analyst Yen Ling Song examines China’s appetite for US crude and how this might affect the flow of supply from Russia.
Pakistan’s strategic Gwadar Port, being developed by China under a $50 billion initiative, will have a unique place in Beijing’s ambitious plan to link itself to the Middle Eastern market and expand its economic influence in the region, according to a top Chinese diplomat.
The U.S. maritime regulator has rejected an application by Japan’s three biggest shipping companies to operate as a merged company while their transaction is still being finalized back home.
Two sector leaders experienced a poor start to the trading week despite the shipping industry seeing an improvement over the last 12 months.
Diana Shipping, a dry bulk shipping service provider, and DryShips, a cargo vessel owner, saw their shares drop considerably during Monday trading with DryShips hitting a brand new 52-week low.