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Price of Russian oil passes cap

The price of Russian crude has gone past the west’s price cap of $60 a barrel, set by the Group of Seven nations, and Russian revenue from oil exports has risen to an eight-month high, according to the International Energy…

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Prices for older VLCCs falling fast

For older VLCCs, prices are falling fast. The latest rusty tanker deal filling up broking reports is a sale by South Korea’s SK Shipping which has offloaded the 19-year-old, 314,000 dwt, Samsung-built C.Champion for $37.8m. The ship has been under…

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Russia issues military threat to commercial shipping

Russia has warned that from today ships travelling to Ukraine’s Black Sea ports will be considered potential military targets, as Kyiv said it would set up a temporary shipping route to continue grain exports following Moscow’s withdrawal from a deal that permitted…

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IMO declaration – “a more ambitious decarbonization strategy”

Norway-based marine insurer and Group Club Gard has said that the recent unanimously-agreed International Maritime Organization (IMO) declaration of the ambition to reach net-zero GHG emissions from international shipping “close to 2050” would have implications for shippers because over the…

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Black Sea Grain deal is “suspended”

To the surprise of hardly anyone, Russia has announced the suspension of the Black Sea Grain initiative. Moscow released a statement hours before the agreement was due to expire. Had there been any doubt about its ending, that was dispelled…

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