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…
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…
President Volodymyr Zelenskiy has held urgent discussions with his Turkish counterpart as well as the head of NATO over the weekend, desperately trying to find a way to get exports back on track out of Black Sea ports following a…
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…
After the Russian Government didn’t extend the Black Sea Grain Initiative, the deal expired yesterday. As a result, ship insurers are considering suspending coverage for any ships prepared to sail to Ukraine. The Black Sea Grain Initiative ensured a safe…
Dean Crossley Loss Prevention Manager at West P&I, reports that The Indian Directorate General of Shipping (DGS) has issued a new order, DGS Order No. 09 of 2023, reiterating the ban on using Thuraya, Iridium, and other similar satellites in…
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…
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…
An IMO draft seen by Bloomberg but not yet finalized would see a non-binding target of net zero emissions by 2050 adopted by the IMO, bringing it nearer to alignment with the 2015 Paris agreement. The draft text seen by…
Standard & Poor’s has given Norwegian Hull Club a glowing report and has confirmed its ’A’ rating, with a stable outlook. In its latest report, issued on June 29th, S&P noted the Club’s “recent exceptional underwriting performance with improved conditions…
