“Terrible accidents” could be caused at sea if shipping crew changes continue to be blocked by coronavirus restrictions.
International maritime regulations require seafarers to leave their ships every month to protect their health, safety and welfare.
Due to...
Maersk Tankers has downgraded it fleet by selling MR1 tanker Ribe Maersk.
It has been sold for $8m to an Indonesian buyer Waruna.
It follows the sale of 15 vessels last year.
Maersk Tankers brought in eight vessels...
Mexico’s Pemex has too much gasoline and nowhere to store it.
It has racked up significant ship fees as demand wanes because of coronavirus.
3 million barrels of refined products are sitting in tankers off of Mexico’s coast.
...
Current contango in oil markets with futures prices much greater than spot.
Tanker time charter rates have increased to near record levels.
Limited storage could force producers and traders to store crude oil on ships.
RockieK, for Seeking Alpha, discusses...
In an article published in Ship Insight, Malcolm Latarche writes that it will be difficult to ascertain a full picture of how well the international shipping industry is complying with the new sulphur 2020 environmental legislation and judge the...
US oil prices crashed Monday to a record low as the market continues to be roiled by an epic collapse in demand caused by the coronavirus pandemic, reports CNN.
Global stocks are mixed as investors brace for more companies to...
Hana Schank and Tara McGuinness, write for the Fast Company about the CARES Act, the relief measures the US has taken and the impending problems that arise in the wake of implementation of the Act.
The CARES Act in short...
Economies in Asia will see zero growth this year for the first time in 60 years.
Global economy will face the "worst recession since the Great Depression".
China's expected growth figure is a significant fall from the 6%...
The Baltic Briefing has issued the tanker report for the 16th week of this year. The report dated 17th April 2020 provides a valuable insight into this week's tanker market dealings, freight rates, and charter activities.
VLCC
Activity in the Middle...
According to a BBC report by BBC Business Reporter, Szu Ping Chan, the International Monetary Fund has said that the global economy will contract by 3% this year as countries around the world shrink at the fastest pace in...
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