India’s use of crude tankers to export diesel slows in May
NEW DELHI : Indian refiners’ use of crude oil vessels to ship refined fuels such as diesel to key European markets has diminished in May after volumes neared two-year high levels last month, trade
Russia reinsurer backs firms to get India marine insurance permit
NEW DELHI/MOSCOW : Russia’s state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks
EU tanker import tonne mile demand up 12% as ships avoid Red Sea area : BIMCO
LONDON : “In 2023, sanctions on Russian oil exports by the EU caused a major shift in tanker trades and a 10% increase in average sailing distances for EU tanker imports. Now, attacks on
Crude tanker newbuild contracting jumps 490% as VLCC orders gain pace : BIMCO
LONDON : “In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y, due to a rise in orders for very large crude carriers –
BIMCO : Tanker Market strengthens despite slowing oil demand growth
LONDON : Supply/demand balance For crude tankers, we forecast that the supply/demand balance will tighten further during both 2024 and 2025. Low fleet growth, along with increasing sailing distances, create the foundation for the
Chemfleet adds three ships to Berg energy efficiency upgrade after verifying 10% fuel savings
ISTANBUL : Specialized ship manager Chemfleet has confirmed that an in-service Berg Propulsion upgrade to control systems onboard the tanker YM Miranda has yielded fuel savings of around 10%. Trials following the installation of Berg MPC800M
Product tanker recycling drops 82% year-on-year to lowest on record
LONDON : “In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled
COSCO Shipping Energy invests $449M in methanol dual-fuel tankers
SHANGHAI : COSCO Shipping Energy Transportation, has recently finalized significant shipbuilding agreements, securing contracts for the construction of six new tankers valued at a total of $449 million. As informed, this move represents a