Manila: Philippine-based fuel retailer Phoenix Petroleum Philippines, Inc. will acquire 100% of Chelsea Shipping Corp for PHP1.5bn ($35.8m).
Tokyo: In a stereotypical example of national traits, Japan’s Cabinet has approved a bill to provide sovereign insurance for Iranian oil import shipments, decisively ensuring continued flow.
Hong Kong: Titan Petrochemicals unit Sino Venus is cutting short five bareboat charters from Oceanic Shipping with effect from 1 June 2012.
In this week’s issue -
As tanker owners struggle with soaring bunker costs and rates that do not even represent breakeven Intertanko is set to roll out a fuel optimisation tool to its members.