The Capesize market was hit by lower shipping activities due to European holidays and fewer iron ore cargoes coming out of western Australia.
Shipping industry organisations have condemned the attacks on two tankers on the Gulf of Oman on Thursday and expressed concern over the global economic impact of a threat to maritime traffic in the Straits of Hormuz.
Bimco has urged nations to co-operate and de-escalate tensions after two tankers were attacked in the Gulf of Oman this morning forcing their crew to abandon ship.
The Norwegian Maritime Authority (NMA) has raised the security level for vessels sailing in the Straits of Hormuz and advised ships to remain well clear of Iranian waters following an attack on two tankers in the Gulf of Oman this morning.
Kuwait Oil Tanker Co (KOTC) has renewed a three year deal with Lukoil Marine Lubricants covering its fleet of 24 vessels.
Russian firms Sovcomflot Group and Gazprom Neft Marine have joined hands to develop projects for LNG bunkering as part of their efforts to reduce emissions from ships.
Two Saudi oil tankers suffered “significant damage” in sabotage attacks on four commercial vessels in waters off the United Arab Emirates on Sunday.
US Energy policy, along with Donald Trump’s classic head-fakes, almost seems destined to confuse participants in the oil business, with obvious impacts on shipping which serves it.