Middle East & Africa

Freight rates for the tanker shipping market have dropped off relatively quickly last week following the prior week’s dramatic surge, amidst a market that has seen significant adjustments for a better balance in the supply-demand equation.

Qatar Petroleum has started the supply of very low sulphur fuel oil (VLSFO) at Ras Laffan Industrial City (RLIC) port, in anticipation of IMO 2020.

DP World chairman and ceo Sultan bin Sulayem made a stop in Panama, during his Latin American tour, to visit Panama’s president Laurentino Cortizo and survey the logistics opportunities of the country.

The dry bulk shipping market is “slowly and steadily” recovering from years of sluggish earnings for operators as the demand-supply equation is getting to a better balance.

The dry bulk shipping market is “slowly and steadily” recovering from years of sluggish earnings for operators as the demand-supply equation is getting to a better balance.

While it would be premature to call it a trend, the recent few incidences of vessel seizures have caught the world’s attention. But has the attention been riveted on the correct matter?

Freight rates of VLCCs have surged to a high of $300,000 a day in a market boosted by a quick succession of unrelated incidents, as the different events have reinforced each other to lead to the spike.

An IMO 2020 survey by Palau International Ship Registry (PISR) provides insight into the readiness of smaller owners for the sulphur cap with some 22% saying there is no way they can comply.

An Iranian tanker has been hit by twin explosions and is leaking oil according to reports.