Pacific Carriers bullish on product tankers as it turns 50
Chief executive Hor Weng Yew explains how the dry bulk outfit made a successful debut in the MR2 sector
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August 2023
Steel Cut for Rizhao Port’s Two New Tugs
A steel cutting ceremony was held earlier this month for a pair of new tugs being built for Rizhao Port, Shandong Province, China.The two Robert Allan Ltd. designed RAmparts 3700 ASD tugs are being built at the facilities of Rizhao Gangda Shipbuilding …
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VLCC Market: More Flows Towards Europe From the Middle East
With the US market not able to fully service the European continent, more crude oil VLCC cargoes have started flowing out of the Middle East market. In its latest weekly report, shipbroker Gibson said that “in recent years we have seen a remarkable inc…
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Tankers: Saudi Arabia’s crude oil exports to all destinations are heading for significantly lower volumes in the summer
In the third week of August, downward pressure continues on the VLCC MEG route to China, while Saudi Arabia’s crude oil exports to all destinations are expected to decline significantly over the summer compared to the previous two years. As shown…
Latest data is ‘a wake-up call’ for shippers, as Xeneta argues now is the time to negotiate long-term rates
Xeneta believes long-term ocean freight rates may have started bottoming out after around a year of persistent, often dramatic monthly falls. The Oslo-based benchmarking and market analytics company says the latest General Rates Increases (GRIs) from c…