At least 11 workers killed in Pakistan ship-breaking yard explosion
At least 11 labourers have died after an explosion at a ship-breaking yard in south-west Pakistan.
tanker
US Marshals detain Shell-charted tanker
US Marshals have detained a Shell-charted tanker.
Traders hoarding most oil since 2009 amass North Sea fleet
Oil traders increased the fleet of ships deployed in the North Sea to store crude, the latest sign of faltering demand that has triggered the biggest buildup of stockpiles at sea since 2009.
Six missing after freighter sinks in tanker collision in Singapore Strait
A vessel carrying 560 metric tons of bunker fuel sank after a collision with a chemical tanker in the Singapore Strait late Wednesday, the city-state’s Maritime and Port Authority or MPA said. Shipping traffic in the waterway remains undisrupted and there were no signs of any fuel leak, the MPA said in a statement on Thursday.
The tanker market is sending a big warning to oil bulls
Four months into oil’s rebound from a six-year low, the tanker market is sending a clear signal that the rally is under threat. A sudden surge in demand for supertankers drove benchmark charter rates 57 percent higher in the two weeks through May 20. OPEC will have almost half a billion barrels of oil in transit to buyers at the start of June, the most this year, while analysts say about 20 million barrels is being stored on ships in another indication the glut has yet to dissipate. The Organization of Petroleum Exporting Countries is pumping the most oil in more than two years, determined to defend market share rather than prices.
Tanker with stranded Kurd oil goes back to Gibraltar from US
An oil tanker that hauled 1 million barrels of Kurdish crude to the US six months ago didn’t unload its cargo and is now making a return trip across the Atlantic Ocean with the shipment still on board. The United Kalavryta is heading to Gibraltar, the British territory on the southern tip of Spain, Kyriakos Maragoudakis, operations manager at Piraeus, Greece-based Marine Management Services M.C., the ship’s operator, said.
Oil glut leads to surge in oil companies booking supertankers
Oil companies including Shell have booked supertankers to store crude at sea. Other firms, including Vitol and Trafigura, have acquired crude tankers for up to 12 months. According to reports, freight brokers said the increase in long-term bookings was “unusual” and could be used to store excess crude at sea until prices rebound.
Libyan jets bomb Greek tanker ship
Fighter jets dispatched by Libya’s internationally recognised government bombed a Greek-owned tanker ship at an eastern city controlled by Islamist extremists, killing two crew members and wounding two, Libyan and Greek officials said. The bombing highlights the chaos that has gripped Libya since its 2011 civil war that deposed and killed dictator Muammar Gaddafi. Libyan officials apologised for the bombing as the Greek foreign ministry demanded compensation for the victims’ families and punishment for those behind the attack.