Economy

Global Price Boom Bunker fuel prices saw significant increases at numerous ports on Monday, causing the average global Very Low Sulfur Fuel Oil (VLSFO) prices to skyrocket to their highest point in nearly two months. The G20-VLSFO Index, which monitors prices across 20 major bunkering ports, experienced a $9.50/mt hike, settling at $611/mt on Monday. […]

A Green Tidal Wave: The Rise of Carbon Pricing in Shipping As global consensus grows on the need for carbon pricing on emissions as part of measures to decarbonize the commercial shipping industry, the focus is now shifting to how the massive resources generated can be utilized. The World Bank released a detailed report indicating

Fujairah’s Flickering Flame of Hope Fujairah, the Middle Eastern marine fuels hub and third-largest global provider, witnessed a four-month sales high in May. This surge offers a glimmer of hope amidst a backdrop of significantly reduced sales compared to last year. Total sales, excluding lubricants, reached 620,388 m3, data from Fujairah Oil Industry Zone and

Record sales in Singapore In May, Singapore, the world’s largest marine fuel hub, experienced a significant increase in monthly sales as vessel arrivals soared due to strong container throughput. Data indicates that sales reached their highest level in more than five years, making Singapore a key barometer for gauging sentiment at one of the world’s

The Dividend Reveal In a bold move, GC Rieber Shipping, a Norwegian company, has announced its intention to distribute its 8.5% stake in Shearwater Geoservices, an offshore seismic firm, to its investors. The proposed extraordinary dividend distribution comprises 5 million shares. To implement this plan, GC Rieber will distribute one share in Shearwater for every

Market Pressure In the face of weak export data from China, rising U.S. inventory builds, and the overarching economic malaise, crude prices have resumed a downward spiral, contributing to a second consecutive weekly decline. UBS analyst, Giovanni Staunovo, noted that long investors are likely to stay on the sidelines until larger oil inventory reductions materialize.

The Great Container Conundrum As retailers prepare for their busiest season, concerns are rising as import volumes are expected to remain significantly lower than in previous years. Container shipment levels have reverted to pre-pandemic values and are likely to stay at these levels, creating uncertainty for the retail industry. The National Retail Federation (NRF) stated

A Golden Opportunity for Africa’s Oil Industry Western sanctions on Russian oil exports due to the ongoing conflict in Ukraine have led to an unexpected silver lining for Africa’s oil industry. Stewart Maxwell, Technical Director at Aquaterra Energy, recently spoke with Offshore Africa, highlighting that the growing global energy demand puts Africa’s energy resources in

Surging Seaborne Oil Exports Russia’s seaborne oil exports reached a four-year milestone in May, hitting 2.4 million barrels per day from ports like Primorsk, Ust-Luga, and Novorossiisk. Leading to this surge was the domestic refineries’ maintenance season, which allowed for extra barrels, according to Refinitiv Eikon data. This growth has been consistent for the past

The Resurgence of the Cargo Shipping Industry The global cargo shipping market, which entails transporting goods and products using cargo ships, has experienced significant growth in recent years. Expected to grow at around 5% during the forecast period, this highly competitive industry boasts a mix of major multinational corporations and smaller local players. Factors such