World News

Wärtsilä Lays Off 600, Restructures Ship Power Business in Face of "Sluggish" Market

Wärtsilä announced that it has renamed its Ship Power business to Marine Solutions, and will eliminate 600 jobs, 160 of which are in Finland.

20 Jul 2015

Platts Buys Bunkerworld Publisher Petromedia

Platts says the purchase will help extend its coverage beyond traditional marine fuels and market fundamentals.

17 Jul 2015

Irish Navy to Begin Commercialising Fuel Saving Kite Technology

The system has been in development since 2012.

17 Jul 2015

2 Million Barrels of Iranian Oil Heading to Singapore in First Move Since Sanctions Deal

NITC's 318,000 DWT, 2012 Chinese built tanker Starla is currently in the Gulf of Oman and has an ETA in Singapore of July 28, 2015.

17 Jul 2015

Cruise Ship Opts for Water-Lubricated Propeller Shaft System

Thordon Bearings' seawater-lubricated propeller shaft system will be installed on the first of two new cruise ships being built for MSC Cruises.

17 Jul 2015

Mixed Movements for Crude Futures

The ICE market firmed $0.46 cents, WTI futures for August delivery fell $0.50 cents.

16 Jul 2015

Weekly Vessel Scrapping Report: 2015 Week 28

Have you sold bunkers to a recently scrapped vessel? Check here with VesselsValue.com's demolition sales from July 9 - 15, 2015.

16 Jul 2015

Maersk Line Aims for Asia-Europe Freight Rate Rise

Rate increases also come for all Far East Asia to East Coast South America and North East Asia to Australia routes.

16 Jul 2015

New York, Singapore Courts Disagree on Validity of Interpleader Applications Following OW Bunker Bankruptcy

The decisions further confuse the issue of who has maritime lien.

16 Jul 2015

Industry Insight: A History of Carbon War Room's Involvement in the Shipping Industry

"Early retrofitters will be rewarded, and will reinforce, the two-tier market between efficient and inefficient vessels," writes CWR's Helen Marks.

16 Jul 2015

Crude Futures Swing into the Red

Bunkers were softer in the primary ports today.

15 Jul 2015

Narrowing Singapore Arbitrage Spread With Rotterdam Sees 500 cSt Discount to 380 Widen to 23-Week Low

Good avails, low demand, and a high level of competition were also cited as reasons behind the slide.

15 Jul 2015

Low Bunker Consuption Wärtsilä Engine to Power 20,600 TEU Capacity CMA CGM Mega-Ship

Wärtsilä says the engine features low fuel consumption across the entire operating range, thanks to the application of common rail technology.

15 Jul 2015

Scorpio Tankers Adds Two More to Newbuild Order List

Scorpio Tankers says it has entered into separate agreements to purchase an MR product tanker, and an LR2 product tanker.

15 Jul 2015

Asia-Europe Spot Rates Fall 20% After Two-Week Upswing

Spot rates on the Asia-Europe and Mediterranean routes have begun their predicted slide due to weak demand and over-capacity.

15 Jul 2015

Crude Futures Firm Despite Soft Start and Iran Deal

Many speculators were expecting the market to decline heavily, when the opposite occurred.

14 Jul 2015

Endofa Hires Peter Grunwaldt to Head Commercial Trading Department

"My experience and network within buying, selling and trading of bunkers, will assist in expanding the Endofa brand worldwide," says Grunwaldt.

14 Jul 2015

Prepare for $30 Oil, Says Analyst, as Iran Strikes Deal Over Nuclear Sanctions

$30 would mean bunker buyers could reasonably expect IFO380 prices to fall as low as $158 pmt.

14 Jul 2015

New Tonnage Set for Far East-South America Routes Could Trigger New Box Rate War

Significant capacity to be introduced in July to the Far East-South America container shipping routes is expected to spark a new rate war.

14 Jul 2015

Standard Club Sees Increase in MARPOL Violations

The Standard Club says the increase is mostly under Annex I.

14 Jul 2015