Archive

Panama Canal Gets A Rating from Fitch for 4th Year in a Row

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August 19, 2019 Fitch Ratings has once again affirmed the Panama Canal’s ‘A’ investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes. The credit rating agency noted that the Panama Canal is “an underlying asset that is critical not only for Panama, but for international commerce, as […]

Malaysia Moves Ahead with Bunker Island Development Project

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August 16, 2019 Malaysia’s Johor Port Authority has signed an agreement with special purpose entity Smart Crest to build a MYR 2 billion (USD 477 million) oil storage and ship refueling site off the country’s South-West coast. The “Bunker Island Development” project will include the construction of two jetties and seven berths with a storage […]

Gibraltar Releases Seized Iranian Tanker Grace 1

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August 16, 2019 Authorities in Gibraltar have released the supertanker Grace 1, seized in early July on suspicion that it was in breach of EU sanctions. The officials have revoked the vessel’s earlier specified detention with effect from August 15. The tanker, that was transporting cargo of 2.1m barrels of Iranian crude oil to Baniyas […]

US Seeks to Block Release of Grace 1 in Gibraltar

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August 15, 2019 The U.S. Department of Justice has applied to seize the tanker Grace 1, carrying Iranian oil, in Gibraltar, according to the Gibraltar Chronicle. Namely, the authorities have made a last-minute application to block the release of the tanker, that was seized in waters off Gibraltar by the UK in early July under suspicion of […]

Australia On Track to Become World’s Largest LNG Exporter

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August 14, 2019 Australia could soon surpass Qatar as the world’s largest liquefied natural gas (LNG) exporter, according to Australia’s Department of Industry, Innovation, and Science (DIIS). Australia already surpasses Qatar in LNG export capacity and exported more LNG than Qatar in November 2018 and April 2019. Within the next year, as Australia’s newly commissioned […]

Oman, Hormuz Straits Designated as Extended Risk Zone

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August 13, 2019 Following the incidents in the Gulf of Oman, and specifically the Strait of Hormuz, over the past 12 weeks, the International Bargaining Forum (IBF) has designated the Straits as a Temporary Extended Risk Zone. This means that seafarers who are subject to an attack in the zone, are entitled to a bonus […]

ACI Europe: Freight takes the brunt of slowdown

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August 8, 2019 European airports have had a difficult start to 2019, with the freight sector feeling the brunt of the slowdown, according to Airports Council International (ACI) Europe. In the first half of 2019, freight traffic fell by 3.5% compared to 3.3% growth in the same period of 2018, and the outlook is not […]

Poor Freight Rates Hurt Euronav Earnings in Q2

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August 8, 2019 Belgium-based shipping company Euronav ended the second quarter of this year with a net loss, driven by a longer than expected freight rate weakness. The company suffered a net loss of USD 38.5 million in Q2 2019, compared to a profit of USD 19.5 million seen in Q1 2019. Revenues amounted to USD 169.3 […]

Iran to Deny UK Ships Passage through Strait of Hormuz?

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August 8, 2019 Iran has warned that shipping might not be safe in the Strait of Hormuz oil waterway. In an August 6, 2019 address to senior Iranian Foreign Ministry officials, Iran’s President, Hassan Rouhani, said that peace with Iran is the “mother of all peace” and that war with Iran is the “mother of […]

Freight forwarders use air cargo derivatives against low season turbulence

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August 6, 2019 Leading freight forwarders have moved into derivatives trading this summer to combat the turbulent air freight spot market. Since the launch of the Air Freight Forward Agreement (AFFA) market this summer by UK-based Freight Investor Services (FIS), several leading players have used futures to hedge their forward exposure to future price movements. […]