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Guangzhou has formally launched a new state-owned maritime industrial group as the southern Chinese shipbuilding hub looks to expand its manufacturing capacity and bring more of the industry’s supply chain under local ownership. Guangzhou Marine Equipment Group, established with registered capital of RMB2bn ($300m), has begun operations following an unveiling ceremony this week. The company …
https://splash247.com/china-adds-new-state-owned-shipbuilding-player-in-guangzhou/
https://splash247.com/china-adds-new-state-owned-shipbuilding-player-in-guangzhou/London-listed Tufton Assets has secured higher-paying employment across its tanker and dry bulk fleet, with two MR product tankers extended for another year and further charter renewals in the pipeline. The charterer of the 2016-built Catherine Grace and Madelyn Grace exercised options in October to extend both vessels’ employment by 12 months at rates above …
https://splash247.com/tufton-rides-stronger-markets-with-fresh-tanker-and-bulker-deals/
https://splash247.com/tufton-rides-stronger-markets-with-fresh-tanker-and-bulker-deals/The global shipbuilding boom is gathering pace, with orderbooks surpassing their previous 2008 peak, Chinese yards tightening their grip on the market and tanker owners increasingly turning to inexperienced builders to secure delivery slots. New figures from BIMCO put the global orderbook at 203.2m compensated gross tonnes (cgt) at the start of September, up 13% …
https://splash247.com/global-shipbuilding-boom-moves-into-overdrive/
https://splash247.com/global-shipbuilding-boom-moves-into-overdrive/China has emerged as a major player in the global green shipping corridor movement, with at least 21 initiatives linked to the country, although most remain in their early stages and only one has progressed towards commercial operation, according to a new report from the Global Maritime Forum. The study, released during the organisation’s annual …
https://splash247.com/chinas-green-corridor-push-hits-commercial-reality-check/
https://splash247.com/chinas-green-corridor-push-hits-commercial-reality-check/Iran's Islamic Revolutionary Guard Corps Navy said on Thursday that four vessels involved in illegal oil transfers in the northern Persian Gulf were simultaneously hit and caught fire after being tracked by its forces on Wednesday.The IRGC added that three more vessels collided with mines west of th
https://www.marinelink.com/news/seven-ships-hit-near-hormuz-iran-warns-us-543834
https://www.marinelink.com/news/seven-ships-hit-near-hormuz-iran-warns-us-543834Oil prices rallied over $2 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to crude supplies from the world's key exporting region.Brent crude futures LCOc1 climbed$2.82…
https://www.marinelink.com/news/oil-prices-surge-attacks-saudi-arabia-543835
https://www.marinelink.com/news/oil-prices-surge-attacks-saudi-arabia-543835Egypt's Foreign Ministry on Wednesday rejected the maritime boundaries deal that Libya's eastern parliament ratified with Turkey, saying in a statement that the ratification will have no legal impact on Cairo.The deal approved on Tuesday is…
https://www.marinelink.com/news/egypt-rejects-libyan-maritime-boundary-543824
https://www.marinelink.com/news/egypt-rejects-libyan-maritime-boundary-543824China's coast guard said it monitored the Philippines delivering necessities to a vessel on Second Thomas Shoal on Wednesday, roughly a month after Manila accused Beijing of obstructing its resupply mission in the disputed South China Sea.The…
https://www.marinelink.com/news/chinese-coast-guard-monitors-philippine-543826
https://www.marinelink.com/news/chinese-coast-guard-monitors-philippine-543826Most Gulf equities closed down on Wednesday, after Iran said there would be no talks with the US to end their conflict unless its demands are met.Foreign Minister Abbas Araqchi in an article published in the Financial Times on Wednesday said…
https://www.marinelink.com/news/gulf-bourses-drop-iranus-diplomacy-comes-543827
https://www.marinelink.com/news/gulf-bourses-drop-iranus-diplomacy-comes-543827Urals crude prices at Russia's Baltic and Black Sea ports fell to their lowest levels in one and a half months this week, according to Reuters monitoring and LSEG data, as the dated Brent benchmark also weakened and freight costs stayed high.Free-on-board prices for Urals crude for loading at Primor
https://www.marinelink.com/news/urals-prices-fall-lowest-six-weeks-543828
https://www.marinelink.com/news/urals-prices-fall-lowest-six-weeks-543828