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The Ukraine-Russia war has already shaken up global energy markets. Sanctions finalized Friday by the EU will shake them up a lot more — not only for the tanker industry but also for American diesel and gasoline consumers. The EU is a vastly larger buyer of Russian petroleum than the U.S., which banned imports from ...
On Sept. 9, 2021, French container shipping giant CMA CGM announced an unusual step for a profit-focused enterprise with listed bonds: It put all increases in spot rates on hold until Feb. 1, 2022. The decision was made to “prioritize its long-term relationship with customers in the face of an unprecedented situation in the shipping ...
It’s not just the price diesel, gasoline and jet fuel that’s way up. The price of the marine fuel consumed by the world’s container ships, tankers and bulkers is breaking records. The price of very low sulfur fuel oil (VLSFO) — the 0.5% sulfur content fuel that powers most commercial ships — just exceeded the ...
It could be the relative calm before the peak-season, post-Shanghai-lockdown storm. Or it could be the final unwinding of COVID-era congestion as inflation takes hold. What happens next is still highly uncertain. But as of now, U.S. port queue numbers remain down from highs. “This appears to be a much needed respite for some ports ...
Shipping of containerized cargo into Russia has evaporated. Shipping of tanker cargo out of Russia is booming. It seems the world doesn’t miss selling consumer goods to Russians but can’t stop buying Russia’s oil cold turkey. Sanctions do not prevent liner companies from calling in Russia with their container ships. Yet they’ve stopped anyway, choking ...