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The temporary easing of U.S. sanctions on Russian crude has rapidly redrawn global oil flows, with India stepping back in as the dominant buyer of previously distressed barrels. Even as overall imports are about to ease seasonally, Russian volumes into Asia are surging -- tightening the market and pushing Urals to a rare $8/bbl premium over Brent. Washington's March 12 decision to allow sales of oil already loaded onto tankers had an immediate impact. Almost all of Russia's floating storage was ...Read More >
Two Indian liquefied petroleum gas (LPG) carriers with a combined cargo of around 94,000 tonnes have safely transited the Strait of Hormuz and are heading towards Mumbai and Mangalore, the ministry of petroleum and natural gas (MoPNG) said in a statement. 'BW TYR is proceeding towards Mumbai with an expected time of arrival on March 31, and BW ELM is en route to New Mangalore with estimated arrival date of April 1,' the ministry said in an update on maritime safety and shipping operations in th ...Read More >
U.S. Presses India: Cut Russian Oil Imports or Watch Trade Deal Slip Away Washington is making it clear to New Delhi: any path forward on a U.S.-India trade deal runs through Russia's oil fields. In recent talks, U.S. trade negotiators told Indian counterparts that curbing purchases of Russian crude is critical to lowering America's punitive tariffs and unlocking a deal, sources told Reuters on Friday. India is pushing back. Commerce Minister Piyush Goyal called the negotiations "constructive, ...Read More >
Garden Reach Shipbuilders & Engineers (GRSE), a Kolkata-based defence firm is betting big on expanding its offshore footprint. From signing a pact with Dubai based firm for new offshore projects to inking partnership with global engine manufacturer, the company has a strong pipeline of new orders. As part of its efforts to enter the offshore construction sector, GRSE also signed a Memorandum of Understanding (MoU) with Aries Marine, a Dubai-based engineering and design firm. The MoU aims to id ...Read More >
India readies a sea change for domestic shipping as well as global shipping through key bills The centre will move the Merchant Shipping Bill, 2024 and Coastal Shipping Bill, 2024 for consideration and passing during the winter session of parliament. These key legislations are aimed at holistic growth of Coastal Shipping and reducing the compliance burden for ships under the Indian flag. "The Merchant Shipping Bill deals with implementation of India's obligations under various International Co ...Read More >
UK sanctions 30 shadow tankers in largest clampdown on Russian oil trade The UK has blacklisted another 30 oil tankers in Russia's "shadow" fleet in its largest sanctions package of this kind to date, the government said Nov. 25, as a G7 foreign ministerial meeting kicks off in Italy. To circumvent the G7's price cap on seaborne Russian oil exports, Russia has amassed a large tanker fleet of 586 ships totaling 57.1 million dwt, according to a recent analysis based on S&P Global Commodities at ...Read More >
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