ShippingWatch

Trafigura pulls out of trade association

The world's second-largest oil trader, Trafigura, is withdrawing its membership from the Swiss Trading and Shipping Association, where members include Cargill and Glencore, after disagreements about transparency, writes Bloomberg.

Trading house Trafigura, the world's second-largest oil trader, has pulled out of the Swiss Trading and Shipping Association (STSA).

This is supposedly happening after disagreements regarding Trafigura's work to secure more transparency in the business, writes Bloomberg.

Trafigura distinguished itself in 2014 by joining the Extractive Industries Transparency Initiative (EITI). The trading house thus gave the general public insight into part of its oil business with several governmental bodies.

Try a free 40-day trial subscription to ShippingWatch

Swiss Trading and Shipping Association represents about 170 companies in the Swiss trading sector and the organization has not yet supported initiatives to increase transparency at the level of EITI, the media writes.

Members of STSA include Vitol Group, Cargill, and Mercuria Energy Group.

Trafigura hits milestone in oil trade

Trafigura improves result in struggling market

International oil traders call off the oil crisis

Oil giants wage war on EU over price speculation

Frontpage right now

Diamond S pulls 18 vessels out of Norden's tanker pool

Diamond S Shipping, controlled by current US Secretary of Commerce Wilbur Ross, is pulling its vessels out of Norden's tanker pool and Scorpio for strategic reasons. "Not a problem for us," says Søren Huscher, CEO of Norient Product Pool.

The extensive Monjasa fraud case to begin Monday

It cost Monjasa founder Jan Jacobsen a prison sentence of 3.5 years and a DKK 10 million fine for the firm when they were convicted of extensive fraud last year in a municipal court in Denmark. Now the appeal case will begin at the Danish national court Vestre Landsret.

Bulk shares have surged in 2017

Investors are now also thought to believe in a stable recovery in bulk, where the largest shares have been through significant price increases throughout 2017. One carrier in particular has experienced a huge price increase.

Latest Carriers

Related articles

Latest news

Jobs

See all

See all