Russia's new protectionist shipping law for the Northern Sea Route is a "regrettable signal to the world," Executive Director Jacob K. Clasen, Danish Shipping, tells ShippingWatch. Read on to learn the shipowners' concerns about the law.
If Denmark says no to a Russian gas pipeline due to political reasons, it could impact safety for ships in the Baltic Sea, as the project will instead be placed beyond the reach of Danish authorities in trafficked waters.
An international court has sentenced Russia to pay USD 6 million in fines in a case related to Russia's imprisonment of 30 Greenpeace activists in 2013. The activists were protesting against oil drilling near the Arctic when Russian special forces boarded their ship.
Last year's fluctuations in the tanker market were severely testing for the sector, says state-owned Russian tanker carrier Sovcomflot after publishing an annual report showing a setback in profits compared to 2015.
Everyone's attention has been directed at OPEC in the wake of last week's oil deal. But the market seems to have overlooked that the perhaps most important element did not come from an OPEC nation, writes analyst agency S&P Global Platts. A major hike in the oil price could be imminent.
Tanker carrier Sovcomflot has signed a memorandum of understanding for a large credit facility which will be used to pay for two ice class Panamax vessels. The new ships will service a Russian oil project in the Pechora sea.
The oil price is balancing at its highest level in 12 months. Russian president Vladimir Putin has laid a solid market foundation, but Goldman Sachs questions the likelihood of balance being restored to the market.
State-owned Russian tanker carrier Sovcomflot has secured new financing for a total of USD 1.26 billion. The money will be used to serve maturing debt and fund the nine tankers which the carrier purchased earlier this year.
The Russian government is considering a privatization of state-owned tanker carrier Sovcomflot before the end of the year. The sale is part of the Russians' plans to partially or fully divest several companies, including oil major Rosneft, says deputy prime minister Igor Shuvalov.
Russia is considering a sale of part of its national oil major Rosneft to China and India, reports Bloomberg News. The sale is estimated to be worth about USD 11 billion and will help president Vladimir Putin restore the country's economy.