oil shipping News

Shipping Firms Begin Hiring Unarmed Guards for Voyages in Middle East Gulf

Shipping companies are hiring unarmed security guards for voyages through the Middle East Gulf as an extra safeguard after a wave of attacks in the region, security companies involved said. Relations between Iran and the West are increasingly strained after …

Panama to Withdraw Flags from More Vessels that Violate Iran Sanctions: Reuters

Panama will withdraw its flag from more vessels that violate sanctions and international legislation, the country’s maritime authority told Reuters, following the removal of about 60 ships linked to Iran and Syria from the Panamanian registry in recent months. After …

UK Navy Stops Iran from Blocking BP Oil Tanker Leaving Persian Gulf

The British navy intervened to stop Iran from blocking a commercial oil tanker leaving the Persian Gulf, heightening friction just as European nations scramble to salvage a landmark nuclear accord with the Islamic Republic. The BP Plc-operated British Heritage, which …

Insurance for Middle East Oil Shipments Soars to More Than $500,000

The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the …

Oil Shippers Continue Sailing Through Strait of Hormuz – with Heightened Security

A series of attacks on oil tankers near the Persian Gulf has ratcheted up tensions between the U.S. and Iran – and raised fears over the safety of one of Asia’s most vital energy trade routes, where about a fifth …

Iranian Forces Were Likely Responsible for Attacks on Tankers, Says Insurer DNK

Iranian forces were likely responsible for the attacks that occurred Thursday on two tankers in the Gulf of Oman, according to a report seen by Bloomberg from DNK, the insurer of one of the ships. The Norwegian insurer has raised …

War Risk Insurance Premiums Surge for Oil Tanker Owners After Gulf Attacks

Oil tanker owners face spiraling insurance costs to load cargoes from the world’s largest crude-export region after the latest round of attacks on vessels. War risk premiums that owners pay each time they go to the Persian Gulf have now …

Insurers Appoint Dutch Marine Engineer to Salvage Oil Tankers in Gulf of Oman

Dutch marine engineer Boskalis said on Friday it had has been appointed to salvage both tankers that were hit in the Gulf of Oman in a suspected attack. Boskalis said the condition of the Front Altair tanker, carrying a cargo …

Insurance Rates for Crude Oil Tankers to Jump After Gulf Attacks

Oil tanker owners are turning increasingly nervous about loading cargoes from the world’s largest export region for crude after the latest round of attacks on vessels. Both owners and the companies that charter their ships paused bookings on Thursday as …

Suspected Attack on 2 Oil Tankers Near Strait of Hormuz Stokes Fears of War

Two oil tankers were damaged on Thursday in a suspected attack near the entrance to the Persian Gulf, stoking fears that high-stakes diplomatic efforts won’t avert a military confrontation between the U.S. and Iran. Oil prices surged. The incidents, including …