U.S. Considers Venezuela Oil Sanctions
The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said. With Maduro running for another term in an April election that Washington and its allies oppose as a sham, the United States is weighing sanctions that would target Venezuela’s vital oil sector beyond what has been done before, the official told Reuters on Wednesday. Some measures could come before the vote and others could be imposed afterwards. The official, who is close to U.S.
Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr
Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets. The Greek-owned vessel, Green Warrior, arrived at the Iranian port of Bandar Mahshahr on February 3, on a fully fixed charter by Glencore and is set to load 80,000 tonnes of high-sulphur fuel oil bound for Singapore, according to Thomson Reuters ship tracking data as well as traders and shipbrokers with knowledge of the matter. A Glencore spokesman declined to comment.
Kuo Oil Looks to Lift Two Iranian Fuel Cargoes
U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country. The United States lifted the sanctions on Saturday against Kuo, also known as Kuo International Bunkering, as part of its broader relaxation of sanctions against Iran for compliance with an agreement to curtail its controversial nuclear programme.
Kemp: Oil-by-Rail Shipments Playing Russian Roulette
Train derailments involving crude oil and ethanol in the United States will cost more than $18 billion over the next 20 years, according to an assessment by the U.S. Department of Transportation. USDOT forecasts there will be just over 200 derailments involving trains carrying 20 or more tank cars of crude or ethanol between 2015 and 2034, an average of more than 10 per year, based on analysis of previous accidents and predicted growth in traffic volumes. Most will be "lower-consequence events" involving limited damage to property, environmental clean-up and only a few injuries or fatalities, with the bill totalling less than $5 billion.
Seacurus Launches South-East Asian Petro-Piracy Coverage
Specialist marine insurance intermediary Seacurus has launched a petro-piracy endorsement for ships operating in the South China Sea, Malacca Straits, Indonesian Archipelago and Gulf of Guinea. South-East Asia accounted for three-quarters of global maritime piracy last year, according to figures published by the International Maritime Bureau. A surge in tanker hijackings helped fuel a 22 per cent jump in armed robbery and pirate attacks on ships in the region. There were 183 actual and attempted incidents of piracy and robbery in South-East Asian waters last year, compared to 150 in 2013.
Maritime & Offshore Employment: Contractors, Coverage and Confusion
Faststream USA Managing Director Eric Peters defines the risks in hiring contract workers in today’s marine and offshore markets, and lays out the course to mitigating those headaches. Recruitment, insurance and peace of mind – all rolled into one neat package. It’s no secret that the marine and offshore worlds require comprehensive insurance coverage in the event of an accident or emergency; however, the complex laws associated with contract workers mean that some employers are unaware of exactly what is needed to ensure their employees are properly covered.
