ABS and the Suez Canal Authority (SCA) signed a Memorandum of Understanding (MoU) to develop a long-term sustainability roadmap and decarbonization strategy for the canal, one of the world’s busiest shipping routes.The MoU will see ABS and SCA…

DP World expects freight rates to drop by a further 15% to 20% in 2023 as demand slows, the Dubai-based global logistics company's deputy chief executive and chief financial officer Yuvraj Narayan told Reuters on Monday.Narayan said the first signs of a significant drop in demand were visible and fr

Pelagic Partners announced it has expanded its tanker fleet. The Cyprus-based investment fund said its Pelagic Yield Fund acquired the Summit Africa, a 73,500 dwt LR tanker built in 2009 at New Times Shipyard in Jingjiang, China. The vessel…

Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.Tehran's oil exports have been limited since former U.S.