Passenger Marine Transportation

Italy's prosecutors launch terrorism investigation into the oil tanker explosions

The chief prosecutor for the city of Genoa announced on Thursday that Italian authorities have opened a terrorism probe into the explosions which damaged an oil tanker last weekend off the coast of northern Italy. This was the fourth such incident in the Mediterranean Sea and Baltic Sea in the past 30 days. Two explosions caused a hole to appear below the surface of the crude oil tanker Seajewel operated by Greece, which was discharging its oil while anchored off the port Savona Vado on Saturday. The alleged attack against the Seajewel was not immediately known. Like the other explosion-hit

Passenger Transportation Services

Sources say that three tankers were damaged in the Mediterranean last month by explosions of unknown causes.

Tanker rates extend rally on sanctions, need to load Mideast oil, products

Oil shipping rates extended their rally on expectations of a tightening up in worldwide tanker supply from wider U.S. sanctions on Russia's fleet and traders' need for ships to pack Middle East oil for Asia, market sources stated on Wednesday. On Tuesday, Shell reserved three Very Large Crude Carriers, efficient in carrying up to 2 million barrels of oil, at the rate of Worldscale 70 to load Middle East crude in early February and Chinese refiner Shenghong Petrochemical booked two VLCCs for the exact same loading duration at the same rate, a. shipbroker stated. Worldscale is an industry tool to

Transport Infrastructure

Tanker rates extend rally on sanctions, demand to load Mideast oil

The Italian antitrust watchdog investigates the MSC unit's acquisition of Moby

The Italian antitrust authority announced on Monday that it has opened an investigation regarding the acquisition of 49 percent of Italian ferry firm Moby by MSC Shipping Agencies Services. In a statement, the regulator stated that this deal could have affected routes for goods and passengers between Italy and larger islands, where only Moby, SAS' Grandi Navi Veloci, or at best a third group operate. The market is "highly consolidated" and has significant entry barriers. Moby operates ferries that connect the Italian mainland with tourist islands such as Sardinia or Corsica. The watchdog will also investigate a 243 million-euro (256

Passenger Transportation Services

Luxury yacht insurance coverage supplier OMAC is hull carrier for sunken luxury yacht in Sicily, sources state

Luxury yacht insurance coverage supplier OMAC is the provider on the hull for the Bayesian, a 56metrelong (184ft). sailboat, that was hit by a relentless storm on Monday, sinking. off the northern coast of Sicily, two sources with knowledge of. the matter stated. The syndicates providing insurance coverage include Travelers. Companies Inc, Navium Marine and Convex, while British. Marine is the security and indemnity (P&I) insurance supplier,. the sources stated. Reuters could not establish the value of the yacht or what. the worth of potential claims might be. Ships usually have P&I insurance coverage, which covers third-party. liability claims consisting

China's senior tourists could be a silver lining for travel companies