Middle East hostilities and decisions by many owners to re-route ships around the Cape of Good Hope is shoring up markets and keeping freight rates above expectations, which does not equate to good news for ship recycling markets.
Under a swap deal, Equinor is set to take full ownership of the Empire Wind lease and projects while BP will take full ownership of the Beacon Wind lease and projects.
Almost 13% of Europe’s LNG supply came to Europe via the Red Sea last year, mostly from the Middle East. But Qatar Energy, the major supplier, halted voyages via the Bab-el-Mandeb Strait and the Red Sea mid-month, re-routeing its LNG carriers...