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Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded.Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures. Its value affects fuel prices paid by consumers and businesses.The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope for trading plays that can distort Brent prices, analysts said at the time.

A new analysis from Windward reports a 20% decrease in the volume of direct oil voyages out of Russia in Q3 2024 compared to Q2.Q3 2024 marked the lowest monthly average of direct voyages from Russia to China since March 2023. When compared to Q2 2024 averages, there is a decrease of 12% in such voyages.This is the first total volume decrease since the beginning of the war between Russia and Ukraine and is likely related to the slight decrease in port calls in Russia this quarter.However, Windward has detected new ship-to-ship (STS) transfer hubs for vessels that have made a port call in Russia.

Philly Shipyard on Monday held a steel-cutting ceremony to signal the start of construction on the first of three new Aloha Class liquefied natural gas (LNG)-fueled containerships to be built for U.S. ocean carrier Matson. Matson placed the $1 billion three-ship order with Philly Shipyard in 2022 following the deliveries of Aloha-class vessels Daniel K. Inouye and Kamina Hila from the same yard in 2018 and 2019 respectively. The shipyard also delivered four containerships to Matson between 2003 and 2006.

Cruise passengers are to set sail from Belfast on Monday on a three-and-a-half-year world voyage after being stranded in the city for months as the ship underwent unexpected repair works. Some plan to make it their forever home.Passengers of the Villa Vie Residences' Odyssey, described as the world's first continual cruise, can either buy their cabins for the entire operational life of the ship or rent them to travel segments of the journey.The ship, with capacity for 650 passengers, was originally due to depart from the Northern Irish capital in May but was held up for repairs due to issues with its rudders and gearbox.

At least four people have been reported dead following the sinking of an oil barge operated by a contractor of Venezuela's state-run energy company PDVSA at the country's Lake Maracaibo, according to a report of the accident on Thursday and sources.Another 19 people had been successfully rescued by Thursday morning at the accident site, the report added.Incidents involving barges that carry Venezuelan oil and fuel between domestic ports and to the Caribbean have become frequent. A large fuel oil spill near Tobago from a capsized barge navigating from Venezuela hit several Caribbean nations in March.PDVSA did not immediately reply to a request for comment.