Belize has passed legislation to put an end to all oil activity in its waters to protect the largest barrier reef in the Northern hemisphere and boost sustainable tourism.
Supertankers stuck in an insane traffic jam at sea due to low oil prices
Oltre cento super-petroliere sono bloccate al largo dei porti di tutto il mondo. Con duecento milioni di barili a bordo.
200 million barrels of oil are currently “floating” in world’s seas, stored in about 125 supertankers waiting in line outside ports. Low oil prices led to a supply glut. So, the amount of crude oil to be shipped is so huge that barrels can’t be offloaded even in the largest ports.
A 40-kilometre line
Reuters reveals yet another crazy consequence of oil global market. The huge vessels – they would form a 40-kilometre line if they queue up – are shipping oil worth around 7.5 billion dollars at current market prices. One captain told, requesting anonymity because he is not authorized to speak to the press, his tanker had been anchored off Qingdao in north-eastern China since late March. “Fortunately, we have a piano, drums, crew who play guitar, and more than 1,000 DVDs”.
Currently, offloading vessels in international ports takes three weeks on average. In December, delays worsen and three oil tankers – the Vendome Street, the Atlantic Star and the Atlantic Titan – preferred to go back. They were crossing the Gulf of Mexico headed to Europe.
9 supertankers are ready to set sail
According to the CNN, the amount of “floating” crude oil soared to nearly triple the normal level in November. In other words, shipping vessels are turning into floating storages – with the environmental risks they bring about.
Moreover, other supertankers are ready to set sail. They were commissioned when oil prices were high enough to expect huge revenues for big companies. These new vessels – filled with more oil – will soon sail the seas. According to the Wall Street Journal, this is likely to further lower oil prices. On the other hand, it will further increase the “traffic jam” at sea.
Cover photo ©Matt Cardy/Getty Images
Quest'opera è distribuita con Licenza Creative Commons Attribuzione - Non commerciale - Non opere derivate 4.0 Internazionale.
These are the top news stories of 2017 and the people who have most left a mark on a year that has been intense yet also rewarding from the point of view of social and environmental sustainability.
AXA, one of the world’s biggest financial services companies, is dumping investments in tar sands and ending insurance for controversial oil pipelines, taking fossil fuel divestment to new heights.
L’oleodotto voluto da Donald Trump, il Dakota access pipeline, non è ancora entrato in funzione e già sta perdendo petrolio.
As a result of its new coal policy, AXA Investment Managers will divest 165 million euros from companies that derive 50 per cent or more of revenue from fossil fuels.
The Canadian oil and gas company Pacific E&P has decided to halt its extractive activities in the Peruvian Amazon. A victory for the native Matsés people.
Many investors have urged banks financing the Dakota Access Pipeline to either support rerouting the pipeline or divesting from it. Now the hot potato is in their hands.
Abortion, torture, pipelines, trade agreements, LGBT rights and the US-Mexico border wall. What happened during Trump’s first week leading the United States.
Trump clears the way for the construction of the Keystone XL and Dakota Access pipelines.