|Ecomar #1 Undergoes Retrofitting|
|PIPSA’s sludge collection vessel Ecomar #1 recently underwent retrofitting and received a new paint job. The vessel underwent some structural improvements in early September and was back at work collecting product at the end of September. Recently, PIPSA celebrated two years of sludge collection activity in Panama’s Balboa anchorage. PIPSA was formed to make Panama the international shipping industry’s choice for offloading sludge and bilge water in an environmentally responsible and cost effective manner. PIPSA’s collection vessel ECOMAR I is constantly moving about the anchorage collecting sludge and bilge water helping responsible companies limit oil pollution by adhering to Marpol Annex I mandates. Collected material is processed and transferred to PIPSA’s recognized port reception facility at the entrance of the Panama Canal which is fully licensed by the Panama Maritime Authority to carry out sludge recycling activities.|
|Oil Prices Tumble as OPEC Production Grows|
NEW YORK-Oil prices dropped Monday after the Organization of the Petroleum Exporting Countries reported that its output rose to a more-than-three-year high last month.
OPEC said in a monthly report released Monday that it produced 31.57 million barrels a day in September, up about 109,000 barrels a day from August and above the group’s target of 30 million barrels a day. The group’s output was the highest reported level since April 2012.
Prices plunged in late 2014 after a boom in U.S. oil drilling pushed the global crude market into oversupply. Since then, U.S. production has started to fall as companies have cut spending on new drilling. But OPEC and other countries have ramped up their production in an effort to maintain market share, keeping prices under pressure.
|Panama Canal Sets New Tonnage Record|
PANAMA CITY, Panama – Following the close of the 2015 fiscal year, the Panama Canal Authority (ACP) announced today that it has set a new historical tonnage record, welcoming 340.8 million Panama Canal tons (PC/UMS) through the Canal. The spike represents a year-on-year increase of 4.3 percent and highlights the Canal’s value and significance to global maritime trade.
The previous record was set in FY2012 when the Canal experienced 333.7 million PC/UMS tons. This year’s record surpasses that amount by more than 7 million tons.
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