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ClassNK grants world-first AiP to Imabari Shipbuilding for their concept design of a 180,000 DWT LPG dual fuelled bulk carrier

Leading Classification Society ClassNK granted an Approval in Principle (AiP) to Imabari Shipbuilding Co., Ltd. for their concept design of a 180,000 DWT LPG dual fuelled bulk carrier developed in cooperation with Mitsubishi Shipbuilding Co., Ltd. The AiP was granted to the concept design based on the Society’s Guidelines for Ships Using Low-Flashpoint Fuels(*1) and its Rule Part GF (regulation for ships using low-flashpoint fuels) incorporating “International Code of Safety for Ships using Gases or other Low-flashpoint Fuels (IGF Code), the current IMO Res. MSC.391(95) and the MSC.458(101) revision planned ...

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Solving the crew-change challenge is proving difficult warns crewing manager

Crew managers attempting to repatriate or relieve seafarers are facing a number of challenges, and these may be the tip of the iceberg for the shipping industry, according to crewing specialist Henrik Jensen. A number of companies and maritime organisations have joined forces to investigate how crew changes can be made possible during the Covid-19 pandemic, said Mr Jensen, founder of Danica Crewing Services which has offices in Hamburg, Ukraine, Russia and Latvia. However, global travel restrictions and quarantine requirements are proving difficult to overcome. Part of the problem is ...

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China’s import and export trade improved in March

In March 2020, the Maritime Silk Road Trade Index (STI) released by the Ningbo Shipping Exchange showed that the import and export trade index was 122.54 points, down 3.92% year-on-year; the export trade index was 128.37 points, down 6.81% year-on-year; the import trade index was 116.61 points, down 0.47% year-on-year. In the first quarter, China’s total import and export trade was $942.391 billion, down 8.24% year-on-year. Total export trade was $477.597 billion, down 13.40% year-on-year; total import trade was $464.794 billion, down 2.27% year-on-year; the trade surplus was 12.803 billion ...

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Global availability of Methanol added to DNV GL Alternative Fuels Insight portal

The Methanol Institute is pleased to announce that new data on the global availability of Methanol will be hosted on the DNV GL Alternative Fuels Insight (AFI) platform. The data will be available to all users of AFI, which was developed by the class society to provide the shipping industry with an open platform for evaluating the potential uptake of alternative fuels and energy efficiency technologies. “Through our global seminar programmes and industry contacts, a persistent question we hear is to what extent Methanol could be available as a fuel ...

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Singapore’s PSA, container freight operators warn of congestion at Indian ports

Singapore’s PSA International and Indian container freight operators have warned the Indian government that its order to waive container storage charges during the coronavirus lockdown could lead to port congestion, letters seen by Reuters showed. India’s Ministry of Shipping asked ports to allow free storage of containers as part of relief measures to ease pressure on companies hit by logistics restrictions because of India’s nationwide lockdown. PSA’s local unit in a letter to the government on April 24 said importers might not remove their containers from ports due to free ...

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LNG trade increased by 13% to a total of 354.7 MT

The International Gas Union (IGU) is pleased to launch its annual LNG report for 2020. The comprehensive analysis highlights all the material changes in the global LNG industry in 2019. This report features key global LNG industry updates, right across its value chain, demonstrating yet another strong year of growth for this crucial segment of the natural gas sector. LNG continues to enhance global energy security and increase the flexibility of access to the abundant global gas supplies. In its sixth consecutive year of growth, the LNG trade increased by ...

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GNS puts fleet tracking and navigation management on smartphones with VFI Go

GNS, the maritime solutions company, announced that users of its Voyager FLEET INSIGHT web service can now access fleet tracking, approve orders and access other navigation management tools via a new version optimised for smartphones. VFI Go includes access to GNS’s fleet and vessel tracking, inventory and compliance management services, Port State Control inspection data and port call data. Additionally, users can also use VFI Go to review and approve digital and paper chart and publication orders more easily and efficiently. “VFI Go means customers can now enjoy an even ...

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World’s largest container ship starts maiden voyage from east China

HMM Algeciras, the largest container vessel on earth with a TEU (20-foot equivalent unit) capacity of 24,000, started its maiden voyage from the port of Qingdao in eastern China’s Shandong Province on Sunday. The ship, measures 399.9 meters long and 61.03 meters in beam and has a deck area of more than 24,000 square meters, about the size of three and a half standard soccer fields, said Zhang Jun, deputy general manager of the Qingdao Qianwan United Container Terminal Co., Ltd. The HMM Algeciras can carry some 200 more containers ...

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Ernst Russ AG: Positive business performance in the 2019 financial year and continuation of the maritime strategy

The Ernst Russ Group successfully completed strategic projects in the 2019 financial year and further expanded its position as a maritime asset and investment manager. Positive pre-tax earnings of EUR 3.5 million were generated in the 2019 financial year. Operating earnings (EBIT) of EUR 4.0 million were up slightly on the previous year’s level of EUR 3.8 million. Revenue was up from EUR 52.7 million to EUR 58.8 million due to the expansion of the fleet and the increase in charter income. Growth is also reflected in the increase in ...

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Declaration by Port Authorities Roundtable (PAR) members in view of global COVID-19 situation

Members of the Port Authorities Roundtable (PAR) recognise the COVID-19 pandemic as a serious global crisis that has far-reaching impact on many fronts, including global trade. As more than 80% of goods are transported via sea-lanes, we recognise that the port and maritime sector play a crucial role in keeping trade flows open in our global fight against COVID-19. We also acknowledge the recent Statement made by International Maritime Organization (IMO), emphasising the importance of minimising the disruption to maritime trade and shipping activities so that vital goods, especially necessities ...

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Dalian iron ore edges higher as port inventory falls

Chinese iron ore futures recovered on Monday, gaining as much as 0.7% to 612 yuan ($86.50) a tonne in early trade, as port stocks of the steelmaking ingredient tumbled to their lowest in more than nine months. Port inventories of seaborne iron ore across China stood at 117.95 million tonnes as of April 24, the lowest level since July 14, 2019, data tracked by SteelHome consultancy showed. “(We are) still seeing strong iron ore demand in the coming weeks, mainly driven by strong infrastructure starts in China,” Singapore-based steel and ...

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What the future may hold for oil amidst COVID-19

The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures CLc1, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do – leave the United States with so much ...

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Low liquidity and limited available storage pushed WTI crude oil futures prices below zero

On Monday, April 20, 2020, West Texas Intermediate (WTI) crude oil front-month futures traded on the New York Mercantile Exchange (NYMEX) were priced in negative dollars per barrel (b) for the first time since trading began in 1983. At about 2:30 p.m. ET, WTI traded as low as -$40.32/b; prices remained below zero for part of the following trading day. Market participants that hold WTI futures contracts through expiration must make or take physical delivery of WTI crude oil in Cushing, Oklahoma, unless they have made other arrangements ahead of ...

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Oil industry faces historic change after prices turned negative

Headline oil prices in the US may have crashed briefly into negative territory last week, but even in the wreckage of the current economic crisis there is some hope. Eventually, demand for fossil fuels will return once coronavirus pandemic lockdowns begin to ease. When consumption does resurface, the global oil industry will look very different, however. At the heart of the current meltdown is Cushing, Oklahoma. The landlocked point on the map of America where a tangled web of pipelines comes together, bringing crude in from across the country to ...

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When oil became waste: a week of turmoil for crude, and more pain to come

The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do – leave the United States with so much oil ...

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