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An IMarEST information paper on the introduction of the fuel oil 0.50% m/m sulphur limit under regulation 14.1.3 of MARPOL Annex VI

The purpose of this information paper is to provide an overview of the upcoming change in the fuel oil sulphur limit to 0.50% m/m and to address some commonly asked questions. Regulatory situation Regulation 14.3.1 of MARPOL Annex VI sets a 0.50% max limit of the sulphur content in respect of all fuel oils used by any type of combustion machinery outside Emission Control Areas (ECA-SOx) from 1 January 2020, down from 3.50% m/m currently. In emission control areas (ECAs) the limit remains, as it has been since 1 January ...

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European Aframaxes

In 2017, Aframax demand rose 0.6%, largely in-line with our January 2017 forecasts. Growth was observed in European regional trading, with the Southern Europe > Northern Europe route climbing 10.3%, while the intra-regional Southern European trade grew by a similar 10.1% as higher crude supply from Libya and Ceyhan (1H) provided regional refiners with advantaged feedstock pricing and supporting both margins and product output. With just under 15% of market share, the intra-Northern European trade underpins this tanker segment. Despite a 161,000 b/d rise in refinery demand for crude oil ...

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Maersk’s CEO Can’t Imagine Self-Sailing Box Ships in His Lifetime

The chief executive officer of the world’s biggest shipping company says it’s unlikely container vessels will operate without humans in his lifetime. A.P. Moller-Maersk A/S has already pushed through enough cuts to reduce crew sizes in response to the spread of automation, CEO Soren Skou said in an interview. He says the workforce has now reached a floor and there’s no more room to get rid of humans. “Even if the technology advances, I don’t expect we will be allowed to sail around with 400-meter long container ships, weighing 200,000 ...

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Maritime Trends That Matter In 2018

For anyone who grew up watching the Jetsons, it’s clear that future of flying cars and robot butlers hasn’t quite arrived as quickly as hoped. As so often happens with technology, what has been achieved isn’t what was expected – while those developments that once seemed so close, actually have taken much longer to arrive, and others developed much faster than people saw them coming. In much the same way, it’s easy for us to get distracted by tech forecasts in the maritime industry. We hear that autonomous ships are ...

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China shipping goes green

With China framing public health as a basic human right, the country’s Marine Safety Administration is doing its part to curb the detrimental health effects of the shipping industry. In a recent white paper, the Chinese government emphasised its commitment to protecting the health and well-being of the Chinese people. “Prosperity for all is impossible without health for all,” the white paper said. “Health for all is a solemn promise to the people by the CPC (Communist Party of China) and the Chinese government.” While the report focuses on improvements ...

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A great start to the year for GTT: The Company signs four new orders, one of which unprecedented

GTT announces it has received several orders, since the beginning of the year, for the equipment of three LNG Carriers (LNGCs) and one bunkering vessel. The three LNGCs, offering capacities ranging from 174,000 to 180,000 m3, will be built at Samsung Heavy Industries (SHI) and Hyundai Samho Heavy Industries (HSHI)’s. They will be fitted with the membrane containment system Mark III Flex. Their deliveries are expected for 2020. In addition, the latest evolution of the Mark III system, the Mark III Flex+ technology, has been chosen for the equipment of ...

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Belships ASA: Report 4th quarter 2017

Belships operating income in 4th quarter 2017 was USD 7.6 million (Q3: USD 6.7 million), while EBITDA amounted to USD 3.7 million (USD 3.5 million). The Group’s operating result amounted to USD 4.6 million (USD 2.9 million), while net result for 4th quarter 2017 was USD 3.2 million (USD 1.7 million). The figures for fourth quarter includes impairment reversal of USD 2.0 million. Net result for 2017 was USD 6.4 million (USD -14.6 million). The negative result in 2016 is explained by impairment of the fleet of USD 13.8 million. ...

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Bunker market in anticipation of upward correction

World oil prices fell significantly during the week. The latest selloff is the result of both oil-specific problems as well as equity market volatility. The rebound in the dollar and the stock market meltdown have pushed down oil/fuel indexes. Meantime, the surge in U.S. shale production to over 10.27 million barrels per day (bpd) last week, plus expectations of output growth to 11 million bpd later this year, have inspired fears of a return to surplus. Those concerns were supported by a massive increase in the U.S. rig count last ...

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Ocean Yield Announces Investment In Two Handysize Dry Bulk Vessels With Long Term Charters

Ocean Yield ASA is pleased to announce that 100% owned subsidiaries of the Company has agreed to acquire two 2018 built handysize dry bulk vessels with 12-year bareboat charters to companies owned and guaranteed by Louis Dreyfus Armateurs Group (“LDA”). The net cash purchase price is USD 18 million per vessel after a seller’s credit. Both vessels are expected to be delivered to the Company during March 2018. LDA has options to acquire the vessels during the charter period, with the first purchase option exercisable after five years in addition ...

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Bulkcarrier Deliveries: Still On The Slide

Against the backdrop of a shrinking orderbook, deliveries in the bulkcarrier sector have declined significantly since peaking in 2011, hitting their lowest level in deadweight terms since 2008 last year. In 2017 deliveries continued to fall, although it appears that improving market conditions led to the delivery of vessels that had previously been delayed, providing some support to bulker delivery volumes. Down The Track In total, 456 vessels of a combined 38.4m dwt were delivered into the bulkcarrier fleet in 2017, a decline of 64% and 62% in numerical and ...

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IBIA update: High sulphur bunker carriage ban on track for March 2020

It looks very likely that MARPOL Annex VI will be amended to make it an offence carry bunkers above 0.50% sulphur, and that the carriage ban will be enforceable as early as 1 March, 2020. The idea to make carriage, not just to use, of bunkers exceeding 0.50% sulphur content illegal was put forward in two near-identical proposals to an International Maritime Organization (IMO) meeting taking place at IMO’s London HQ from 5-9 February. The carriage ban proposal, while not universally welcomed, received majority support at the 5th session of ...

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Supramax freight gains in US Gulf set to be capped by ballasters

A recent freight increase for Supramax vessels in the US Gulf Coast is likely to be capped by ballasters from the UK-Continent and West Mediterranean in a repeat of mid-January activity, shipping sources said this week. Rising freight in the US Gulf Coast on the back of improved inquiry, including grains to Colombia and China as well as petcoke to the East Mediterranean, has attracted the interest of owners with vessels on the other side of the Atlantic looking to escape the soft rates. The Houston to Krishnapatnam, India, petcoke ...

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Redressing the gender balance: Any industry that chooses to overlook over 50% of the population when seeking talent and expertise is making a huge mistake

Of the estimated 1.25 million seafarers in the world, fewer than 2% of them are thought to be women. This statistic reflects how, historically, maritime has been viewed as a male-dominated industry. However, with the need for sector diversity, the maritime industry is now recognising the benefits of a gender balanced workforce, with efforts being made within the sector to recruit and retain more women, including at the highest levels. To address fairness, equality and inclusion within maritime, Maritime UK established a Women in Maritime Taskforce in 2017 to identify ...

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Rotterdam bunker fuel sales slip 2.6% in Q4

Marine fuel sales at Rotterdam, the world’s third-largest port for bunkering, fell 2.6% in the fourth quarter of last year, compared with the same period a year ago. Total sales dropped to 2.42 million cu m, the port authority said Friday. Fuel oil sales sank 3.4% to 2.01 million cu m. The fuel oil total includes sales of ultra-low sulfur fuel oil, a 0.1% sulfur product designed to be cheaper than marine gasoil for use in the emission control area around northern Europe. The port authority does not have exact ...

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Vessel heads to Dominion Energy’s Cove Point LNG terminal -shipping data

Methane Spirit, a liquefied natural gas tanker, said Thursday it would arrive at Dominion Energy Inc’s Cove Point LNG export facility in Maryland around March 31, according to Reuters shipping data: If correct, that could be the first vessel to pick up a cargo from the LNG facility, which Virginia-based Dominion has said it expects to enter service in March. Dominion has spent $4 billion to add export facilities to Cove Point, long an LNG import terminal on the Chesapeake Bay. The Methane Spirit is currently off the coast of ...

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