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Singapore-based Seatrium announced Nov. 27 the delivery of a floating storage and regasification unit to be deployed at the LNG import terminal at Alexandroupolis in Greece. In a statement, Seatrium said the FSRU had completed its near shore testing works and had set sail for Greece for final commissioning of the regasification system. “We are pleased to contribute towards Greece’s energy future with the delivery of the first FSRU for the country through the Alexandroupolis Independent Natural Gas System (INGS) project,” Chris Ong, CEO of Seatrium, said. “This project marks ...

Container shipping companies’ 3Q23 financial results showcased a sharp dip in profits or even losses. On a group level, eleven liners (which report quarterly results) among our portfolio of 13 companies reported an average slump of 54.6% YoY in their 3Q23 topline. Operating costs declined 18.1% YoY amid falling chartering costs and lowering bunker prices. However, the cost reduction was insufficient to offset the plunge in topline; thus, EBIT contracted 94.1% YoY on average. The Drewry Container Equity Index tumbled 28.1% YTD 2023 (ending 22 November), driven by lowering freight ...

Last week, the UP World LNG Shipping Index (UPI) gained 1.82 points or 1.24%, closing at 148.07 points. This index tracks the performance of LNG shipping companies. The S&P 500 (SPX) index, representing U.S. stocks, experienced a gain of 1%. You can find both indices in the image below. Despite most constituents experiencing mild week-to-week moves, the daily market was much more dynamic. The most gained “K” line (TSE: 9107), which rose by 8.5%. M.O.L (TSE: 9104) gained 5.1%, and NYK Line (TSE: 9101) strength by 4.2%. Two other gainers ...

During a recent visit to the Panama Maritime Authority, Senior Directors of the Japanese shipping company Mitsui O.S.K. Lines (MOL) indicated that during the second semester of 2023, they are processing 15 new job opportunities and the contracting of other 10 new cadets is foreseen for 2024, all of this to benefit the Panamanian seafarers, so they can board their ships (ships bearing the Panamanian flags or ships from other registries). These embarking’s are the product of the Bilateral Cooperation Agreement signed last year between the PMA, through the Panamanian ...

Seawater-lubricated bearings pioneer Thordon Bearings has welcomed the publication of Gard’s latest research into the potential hidden costs of synthetic Environmentally Acceptable Lubricants (EALs). Far-reaching financial and environmental consequences can result when a propeller shaft seal failure occurs, with the Norway-headquartered marine insurance firm pointing to a “significant increase” in propeller shaft aft seal damage following the 2013 introduction by the US EPA of new Vessel General Permit (VGP) rules. According to Gard, the increase in the number of seal failures directly correlates with the increase in the use of ...

Swire Projects, the projects and heavy lift shipping arm of Swire Shipping, has officially launched a dedicated semi liner service connecting East Asia with the West Coast of North America. Previously offered on an ad hoc basis, the service will provide enhanced cargo connectivity and support the growing demand for reliable breakbulk and project cargo transportation into the West Coast and a gateway to the interior of the Continent avoiding the need to route cargo via the Panama Canal. Swire Projects’ semi liner service connects the base ports of Qingdao ...

DP World has cuts carbon emissions from its UAE operations by nearly 50% this year by accessing renewably produced power from the Dubai Electricity and Water Authority (DEWA). DEWA has issued more than 200,000 International Renewable Energy Certificates (I-RECs) to DP World so far this year. These guarantee that the electricity consumed is generated from renewable sources, with each equivalent to 1 megawatt-hour of electricity. I-RECs from DEWA are generated by the Mohammed bin Rashid Al Maktoum Solar Park. These power DP World’s UAE operations which include Jebel Ali Port, ...

If big shipping lines move to non-EU ports as a result of an environmental tax that will be introduced by the European Union next year “it will be close to impossible” to bring them back, maritime law expert Ann Fenech told The Malta Independent on Sunday. Expressing her disappointment that the European Commission is biding its time with regard to the effect that such a tax will have on the industry, Fenech said that in international shipping there is no such thing as “wait and see”. In shipping, time is ...

China has raised its 2023 fuel oil import quotas by 3 million mt for non-state-run enterprises, the Ministry of Commerce announced Nov. 27, which will allow independent refineries to bring in more barrels as alternative feedstock for the remainder of the year. MOFCOM said on its website that qualified enterprises would follow the existing rules to apply for quotas to import fuel oil this year. Unlike quotas for importing crude oil or exporting oil products, which are allocated to each oil firm, refineries or oil companies are required to apply ...

Grain thunders into rail cars and trucks zip around a storage facility in central Ukraine, a place that growing numbers of companies turned to as they struggled to export their food to people facing hunger around the world. Now, more of the grain is getting unloaded from overcrammed silos and heading to ports on the Black Sea, set to traverse a fledgling shipping corridor launched after Russia pulled out of a U.N.-brokered agreement this summer that allowed food to flow safely from Ukraine during the war. “It was tight, but ...

Several cargoes of French wheat that had been due to load for China in December have been postponed to March, dampening hopes of an imminent upturn in exports and helping push prices to two-year lows, European traders said on Monday. Chinese buyers are thought to have booked around 2-2.5 million metric tons of French wheat in recent months for shipment between December and March, a welcome flurry of sales for France that has faced stiff export competition from cheaper Black Sea supplies. However, at the request of buyers, exporters have ...

Fitch Ratings believes the combined fundamentals of China’s steel and cement market will remain neutral in 2024, on stable single-digit expansion in manufacturing and infrastructure (6% yoy in 9M23). We expect margin improvement in steel to be backed by prudent production, as property-related product demand contracts further, with a continued volume tilt towards higher-margin products. However, this should be offset by a higher capex requirement for technology upgrades to match shifting demand and decarboniation targets. We think the cement margin will remain largely stable with slight improvements; the yoy decline ...

Export prices for Russian wheat rose last week, helped by a continuing drop in shipments owing to stormy weather in ports, analysts said. The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in January was $235 per metric ton last week, up $5 from the previous week, the IKAR agriculture consultancy reported. The Sovecon agriculture consultancy pegged the same class of wheat at $234-239 a ton FOB last week. “News about Black Sea storms damaging or even destroying ships in the region also could have provided some ...

Chicago wheat rose for the first time in three sessions on Tuesday as bargain buying supported the market although improved health of the U.S. winter crop limited the upside potential in prices. Soybeans gained ground on concerns over planting delays in top exporter Brazil, where dry weather is threatening to cut yields, while corn was little changed. “U.S. winter crop ratings are better than expected which has raised hopes for supplies next year,” said a Singapore-based trader. “But the crop still has to go through the development phase early next ...

Oil prices rose on Tuesday as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send the Brent benchmark above $80 a barrel. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024. futures were up 79 cents, or 1%, at $80.77 a barrel by 1131 GMT. U.S. West Texas Intermediate (WTI) crude gained 76 cents, or 1%, ...