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Hapag-Lloyd raises lower end of outlook on strong shipping demand but profit falls

German container firm Hapag-Lloyd on Wednesday raised the lower end of its 2024 outlook amid rising demand and freight rates, but posted an 84% drop in first-quarter net profit. Commercial shipping has faced global disruptions, including in the Red Sea region, where operators are avoiding the Suez Canal because of attacks on vessels by Yemen-based Houthi militants. The crisis has raised freight rates because alternative trips around Africa’s southern tip are longer and expensive. “Global container volumes were up quite significantly especially in January and February, mostly on the transpacific ...

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ABS Makes Significant Investments for the Digital Future of the Industry

Complete with over 100 user requested features, streamlined vessel applications and enhanced user experience, ABS has launched Eagle UnifiedTM, an industry-leading structural design verification software tool. The launch is the latest in a series of investments in major new engineering capabilities which have been delivered by ABS in recent weeks. Eagle UnifiedTM is a single tool that can support multiple vessel types, with containership and LNGC capabilities available at launch, and with future releases to incorporate LPG, ammonia, hydrogen and CO2 carriers. “It’s a new and dynamic technological world, and ...

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First Ro-Pax vessel receives DNV Silent(E) notation following successful sea trials with Wärtsilä propellers

Technology group Wärtsilä has designed and delivered controllable pitch propellers for Stena’s new Ro-Pax vessel, Ala’suinu, which has successfully completed sea trials. Following these sea trials, Ala’suinu became the first Ro-Pax vessel to fulfil the DNV Silent(E) notation, satisfying the criteria in the operating conditions at 11 and 18 knots. This environment class notation from DNV was introduced to protect sensitive marine ecosystems, applying to vessels that demonstrate the ability to effectively reduce emissions of underwater radiated noise. The Ala’suinu, which was built at CMJL Shipyard (Weihai) in China, is ...

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MOU agreed to develop ‘bioship’ technology and plans to construct the world’s first biomass-fuelled ship

Leading Japanese companies, NYK Line (NYK), NYK Bulk & Projects Carriers (NBP), TSUNEISHI SHIPBUILDING Co., Ltd. (“TSUNEISHI SHIPBUILDING”) and British renewable energy business, Drax Group (Drax), have signed a new memorandum of understanding (MoU) to develop both the world’s first biomass-fuelled ship (bioship) and the technology that could power it. Biomass is playing a growing role in Japan’s transition from fossil fuel power generation to low carbon and renewable electricity, and the country’s demand for biomass pellets, sourced primarily from North America and composed of sawmill and forestry residues, is ...

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Positive financial results for West with combined ratio of 94.5%

West P&I Club has announced a strong financial performance for the 2023-24 financial year, achieving a 94.5% combined ratio. This is the third year in a row of improvement, a result which represents the Club’s best combined ratio since 2017, and one that is significantly ahead of the recent International Group combined ratio average of 114%. West reports an underwriting surplus of USD 15 million for the 2023-24 financial year. West’s incurred costs for its own Members’ claims of USD 112 million is on average USD 20 million lower than ...

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South Korean shipbuilder to lease part of Philippine Subic Bay shipyard

U.S. private equity firm Cerberus Capital Management said it has agreed to lease part of its Philippine shipyard in Subic Bay to HD Korea Shipbuilding and Offshore Engineering, which plans to build a facility there to manufacture offshore wind platforms. Cerberus said on Wednesday it has signed a multi-year agreement with HD KSOE 009540.KS to lease part of the 350-hectare shipyard Cerberus acquired in 2022 in Subic Bay, northeast of the capital Manila, which was home to a U.S. navy base until 1992. The shipyard was run by Hanjin Philippines ...

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Ukraine’s seaport cargo exports almost double in April, ports authority says

Ukraine’s seaport cargo turnover in April almost doubled year on year to around 10 million metric tons with agricultural goods dominating the volume, the state seaport authority said on Wednesday. Ukraine sends the lion’s share of its exports through deep water Black Sea ports, but shipments have fallen sharply since Russia’s invasion in February 2022. Grain cargo amounted to 6.3 million tons, the authority said. Grain and metal products are traditionally among Ukraine’s main export commodities. January-April exports via ports totalled 37.7 million tons, up from 22 million in the ...

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Chabahar: Once exempt from US sanctions, why the port is again under threat

Any country having business dealings with Iran runs the “potential risk of sanctions”, the US warned on Monday, noting that it was aware that Tehran and New Delhi had signed a deal concerning the Chabahar port. The warning came despite the Chabahar port being previously exempt from US sanctions. On Monday, India and Iran signed a long-term contract for the operation of the Shahid Beheshti Port terminal at Chabahar in Iran. The contract was signed by India Ports Global Ltd and the Ports and Maritime Organisation of Iran, in the ...

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Foreign flagged ships detained in the UK during April 2024 under Paris MOU

1. During April, there were six new detentions of a foreign flagged vessel in a UK port. 2. In response to one of the recommendations of Lord Donaldson’s inquiry into the prevention of pollution from merchant shipping, the Maritime and Coastguard Agency (MCA) publishes details of the foreign flagged vessels detained in UK ports under the Paris MOU regime each month. 3. The UK is part of a regional agreement on port state control known as the Paris Memorandum of Understanding on Port State Control (Paris MOU) and information on ...

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China LNG imports could hit record levels in 2024, PetroChina official says

China’s liquefied natural gas imports could hit record levels in 2024, a PetroChina official forecast on Wednesday. The world’s top importer of the super-chilled fuel is seen shipping between 78-80 million metric tons of LNG this year, with the industrial and commercial sectors driving demand, Zhang Yaoyu, global head of LNG and new energies for PetroChina International, said at an industry conference in Bangkok. Zhang’s forecast would be a 9-12% rise from the 71.2 million metric tons imported in 2023, according to China’s customs data. China imported a record 78.8 ...

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Brazilian soybean oil export values firm further

Soybean oil export values in the Brazilian market have strengthened to nearly two-year highs amid a combination of supportive factors, from improving destination demand to concerns over crop losses from floods in the southern state of Rio Grande do Sul. Platts assessed the soybean oil FOB Paranaguá basis for June dates at minus 300 points to the Chicago Board of Trade July (N) contract, the highest for a front-month loading since July 27, 2022, when marked at minus 280 points. Brazilian cash basis levels have been increasing since they hit ...

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Govt-backed Chinese refiner seeks oil import quota after restructuring, sources say

Jincheng Petrochemical, a newly restructured independent refiner controlled by the Liaoning provincial government in northeastern China, is seeking crude oil import quotas for its three plants, four sources with knowledge of the matter said. Jincheng Petrochemical has applied to Beijing for quotas to import 15 million metric tons of crude per year, which equates to 300,000 barrels per day (bpd), or about 3% of the shipments the world’s largest crude importer brings in. Jincheng Petrochemical, based in the city of Panjin, was formed by the merger of three refineries in ...

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Coal’s share in India’s power generation capacity drops below 50% for 1st time since 1960s

The share of coal in India’s total power generation capacity dipped below 50 percent in the first quarter of 2024, the first time since the 1960s. The latest POWERup quarterly report from the Institute for Energy Economics and Financial Analysis (IEEFA) showed that renewable energy accounted for 71.5 percent of the record 13,669 megawatts (MW) power generation capacity added by India in the first quarter (January-March) of this year. Coal’s share, including lignite, in India’s total power generation capacity dropped below 50 percent for the first time since the 1960s. ...

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China’s new copper smelting projects to add pressure to tightening concentrate supply

China’s upcoming copper smelting projects this year are set to exacerbate the already tight supply conditions in the copper concentrate market, significantly impacting copper treatment and refining charges, market sources said May 14. There are at least two upcoming projects from copper smelters in 2024, which could create challenges for the industry as multiple players vie for limited copper concentrates that are smelted and refined into final products like cathode. China-based Tongling Nonferrous Metals Group, or TNMG, has completed 23% of the construction of its 500,000 mt/year copper smelting project, ...

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Base metals gain as dollar weakens on easing US inflation

Prices of non-ferrous metals climbed on Thursday, backed by a softer dollar after U.S. inflation showed signs of slowing, making greenback-priced commodities cheaper for holders of other currencies. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 1.6% at $10,381.50 per metric ton, as of 0436 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 advanced 1.1% to 82,520 yuan ($11,435.54) a ton. The dollar skidded to multi-month lows after U.S. core inflation hit its slowest in three years, pulling forward expectations for ...

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