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Maritime Labour Convention 2018 Amendments enter into force next month!

The 2018 amendments to the Maritime Labour Convention, 2006, as amended ( MLC,2006) will enter into force on 26 December 2020. BIMCO advises on what these amendments are and how shipowners/ managers/ operators can achieve compliance accordingly. The 2018 amendments to the MLC, 2006 will bring about a change to a seafarer’s employment agreement (SEA)where it shall continue to have effect and wages shall continue to be paid while a seafarer is held captive on or off the ship as a result of acts of piracy or armed robbery against ...

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Automated ship reporting service launched by NCA as part of KONGSBERG’s Sesame Solution II project

The SESAME Solution II project successfully completed a major milestone when the Norwegian Coastal Administration released the first iteration of an automated ship reporting service. The service is hosted on a test environment in SafeSeaNet Norway, the Norwegian Coastal Administration’s maritime single window (MSW), and was developed through the SESAME Solution II and STM BALTSAFE projects. While the service supports only Mandatory Ship Reporting Systems (MRS) or SRS Reporting, other types of reporting, such as pre-arrival and FAL reporting, will be added in future iterations of the service. “One of ...

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Inuit Call for Stronger Protections for Safe Arctic Shipping Considering Weak HFO Ban Passed at IMO

The Inuit Circumpolar Council (ICC) participated in the International Maritime Organization (IMO) Marine Environment Protection Committee (MEPC 75) virtual meetings, held November 16-20, 2020. Inuit Circumpolar Council has a direct and strong interest in IMO’s discussions on Arctic shipping and has worked with industry and regulators to ensure safe Arctic shipping protocols, mitigating the threats of spills and black carbon pollution, and ensuring that Arctic communities and ecosystems are healthy. Arctic marine traffic is vital to the region’s economic base, resupplying communities and providing goods and services to remote locations. ...

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Frontline (NYSE:FRO) Cut to “Hold” at DNB Markets

Frontline (NYSE:FRO) was downgraded by research analysts at DNB Markets from a “buy” rating to a “hold” rating in a report released on Thursday, The Fly reports. Several other research analysts have also recently issued reports on FRO. Evercore ISI cut shares of Frontline from an “in-line” rating to an “underperform” rating in a report on Wednesday, October 28th. BTIG Research cut shares of Frontline from a “buy” rating to a “neutral” rating in a report on Wednesday, October 21st. Jefferies Financial Group decreased their target price on shares of ...

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The Standard Club Asia Ltd – new banking arrangements – urgent action required

The club’s banking facilities, currently held with Nordea Bank AB Singapore Branch, will be switching to Nordea Bank London with immediate effect. This follows a decision made by Nordea Bank to close their Singapore branch, as a result of which the club’s Singapore accounts will cease to operate on 12 December 2020. We kindly request therefore that, going forward, all remittances are made to the new Nordea Bank London accounts. Please instruct your accounts teams to take urgent action to update their records.The details of the new accounts are as ...

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Keppel secures contract worth about S$100 million for FPSO project

Keppel Offshore & Marine Ltd (Keppel O&M) has through its wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), secured a contract from a repeat customer worth about S$100m for the fabrication and integration work on a Floating Production Storage and Offloading vessel (FPSO). Scheduled for delivery in 4Q 2022, Keppel Shipyard’s scope of work includes the fabrication, installation and integration of topside modules, riser balconies and spread mooring support structures, as well as supporting the customer on pre-commissioning and commissioning work. Ahead of the FPSO’s arrival in the yard, Keppel Shipyard ...

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Cochin shipyard to build electric vessels for Norway

CSL said it signed contracts for construction and supply of the two autonomous electric ferries for the Norwegian company with an option to build two more identical vessels in July 15 this year. This project is an ambitious one in Norway partially funded by the Norwegian government aimed at emission-free transport of goods across the Oslo fjords. After the commissioning of autonomous equipment and field trials in Norway, the vessel would operate as a fully autonomous ferry of ASKO that can transport 16 fully loaded standard EU trailers in one-go ...

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Do Not Part With Your Hard – Earned Cash Warns Transnet Port Terminals

Service providers and job seekers are increasingly falling prey to scammers requesting cash upfront for securing COVID19 related tenders and general employment, warns Transnet Port Terminals (TPT). While social media platforms have previously been used throughout the year to advertise false opportunities, the intensity this year is at an all-time high. According to Mbali Mathenjwa, TPT Corporate Affairs Executive Manager, “We will keep appealing to members of the public not to part with their hard earned cash. No legitimate Transnet opportunity will ever require cash upfront”. She added that verifying ...

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Taiwan’s Formosa to skip term gasoline contract in Q1 on low production

Taiwan’s Formosa Petrochemical will not have any gasoline sales contract on a term basis in the first quarter of 2021, as the producer is unlikely to have much gasoline for export during that period, a company source said Nov. 25. “This year, we had the RDS [residue desulfurization unit] outage. Before the RDS restarts next year, our gasoline export volume will be low,” the source said. Formosa expects to restart its fire-hit No. 2 RDS unit in April 2021 at the earliest, after the 80,000 b/d unit was shut on ...

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Copper touches highs not seen since Jan 2014

The London Metal Exchange three-month copper price continued to trade comfortably above $7,000/mt as the bulls continued to circle the metal. Since the pandemic lows seen back in March, when copper went down to around $4,370/mt, the industrial metal has been powering forward. Early on in the session Nov. 25 the metal hit $7,360/mt — levels last seen in Jan. 2014 — and then gave back some of those gains. A number of factors have helped copper gains, including supply-side issues, a weaker dollar, record-breaking US stock markets and demand ...

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Renewables in most of Asia Pacific to be cheaper than coal power by 2030

Wood Mackenzie’s latest report shows most markets in Asia Pacific can expect to see cheaper levelised cost of electricity (LCOE) for renewables compared to coal by 2030. Across the region, new investments in renewables power are expected to be 23% lower cost than coal power on average by the end of the decade. Currently, renewables power costs about 16% more on average compared to coal power but has been at a discount to gas-fired power since 2019. Wood Mackenzie senior analyst Rishab Shrestha said: “Today, India and Australia are the ...

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Fitch Ratings 2021 Outlook: Indonesian Coal Improving

Fitch Ratings expects Indonesian coal selling prices and volumes to improve in 2021, which should support a modest improvement in credit metrics. Fitch assumes a recovery in the Indonesian 4,200kcal coal prices to USD32.5/tonne in 2021 from USD27/tonne in 2020. The improvement in prices started to materialise in late 2020 as Fitch expected. Fitch also expects aggregate volumes of the Fitch-rated miners to increase by about 6% in 2021, compared with the drop of 3% in 2020. Furthermore, most Indonesian coal miners have curtailed mining costs in 2020 due to ...

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Indian refiners’ October oil processing highest since March

Crude oil processed by Indian refiners rose to its highest in seven months in October as fuel demand picked up although throughput remained lower than a year earlier, hurt by the coronavirus pandemic’s impact on industrial and transport activity. Crude oil throughput in October dropped 16.1% from a year earlier to 4.35 million barrels per day (18.39 million tonnes), but was the highest since March when the country went into a nationwide lockdown, provisional data issued by the government showed on Wednesday. Pointing to a recovery in economic activity, India’s ...

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US working gas in underground storage down 18 Bcf on week: EIA

The US natural gas storage withdrawal season started one week later than normal with a below-average draw of 18 Bcf for the week ended Nov. 20 as the Henry Hub winter strip shows slight declines with demand somewhat muted for the week in progress. US natural gas storage inventories decreased to 3.940 Tcf for the week ended Nov. 20, the US Energy Information Administration said Nov. 25. The report was issued one day earlier than normal this week to accommodate the Thanksgiving holiday in the US. The withdrawal was less ...

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Permian Producers in Focus as Crude Price Picks Up

Promising results from three potential coronavirus vaccines have raised hopes of an economic rebound in 2021, leading oil price to the highest mark since Mar 6. With stock prices of crude exploring and producing companies rallying, it is probably time for the energy sector to bounce back from the pandemic lows. Oil Price Recovers Partially Although the price of West Texas Intermediate (WTI) crude, approaching $46 per barrel, is significantly below the 2020-beginning price of more than $60 mark, the commodity price has improved considerably in the past few months. ...

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