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U.S. commodities regulator sees market risk from climate change, urges action

A top U.S. commodities regulator said on Wednesday climate change poses a major market risk and urged federal government action to address it, putting him at odds with the Trump administration which has often dismissed the issue. Rostin Behnam, one of five commissioners of the Commodities Futures Trading Commission, made the comments at a public meeting focused on financial risks. He said he will form a special committee tasked with writing a report later this year examining the threats and proposing action. “The impacts of climate change affect every aspect ...

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Drewry: Wolrd Container Index Down By 1.4%

The composite index decreased 1.4% this week, also, 4.4% down as compared with same period of 2018. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,475 per 40ft container, which is $15 higher than the five-year average of $1,459 per 40ft container. Drewry’s composite World Container Index (WCI) decreased 1.4% to $1351.15 for a 40ft container. Freight rates on Shanghai-Rotterdam plummeted $52 and stood at $1,487 for a 40ft box. Rates on Shanghai-Los Angeles dropped $40 to $1,412 per feu. Similarly, freight rates from ...

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MABUX: Bunker Prices To Trend Higher Today

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued downward trend on June 13: 380 HSFO – 388.38(-5.48) 180 HSFO – USD/MT – 428.10(-5.19) MGO – USD/MT – 638.56(-5.84) Meantime, world oil indexes rose on Jun.13 after a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes. Brent for August settlement increased by $1.34 to $61.31 a barrel ...

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U.S. blames Iran for tanker attacks in Gulf of Oman, Iran rejects assertion

The United States blamed Iran for attacks on two oil tankers in the Gulf of Oman that drove up oil prices and raised concerns about a new U.S.-Iranian confrontation, but Tehran bluntly denied the allegation. It was not immediately clear what befell the Norwegian-owned Front Altair or the Japanese-owned Kokuka Courageous, which both experienced explosions, forcing crews to abandon ship and leave the vessels adrift in waters between Gulf Arab states and Iran. One source said the blast on the Front Altair, which caught fire and sent a huge plume ...

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Saudi Arabia Threatens Iran With ‘Grave Consequences’ As Tankers And Airport Attacked

On June 13, just a day after a missile fired by the Iranian-backed Houthi militia hit Abha International Airport in Saudi Arabia, injuring 26 people, the U.S. Navy’s 5th Fleet came to the assistance of two oil tankers in a “reported attack in the Gulf of Oman.” The Houthi missile attack on the Saudi Arabian airport, some 70 miles from the Yemen border, came early on Wednesday morning. It was the latest in more than 200 recent cross-border missile attacks, albeit with greater impact and casualties. The Arab News reported ...

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ABS Explores Shipping’s Future with UK Maritime Leaders

UK maritime industry leaders met to debate decarbonization, digital technologies and the future of safety at the annual ABS UK National Committee meeting. “ABS has deep roots in the maritime community in the UK and Ireland which means our committee is made up of industry leaders offering powerful insight on the technical and regulatory challenges facing the industry—as we harness digital technologies and innovation to meet 2030 and 2050 decarbonization objectives,” said Christopher J. Wiernicki, ABS Chairman, President and CEO, who actively participated in the Committee program. Committee members heard ...

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Suezmaxes Spike, Containers And LNG Plateau

The big news for ocean shipping freight rates this week is demand out of the oil-producing nations of West Africa, which is pushing up rates for the second-largest category of crude oil tanker. The container sector has rebounded from May’s travails, at least somewhat, while rates for liquefied natural gas (LNG) carriers have stumbled to a halt after their earlier rebound. Suezmaxes surging In the long-haul global crude trade, there are two main ‘workhorse’ vessel categories: very large crude carriers (VLCCs), which each carry around two million barrels of crude ...

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U.S. consults allies on how to protect shipping in wake of tanker attacks -senior U.S. official

The United States is discussing with its allies a variety of options on how to protect international shipping in the Gulf of Oman in the wake of tanker attacks that Washington has blamed on Iran, senior Trump administration officials said. Two officials, speaking to a small group of reporters on condition of anonymity, said the United States wants to ensure the freedom of navigation in the Strait of Hormuz and make sure international commerce is not disrupted. Two oil tankers were attacked on Thursday and left adrift in the Gulf ...

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MacGregor automated mooring solution specified for the world’s first autonomous and zero-emission container ship, Yara Birkeland

MacGregor, part of Cargotec, and Kongsberg Maritime have entered into an agreement where MacGregor will deliver an automated mooring system for the world’s first autonomous container ship, Yara Birkeland. This will enable mooring operations to be undertaken without human intervention and supports effective operation of the fully electric, zero emission vessel. The order was booked in Cargotec’s 2018 fourth quarter order intake, with the automated mooring system scheduled to be delivered during the second half of 2019. “It is critical for Kongsberg to work with world-class partners and we are ...

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Norway prepares for ratification of the Nairobi Wreck Removal Convention

The Norwegian Parliament recently decided that Norway shall ratify the Nairobi Wreck Removal Convention and that the Convention shall be given effect not only in Norway’s exclusive economic zone, but also in its territorial waters. The Norwegian Parliament also adopted legislation to implement the Wreck Removal Convention into Norwegian law once ratified. The legislation, which was adopted in December 2018, will, as expected, introduce a dual system where the national rules on wreck removal will continue to be in effect and the Convention rules will be introduced as a parallel ...

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HHI merger with Daewoo Shipbuilding delayed due to militant unions

A due diligence team from Hyundai Heavy Industries (HHI) and its creditor Korea Development Bank (KDB) yielded no results on Wednesday as their second attempted visit to Daewoo Shipbuilding & Marine Engineering (DSME) main shipyard site in Geoje, South Gyeongsang was once again obstructed by union workers in strong protest to the potential merger between the world`s two biggest shipbuilders. Last August, the state-owned bank decided to hand over its entire 55.7 percent stake in DSME to HHI in exchange for entity ownership in a future combined entity. Following its ...

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GTT receives an order from HHI to design the tanks of two new LNG carriers

TT has received an order from the Korean shipyard Hyundai Heavy Industries (HHI) for the tank design of two LNG carriers on behalf of the Greek ship-owner Dynagas. Each offering a capacity of 180,000 m3, these units will be equipped with tanks fitted with the Mark III Flex+ containment system. The vessels’ delivery is expected for the first semester of 2022. Philippe Berterottière, Chairman and CEO of GTT, declared: “This new order, first Mark III Flex+ ordered by HHI, highlights the trusting relationship GTT maintains with the shipyard. We are ...

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Dubai Port Operator with Interest in Bulgarian Ports

One of the largest port operators in the world – Dubai Port World – has shown interest in investing in Bulgarian ports and in creating high-tech logistics centers in different cities in the country. This was announced by the Presidency on Wednesday after a meeting of the head of state Rumen Radev with Sultan Ahmed bin Sulayem, Dubai Port World CEO and one of the most influential businessmen in the United Arab Emirates. The meeting between the two came after the participation of the Bulgarian president at the Petersburg Economic ...

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Iran’s Port Throughput Nears 24 Million Tons in Two Months

A total of 23.95 million tons of commodities were loaded and unloaded in Iran’s 21 major commercial ports during the first two months of the current Iranian year (March 21-May 21) to register a 4.47% decline compared with the corresponding period of last year. According to figures published in the Ports and Maritime Organization’s website, non-oil goods accounted for 17.24 million tons of the total throughput, showing a 0.73% fall year-on-year. The remaining 6.71 million tons pertained to oil products, indicating a 15.65% decline YOY. Container loading and unloading decreased ...

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Sinopec to substitute Iran crude with Saudi grades: exec

China’s Sinopec plans to substitute Iranian crude with that of grades from Saudi Arabia and other origins in the Persian Gulf, even as scope of more purchases from the US was limited due to the overall trade and tariff-related bilateral differences, a senior company executive said. “The crude imports from the US are taking place regularly, but the buyers here are very concerned over the current tariff disputes,” the Sinopec executive said on the sidelines of the Enmore tankers’ conference in Shanghai. Crude importers in China are concerned about possible ...

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