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Singapore remains open to attracting global talent for maritime and shipping sectors

Singapore remains open to attracting global talent for the maritime and shipping sectors and considers it a critical part for the Republic to maintain its status as a regional hub, said Mr Chee Hong Tat, Senior Minister of State for Transport and Finance on Monday (July 4). Speaking at the launch of Singapore-headquartered global container liner Ocean Network Express’ (ONE) new green strategy department, Mr Chee said: “We are very clear that Singapore cannot be a hub port and international maritime centre without being open and connected with the world.” ...

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MABUX: Upward changes to continue on Global bunker on Jul. 05

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated upward changes on Jul. 04: 380 HSFO – USD/MT – 715.49 (+3.18) VLSFO – USD/MT – 1069.37 (+8.30) MGO – USD/MT – 1344.06 (+13.35) As of Jul.04, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was undervalued in three out of four selected ports: Rotterdam – by minus ...

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ClassNK releases latest “PrimeShip-PSC Intelligence” mobile app

ClassNK has released the latest version 2.0.0 of “PrimeShip-PSC Intelligence”, a mobile app to assist the improvement of Port State Control (PSC) performance and ship management systems, provided free of charge. Based on the database of PSC reports inputted by ship managers, shipowners, and ClassNK, “PrimeShip-PSC Intelligence” provides various functions helping improve ship management systems, including the indication of trends of the PSC findings pointed out by each country or port and output of checklists according to the trends, with a PC version for ship management companies and a mobile ...

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MPCC orders two carbon-neutral 1,300 TEU newbuildings in partnership with industrial group Elkem and North Sea Container Line

MPC Container Ships ASA is pleased to announce the following company update: MPCC has contracted two carbon-neutral 1,300 TEU newbuildings at Chinese-based shipyard Taizhou Sanfu Ship Engineering for delivery in the second half of 2024. The vessels come with a dual fuel engine setup which enables operation on methanol as well as conventional MGO, allowing MPCC to take a significant leap forward in its commitment to use carbon-neutral solutions in regional container trades together with strong partners. The vessels come with 15-year time charters to North Sea Container Line AS ...

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FSL Trust Completes Disposal Of One Chemical Tanker

The Board of Directors (the “Board”) of FSL Trust Management Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of First Ship Lease Trust (the “Trust”), refers to its announcement dated 24 June 2022 and further announces that the disposal of the vessel FSL London (the “Vessel”) has been completed with the successful delivery of the Vessel to the new owners Beas Lines Inc. (the “Buyer”), an unaffiliated third party, on 1 July 2022 (the “Disposal”). The gross consideration paid by the Buyer for the Vessel upon delivery was US$12.1 million, which was ...

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TECO 2030 has received funding for developing the high-speed vessel of the future

TECO 2030 ASA leads a consortium with partners Umoe Mandal and BLOM Maritime to develop a hydrogen powered high-speed vessel with zero emissions. The consortium will receive up to 5 million NOK in funding support. The vessel will combine the class-leading fuel cell systems from TECO 2030 and energy-efficient catamaran design with SES technology from Umoe Mandal. The vessel will have the capacity to transport 200-300 passengers at speeds above 35 knots while sailing over long distances. In the project “High-speed vessel of the future”, the county municipalities of Finnmark, ...

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Korean shipyards at order heyday cannot keep up due to labor shortage

South Korean shipyards are enjoying a heyday with enough backlog from last year’s orders to keep each of them busy for two to three years, but they cannot be jubilant as they run short of manpower to meet orders and advance technology upon losing skilled work force during the decade-long slump. According to the Korea Offshore & Shipbuilding Association (KOSHIPA), Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries lost 72 percent of their engineering designers from 18,643 in 2015 to 5,236 last year and ...

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What Ocean Shipping Reform Act 2022 (OSRA) means for Container Shipping Industry?

On Thursday, June 16, 2022, the 46th President of the United States, Joseph Biden, signed into law S. 3580, the Ocean Shipping Reform Act of 2022 (hereinafter OSRA 2022). The OSRA 2022 legislation has caused a stir in the container shipping industry. After reviewing the content of the document, experts from the cargo analytical and consulting firm Informall BG based in Ukraine decided to share their opinion on the newly introduced act, as well as assess the impact of OSRA 2022 on the industry. The objectives of the OSRA Act ...

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MMi Daily Iron Ore Index Report July 05 2022

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 742.5,increased of 1.37 %. Traders are

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Egypt’s Suez Canal revenue up 20.7 pct in 2021/22 to $7 bln

Egypt’s Suez Canal recorded $7 billion in revenue for the fiscal year 2021/22, up 20.7 percent from a year earlier, Suez Canal Authority Chairman Osama Rabea said in a statement on Monday. Egypt’s fiscal year runs from July 1 to June 30. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency. Source: Reuters

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Europe’s Ports And Terminal Operators Call For Ops Where It Makes Sense In Afir And Fueleu Maritime

The European Sea Ports Organisation (ESPO) and the Federation of European Private Port Companies and Terminals (FEPORT) have jointly agreed that the proposals for an Alternative Fuels Infrastructure Regulation (AFIR) and the FuelEU Maritime Regulation should enable the deployment of OPS where it makes the most sense. The greening of shipping is a priority for European port stakeholders. This entails addressing emissions from shipping both during navigation and at berth. Onshore power supply (OPS), also known as shore-side electricity, is one of the technologies available to help reduce greenhouse gas ...

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India: No coal import curbs for now

The government has decided to put its import substitution plan for coal on the back-burner till domestic production of the fuel touches a 1-billion-tonne mark. The move is in view of the surge in demand for the fuel amid fast-increasing electricity consumption in an economy struggling to come out of a slump. India’s coal production stood at 777 million tonne (MT) in FY22, up 8.6% on year. State-run Coal India made up for 80% of the domestic output even in the last financial year. A series of steps taken by ...

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Pakistan ponders Russian crude imports, seeks input from refiners

The Pakistani government has asked its refineries to provide feedback on importing attractively-priced Russian crude in an effort to soften the blow from a ballooning import bill, joining a list of Asian countries which are keeping their options open to buy from the non-OPEC supplier. The government has written a letter to Pak Arab Refinery, National Refinery, Pakistan Refinery, and Cnergyico, formerly Byco Refinery, to submit their detailed reports on whether the refiners can import crude oil from Russia, according to a government document seen by S&P Global Commodity Insights. ...

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Palm oil drops for third day on concern of larger Indonesian exports

Malaysian palm oil futures fell on Tuesday for a third straight session on concerns that Indonesia’s plan to increase export quota would hurt demand. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange fell 1.13% to 4,301 ringgit ($973.96) per tonne during early trade. It extended a 7.6% loses posted on Monday. FUNDAMENTALS * Indonesia proposed raising palm oil export quotas and is considering increasing mandatory levels of biodiesel in fuel mixes to prop prices for farmers at a time when domestic palm oil ...

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Copper TC/RCs face further pressure in Q3 from tight clean concentrate supply, higher demand

This report is part of the S&P Global Commodity Insights’ Metals Trade Review series, where we dig through datasets and digest some of the key trends in iron ore, metallurgical coal, copper, alumina, and steel and scrap. We also explore what the next few months could bring, from supply and demand shifts, to new arbitrages, and to quality spread fluctuations. Asian demand for copper concentrates will likely be supported in the third quarter by healthy margins and an increase in smelter production capacity in China, while clean copper concentrate output ...

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