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The U.S. Can Help Eliminate Fossil Fuels from the Shipping Industry by 2035, New Report

Ocean Conservancy and Pacific Environment released a new report that provides a hopeful, achievable and most importantly a zero-emission vision for the U.S. shipping industry. If the U.S. can eliminate emissions from the shipping industry by 2035, not only will it help move the country in line with a 1.5 degree Celsius future, but port communities will be healthier, renewable energy will be booming and the U.S. will set an international example for other countries to emulate. All Aboard: How the Biden-Harris Administration Can Help Ships Kick Fossil Fuels provides ...

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Ever Given Customers Face New Payments to Get Shipments Moving

The legal quagmire that has kept the Ever Given anchored in the Suez Canal is tying down thousands of containers holding cargo whose owners now face new payments and complications to get their long-delayed shipments. The boxes, which likely hold consumer products, industrial parts and other goods bound for Europe, are stuck as the massive container ship is enveloped in rival claims arising from the nearly weeklong efforts to free the vessel that got caught last month in one of the canal’s narrow pathways. The impasse leaves cargo customers in ...

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Hapag-Lloyd orders 150,000 TEU of standard and reefer containers for 2021

Hapag-Lloyd is stepping up once more the investment in its container fleet in light of the current situation – similar to what the container shipping line did in 2020 in its initial response to the pandemic – as today it needs significantly more than the normal number of boxes to carry the same volume because boxes are turning slower. The container shipping line has ordered 150,000 TEU from China – both dry boxes and state-of-the-art reefer containers. Some of the boxes were already delivered to Hapag-Lloyd and integrated into its ...

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Ecochlor Launches EcoOne™- A Revolutionary New Filterless BWMS

Ecochlor is excited to announce the launch of EcoOne™, a revolutionary new ballast water management system (BWMS). “By eliminating the filter, we have taken simplicity and reliability in ballasting operations to the maximum level. Whilst, at the same time, we have maintained the original Ecochlor® BWMS’ high performance and service that customers expect from us,” said VP of Business Development, Andrew Marshall. “Comprehensive R&D and rigorous compliance testing of EcoOne™, along with a strong company philosophy focused on ‘engineering for reliability’, assures customers that every one of our products holds ...

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ITIC warns on the importance of checking crew COVID-19 tests

ITIC – International Transport Intermediaries Club – highlights the importance of thoroughly checking the results of crew COVID-19 tests in a recent case handled by the insurer. The case involved a ship manager arranging a crew change in Manila. The change was undertaken by the manager’s appointed port agent and all relevant COVID-19 protocols were followed. With the new crew on board, the vessel resumed its voyage and sent its port entry and free pratique documentation to the discharge port. However, both the agent and the local authorities at the ...

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Samsung shipyard demonstrates next-generation LNG regasfication system

For the first time in the world, Samsung Heavy Industries, a major shipbuilder in South Korea, has successfully demonstrated a next-generation regasification system that links power generation utilizing liquefied natural gas cold energy. It is a new eco-friendly technology that can dramatically lower the cost of generating electricity. Liquefied natural gas (LNG) needs to be gasified before supplied to users. The process releases a considerable amount of cold energy. The recovery of LNG cold energy bears the significance of energy-saving and environmental protection. Power generation is the most effective and ...

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FUJAIRAH DATA: Oil product stocks drop after first jet fuel shipment this year

Oil product stockpiles at the Port of Fujairah on the UAE’s east coast dropped across the board, with middle distillates hitting a one-year low after the first jet fuel shipment this year. Total inventory stood at 19.087 million barrels as of April 12, down 8.1% from a week earlier and the lowest in three weeks, according to Fujairah Oil Industry Zone data provided exclusively to S&P Global Platts on April 14. Middle distillates stocks stood at 3.082 million barrels as of April 12, down 8% from a week earlier and ...

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West Africa crude-sales stay slow on tepid demand, competition

Supply gluts of Angolan and Nigerian crude remained sizeable as both Europe and Asia rein in buying during refinery maintenance season and competing grades attract buyer interest. * Nearly 10 cargoes of May-loading Angolan crude remain unsold. * China’s Unipec purchased a cargo of Saturno from Sonangol for below dated Brent minus $2, traders said. * Refinery maintenance and a Brent-Dubai spread, which favours non-Atlantic basin crudes, were largely responsible for the slow sales. * Lower offers for U.S. light crude were pressuring West African crudes in European and Asian ...

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China’s Iranian oil buying spree crushes demand for Brazil, Angola crude

China’s record imports of Iranian crude in recent months has squeezed out supply from rival producers, forcing sellers of oil from countries such as Brazil, Angola and Russia to slash prices and divert shipments to India and Europe. The jump in Iranian volumes took the market by surprise and has capped global oil prices although the Biden administration had been expected to resume talks with Tehran to revive a nuclear deal. Iranian oil started to slip into China from late 2019 despite tough U.S. sanctions, but volumes began to surge ...

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Russia aims to boost oil exports before reaching output peak in 2027-2029

Russia’s revised oil strategy will focus on maximizing monetization from crude exports before hitting peak production in 2027-2029 and seeing world demand drop, according to a draft document on the development of the sector up to 2035 being reviewed by the State Duma and set to be approved by the government April 22. “The main thesis in this strategy is the monetization of current reserves and resources — that is, the maximum monetization of exports,” Pavel Zavalny, head of the energy committee at the Duma, said at the presentation of ...

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Chinese customs data shows strong iron ore demand

Imports of iron ore in China have jumped a whopping 19% to 102.11 million tonnes in March vs the prior year according to Tuesday’s official customs data. A Reuters report highlighted that world’s top base metal and iron ore consumer brought in 283.44 million tonnes of the steelmaking ingredient in the first quarter, up 8% on an annual basis, data from the General Administration of Customs showed. The Chinese customs said the nation exported 7.5 million tonnes of steel products in March, an increase of 16.4% over the corresponding period ...

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Oil hits one-month highs as IEA, OPEC raise forecasts

Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and OPEC as major economies recover from the pandemic. Brent crude was up by 16 cents at $66.74 a barrel by 0659 GMT, after reaching $66.94 earlier, the highest since March 18, and gaining 4.6% on Wednesday. U.S. West Texas Intermediate futures rose 12 cents to $63.27 a barrel, earlier rising to $63.48, also the highest since March 18. ...

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Oil ‘supercycle’ not on the cards: Energy experts

Oil is unlikely to hit $100 per barrel on a sustainable basis in the near future, according to experts at the Oxford Institute for Energy Studies (OIES), a prestigious UK-based think tank. In a report prepared by Bassam Fattouh and Andreas Economou of the OIES, the likelihood of an imminent oil “supercycle” — suggested by some commodities analysts — is downplayed because of the absence of key factors that might spark a surge in the price of crude. “Some key triggers of an oil supercycle, such as an inelastic supply ...

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China, US, Middle East lead way in refinery growth: IEA

China, the US and the Middle East are leading the way in global refinery growth, while much of Europe “remains under pressure from lockdowns amid a worsening COVID crisis”, the International Energy Agency said April 14. The agency noted that the “first indications” of year-on-year growth have started to emerge. Global refinery throughput in March rose month on month, led by a “strong recovery in the US following February’s freeze,” but remained lower year on year, the IEA said. In March, global runs increased by almost 1 million b/d month ...

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Earnings, metal rally spur record high for European stocks

European stocks hit a record high on Thursday as a rally in commodity prices lifted miners, while some positive earnings reports offset worries about the pace of COVID-19 vaccination. The pan-European STOXX 600 index was up 0.4% in its third session of gains, with miners leading the rise. Travel & leisure stocks hit a record high earlier in the session. UK’s commodity-heavy FTSE 100 outperformed as a surge in metals prices lifted shares of companies such as Rio Tinto, Anglo American and BHP. [MET/L] While European stocks have recovered all ...

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