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Baltic index slips to one-month low as capesize rates weaken

The Baltic Exchange’s dry bulk sea freight index slipped to its lowest in almost a month on Thursday, as rates for the capesize vessel segment fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 98 points, or 2.1%, to 4,653. The capesize index fell 357 points, or 4.9%, to 6,918, its lowest in a month. Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell by $2,959 to $57,374. Chinese stainless steel futures snapped a three-session losing ...

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Financing for Older Ships’ Retrofits and Upgrades, a Rarity

A scarcity in obtaining finance for environmentally-friendly retrofits and upgrades is hindering shipping’s decarbonization process. In its latest weekly report, Intermodal said that “IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principles are just a handful pieces of evidence that the environmental regulations are not only knocking on the door, but are already inside the shipping house and with the intention to stay for good. Ship operators and managers, charterers, ship financiers must take good consideration of all ...

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Germany’s Jan-Aug oil imports fall 7.1%, bill rises 32.9%

German crude oil import volumes fell 7.1% in the first eight months of 2021 year-on-year as the COVID-19 pandemic and related lockdowns hit industry, but the bill was up by a third due to higher prices, official data showed on Wednesday. Oil volumes in January through August fell to 51.9 million tonnes from 55.8 million in the same months of 2020, statistics from the BAFA foreign trade office showed. Russia accounted for 34% of Germany’s oil imports in the period, followed by 18.9% from the British and Norwegian North Sea, ...

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Zero-Carbon Fuels the Main Missing Link Towards Shipping’s Decarbonization: A Technical Report from the Union of Greek Shipowners

1. Introduction The aim of this Report is to provide the technical perspective on the ways of reducing Greenhouse Gas (GHG) emissions from the maritime transport in line with the initiatives of the “Fit for 55” package. This Report intends to inform discussions regarding the reduction of the GHG emissions from the maritime transport sector and offer policy suggestions stemming from the technical analysis. The Report is structured as follows: Section 2 provides a brief background on issues concerning the ambition to decarbonise the maritime sector and presents the relevant ...

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Chinese vice-premier stresses financial system in real economy

The financial system needs to be more proactive in serving the real economy, supporting green and low-carbon development, and promoting high-level opening-up, Vice-Premier Liu He said Wednesday. Liu, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in a written speech at the opening ceremony of the 2021 Annual Conference of Financial Street Forum held in Beijing. The financial system should properly handle monetary policy adjustments and redouble efforts to financially support the private sector and small and micro businesses, he ...

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Enduring waves of climate change: Maritime decarbonization, a tempest before the calm

The global maritime industry is intensifying efforts to curb its carbon footprint, but the journey has just begun. Preparations, thus far, have borne some fruit, but challenges lurk, making the energy transition a daunting task. Shipping accounts for about 2.9% of global greenhouse gas emissions, according to the International Maritime Organization. Without mitigation, emissions could grow by as much as 130% from 2008 levels by 2050, rendering a sense of urgency to fast-track decarbonization, despite the unprecedented associated expenses as well as related operational and technological complexities. Martin Stopford, a ...

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Drewry: Maritime Financial Insight

Container shipping: In 3Q21 and early October, container shipping stocks saw a sell-off triggered by the risk of worsening container ship demand largely due to power shortages in China. Moreover, the risk of a cost-push from the rising oil prices has added to the concern. Despite the concerns, the dip in stock prices can best be explained by market overreaction and impulsive behavior of individual traders. Fundamentally, nothing has changed – demand is still high and the supply chain bottlenecks continue to drive the container shipping earnings. Nearly all carriers ...

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Satcom Global launches VNO Elite; VSAT bandwidth on-demand for partners, with free hardware

With the launch of VNO Elite, Satcom Global is empowering service providers to deliver high performance VSAT satellite communications services, including true bandwidth on-demand, with minimal investment and unprecedented flexibility. An industry first, the VNO Elite solution gives partners who collaborate with Satcom Global, the chance to move away from commoditised services with rigid terms and penalties, and deliver customisable offerings that really meet the evolving needs of their customers. Service providers will be able to operate their own VSAT service with true flexibility, making changes to their customers’ bandwidth ...

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UK factory orders growth falls to six-month low

British industrial orders growth slowed sharply in October to its weakest in six months, against a backdrop of sharply rising raw materials prices and widespread labour shortages, figures from the Confederation of British Industry showed on Thursday. The CBI’s monthly manufacturers’ order book balance fell to +9 in October from +22 in September, its lowest since April and well below the average forecast of +18 in a Reuters poll of economists. Quarterly CBI survey data showed domestic prices in October rose at the fastest pace since April 1980, while stocks ...

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Brazil’s Petrobras posts mixed third-quarter production figures

Brazil’s Petrobras posted mixed production figures on Wednesday, as the state-run oil company ramps up output at some major oilfields while also jettisoning a number of legacy production assets as part of a wider divestment drive. In a securities filing, Petroleo Brasileiro SA, as the state-run oil firm is formally known, said it produced 2.83 million barrels of oil equivalent per day in the third quarter, up 1.2% in quarterly terms, but down 4.1% from the same period last year. Crude production came in at 2.269 million barrels per day, ...

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OneLearn launches lifesaving enclosed spaces course

A maritime training course for safely accessing enclosed spaces on vessels could help save the lives of seafarers entering confined areas with dangerously low oxygen levels, explosive gases or physical hazards. OneLearn Global, the digital eLearning training provider to the maritime industry, has launched the ‘Entry Into Enclosed Spaces’ course in response to sobering figures that show an alarming number of fatalities in recent years. From 2015 to 2020, 83 crew members died while working in an enclosed space, with 53% of deaths attributed to oxygen depletion and 60% of ...

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Singapore-delivered 380 CST HSFO bunker delivery lead time blows out to 6-12 days on tight supply

High sulfur fuel oil bunker delivery lead times have blown out further to at least 6-12 days in October from the usual 4-6 days amid limited availability, market sources said Oct. 21. “Bunker suppliers are already facing difficulties finding available HSFO cargoes to meet buyers’ requirements in terms of vessel schedule, price and quantity. Hence, sales dropped significantly in September and are likely to follow in October,” a bunker supplier said. Congestion at Straits terminals following a COVID-19 outbreak at Universal Terminal in early October has further tightened barge availability. ...

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COVID-19 cases in Inner Mongolia affect ports, but coal imports from Mongolia set to jump

New COVID-19 cases in North China’s Inner Mongolia Autonomous Region are likely to affect China’s coal imports from its increasingly significant coal supplier Mongolia due to disruptions at some major ports, according to sources on Wednesday, further raising concerns over coal supply in China as officials moved to address shortages and price hikes. However, some ports remained open for coal transport and the impact will likely be temporary as China and Mongolia have stepped up cooperation in coal trade. Mongolian Ambassador to China Tuvshin Badral told the Global Times on ...

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BP signs 10-year pipeline gas deal with China’s Shenzhen Gas

BP has signed a sales and purchase agreement with a unit of China’s Shenzhen Gas Group Co Ltd to supply piped natural gas for 10 years starting 2023, BP said in a statement on Wednesday. Under the agreement, BP will provide Shenzhen Sino-Benny LPG Co Ltd, a wholly-owned unit of Shenzhen Gas, with up to 300,000 tonnes a year of pipeline gas. The gas will be supplied through the liquefied natural gas (LNG) receiving terminal of Guangdong Dapeng LNG Company Ltd in Shenzhen, where BP holds regasification capacity. BP also ...

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Sailors’ Society Wellness at Sea – maintaining physical wellness

Seafarer wellbeing has been a focal topic for Standard Club in recent years, particularly during the Covid-19 pandemic and we are proud to be working in partnership with Sailors’ Society’s Wellness at Sea programme, sharing helpful advice and resources. Physical wellbeing is made up of a combination of keeping physically active as well as our overall diet. It can help to, when able, avoid unhealthy foods that are high in sugar, salt, saturated and trans fats and eating good-sized portions without overindulging. Junk food is high in calories and low ...

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