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Shipping Drifts Off Net-Zero Course Without Carbon Levy

The global shipping industry is on course to see its greenhouse gas emissions rise by around a fifth by 2050 if action including introducing a carbon levy on fuel is not taken, new research backed by industry leaders shows. With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world’s CO2 emissions and the sector is under growing scrutiny to become cleaner. “The transition doesn’t happen by itself because the ways of decarbonising are more expensive than just continuing to run on fossil ...

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Dry Bulk Market: Riding on the Global Economy’s Rebound

The dry bulk market has managed to capitalize from the global economy’s rebound. In part this is due to the demand growth, but also thanks to a moderate growth of supply, a trend expected to continue thanks to high newbuilding prices and shipbuilders’ preference towards more profitable sectors. In its latest weekly report, shipbroker Allied Shipbroking said that “the year so far has been a remarkable one for dry bulk owners. The BDI has climbed during the year to its highest point since 2008 and still looks to be holding ...

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GCC Sovereigns: Fiscal Outlook Improves With Oil Prices And Reform Momentum

A World of Difference: Oil at USD45 a Barrel Versus USD75 a Barrel or HigherThis report looks at the impact of different oil price scenarios, ranging from USD45/bbl to USD75/bbl, on budgets deficits, government debt ratios and issuance needs across the Gulf Cooperation Council (GCC), where oil revenue dominates budgets.Fitch Ratings’ scenario analysis estimates that GCC budgets, except in Bahrain, would move into surplus if oil prices were to average USD75/bbl in 2022. At USD85/bbl, Bahrain’s budget would also be close to balance. In a stress scenario of USD45/bbl, fiscal ...

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How technology can support sustainability risk management

Climate initiatives are rapidly moving to the top of corporate strategy to-do lists worldwide. Businesses are increasingly shouldering the responsibility for change after human activity was found to be responsible for irreversible changes in the Earth’s climate in the recent Intergovernmental Panel on Climate Change (IPCC) report. Financial institutions, as a result, are looking to gain insight into the environmental landscape of their supply chain. To truly assess their portfolios, visibility of data covering geographical, climate, and weather factors is vital, plus information on carbon footprint, historical carbon emissions, and ...

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Container shipping rates entering extended period of volatility: CEO

The global container shipping industry is entering a period of volatility that will extend long after the current peak shipping season, with a return to pre-pandemic market conditions almost certainly out of reach, according to consultancy Vespucci Maritime CEO Lars Jensen. Bottlenecks causing severe congestion throughout the supply chain in North America will eventually be reduced, but that will likely happen in no less than six months from now and more likely in the second half of 2022, Jensen said at the South Carolina International Trade Convention, held in Isle ...

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Drewry: Port Throughput Up by 3.5% During August

The Drewry Container Port Throughput Indices are a series of volume growth/decline indices based on monthly throughput data for a sample of over 235 ports worldwide, representing over 75% of global volumes. The base point for the indices is January 2012 = 100. Drewry’s latest assessment – October 2021 • After remaining at 139 points for two consecutive months of June and July 2021, the Drewry global port throughput index has increased by two points in August 2021. Throughput across the global sample was 3.5% higher compared to August 2020, ...

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Cargo Ship Backlog Hits All-Time High

America’s busiest port area has gotten even business, with the backlog of cargo ships outside the ports of Los Angeles and Long Beach hits an all-time high, with more than 100 ships waiting to unload containers. The Guardian reports that dozens of ships have been forced to float in the waters outside for ports for weeks now, as the Biden administration scrambles to unblock the bottleneck. “These issues go through the entire chain, from ship to shelf,” Pete Buttigieg, the transportation secretary, told ABC7. “That’s why we’re not just working ...

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Baltic index slips to one-month low on weak capesize demand

The Baltic Exchange’s dry bulk sea freight index fell to its lowest level in over a month on Monday, weighed down by lower rates in the capesize and supramax vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell by 153 points, or 3.5%, to 4,257, its lowest since Sept. 17. The capesize index fell 423 points, or 6.8%, to 5,782, its lowest since Sept. 10. Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $3,513 ...

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‘Indian Steel Cos Can Fill The Gap Being Vacated By China’

JSW Steel Ltd, the flagship business of the diversified JSW Group, posted its highest quarterly profit of ₹7,179 crore in the second quarter, up 350% from a year earlier. However, the impact of rising input costs was visible in its operating performance. Seshagiri Rao, joint managing director and group chief financial officer, JSW Steel, elaborated on his company’s plans to counter the increase in input costs. Edited excerpts from an interview: Energy commodity prices have been going up. How is your company addressing this? This is an exceptional situation where ...

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YANMAR Europe well represented at Europort 2021

From 2-5 November Europort 2021 will open its physical doors again. YANMAR Europe will be there (Hall 1, stand 224) to personally update visitors on the latest developments in marine engines. For the first time we will be exhibiting on a joint stand together with Nicoverken, one of our service dealers for YANMAR marine engines in the Netherlands (Hall 1, stand 227). Nicoverken specializes in the overhaul of main and auxiliary engines and the sale of spare parts. The company has been a valued partner in the YANMAR dealer network ...

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Shippers Find New Supply-Chain Hurdles at Alternate Ports

When Flexport Inc. learned in the past month that an ocean carrier planned to shift cargo from the congested operations at the Port of Los Angeles to little Port Hueneme some 80 miles up the California coast, the freight forwarder found that trucking companies weren’t ready to go along with the changing direction of the imports. “We talked to trucking carriers throughout the market in L.A. and Oakland and the sense was that they could not support the volume if it moved through Port Hueneme,” said Jason Parker, the company’s ...

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Asia Crude Oil Imports Recover In October, China Stays Weak

Crude oil demand in Asia, the world’s top importing region, is showing renewed signs of life, with October imports expected to be the highest in seven months and back to pre-pandemic levels. The region’s crude imports this month are estimated at 24.98 million barrels per day (bpd) by Refinitiv Oil Research, which will be the most since March and also exceed the pre-coronavirus level of 24.53 million bpd from October 2019, as well as the pandemic-affected 23.45 million bpd from October 2020. October’s arrivals are up a strong 1.81 million ...

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Allied’s Weekly Market Report – Week 42 2021

The Capesize market has witnessed an excessive level of volatility as of late. Being a “late bloomer” in this year’s dry bulk rally

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Russia close to using natural gas as weapon in Europe’s gas crunch – Biden energy adviser

U.S. President Joe Biden’s global energy security adviser said on Monday that Russian President Vladimir Putin is getting close to using natural gas as a political tool if Russia is holding back fuel exports to Europe as it suffers an energy crunch. “I think we are getting close to that line if Russia indeed has the gas to supply and it chooses not to, and it will only do so if Europe accedes to other demands that are completely unrelated,” Amos Hochstein, Biden’s adviser, told reporters, when asked if Putin ...

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S&P Global Platts Launches First Global Suite Of Methanol Bunker Fuel Price Assessments

S&P Global Platts (“Platts”), the leading independent provider of information, analytics and benchmark prices for the commodities and energy markets, today announced the launch of two new daily methanol bunker fuel price assessments reflecting the value of methanol delivered to ships for marine fuel at the ports of Singapore and Houston, effective October 25, 2021. The addition of two major hub ports in Asia and the United States Gulf Coast follows the launch of Platts’ first-in-market Europe methanol bunker fuel assessment delivered Rotterdam on September 27, 2021, delivering the first ...

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