The Poseidon Principles are pleased to announce a significant revision to their framework for evaluating and reporting financial institusions’ shipping porolios’ alignment with climate-related objectives. Following the IMO’s GHG revised strategy adopted during MEPC80 in July 2023, this update signifies the dedication of 30 leading shipping banks to support the maritime sector’s transi:on towards a sustainable, low-carbon future. See the list of 30 Signatories here. From their incep:on, the Poseidon Principles for Financial Ins:tu:ons were designed to be a living framework, evolving con:nually to meet the dynamic challenges of climate ...

A year from now, all vessels subject to the Ballast Water Management Convention must have an approved ballast water treatment system installed onboard. Is your ship ready for tighter regulations? Good management of ballast water is critical to prevent the spread of invasive aquatic species (see fact box below). To that end, the Ballast Water Management (BWM) Convention was adopted and eventually came into force in 2017. With it, came two primary regulations, both intended to improve ballast water management: The D-1 regulation covers ballast water exchange, that is flushing ...

President Abdel Fattah Al-Sisi has instructed the government to finish the development projects at ports, railways, and roads by 2025. On Sunday, at the “Story of A Nation between Vision and Achievement” conference in the New Administrative Capital, President Al-Sisi said: “We are aiming to complete the development of the port of Alexandria and other ports, and the projects to develop railways and roads in 2025, not 2030.” Al-Sisi warned that building is always harder than destroying, saying, “We must close any loophole that could be exploited by those who ...

Asia’s crude oil imports slipped for a second consecutive month in September as refinery maintenance trimmed demand and the impact of higher prices started to weigh. The world’s top importing region saw arrivals of 24.95 million barrels per day (bpd) in September, down from August’s 25.22 million bpd, according to data complied by LSEG. September’s imports were also almost 3 million bpd weaker than the 27.92 million bpd seen in July, which was the highest monthly total so far in 2023. Imports in August and September have been the lowest ...

The Panama Canal’s budget for fiscal year 2024 begins next Sunday, as the authority will continue to manage its operations to maximize water availability in the extreme drought conditions experienced by the country, maintaining the draft at 44 feet and the number of transits between 30 and 32 per day, as previously announced. Hence today, the Canal announced that as of November 1st, the average number of transits through the Canal will be adjusted to 31 transits per day: nine through the Neopanamax locks and 22 through the Panamax locks. Additionally, changes ...

Asia’s high sulphur fuel oil market softened on Monday, with cash premiums sliding and backwardation timespreads narrowing sharply compared to last week. A flurry of spot offers emerged for 380-cst HSFO, but these met with no buying interest. The cash premium for 380-cst HSFO FO380-SIN-DIF fell to $3.90 a metric ton on Monday. Market backwardation also eased, with the October/November timespread narrowing to about $7.25 a ton at the Asia close, compared with about $12 last week. The November crack for 380-cst HSFO FO380DUBCKMc1 slipped to a discount of $14.46 ...

Danish Shipping has been working in recent weeks to establish guidelines for the new green fuels at the recent meeting of the UN International Maritime Organization, IMO. The process is lengthy, but progress is being made. As ships are increasingly set to sail on new green fuels in the near future, it is important to have clear rules for their handling. Different types of fuels come with different challenges and risks when used on ships. What does it require in terms of ship design, tanks, etc., to safely use the ...

U.S. petroleum product exports totaled nearly 6.0 million barrels per day (b/d) in the first half of 2023, 2% more than during the same period in 2022. The first half of 2023 saw the most U.S. petroleum product exports during the first six months of any year in our Petroleum Supply Monthly data, which date back to 1981. U.S. petroleum product exports increased significantly in the 2000s and 2010s because of a number of factors, including the increasing competitiveness and efficiency of production at U.S. refineries along the U.S. Gulf ...

Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Yokohama, delivered Fuel Gas Supply System (FGSS) (Note), a liquefied natural gas (LNG) fuel gas supply system for high-pressure dual-fuel marine engine to Shin Kurushima Dockyard Co., Ltd at the end of August 2023. The FGSS ordered by Shin Kurushima Dockyard feature an optimized cargo space layout utilizing a modular design for exceptional space-saving and maintenance access, a shortened construction schedule at shipyards, and a proprietary control system that can be customized according to customer needs, contributing ...

Norway. Maritime and offshore industry spare parts will now be delivered more efficiently through new technology. Saving cost and time, the use of additive manufacturing or 3D printing brings a whole new way of ensuring operations keep up momentum and waiting times at a minimum. thyssenkrupp and Wilhelmsen announced on 29 September its joint venture company, Pelagus 3D, marking the entry of an exciting new player into global maritime and offshore services market. Pelagus 3D envisions to be the largest one-stop, on-demand digital manufacturing partner for the maritime and offshore ...

Shipshave has emerged as the winner of the coveted Most Innovative Proven Technology Award in the inaugural SNIC Innovation Awards for its cutting-edge in-transit cleaning of hulls (ITCH) solution that removes biofouling during a voyage to boost fuel efficiency and decarbonisation. The keenly contested prize was among three technology awards handed out at the Singapore Norway Innovation Conference (SNIC) 2023, with the theme Innovate to Zero, that is hosted annually in the Lion City by the Norwegian Business Association Singapore (NBAS). Shipshave earned the accolade for having “the most innovative ...

Oil prices fell about 2% on Monday to a three-week low as a higher-priced Brent contract expired, the U.S. dollar strengthened and traders took profits, concerned about forecasts of rising crude supplies and pressure on demand from high interest rates. On its first day as the front-month, Brent futures for December delivery fell to $90.78 a barrel by 11:24 a.m. EDT (1524 GMT), down $1.42, or 1.5%, from Friday’s close and also down about 4% from where the November future closed on Friday when it was still the front-month. That ...

OPEC oil output rose for a second straight month in September, a Reuters survey found on Monday, led by increases in Nigeria and Iran despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market. Last month, the Organization of the Petroleum Exporting Countries pumped 27.73 million barrels per day (bpd), the survey found, up 120,000 bpd from August. Production in August had risen for the first time since February. The rise in September was led by Nigeria, which has been battling with ...

Victoria International Container Terminal (VICT), Australia’s first fully automated container terminal and one of world’s most advanced port facilities, will soon be handling the largest boxships to arrive in Australia after the recent delivery of two new ship-to-shore (STS) cranes. “We are now ready to receive the largest vessels that will come to Australia as part of the upsizing strategy undertaken by the all the major shipping lines in the world. This trend will lead to an increasing number of supersized vessels sailing into Phillips Bay and mooring at VICT ...

Quadrise (AIM:QED), the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, is pleased to announce its audited final results for the year ended 30 June 2023. The Company also gives notice that the Company’s Annual General Meeting (“AGM”) will be held at 12 noon on 27 November 2023 at the Park Plaza County Hall Hotel, 1 Addington Street, London, SE1 7RY. Operational Summary: · Marine – Following the completion of key preparatory steps for the Proof-of-Concept ...