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Lost at sea: EU States’ €20 billion giveaway to the shipping industry

Executive Summary The European Commission proposed to include maritime shipping in its Emissions Trading System (ETS) in July 2021. The two European ‘co-legislators’, the European Parliament and the EU Council, approved the proposal, putting forward their own positions in June 2022. To give the first clear picture of what each position means for climate ambition, we have undertaken a qualitative and quantitative analysis of each position. In terms of emissions coverage, the largest amount of emissions are at play with the geographical scope and the phase-in. In both cases, the ...

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Canada and United Arab Emirates first to back maritime sector’s green fuel initiative

Representatives of the maritime sector have officially launched an initiative to catalyze the supply of green fuels to support the global energy transition. The International Chamber of Shipping (ICS) and International Association of Ports and Harbors (IAPH), along with the CEO-led Clean Energy Maritime Taskforce, unveiled the ‘Clean Energy Marine Hubs Initiative’ today at the Clean Energy Ministerial (CEM) in Pittsburgh. The Initiative will be a convening platform for public and private senior-level stakeholders from the ports, shipping, finance, and energy sectors across the energy-maritime value chain. ICS and IAPH ...

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Environmental technologies in focus on World Maritime Day 2022

The International Maritime Organization is shining a spotlight on the role of emerging technologies to support a green transition of the maritime sector into a sustainable future. During the World Maritime Day 2022, on 29 September, celebrations will focus on the theme of ‘New technologies for greener shipping’, providing a platform to showcase inclusive maritime innovation, research and development, and the demonstration and deployment of new technologies. In his message on the World Maritime theme, IMO Secretary-General Kitack Lim said, “Our theme ‘New technologies for greener shipping’ opens up a ...

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ABS Plays Prominent Role in the Global Clean Energy Action Forum ABS Joins the ICS Task Force to Launch Global Clean Energy Marine Hubs

ABS played a prominent role in the Global Clean Energy Action Forum, the joint convening of the Clean Energy Ministerial and Mission Innovation Ministerial, with speakers on green shipping corridors, Clean Energy Marine Hubs and offshore wind. ABS was also part of the International Chamber of Shipping (ICS) Task Force to the Forum to launch Global Clean Energy Marine Hubs, an initiative to coordinate decarbonization efforts from ports, shipping companies, and energy firms. Christopher J. Wiernicki, ABS Chairman President and CEO, spoke at the Mission Innovation: Zero Emissions Shipping Mission ...

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West Coast ports sink to lowest share of US imports since early 1980s

The West Coast was the destination of choice for Asian exports in the initial stage of the COVID buying boom — before container-ship queues stymied the ports. Since then, volumes have been redirected to the East and Gulf Coasts due to fears of both California congestion and West Coast port labor strife. There has been a major shift in cargo flows. East and Gulf coast ports now boast significantly more imports than West Coast ports. Best month ever for East/Gulf coast ports Data from McCown Container Volume Observer released Thursday ...

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Maritime Singapore all-hands-on-deck to equip maritime workforce with future-ready skillsets through the Alliance for Future Maritime Talent

The Maritime and Port Authority of Singapore and the Singapore Maritime Foundation are partnering with Pacific Carriers Limited, Pacific International Lines and American Bureau of Shipping, to establish the Alliance for Future Maritime Talent (AFMT). This is one of the key follow-ups by the Maritime Industry Transformation Tripartite Committee (MITTC)[1]. The MITTC was first formed in April 2022 and oversees the Sea Transport Industry Transformation Map 2025. Alliance for Future Maritime Talent (AFMT) Mr S Iswaran, Minister for Transport and Minister-in-charge of Trade Relations, announced the formation of the AFMT ...

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Recession will be necessary to rebalance the oil market

Unused capacity in global oil production has fallen to exceptionally low levels, contributing to the intense upward pressure on prices until very recently. Restoring spare capacity to more comfortable levels will require a business-cycle downturn, which is why a recession or at least a serious slowdown is inevitable. In common with inventories of crude and products, and new oilfields with rapid development times, under-utilised oil wells and refineries act as shock absorbers in the global petroleum system. But since the middle of 2020, all these sources of flexibility have eroded, ...

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Why Europe’s efforts to cap Russian oil prices and ban imports are doomed to fail

Russia’s seaborne crude oil exports have actually climbed since Moscow’s invasion of Ukraine in February this year, with India topping China as a major destination so far this month, according to data from Kpler. That poses challenges to Europe’s plan to impose a price cap on Russian oil, as well as its agreement to ban Russian oil imports by the end of the year. “Russia has swiftly become one of the biggest suppliers of crude into India, after only being a sporadic buyer prior to the invasion of Ukraine,” said ...

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Asian spot prices soften on sufficient stock

Asian spot liquefied natural gas (LNG) prices continued to fall this week as Japan and Korea remain well supplied at least until October, while the market awaits signals of a Chinese demand rebound. The average LNG price for November delivery into north-east Asia LNG-AS was 42 per million British thermal units (mmBtu), down $4, or 8.7% pct, from the previous week, industry sources estimated. “We could see further price decline, with the bulk of start of winter being already booked. Weather will be a factor and of course, China, could ...

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What is the proposed G7 Russian oil price cap?

On 2 September 2022, the Group of Seven (G7) finance ministers released a statement that confirmed the future implementation of a price cap on Russian-origin crude oil and petroleum products (the Price Cap). Under the proposed measure, the provision of services related to the maritime transport of Russian-origin crude oil and petroleum products will be prohibited unless the products are purchased at or below a certain price (to be determined). The Price Cap also has the support of the European Commission, although all 27 EU member states are yet to ...

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Dynagas LNG Partners LP Reports Results for the Three and Six Months Ended June 30, 2022

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three and six months ended June 30, 2022. Quarter Highlights: Net income and earnings per common unit (basic and diluted) of $11.1 million and $0.22, respectively; Adjusted Net Income(1) of $9.1 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.17; Adjusted EBITDA(1) $22.9 million; 100% fleet utilization(2); Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) for the ...

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German oil imports up 13.5% in January-July period; bill more than doubles

German crude oil import volumes rose 13.5% in the first seven months of 2022 on a year-on-year basis as the economy recovered from the COVID-19 pandemic, while the bill more than doubled due to higher prices, official data showed on Friday. Russia remained the top supplier, holding a 30.5% share of Germany’s oil imports in the period, monthly statistics from the BAFA foreign trade office showed. The German government is resolved to eliminate imports of oil from Russia by the end of the year under European Union sanctions imposed in ...

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East Africa exporters brace for impact as Suez Canal tolls rise

The increase in transit tolls for ships passing through the Suez Canal by 15 percent is likely to impact exports to Europe from the region, the shippers warned. Egypt has raised the fees for all vessel types, except bulk and cruise ships, whose fees will increase by 10 percent from next year. Suez Canal Authority chief Osama Rabie said in a statement that the increment will take effect from January 1, 2023. The authority cited rising energy prices, freight rates, and daily charter rates for ships, which are predicted to ...

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Gas, oil producers should work together to stabilize markets -Raisi

Iranian President Ebrahim Raisi called on gas and oil producers to work together to stabilize energy markets. Raisi was speaking to reporters on the sidelines of the United Nations General Assembly in New York. Source: Reuters (Reporting by Parisa Hafezi; writing by John Irish; Editing by Leslie Adler)

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How an oil fracking boom to bust startup plans to thrive in the climate change era

By 2013, when Microseismic was selected for the inaugural CNBC Disruptor 50 list, it was pretty far from the “start” in startup, already in its tenth year as a company. And that preceding decade had been one during which the company, which performs subsurface monitoring using passive seismic technology, had grown up amid the boom in U.S. oilfield hydraulic fracturing, better known as fracking, and which by 2013, was about to go bust in a major way. When the company and its founder and CEO Peter Duncan had first raised ...

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