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ECSA welcomes Council’s position on ETS ‘polluter pays’ principle but warns more is needed to earmark revenues

EU Environment Ministers adopted this week the Council position on the revision of the EU Emission Trading System (ETS) and the inclusion of shipping in the scheme, as part of the ‘Fit for 55’ package. ECSA welcomes the Council’s strong support on the mandatory pass-through of ETS costs to the commercial operator of the vessel, which upholds the “polluter-pays principle”. The Council’s common position on the pass-through of the ETS costs follows up on the adoption of a similar position by the European Parliament earlier this month. The retention of ...

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ClassNK releases comprehensively revised structural rules

Leading Classification Society ClassNK released a comprehensively revised version of Part C of its Rules and Guidance for the Survey and Construction of Steel Ships setting the requirements for hull structures on 1 July 2022. ClassNK is constantly revising its Rules and Guidance in order to reflect the latest results from relevant research and development projects, feedback from damage investigations, requests from industry, as well as changes made to the relevant regulations such as international conventions. Like many other industries, the maritime industry is faced with the challenges of rapid ...

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EUROPE: GAS-Prices rise on Russian gas supply concerns, LNG tightening

British and Dutch wholesale gas prices rose on Friday morning on concerns about Russian gas supply, tightening of global liquefied natural gas (LNG) production and ahead of a Norwegian strike next week which could impact output. In the UK market, the day-ahead contract was 4.00 pence higher at 160.00 pence per therm by 0833 GMT, while the weekend contract was up 10.00 pence at 165 p/therm. The benchmark Dutch wholesale gas contract for August edged up by 0.10 euro to 148.10 euros per megawatt hour (MWh). Traders said there are ...

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Saudi crude supplied a third of Japan’s oil needs in May

Japan’s imports of Saudi crude oil in May amounted to 27.10 million barrels, or 33.5 percent of the total in that month, according to the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry. In April, Japan’s imports of Saudi crude oil were 38.49 million barrels — 43.9 percent of the total. During May, Japan imported 80.81 million barrels, which was a record high of 94.5 percent, some 76.38 million barrels, provided by five Arab countries: the UAE, Saudi Arabia, Qatar, Kuwait and Oman, according ...

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NYK Becomes Signatory to UN’s Sustainable Ocean Principles

In Cascais, Portugal, at the UN’s Sustainable Blue Economy Investment Forum held on June 28, 2022, NYK joined 150 major companies* having a combined market capitalization of 1 trillion euros in taking action for a healthier ocean by signaling a commitment to a healthy ocean by becoming a signatory to the UN Global Compact** Sustainable Ocean Principles. NYK is the first Japanese company to become a signatory. Launched in September 2019, the Sustainable Ocean Principles provide a framework for responsible business practices across sectors and geographies, building upon and supplementing ...

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Port of Rotterdam Authority abandons Normal Amsterdam Water Level (NAP) after 200 years

The Normal Amsterdam Water Level (NAP) has been used as the basis for Vessel Traffic Services in the port of Rotterdam for some 200 years. On 1 July, the Port of Rotterdam Authority will abandon NAP in shipping communication. As from that day, it will use the Approximate Lowest Astronomical Tide (ALAT) as a reference for water depths and water levels in the admission policy. Internationally, this reference is common practice in shipping. “The adjustment is in line with the Port Authority’s aim to come to a high degree of ...

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Supply fears to sustain oil rally, trumping recession risks

Oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed on Thursday, though economic risks could slow the climb. A survey of 34 economists and analysts forecast Brent crude LCOc1 would average $106.82 a barrel in 2022, the highest prediction for the year so far, versus a $101.89 consensus in May. Brent has averaged about $105 a barrel this year, and is now trading around $116 a barrel, amid supply concerns. O/R ...

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Total recoverable oil worldwide is now 9% lower than last year, threatening global energy security

Following publication of BP’s annual Statistical Review, each year Rystad Energy releases our own analysis of the global energy landscape to provide an independent, data-based comparison and evaluation. Continuing the trend from previous years, Rystad Energy’s 2022 review shows a sizeable drop in recoverable oil resources in what could deal a major blow to global energy security. According to Rystad Energy analysis, global recoverable oil now totals an estimated 1,572 billion barrels, a drop of almost 9% since last year and 152 billion fewer barrels than 2021’s total. Recoverable oil ...

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Russian oil price cap could push global prices higher – Russia’s Novak says

Russian Deputy Prime Minister Alexander Novak said on Thursday that attempts to limit the price of Russian oil could lead to “disbalance” in the market and push prices higher. Russian oil price cap could push global prices higher – Russia’s Novak says His comments come after G7 leaders agreed on Tuesday to explore “the feasibility of introducing temporary import price caps” on Russian fossil fuel, including oil, and tasked ministers to evaluate the proposal urgently. “This is another attempt to intervene into the market mechanisms which may only lead to ...

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Eastward gas flows via Yamal-Europe pipeline fall

Eastward flows of Russian gas via the Yamal-Europe pipeline to Poland from Germany fell on Friday morning in line with nominations or requests for gas, data from pipeline operator Gascade showed. Exit flows at the Mallnow metering point on the German border stood at 799,300 kilowatt hours per hour (kWh/h) around 0600 GMT on Friday, down from about 2,732,330 kWh/h earlier in the morning. Physical flows to Germany through the Nord Stream 1 pipeline across the Baltic Sea were steady at 29,291 kWh/h, operator company information showed. Russian gas producer ...

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AD Ports Group Agrees to Acquire Majority Stakes in Egypt’s Transmar and Transcargo International (TCI)

AD Ports Group, the vertically integrated trade enabler, today announced that it has reached an agreement to acquire a 70 percent equity stake in International Associated Cargo Carrier B.V., which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company (“Transmar”) and Transcargo International S.A.E. (“TCI”). The total purchase consideration (Enterprise Value) of this transaction amounts to AED 514 million (USD 140 million). The acquisition will be fully funded from AD Ports Group’s existing cash reserves, which stood at over AED 3 billion as of March 31, 2022. It is ...

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U.S. natgas jumps 8% ahead of July 4 weekend in technical bounce

U.S. natural gas futures jumped about 8% on Friday ahead of the long three-day U.S. July 4 holiday weekend due to a technical bounce following a big price drop in the prior session and forecasts for hotter weather and higher demand over the next two weeks than previously expected. Friday’s price rise came after futures plunged 17% on Thursday following the release of a federal report that analysts said would likely keep Freeport LNG’s liquefied natural gas (LNG) export plant in Texas shut for longer than the three months the ...

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Russia seizes control of Sakhalin gas project, raises stakes with West

President Vladimir Putin has raised the stakes in an economic war with the West and its allies with a decree that seizes full control of the Sakhalin-2 gas and oil project in Russia’s far east, a move that could force out Shell and Japanese investors. The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%. The five-page decree, which follows Western sanctions imposed on ...

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Drydocks World, Kanfa AS tie up for FPSO vessel job

Drydocks World has signed a contract with Kanfa AS, a Norwegian independent process house, to deliver a topside module for an offshore oil production vessel. This is the first collaboration between Drydocks World and Kanfa, a statement said. The M10 module will be placed on the main deck of a floating production, storage and offloading (FPSO) vessel. It will be used to process crude oil received from oil wells, which will be dewatered and stabilised to meet export quality specifications. Weighing approximately 700 tons, the process module is scheduled for ...

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GTT signs a major contract for its “smart shipping” solution with an important player in liquefied gas shipping

GTT announces the signature of a major contract for its Smart shipping solutions, GTT Digital, to equip more than thirty vessels of a major player in the shipment of liquefied gases within two years. This contract includes the deployment of sensors, automatic data collection systems and intelligent software to manage and optimize the energy and environmental performance of the vessels. The contract also provides a periodic consulting support of GTT Digital’s experts to perform customized data analysis and produce dedicated operational reporting. For several years, GTT Group, through its Smart ...

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