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Back to the future? Cargo giant Cargill turns to sails to cut carbon

In a new take on ancient technology, Cargill, one of the world’s biggest charterers of ships, is to add state-of-the art sails to a vessel early next year to test whether wind power can cut its carbon emissions, a top company executive said. With about 90% of world trade transported by sea, shipping accounts for nearly 3% of the world’s CO2 emissions, yet environmental campaigners say efforts by the sector to cut emissions are slow. Leading agri group Cargill will start testing a dry bulk vessel with two wind sails ...

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MABUX: Upward changes to continue on Global bunker on Jul. 05

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated upward changes on Jul. 04: 380 HSFO – USD/MT – 715.49 (+3.18) VLSFO – USD/MT – 1069.37 (+8.30) MGO – USD/MT – 1344.06 (+13.35) As of Jul.04, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was undervalued in three out of four selected ports: Rotterdam – by minus ...

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FSL Trust Completes Disposal Of One Chemical Tanker

The Board of Directors (the “Board”) of FSL Trust Management Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of First Ship Lease Trust (the “Trust”), refers to its announcement dated 24 June 2022 and further announces that the disposal of the vessel FSL London (the “Vessel”) has been completed with the successful delivery of the Vessel to the new owners Beas Lines Inc. (the “Buyer”), an unaffiliated third party, on 1 July 2022 (the “Disposal”). The gross consideration paid by the Buyer for the Vessel upon delivery was US$12.1 million, which was ...

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TECO 2030 has received funding for developing the high-speed vessel of the future

TECO 2030 ASA leads a consortium with partners Umoe Mandal and BLOM Maritime to develop a hydrogen powered high-speed vessel with zero emissions. The consortium will receive up to 5 million NOK in funding support. The vessel will combine the class-leading fuel cell systems from TECO 2030 and energy-efficient catamaran design with SES technology from Umoe Mandal. The vessel will have the capacity to transport 200-300 passengers at speeds above 35 knots while sailing over long distances. In the project “High-speed vessel of the future”, the county municipalities of Finnmark, ...

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Korean shipyards at order heyday cannot keep up due to labor shortage

South Korean shipyards are enjoying a heyday with enough backlog from last year’s orders to keep each of them busy for two to three years, but they cannot be jubilant as they run short of manpower to meet orders and advance technology upon losing skilled work force during the decade-long slump. According to the Korea Offshore & Shipbuilding Association (KOSHIPA), Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries lost 72 percent of their engineering designers from 18,643 in 2015 to 5,236 last year and ...

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What Ocean Shipping Reform Act 2022 (OSRA) means for Container Shipping Industry?

On Thursday, June 16, 2022, the 46th President of the United States, Joseph Biden, signed into law S. 3580, the Ocean Shipping Reform Act of 2022 (hereinafter OSRA 2022). The OSRA 2022 legislation has caused a stir in the container shipping industry. After reviewing the content of the document, experts from the cargo analytical and consulting firm Informall BG based in Ukraine decided to share their opinion on the newly introduced act, as well as assess the impact of OSRA 2022 on the industry. The objectives of the OSRA Act ...

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Egypt’s Suez Canal revenue up 20.7 pct in 2021/22 to $7 bln

Egypt’s Suez Canal recorded $7 billion in revenue for the fiscal year 2021/22, up 20.7 percent from a year earlier, Suez Canal Authority Chairman Osama Rabea said in a statement on Monday. Egypt’s fiscal year runs from July 1 to June 30. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency. Source: Reuters

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Europe’s Ports And Terminal Operators Call For Ops Where It Makes Sense In Afir And Fueleu Maritime

The European Sea Ports Organisation (ESPO) and the Federation of European Private Port Companies and Terminals (FEPORT) have jointly agreed that the proposals for an Alternative Fuels Infrastructure Regulation (AFIR) and the FuelEU Maritime Regulation should enable the deployment of OPS where it makes the most sense. The greening of shipping is a priority for European port stakeholders. This entails addressing emissions from shipping both during navigation and at berth. Onshore power supply (OPS), also known as shore-side electricity, is one of the technologies available to help reduce greenhouse gas ...

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Brent oil falls as recession fears boost demand concerns

Brent oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway. Brent crude fell 38 cents, or 0.3%, to $113.12 a barrel by 0914 GMT. U.S. West Texas Intermediate (WTI) crude climbed 84 cents, or 0.8%, to $109.27 a barrel, from Friday’s close. There was no settlement for WTI on Monday because of the Independence Day public holiday in the United States. “Oil is still struggling to break out from ...

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The Commodities Feed: Norway supply concerns

Energy ICE Brent saw further strength yesterday, settling almost 1.7% higher on the day. While there are demand concerns given the gloomier macro outlook, the market is still expected to be tight for the remainder of the year. OPEC+ producers have limited room to increase output significantly, and so are unable to provide much relief to the market. As mentioned in yesterday’s note, OPEC production declined over June, with the bulk of members falling short of their output targets. However, political pressure on OPEC members to increase output will keep ...

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Oil bulls retreat as economic outlook darkens

Investors continued to liquidate bullish long positions in petroleum last week as the economic outlook deteriorated though the rate of selling was much slower after heavy selling the week before. Hedge funds and other money managers sold the equivalent of 9 million barrels in the six most important futures and options contracts in the week to June 28, following on from sales of 71 million in the week to June 21. Most the recent adjustment has come from the liquidation of former bullish long positions as the outlook for the ...

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Others may reject Japan proposal on oil price cap, Kremlin says

Russia needs to wait and see how proposals on capping the price of Russian oil exports are finalised, Kremlin spokesman Dmitry Peskov told reporters. Commenting on reports that Japan’s Prime Minister Fumio Kishida had proposed a cap at around half the current price, Peskov said that other countries may disagree with that. “This statement… does not mean that such parameters will be agreed by other countries,” Peskov told his daily conference call with reporters. “So far, this is a single statement only, without any decisions taken.” G7 leaders agreed last ...

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The Port of Valencia analyses the logistical and environmental benefits of short sea shipping

The Clock Building of the Port of Valencia will host next Wednesday 6 July the conference ‘Short Sea Shipping in the Port of Valencia: A competitive, innovative and environmentally responsible option’ in which experts from the maritime-port sector will analyse the logistical and environmental benefits of short sea shipping. The event is organised by the Spanish Association for the Promotion of Short Sea Shipping SPC Spain in collaboration with the Port Authority of Valencia (PAV). The conference will be inaugurated by the president of the PAV, Aurelio Martínez, and will ...

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Freight rates could fall in face of tricky headwinds

Shipping rates have been a key cost pressure for the chemicals industry in the wake of the pandemic, but fundamentals – and therefore prices – may be set to change course due to persistent geopolitical pressures. As logistics major Stolt Nielsen posted its highest net profit in 15 years for the second quarter and restated the company’s positive outlook for the rest of 2022, the company was still cautious of the challenges surrounding the market. “Although we are starting to enjoy improving returns on our investments, we cannot ignore the ...

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Korean Shipbuilders Account for Nearly 70% Global LNG Carrier Orders

Global orders for LNG carriers totaled 7,678,585 CGT (89 standard ships) in the first half of this year, according to Clarkson Research, a British shipbuilding and shipping market analysis agency. The figure represented a 416 percent increase from 148,6795 CGT or 18 standard ships in the first half of last year. More than 70 percent of the global LNG carrier orders went to the three Korean shipbuilders — Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering (DSME). The trio’s combined order intake in the first half ...

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