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Danelec achieves DNV Cyber Security Type Approval for DM100 VDR platform

Danelec has become the first Voyage Data Recorder (VDR) manufacturer to receive new DNV Cyber Security Type Approval for IACS UR E27, for its advanced DM100 VDR platform. This significant milestone underscores the Danish maritime safety and digital technology company’s commitment to providing best-in-class solutions for maritime safety and operational performance. The International Association of Classification Societies (IACS) has introduced the new IACS Unified Requirements E27 to enhance cyber safety and protect maritime assets from cyber threats, which is now mandatory for all classed ships contracted for construction from 1 ...

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LR and Guangzhou Shipyard International partner for 4th generation VLCC design project

Lloyd’s Register (LR) and Guangzhou Shipyard International (GSI) have signed a joint development project for a 4th generation Very Large Crude Carrier (VLCC), marking a significant step for the China-State Shipbuilding-Corporation (CSSC)-owned shipyard’s development of oil tankers. The design will feature one longitudinal bulkhead instead of the traditional two. This has the benefit of reducing the steel weight by up to 3.5%. It also decreases the coating area for the cargo tanks as well as reducing the piping system and instruments in the tanks. This will deliver additional cargo carrying ...

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GTT Secures Two Major Approvals for its GTT NEXT1 LNG Cargo Containment System

GTT, the technology expert in membrane containment systems used to transport and store liquefied gases, has obtained a Design Approval (DA) from the classification society Bureau Veritas and a General Approval for Ship Application (GASA) from Lloyd’s Register for its GTT NEXT1 LNG cargo containment system. These two approvals, officially granted at the Posidonia 2024 maritime show in Athens, mark a major milestone for GTT NEXT1 technology. Through them, Bureau Veritas and Lloyd’s Register confirm that the technology complies with all applicable rules and regulations, including the International Maritime Organization’s ...

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HD Korea Shipbuilding & Offshore Engineering Signs New Shipbuilding Contracts

HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company of HD Hyundai specialized in shipbuilding, announced on June 10 that it has recently signed a contract to build two PCs with a shipping company based in Middle East. – The total order amount is 148.4 billion KRW. – The two PCs will be built by HD Hyundai Mipo and are scheduled to be delivered by December 2026. – Including this order, HD Korea Shipbuilding & Offshore Engineering has received orders for a total of 112 ships (including 1 offshore ...

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APM Terminals ramps up capacity with agreements for 240 pieces of container handling equipment

APM Terminals has made milestone investments for five of its terminals in Latin America, Africa and Europe to be ready to serve the customers of the future. Investing in 240 new pieces of terminal equipment, from ship-to-shore cranes to rubber tyred gantry cranes and electric terminal tractors, APM Terminals is set to lift standards of operational excellence. “To serve our customer’s needs and realise our growth strategy for APM Terminals, we are ramping up our capacity with cutting-edge products and technology. The agreements we have signed with ZPMC, Sany, Kuenz, ...

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Morocco’s Tanger Med port expects to exceed nominal container capacity

Morocco’s Tanger Med port expects to top its nominal processing capacity of nine million containers this year, the port’s deputy managing director told Reuters, adding security problems in the Red Sea had had little impact on traffic growth. Last year, the port maintained its position as the largest in the Mediterranean, handling 8.61 million 20-foot equivalent units (TEUs), up 13.4% on 2022. In the first quarter this year, tonnage rose 14.9% to 33.3 million metric ton, while revenue increased 18.3% to $1 billion, official figures showed. “We also grew by ...

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Logistics: World’s best ports, Baltimore’s return

In a new report this week, S&P Global and the World Bank investigate the relative performance of global ports (see “ Regional Disruptions Drive Changes in Global Container Port Performance Ranking ”) using a mixture of AIS and port-reported information. The report notes that “poor performance in a port can extend beyond that port’s hinterland and disrupt entire schedules,” which “increases the cost of imports and exports (and) reduces competitiveness.” The top-ranked container ports in the CPPI 2023 are Yangshan Port (mainland China) in first place, followed by the Port ...

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US crude inventories seen down last week, products likely up

U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday. Four analysts polled by Reuters estimated that crude inventories on average fell by 1.8 million barrels in the week to June 7. The poll was conducted ahead of reports from the American Petroleum Institute industry group, due at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, due at 10:30 a.m. EDT (1430 GMT) on ...

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The Commodities Feed: Brent back above $80

Brent broke back above $80/bbl with the oil market set to tighten in the third quarter, while US natural gas prices strengthened on forecasts for warmer weather Energy – Henry Hub breaks above $3 Oil prices moved higher yesterday as the market continued its post-OPEC+ meeting recovery. ICE Brent settled more than 2.5% higher yesterday, which saw it close well above $81/bbl. As we mentioned following the meeting, the action taken by the group leaves the market with a sizeable deficit in the third quarter of the year, supporting the ...

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Oil flat as cautious investors await Fed meet, US CPI data

Oil prices were steady on Tuesday, as investors waited for key U.S. and China CPI data as well as the outcome of the Federal Reserve’s policy meeting to glean a clearer picture of where inflation is heading and how that will affect fuel demand. Brent crude futures fell 5 cents, or 0.06%, to $81.58 per barrel by 0817 GMT and U.S. West Texas Intermediate crude futures slipped 1 cent, or 0.01%, to $77.73. Prices had climbed about 3% to a one-week high on Monday, buoyed by expectations that the Northern ...

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OPEC⁺ surprise triggered record hedge fund oil sales

Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on June 4. Fund sales were the fastest for any week since at least 2013 when the U.S. Commodity Futures Trading Commission and ICE Futures Europe began publishing data in the current format. Sales were more ...

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Russia’s Gazprom reduced gas output to all-time annual low in 2023

Russian energy giant Gazprom Group cut natural gas production by 13% to an all-time annual low of 359 billion cubic metres (bcm) in loss-making 2023 from 412.94 bcm in 2022, the company said in its annual report on Monday. Its natural gas output dwindled by almost a third from 515 bcm in 2021 to the lowest level since the company was set up in the dying days of the Soviet Union in 1989 from the Ministry of Gas Industry. Kremlin-owned gas giant Gazprom plunged to a net loss of 629 ...

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Latest Opec+ decision: Is it good or bad for oil prices?

Asked in 1919 whether it was true that only three people understood Albert Einstein’s theory of relativity, physicist Arthur Eddington replied: “I am trying to think who the third person is.” The latest Opec+ decision seems almost as complicated. Analysts scratch their heads: is it good or bad for prices, short and long term, and what does it say about the oil exporters’ calculus? First, the axioms of the deal. Current cuts, both the mandatory and voluntary ones, will be continued until the end of September. Then the 2.2 million ...

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Strategic Marine (S) Pte Ltd Signs Contract With Ventus Marine Ltd For Four (4) 27m Crew Transfer Vessels For Asia And Europe

Strategic Marine, a leading aluminium shipbuilder, is pleased to announce the construction of four 27m Z-Bow Crew Transfer Vessels (CTVs) to Ventus Marine in Europe and Taiwan. This milestone project is the result of a collaborative effort with renowned design firm BMT Limited, showcasing the latest advancements in marine engineering and technology. The contract signing signifies Strategic Marine’s commitment to delivering top-quality vessels tailored to meet the needs of the offshore wind support vessel market. These four 27m Crew Transfer Vessels have been crafted to excel in challenging operating environments, ...

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Greek Banks’s Rise in the Global Ship Finance Market

Challenging bank conditions have been a significant “headwind” in the global ship finance market during 2023. In its latest annual report, Petrofin Research said that ““the global banking industry continued to face many challenges in 2023. The geopolitical challenges of the Ukraine war, increased sanctions and higher energy prices, the Houthi Red Sea attacks and the Israeli Hamas conflict added further complications. Unfortunately, none of the above appear to be solvable in the near future. The above led to increased trade dislocation. Nevertheless, global GDP grew by 3.2% in 2023 ...

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