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India’s container space tightness seen easing in Sep as imports recover after lockdown

Container space tightness in India is expected to ease from September as imports rebound after a nationwide lockdown to contain the coronavirus, delivering more containers to India’s ports, market sources said. The lack of container availability saw India’s container freight rates surge up to 67% in July and early August on some routes as a rash of cancelled sailings and a decrease in imports during the country’s prolonged lockdown from late March reduced the number of containers arriving at India ports. However, cancelled sailings are on a downtrend in August ...

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MABUX: Bunker market this morning, Aug.14.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) rose slightly on Aug.13: 380 HSFO – USD/MT – 308.93 (+3.24) VLSFO – USD/MT – 367.00 (+3.00) MGO – USD/MT – 447.02 (+1.75) Meantime, world oil indexes fell on Aug.13 after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions. Brent for October settlement decreased by $0.47 to $44.96 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September ...

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New Group Director for Marketing starts at Hempel

Camilla Travis appointed Group Director for Marketing at world-leading coatings company Hempel A/S. She started in her new role on 1 August. As Group Director for Marketing, Camilla Travis will lead Hempel’s global marketing team, with special focus on e-marketing strategies, assortment and portfolio. Michael Hansen, Group Commercial Officer, comments: “We recently expanded our Group Marketing function to include product assortment and portfolio management. This better reflects our regional setup and will enable more effective communication around products and product launches – two extremely important marketing areas. Camilla is the ...

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GLOBAL BUNKERING SUMMIT 2020: 3 reasons to sign up today

With some global Coronavirus restrictions beginning to ease, the temptation to get out and recommence the face-to-face engagement we’ve all missed is overwhelming – yet the ability to host large, interactive gatherings safely and responsibly is still some way off. However, a lack of the personal interaction we all crave shouldn’t make online conferencing any less palatable as an opportunity. Technology has been key in keeping businesses and professionals connected, and its capacity for replicating experiences, with no sacrifice of value, has truly come into play. Conferencing in particular has ...

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Continuing Connected Transactions

Reference is made to the announcement of the Company dated 14 December 2016 in relation to the Master Services Contract 2017 entered into between the Company (for and on behalf of the Group) and PIL (for and on behalf of PIL Group) pursuant to which the Group provides the services including but not limited to container handling, container storage, interchanging, inspection, repair, maintenance, refurbishment, trucking, cleaning, refrigerated machinery attendance and other services in relation to the containers managed and/or owned by the PIL Group. The Master Services Contract 2017 had ...

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Containerships overtake crude oil tankers as most scrubber-fitted sector

Containerships with a collective cargo carrying capacity of 5.3m TEU are now fitted with an exhaust gas cleaning system (scrubber) to remove sulphur oxides (SOx) from the exhaust gasses generated by the combustion processes in marine engines and thereby comply with the IMO 2020 global sulphur regulation which came into force on 1 January 2020. By the start of July, the share of the containership fleet with scrubbers installed exceeded that of the crude oil tanker fleet. At that time, the container shipping sector became the most scrubber-fitted amongst the ...

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Trans-Pacific ‘going crazy’ as demand defies pandemic pessimists

China-U.S. West Coast container rates continue their astonishing climb. Not because of too little vessel supply, but because of too much import demand. U.S. import demand that is not surging despite of coronavirus, but because of it. “The trans-Pacific eastbound market is going crazy,” exclaimed Nerijus Poskus, vice president and global head of ocean freight at digital freight forwarder Flexport. Current dynamics are unprecedented, he said in an interview with FreightWaves on Wednesday. “All of us thought that because of the pandemic, consumption would go down,” he said. Instead, it has gone ...

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We can make deep sea shipping zero emission – and it wouldn’t even be that costly

While seaborne transportation is the most energy efficient way to move goods and raw materials, the shipping industry is still a large contributor to the world’s emissions of greenhouse gases. In the face of major climate challenges, we have little time to lose. The students in this year’s summer-intern program share our optimistic outlook for the industry and concluded that the green transition could cost less than many may think. As part of Klaveness Combination Carriers’ (KCC) ongoing concept study of zero-emission solutions, we engaged four summer interns from the ...

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Government funds ‘shovel ready’ maritime projects in England

The Government is making £900 million available through the new Getting Building Fund (GBF) for investment in local, shovel-ready infrastructure projects to stimulate jobs and support economic recovery across the country. This investment is being targeted in areas facing the biggest economic challenges as a result of the pandemic. Individual allocations are awarded via Local Enterprise Partnership (LEP) organisations around the country for a wide-ranging package of projects that will deliver a much-needed boost to the local economy. LEPs are expected to deliver the agreed projects but will have flexibility ...

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Teekay Corporation Reports Second Quarter 2020 Results

Teekay Corporation (Teekay or the Company) (NYSE:TK) yesterday reported results for the second quarter ended June 30, 2020. These results include the Company’s two publicly-listed consolidated subsidiaries, Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Daughter Entities), and all remaining subsidiaries and equity-accounted investments. Teekay, together with its subsidiaries other than the Daughter Entities, is referred to in this release as Teekay Parent. Please refer to the second quarter 2020 earnings releases of Teekay LNG and Teekay Tankers, which are available on ...

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Teekay Tankers Ltd. Reports Second Quarter 2020 Results

Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) yesterday reported the Company’s results for the quarter ended June 30, 2020: Consolidated Financial Summary (1) These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (GAAP). (2) Net debt is a non-GAAP financial measure and represents short-term, current and ...

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Golar LNG Partners LP: Interim results for the period ended 30 June 2020

Highlights and subsequent events • Exclusive of its interest in FLNG Hilli Episeyo, Golar LNG Partners LP (“Golar Partners” or “the Partnership”) generated operating income of $32.8 million for the second quarter of 2020. • After accounting for $4.5 million of non-cash mark-to-market interest rate swap losses, the Partnership reported net income attributable to unit holders of $14.3 million for the second quarter. • The Partnership generated distributable cash flow1 of $28.7 million for the second quarter resulting in a distribution coverage ratio1 of 20.09. • Bondholders approved 18-month extensions ...

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Why hybrid power systems make sense for the offshore drilling industry

While hybrid power systems are by no means a novel idea within the offshore industry, rig owners have been slow to adopt this technology. Even though various offshore drilling contractors have explored and continue to evaluate hybrid systems, there are still very few rigs within the global fleet utilising this technology. Today, however, hybrid systems are getting a new look. “A parallel need is emerging for the offshore drilling segment to become both more efficient and greener,” says Joel Thigpen, Wärtsilä’s General Manager for Offshore Drilling. “Wärtsilä has extensive experience ...

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Ankron to offer discounts on water sampling and analysis to certified ships

Green Award Foundation welcomes another Incentive Provider to its network; Ankron Water Services GmbH. Ankron is a German-based provider of independent testing and consulting services and will offer Green Award certified ships 5% discount on all their water sampling and analysis. The company supports ship owners, manufacturers and authorities in meeting international standards in development, type approval and proper operation of water treatment plants and related equipment. Ankron has set itself the goal of helping its customers to meet the sometimes very complex requirements for water treatment systems, to demonstrate ...

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MacGregor receives EUR 18 million RoRo orders from Japan

MacGregor, part of Cargotec, has secured two orders from Japan to provide full hardware supply including ramps and lifting platforms for two RoPax vessels and two material supply vessels. The orders are booked into Cargotec’s third quarter 2020 order intake, with deliveries planned to commence during the first quarter of 2022 and completed during the first quarter of 2023. ”We are very pleased that our customer has placed these significant contracts with us and which demonstrate our strong operations in Japan and the variety of solutions we can offer to ...

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