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Major boost for key ballast water treaty aimed at protecting biodiversity

An important international treaty which helps prevent the spread of potentially invasive aquatic species by ships now covers more than 90% of shipping worldwide, following China’s extension of the treaty to the Hong Kong Special Administrative Region. Ships flagged to Hong Kong, China – the fourth largest flag Administration in the world by shipping tonnage – will now be required to apply the requirements of the Ballast Water Management Convention (BWM). The BWM Convention aims to protect marine ecosystems by requiring ships to manage their ballast water so that harmful ...

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Iranian fuel tanker has moored at Venezuela’s El Palito refinery -TV

The first of five Iranian tankers carrying fuel to Venezuela has moored at Venezuela’s El Palito refinery, Iran’s English-language Press TV reported on Monday. Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticised by U.S. authorities as both nations are under U.S. sanctions, according to the governments, sources and calculations by TankerTrackers.com. “The Iranian oil/chem Handymax tanker, FORTUNE, which loaded 43 million liters of gasoline during mid-March at Port Shahid Rajaee, Iran, has now moored at berth 2 at the refinery of El ...

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Maritime sector comes together to raise awareness during Mental Health Week

From 18 – 24 May is #MentalHealthAwareness week and this year the theme is ‘Kindness’. Kindness strengthens relationships, develops community and deepens solidarity. Mental health awareness has never been a more critical topic and we are encouraging the maritime sector to come together and share acts of kindness. Acts of kindness can include: Talk: check in with your friends, family and colleagues regularly. A quick phone call or text to let them know you’re thinking of them can make the world of difference. Listen: Encourage your loved ones to speak ...

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Swire Bulk takes delivery of new bulk carrier

Swire Bulk, the bulk division of The China Navigation Company, has taken delivery of its new, log-fitted bulk carrier into service. MV Singan is traded worldwide with a strong focus on the logs trade in the Pacific and South Atlantic. The vessel was named in February 2020 by lady sponsor, Mrs Kaori Imoto, the wife of John Swire & Sons Board Director, Jonathan Swire. The ceremony was held at The Hakodate Dock Co., Ltd.’s shipyard in Hakodate, Japan. MV Singan embarked on her maiden voyage at the end of April ...

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The ‘New Normal’ in Shipping, “K” LINE signals the way forward for Decarbonisation

As the shipping industry starts to make it’s first tentative steps back towards ‘new normal’ operations, there are increasingly loud calls to ‘build back better’ and to make smart investments that bring efficiency and profit but also bring resilience and the management of future risk front and centre. One company that is helping lead the charge is Kawasaki Kisen Kaisha, Ltd., or “K” LINE, operating 468 large vessels worldwide and this is signalled strongly by today’s announcement that they have joined the International Windship Association (IWSA), the member driven not-for-profit ...

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MABUX: Bunker market this morning, May 25

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) declined slightly on May 22: 380 HSFO – USD/MT – 254.50 (-1.70) VLSFO – USD/MT – 295.00 (-6.00) MGO – USD/MT – 362.90 (-6.35) Meantime, world oil indexes fell on May 22 as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis. Brent for July settlement decreased by $0.93 to $35.13 a barrel on the London-based ...

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Hana Financial, Hahn & Co. agree to buy H-Line Shipping for W1.8tr

South Korea’s private equity house Hahn & Co. and Hana Financial Group have agreed to buy a 100 percent stake in H-Line Shipping, former dry bulk cargo arm of bankrupt carrier Hanjin Shipping, for 1.8 trillion won ($1.45 billion), according to sources on Sunday. The two firms will create a project fund for the leveraged buyout of H-Line Shipping, which is now fully owned by another fund of Hahn & Co. Under the plan, nearly 45 percent of the acquisition cost will be leveraged. The move is aimed at shifting ...

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Iranian fuel heads toward Venezuelan port, more tankers to come -data

The lead vessel of a five-tanker flotilla carrying fuel supplied by Iran to gasoline-thirsty Venezuela was set to arrive at one of state-run PDVSA’s ports on Sunday, escorted by the military, according to Refinitiv Eikon data and Venezuelan officials. Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticized by U.S. authorities as both nations are under sanctions, according to the governments, sources and calculations by TankerTrackers.com. The Trump administration said earlier this month it was considering “measures” it could take in response to ...

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Ship managers push for contract extensions as crew change crisis linger

In the midst of a crew change crisis that has gripped the global shipping industry, a top global ship management company has started pushing the Indian crew on some of the ships managed by it to sign extension of contracts. The move comes at a time when seafarers, including those from India, have been clamouring for sign-off from ships after ending their original contract tenures. But, this exercise has been halted by the lockdown restrictions imposed by nations to slow the spread of the coronavirus, and the stoppage of flights ...

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The PMA Supported The Transshipment From Ship To Ship Of About 86 Cruise Crew Members So They Can Be Repatriated To Their Original Countries

In order to collaborate with the seafarers of diverse nationalities and with international shipping lines during this pandemic produced by the Coronavirus COVID-19, the Panama Maritime Authority (PMA) in coordination with the Ministry of Health of Panama (MINSA) defined the docking point for the safe transshipment of about seventy (70) crew members on board of the two (2) passage ships docked in the Panama Bay. As indicated on the Resolution of Board of Directors J.D. No. 032-2020 as well as on Resolution J.D. No. 047-2020, by means of which international ...

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Dry Bulk Market: Capesizes Stalled After a Strong Start to the Week

Capesize After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last Friday and is now pricing at $4140 on the back of owners baulking at recent unreasonable lows. Atlantic routes, mainly fronthaul (C9) and Brazil to China (C3), have shown surprising resilience lifting in spite of dreadful fundamentals. A small boost of cargo has helped to keep the fronthaul route ticking over settling the week up +495 to $14730. The transatlantic trade has not shown any ...

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Low bunker fuel prices bittersweet for shipowners as global trade volumes fall

The shipping industry, skating on razor-thin margins, is drawing solace from cheaper bunker fuel prices caused by the coronavirus pandemic. But the jury is still out on whether this will offset weaker shipping demand, which has infected key routes globally after decimating those in Asia. As the coronavirus pandemic takes the chair out from under global oil demand, marine fuel price surges from the IMO 2020 rules are a distant memory for the maritime industry – even though they only took effect from January 1. The crisis has dragged marine ...

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VLCCs: Demand Still Solid

VLCC There has again been a good volume of fixtures in all areas this week, with charterers able to capitalize on weakening sentiment. In the Middle East Gulf, rates for 270,000mt to China softened about eight points to WS50 level and for 280,000mt to USG via the cape/cape route rates are now assessed at low WS30s – three points lower than a week ago. In west Africa, rates fell a modest four points to WS52.5 level. In the Gulf of Mexico, a few deals were seen with each one slightly ...

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Troubled Shipping Lines Turn to State Support

Some of the world’s biggest shipping companies are turning to government support to ride out the fallout from the coronavirus pandemic. With a quarter of all scheduled sailings canceled over the past three months and a collapse in consumer demand from the virus-driven lockdowns, shipping executives say some operators won’t make it unless they are bailed out. “There’s never been so many requests for state support,” said George Xyradakis, head of the XRTC Business Consultants and an adviser to the China Development Bank on maritime matters “Global trade is shrinking, ...

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BIMCO Offers Detailed Overview Of Covid-19 Implementations

BIMCO continues to utilise publicly available sources to provide the shipping industry with a complete and updated overview of the impact from Covid-19. There is little doubt the major topic making headlines during the current phase of the pandemic is the challenges related to crew change. For several months, seafarers have been marooned on board ships due to border closures, lock-downs and other preventive measures imposed by port states and governments. Since 13 March, BIMCO has provided an overview of the challenges related to crew changes. Initially the overview was ...

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