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Hong Kong: Updates for regulations on merchant shipping safety, prevention of pollution and local vessels proposed

The Government proposes to amend eight regulations under the Merchant Shipping (Safety) Ordinance, the Merchant Shipping (Prevention and Control of Pollution) Ordinance and the Merchant Shipping (Local Vessels) Ordinance to incorporate into local legislation the latest requirements under three conventions of the International Maritime Organization (IMO), namely the International Maritime Dangerous Goods Code (IMDG Code), the International Convention for the Prevention of Pollution from Ships and the International Convention on the Control of Harmful Anti-Fouling Systems on Ships. The eight regulations to be amended are the Merchant Shipping (Safety) (Fire ...

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Westwood Shipping Lines Acquisition by Swire Shipping Completed

The acquisition of Westwood Shipping Lines by Swire Shipping was finalized today, following regulatory approvals and completion of standard closing conditions. Swire’s ownership will allow Westwood, an independent niche vessel operator specializing in the trade between the Pacific Northwest and Northeast Asia, to work in partnership with Swire Shipping to better serve its customers, according to Westwood President and CEO Jack Mahoney. Westwood, headquartered in Puyallup, Wash., connects the Japan and Korea markets with ports in Washington state and British Columbia and inland points in the US and Canada through ...

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Maritime Academy of Asia and the Pacific (MAAP) and Kongsberg Digital sign key simulation contract

Kongsberg Digital is pleased to announce the signing of a contract to deliver a range of maritime simulators to the new and extensive Innovation Lab of MAAP in the Philippines. The academy has been a first adopter of new simulation-based training tools for years. Kongsberg Digital’s simulator systems are central to the future-oriented Lab and will augment an already extensive range of K-Sim products, strengthening MAAP’s position as a regional institution of excellence for maritime education and innovation. The agreement which consists of a Long-Term System Support Program (LTSSP), includes ...

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Ocean Yield: Investment in vessels with long-term charters

Ocean Yield AS is pleased to announce that the Company has agreed to purchase two 36,000 cbm liquified ethylene gas carrier (LEG) newbuildings, to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding in China. The vessels will be built with a specification enabling it to operate with gas as fuel. Delivery of the vessels is expected in 2024 and 2025. Upon delivery, the vessels will commence fifteen-year bareboat charter contracts to a guaranteed subsidiary of Braskem S.A., a leading global petrochemical company listed on the New York Stock Exchange. Braskem S.A. currently ...

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Shipping firm CMA CGM to cut price for French retailers in inflation fight

Shipping firm CMA CGM will lower container shipping rates by about 10% for large retailers in France to support government steps to curb inflation, it said on Thursday. The group, one of the world’s largest container shipping lines, was singled out this week by French Finance Minister Bruno Le Maire along with energy giant TotalEnergies as among companies that should use bumper profits to help households cope with high inflation. CMA CGM will from Aug. 1 reduce shipping rates by 500 euros ($520) per 40-foot container for consumer products imported ...

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Cutting Emissions Best Way to Save Diverse Ocean Life from Extinction, Experts Stress at Lisbon Dialogue amid Calls for Solutions Reflecting Gravity of Threat

The most important action countries can take to safeguard the diverse ecosystems, marine life and vital services offered by the world’s oceans is to reduce greenhouse gas emissions, particularly carbon dioxide, speakers stressed today in an interactive dialogue held alongside the 2022 Ocean Conference, as experts described the extreme consequences of continued inaction. “If we do not respond to this, all of these meetings will condemn us to the trash heap of history,” said John Kerry, Special Presidential Envoy for Climate of the United States, who co-chaired the dialogue with ...

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MABUX: Firm downward trend to continue in Global bunker market on July 01

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated slight downward correction on June 30: 380 HSFO – USD/MT – 723.20 (-11.32) VLSFO – USD/MT – 1 068.16 (-1.38) MGO – USD/MT – 1 356.18 (-22.13) MABUX Market/Digital Bunker Index (MDI) (comparison of market bunker prices vs. digital bunker price benchmark MABUX) on June 30 continued irregular fluctuations. In particular, 380 HSFO fuel remained undervalued in three out of four selected ports: in Rotterdam – minus $ ...

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Shipment Notifier prevents unnecessary Co2 emissions

This week, UTURN, the platform for container transport, launched the shipment notifier. This development ensures that every container carrier in Europe can optimally match its planning with the demands of clients.“I no longer have to scroll through the platform but automatically receive shipments that fit into my schedule.” said Vincent Dammes of Henk Dammes Transport in Bleiswijk. The release of the notifier was a logical step in the further development of the UTURN platform. “Since 2017, we have been able to collect data to determine where carriers are driving and ...

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First Fintech for Maritime Finance, eShipfinance.com launches Version 2

eShipfinance.com announced the launch of eShipfinance.com Version 2. Chairman and Co-founder, Dagfinn Lunde says “I am happy to see the increased interest in our eShipfinance.com platform. The new V2 will give shipowners and investors even more possibilities as it now also caters to multiple ships financing!” Features and benefits: For Shipowners:  Project pre-approval in as little as 20 minutes ▪ Multi-vessel multi-sector projects supported ▪ Loans with higher LTV, subject to the security provided (i.e. no longer capped at 50%) ▪ Direct login and fully automated Lite process for shipowners ...

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CMA CGM and ENGIE set to co-invest in the Salamander project, to produce second-generation biomethane

The CMA CGM Group, a global player in sea, land, air and logistics solutions, and ENGIE, a global leader in low-carbon energy and services, announced plans today to co-invest in the Salamander project – the first industrial and commercial unit for second-generation biomethane production – and their intention to produce up to 200,000 tons of renewable gas annually worldwide by 2028, to meet the needs of CMA CGM and the shipping industry. Majority-owned by ENGIE and the CMA CGM Group, the site is being considered to be located in Le ...

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The Seafarers’ Charity Seeks Marvels at Muster

The Seafarers’ Charity, a significant funder of maritime safety and welfare initiatives, is celebrating Maritime Safety Week (4-8 July) with the launch of a new safety drill competition and is calling on everyone who works at sea to get involved by practising and improving their crew muster drill. If you are a Marvel at the essential muster drill on your boat, you can enter the competition by posting a photo or video of your best time for your Muster Drill on your social media accounts with the hashtag #SafetyDrillTime. Whatever ...

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Baltic sea freight index posts first monthly fall since January

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, posted its first monthly drop since January on Thursday due to weakness across vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 54 points, or nearly 2.5%, to 2,240 points. But the index registered an about 12.7% decline for the month, and 5% for the quarter. The capesize index rose 234 points, or about 10.6%, to 2,434 points, but fell 8.8% for the month. The index still ...

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China’s seaborne import of Russian crude jumps 51.4% in May

China’s crude oil imports have doubled from 2011 to 2021 and now account for 20% of global seaborne crude oil volumes. While China’s January to May 2022 seaborne crude oil imports are down 2.2% y/y, a 51.4% m/m boost in imports from Russia has helped lift China’s seaborne crude imports to 42.6 million tonnes in May, up 8.7% m/m and 13.0% y/y. “Russian crude oil accounted for 13% of China’s seaborne crude import in May, up from 9% earlier in the year,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO ...

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Xeneta: Long-term shipping rates shrug off uncertainty to rise again

It’s been another bumper month for long-term contracted ocean freight rates, as the cost of securing container shipments climbed by 10.1% in June. Following on the heels of a record 30.1% hike in May, this now means rates stand 169.8% higher than this time last year, with just two months of declines in the last 18 months. Despite a degree of macro-economic uncertainty clouding the horizon, all major trades saw prices moving up, with some corridors showing significant gains. Oslo-based Xeneta has released the figures, drawn from its Xeneta Shipping ...

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Greece offers ships to export grain from blocked Ukrainian ports, NATO says

Greece is willing to provide ships to help export grain from Ukraine’s Black Sea ports that have been blocked by Russia, NATO Secretary-General Jens Stoltenberg said on Thursday. Ukraine is one of the top global wheat suppliers, but shipments have been halted by Russia’s invasion, causing global food shortages. The United Nations has appealed to both sides, as well as maritime neighbour Turkey, to agree to a corridor. “Greece announced that they are ready to make available ships to get the grain out of Ukraine,” Stoltenberg told reporters on the ...

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