The Russian government has formally approved a proposal to impose a higher export tax on wheat from March 1, it said on Tuesday, in another push to curb a rise in domestic food prices triggered by the COVID-19 crisis. Russia is one of the world’s largest wheat exporters. Global wheat prices jumped after the proposal to raise the tax was first announced by Russian officials earlier in January on expectations that it could make buyers prefer wheat from other countries. The government approved a 50 euro ($61) per tonne wheat ...

Stainless steel futures on the Shanghai Futures Exchange jumped as much as 3% on Tuesday, gaining for a second straight session, fuelled by rising raw material prices and expectations of strong demand after the Chinese New Year holidays next month. “Recent Chinese nickel pig iron output continued to fall, nickel pig iron prices steadily rose…. stainless steel costs will remain at high levels,” an analyst with Huatai Futures wrote in a note, adding that the market is optimistic about consumption after the holidays. The most active stainless steel contract, for ...

A record two-thirds (66%) of senior oil and gas professionals report that their organization is actively adapting to a less carbon-intensive energy mix in 2021, up from just 44% in 2018. Some 57% plan to increase investment in renewables, up from 44% last year, half (48%) expect to increase investment in green or decarbonized gas. Just a fifth (21%) say they will increase investment in oil projects in 2021, as the sector increasingly comes to terms with the notion that the world’s demand for oil has peaked or will peak ...

Global gas demand is expected to increase by 2.8% — or around 110 Bcm — this year, just above the extent of the decline witnessed last year and signaling a return to 2019 consumption levels, the International Energy Agency said Jan. 26. In its first ever quarterly gas report, the IEA warned, however, that the rate of demand growth remained uncertain due to ongoing concerns over the coronavirus pandemic. According to the IEA, gas demand in 2020 fell by 2.5%, or by an estimated 100 Bcm — the largest ever ...

Chinese oil majors will struggle to extend fast growth in shale gas production beyond 2025, as complex geology and failure to draw in more investors make it expensive to develop the unconventional resource. That would be a blow to China’s efforts to cut its reliance on gas imports, presently 42% of total consumption. It would also mean Beijing will have to step up development of other costly gas resources in its remote northwest to meet demand, as the country steers away from coal to achieve climate goals. The world’s top ...

US crude oil inventory draws likely resumed during the week ended Jan. 22 as refinery runs continued to normalize, an S&P Global Platts analysis showed Jan. 25. US commercial inventories are expected to have declined 1.7 million barrels to around 484.9 million barrels last week, according to analysts surveyed by Platts. The counter-seasonal draw down would leave stockpiles around 8% above the five-year average of US Energy Information Administration data, in from 9.3% the week prior and marking the narrowest supply overhang since late November. The drawdown comes amid a ...

PwC Greece shared its insights on the key topics that are currently shaping the landscape for the shipping industry during a virtual, 2 days event titled “The Annual PwC Update for Shipping Industry Finance Professionals”. The event was organized in January 2021 and was attended by more than 100 shipping finance professionals who were updated by PwC experts on a number of key issues that impact shipping companies. In a constantly challenging and unpredictable business landscape, the maritime industry is reshaping and gradually adapts to the new developments. Μs. Santos ...

The United Nations today warned that the devastating socio-economic impact of the COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy. In 2020, the world economy shrank by 4.3 per cent, over two and half times more than during the global financial crisis of 2009. The modest recovery of 4.7 per cent expected in 2021 would barely offset the losses of 2020, says the latest World Economic Situation and Prospects. The ...

The International Monetary Fund on Tuesday raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn in 2020 would be nearly a full percentage point less severe than expected. It said multiple vaccine approvals and the launch of vaccinations in some countries in December had boosted hopes of an eventual end to the pandemic that has now infected nearly 100 million people and claimed the lives of over 2.1 million globally. But it warned that the world economy continued to face “exceptional uncertainty” and new waves ...

TECO 2030 ASA is pleased to present two products undergoing development and Type Approval in accordance with Maritime rules and regulations; The “FCC 1600” Fuel Cell Container and the “FCM 400” Fuel Cell Module. “The “FCM 400” fuel cell module is TECO 2030’s building block for Marine applications. The zero-emission fuel cell has 400 kW net power output which is twice the capacity compared to other fuel cell providers. The “FCC 1600” is a standard 20 ft. ISO container that holds four fuel cell modules with all related auxiliaries. Based ...

As you might have read in the news, “MV Mozart”, a charter vessel in our MIAX service sailing between Nigeria and South Africa, was seriously attacked by pirates this past Saturday. One seafarer suffered fatal injuries, 15 crew members have been kidnapped. In this time of sadness, our thoughts and prayers are with all crew members and their families. Since the pirates destroyed parts of the bridge, the vessel is currently unable to continue her voyage without significant delay. We will keep you informed in good time about any further ...

The Caravel Group and Fleet Management have signed the Neptune Declaration on Seafarer Wellbeing and Crew Change. Developed by a taskforce of stakeholders from across the maritime value chain, the Neptune Declaration calls for a worldwide action to end the unprecedented crew change crisis caused by Covid-19. “Travel restrictions brought about by the global pandemic have pushed seafarers to their limits,” says Harry Banga, Chairman and CEO of the Caravel Group. “Thousands of seafarers are stranded aboard ships and are forced to work beyond their contracted period of employment. It ...

Viking® today announced an expansion of its Egypt fleet with Viking Aton, a new state-of-the-art river vessel. Inspired by the design of the award-winning Viking Longships® and built specifically to navigate the Nile River, Viking Aton is currently under construction and is scheduled to debut in September 2022. Sailing on Viking’s popular Pharaohs & Pyramids itinerary, the new vessel will join Viking’s existing Egypt river fleet, which includes its identical sister ship Viking Osiris and Viking’s first owned and operated ship on the Nile, Viking Ra®. “Egypt remains a top ...

The fate of more than 200,000 seafarers who play a crucial role in keeping global trade flowing is being labelled a “humanitarian crisis at sea”. More than 300 firms and organisations are urging for them to be treated as “key workers”, so they can return home without risking public health. More than 90% of global trade – from household goods to medical supplies – is moved by sea. But governments have banned crew from coming ashore amid Covid-19 fears. Large firms including shipping titan AP Moller-Maersk, oil firms BP and ...

Seafaring ranks as one of the toughest, most emotionally taxing jobs in global transportation. Saturday’s deadly pirate attack off Africa’s west coast is just the latest reminder — one that further compounds the toll from COVID and geopolitics. Pirates boarded the Turkish-managed container ship Mozart on Saturday in the Gulf of Guinea. Crew took shelter in the “citadel,” the ship’s specially designated safe room. The attackers reportedly used explosives. Attackers killed one crewmember and kidnapped 15. In 2009-2011, when modern-day piracy peaked, vessels were primarily targeted in the Gulf of ...