Columbia Shipmanagement (CSM) is set to further boost operational efficiency on its vessels, as crew members will be able to prepare for the new regime of the SIRE 2.0 ship inspection programme with the help of a world-first digital Self-Assessment Tool. The new Kaiko Systems solution will enable seafarers to prioritise their daily tasks better through rank-specific questionnaires, provide them with necessary hardware and process and human element preparation for each relevant area, allowing them to automatically report, easily manage and categorise findings. With the OCIMF’s new SIRE 2.0 regime ...

With reference to Company Announcement no. 23 dated 09 November 2023 regarding TORM plc Q3 2023 results where TORM announced the acquisition of four 2015-2016 built MR product tanker vessels, TORM plc (“TORM”) has increased its share capital by 696,429 A-shares (corresponding to USD 6,964.29) as a result of the delivery of the first of the four aforementioned vessels. The capital increase is carried out without any pre-emption rights for existing shareholders or others. The new shares relate to the settlement of a USD 19.5m allocated loan note issued in ...

Procureship, provider of one of the world’s leading e-procurement platforms for marine buyers and suppliers, has partnered with BASSnet™, a leading global provider of ERP maritime solutions for ship owners and managers, operators of rigs and floating production storage, offloading vessels (FPSOs) and offshore units. The partnership will see Procureship as a valued eCommerce partner in BASSnet Fleet Management Systems, a suite of integrated end-to-end solutions, which includes technical, operational, financial, and safety solutions for fleet managers and vessel owners. With this partnership, users will be able to conduct procurement ...

Maybank Singapore (Maybank) has extended a US$100 million sustainabilitylinked Islamic revolving credit facility (RCF-i) to AET, one of the leading global owners and operators of maritime transportation assets and specialised services. This landmark transaction marks the first of such facility in the shipping industry in Southeast Asia, demonstrating both Maybank and AET’s commitments to net-zero greenhouse gas (GHG) emissions. The maiden RCF-i will support AET’s strategic initiatives to reduce its fleet’s GHG emissions intensity by 40 per cent by 2030 (against 2008 baseline) and achieve its long-term commitment of net-zero ...

Dalian iron ore futures were set for their first weekly loss in seven as Beijing continued to intervene in the market to regulate prices, though the contract gained on Friday due to upbeat factory data. The most-traded January iron ore on China’s Dalian Commodity Exchange was up 2% at 975.5 yuan ($136.55) per metric ton at closing. This week, Dalian iron ore prices lost 0.12%. On the Singapore Exchange, the benchmark January iron ore was 0.9% higher at $129.58 a metric ton. The benchmark contract declined 2.1% this week, its ...

Top oil exporter Saudi Arabia may trim the price for its flagship Arab Light crude to Asia for the first time in seven months, despite an extension of its voluntary supply cut, as the market deals with ample supply and tepid demand. State oil giant Saudi Aramco 2222.SE may cut the January official selling price (OSP) for Arab Light by about $1 to around $3 a barrel over the Oman/Dubai average, according to six respondents surveyed by Reuters. Oil producers in OPEC+, which consists of the Organization of the Petroleum ...

Russia’s flagship Urals crude oil blend traded at $72.84 per barrel on average in November, down from $81.52 in October, the Russian Finance Ministry said on Friday – still well above a price cap set by the West. The average stood at $66.47 per barrel in November 2022. The ministry also said the Urals price averaged $62.89 per barrel in January-November, down from $78.32 in the same period last year. The Russian state budget, which relies heavily on revenues from oil and gas, is based on an average Urals price ...

Recent data confirms robust major global growth trends and healthy oil market fundamentals. On the global economic growth front, and as the US economy continues the very strong growth it experienced in 3Q23, the IMF has recently upgraded Chinese economic growth projection for 2023 to 5.4%. However, potential downside risk to current robust global economic growth forecasts, although minor, may include sustained restrictive monetary policies to fight inflation, and geopolitical developments. With this, and despite the overblown negative sentiment in the market regarding China’s oil demand performance, and global oil ...

Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras PETR4.SA told Reuters. The group’s surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would take part in the production caps, as OPEC+ nations agreed to voluntary cuts approaching 2 million barrels per day (bpd) for early next year. “There is no quota,” Jean Paul Prates said in an ...

Global manufacturingactivity remained weak in November on soft demand, surveys showed on Friday, as euro zone factory activity kept contracting, while there were mixed signs on the strength of China’s economy. To rein in steep inflation, central banks have aggressively raised interest rates but those hikes have largely come to an end as policymakers look instead to cushioning the blow on their economies. In the 20-member euro zone , Hamburg Commercial Bank’s final manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, was firmly below the 50 mark dividing contraction ...

As China’s economy slows, the main engine of growth in Asia-Pacific will move away from the world’s second largest economy to South Asia and Southeast Asia, according to S&P Global. India’s economy is expected to power ahead in the next three years, leading growth in the region. India’s GDP for the fiscal year ending March 2024 is predicted to hit 6.4%, the credit rating agency said Monday in a separate report — that’s higher than their previous forecast of 6%. S&P attributes the change to an increase in India’s domestic ...

Greek factory activity picked up slightly in November for the tenth month in a row amid rising production volumes but subdued export sales held back order books, a survey showed. S&P Global’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10% of Greece’s economy, rose marginally to 50.9 in November from 50.3 in October, the highest since September. Readings above 50 indicate growth in activity. “November data indicated a positive month for the Greek manufacturing sector and business conditions remained more resilient than seen in many other parts ...

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that it has authorized a program under which it may from time to time in the future purchase up to 5,000,000 shares of the Company’s common stock. If the maximum number of shares of the Company’s common stock are purchased pursuant to the aforementioned program, it would represent approximately 4.5% of the shares of the Company’s common stock outstanding and 8.1% of its public float. The program does not obligate the Company to purchase shares of the ...

Mr Angad Banga of the Caravel Group was elected as new Chairman of the Hong Kong Shipowners Association (HKSOA) on the 22 November 2023. Mr. Banga succeeded Mr. Wellington Koo, of Valles Steamship Co., Ltd, who stepped down after completing his two-year term as Chairman of the HKSOA. Mr. Banga has also taken over the Chairmanship of Asian Shipowners’ Association (ASA) at the same time. Mr. Wellington Koo, the outgoing Chairman, thanked ASA members for their support to him during his term. Mr Banga will bring a wealth of experience ...

Wellboat company North Salmon Service has chosen HAV Design as cooperation partner to develop an ammonia-fuelled wellboat. North Salmon Service and HAV Design have together applied for and been awarded financial support from Enova to conduct a six-month preliminary project to develop the wellboat. “As wellboat operator we have a strong desire to contribute towards limiting our climate and environmental footprint associated with production of salmon. That is why we want to assess the possibility of developing a wellboat that through use of ammonia as ship fuel may have zero ...