Maritime Professionals’ Union, Nautilus International has stepped up efforts to end the Covid-19 crew change crisis as research shows nearly 90% of British seafarers have been affected by the pandemic and one in two is now considering their future in the industry. Nautilus is calling for governments and industry to work together to facilitate as many crew changes as possible throughout December to ‘deliver seafarers home for Christmas’, as some crew members face a second Christmas away from home. On December 1 the Union will launch a new petition, calling ...

As the global maritime sector tries to switch to liquified natural gas (LNG) as an alternative fuel source, there have been questions about how clean it really is and what else can be done to reduce the industry’s pollutive impact on the environment. Since Jan 1, rules by the International Maritime Organization (IMO) – a United Nations body that governs shipping – came into force, capping the sulphur content of ships’ fuel at 0.5 per cent, down from 3.5 per cent previously. This has driven the industry towards LNG, which ...

Global trade managers have to deal with the complexities of multiple languages, time zones, currencies, taxes, and modes of transport. There are several laws governing global trade, and these are highly complex and ever changing. So how do organizations manage these complexities and how can you get a competitive edge? Current scenario The complexity in global trade management exposes you to a lot of risk. While companies want to make the most profitable trades, it is important to balance counterparty and credit risk. Organizations must review and act on large ...

Wallem Group, a leading provider of technology driven maritime solutions, has selected cloud-based simulation from ARI Simulation to make training for its 7,000 seafarers more accessible and flexible. The use of advanced technology and an elevated focus on safety require shipping companies to continuously reassess training requirements and enhance the skills of seagoing personnel. The cloud infrastructure will provide a single simulation environment with access to a wide range of training modules, including navigational, machinery operations and liquid cargo handling, among others. Frank Coles, Wallem Group CEO, said, “A safe ...

The ‘Enkhuizen Nautical College’, founded in 1978, is the only nautical college in Europe where the focus lies on teaching students to navigate vessels under sail. Regular subjects like (astronomical) navigation, collision regulations and marine engineering are supplemented with specialized subjects such as square-rigged sailing, sailing vessel design and sailing vessel stability. This year at ‘Enkhuizen Nautical College’, this knowledge base and experience with sailing ships is extended with a technical introduction to modern developments in Sailing ships: Wind-assisted ship propulsion. Wind-assisted ship propulsion (WASP) is the modern version of ...

Daewoo Shipbuilding & Marine Engineering recently signed a letter of intent with ADNOC L&S regarding three very large crude carriers. The US$250 million final contract is expected to be concluded next month and the figure is expected to double when three optional vessels are included. “The price of the ships may further rise as ADNOC L&S is considering introducing LNG propulsion systems,” said an industry source, adding, “At present, the average price of LNG-propelled VLCCs is US$120 million, approximately US$35 million more expensive than non-LNG-propelled VLCCs.” Daewoo Shipbuilding & Marine ...

At the 2020 half year stage, the Club reported a Combined Ratio of 102.2%, with an underwriting deficit of US$ 2.2m. Whilst this represented a deficit in line with expectations, this result is against the turbulent backdrop of COVID-19. As a result of the pandemic, the Club has experienced a lower incidence of claims, which in most cases was due to reduced vessel operations. This reduction however, was offset by some sizeable claims as a result of COVID-19 outbreaks on board vessels. When the Board met this month, it was ...

China’s coking coal imports from Australia slumped in October to 1.53 million tonnes, or about 26% of its total imports of the fuel, customs data showed on Wednesday. That compared to a share of 30% in September and 78% in March, the highest level since at least 2018, according to Reuters’ calculations based on data from the General Administration of Customs. The drop follows China’s unofficial ban on Australian imports ranging from coal to copper ores and barley, amid souring relations between Beijing and Canberra. Imports from Mongolia, which has ...

Price differentials for February-loading middle distillate-rich Malaysian and Vietnamese crude grades are expected to strengthen amid an improvement in margins and bullish sentiment on stronger demand from India and China, industry sources told S&P Global Platts, although some remained skeptical about the sudden uptick and indicated it may not be sustainable in the short-term. “Directionally, February-loading Malaysian grades should trade at premiums of around 30-50 cents/b higher than January,” a Singapore-based crude trader said. Price of Malaysian and Vietnamese medium sweet grades have strengthened rapidly as trade indications exceeded earlier ...

Russia may increase the size of its grain export quota planned for Feb. 15-June 30 to 17.5 million tonnes from 15 million tonnes, the agriculture ministry said. Russia, one of the world’s largest wheat exporters, is preparing to impose the quota to stabilise its domestic market after recent price rises despite a large crop harvested this year. The agriculture ministry drafted a resolution containing the proposal. It is due to be reviewed by the trade ministry and other officials, the ministry said in a statement. The quota, if formally approved ...

China’s unofficial restrictions on coal imports from Australia are having more than just an impact on miners down under, it’s hurting steel producers in China and helping those elsewhere. Chinese authorities have now more or less confirmed what the market already knew, namely that they have placed what amounts to severe curbs on imports from Australia, the world’s largest exporter of coking coal used to make steel, and the second-biggest shipper of thermal coal used in power plants. A Chinese foreign ministry spokesman indicated on Wednesday that “many” Australian coal ...

China’s steel industry should adhere to the dual-circulation development pattern and accelerate the establishment of a stable and efficient supply system for raw materials, industry experts said. Stable, green and sustainable raw material supply is important for the Chinese steel industry to improve competitiveness, but external uncertainties such as the COVID-19 pandemic and rising protectionism have combined to exert strong pressure on the already vulnerable raw materials supply chain, they said. “It is critical for the Chinese steel industry to efficiently use both domestic and foreign resources, forming a dual-circulation ...

Oil prices ticked up on Tuesday, with early European trading erasing earlier losses, as all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month. Brent crude was up 31 cents at $48.19 a barrel by 0847 GMT. West Texas Intermediate was up 28 cents at $45.62. Both contracts surged around 27% in November after COVID-19 vaccine developments raised hopes of an economic recovery that could revive fuel demand. OPEC+, which includes the Organization of the Petroleum ...

A surge in COVID-19 cases in the winter season will not derail the oil market rebalancing driven mainly by vaccine progress, Goldman Sachs said in a note, adding that it sees a further upside in Brent to $65 per barrel through 2021. The bank, however, said it expects the winter wave to hit global oil demand by at least 3 million barrels per day, partially offset by heating, restocking and demand in emerging markets. “We expect these muddied short-term fundamental signals and the opposite pulls of lockdowns vs. vaccines to ...

As members of the OPEC+ group struggle to come up with a united view on whether to boost crude oil output or extend production cuts, they should perhaps turn their eyes to Asia, the major consuming and fastest-growing region. The leaders of OPEC+, a grouping comprising members of the of Organization of the Petroleum Exporting Countries (OPEC), plus Russia and others, are scheduled to meet on Monday and Tuesday to hammer out whether to roll over existing production cuts of 7.7 million barrels per day (bpd), or allow output to ...