Energy prices still a drag but gas and power markets have eased Given the circumstances, European companies could not have hoped for a better situation during the first half of the heating season. Demand destruction, milder-than-usual weather and continued LNG supply have ensured that storage levels are still at record-high levels. Day-ahead TTF gas prices have fallen as much as 83% from the peak in August 2022 and APX power prices by 75%. This leaves Europe in a better-than-expected position for the remainder of this winter and the same is ...

Profits at China’s industrial firms fell 4% in 2022 from a year earlier, official data showed on Tuesday, squeezed by the impact of strict COVID-19 curbs, but an expected economic recovery this year is likely to revive the sector’s sales and earnings. The percentage decline for the full year was deeper than the 3.6% fall recorded in the first 11 months, the National Bureau of Statistics (NBS) data showed, indicating a poor end to the year. The 8.4 trillion yuan ($1.24 trillion) decrease in profits in 2022 followed a 34.3% ...

Summary: Underlying price pressures remain firm, with Euro area core inflation hitting a new high of 5.2% in December. We believe the European Central Bank (ECB) will hike policy rates 50 basis points at its February meeting, and indicate that it plans to raise interest rates further. We expect some guidance towards another 50 basis point rate hike in March, before a potential pivot towards moving in more traditional 25 basis point increments in May. We think the Governing Council (GC) will make clear that a restrictive policy setting might ...

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in three years, weighed by weaker demand across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, inched 1 point higher at 681 on Tuesday. But the main index has lost 55% for the month. The capesize index lost 1 point at 532, its lowest in nearly five months. The index has fallen 76.5% for the month, the worst since August 2022. Average daily earnings for capesizes, which typically ...

Hamburg-based ship finance platform, oceanis, predicts ship financing costs for 2023 in a new quarterly report Executive summary: – Bank financing for Container vessels has all but dried up, with only vessels employed by top-tier Charterers able to obtain financing terms on a non-recourse basis – Product Tankers are in vogue with Financiers; loans at over 100% of historic fair market value (FMV) are possible for pool-trading mature vessels – Poor earnings in Dry Bulk have caused a serious decline in the leverage available to shipowners, but finance remains available ...

Piraeus Port Authority S.A. had jointly launched a new car shipment route and service based on the advantage of port of Piraeus and innovation in carrying mode by multipurpose vessel with COSCO SHIPPING SPECIALIZED CARRIERS CO., LTD，targeted to provide high quality service car logistics in EMEA area. The new service concerns the transportation of vehicles in special containers, with a capacity of 3 vehicles, called Flat Rack, equipped with built-in ramps for easier transportation and placement of the vehicles. These platforms have been certified and can be stacked to a ...

2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession

The UP World LNG Shipping Index (UPI), the world’s only stock index focused on LNG shipping companies, lost 0.67% last week. U.S. stocks represented by the S&P 500 (SPX) index gained 2.47%. Two partnerships achieved double-digit growth, but only one pleased investors. In the case of GasLog Partners (NYSE: GLOP), nearly twenty percent growth is due to a proposal of GasLog Ltd., the general partner, to purchase all shares. The offer price of $7.7 was above the market price at the time of the announcement. Still, the closing price was ...

In a market where LNG spot prices follow a downward trajectory since late December, period charter rates for LNG vessels

The multidisciplinary collaboration, for which a Memorandum of Understanding (MOU) was signed last week, has the ambitious goal to develop a complete hydrogen value chain for Northern Xplorer AS (NX) first zero-emission cruise ship featuring fuel cells and electric propulsion, as well as making pollution-free hydrogen available to the wider maritime market at a time of urgent pressure to reduce emissions. The partners comprise zero-emission cruise venture Northern Xplorer AS, hydrogen provider and owner of infrastructure Norwegian Hydrogen AS, high-capacity hydrogen transfer system supplier HYON AS, ship designers Multi Maritime ...

Russia supplied Europe with some 17 million tonnes of liquefied natural gas (LNG) last year, up about 20% from 2021 volumes, Refinitiv Eikon data showed on Tuesday, partially offsetting a steep decline in Russian pipeline gas exports. Europe has been boosting imports of seaborne LNG – gas transported in liquid form at minus 160 degrees Celsius (minus 256 Fahrenheit) – amid a cut in pipeline gas supplies from Russia due to a deep political crisis over Ukraine. At the same time, Russia increased its total LNG exports in 2022 by ...

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of over 340 ports worldwide, representing over 80% of global volumes. The base point for the indices is January 2019 = 100. Drewry has developed a nowcasting model that uses vessel capacity and terminal duration data (derived from our proprietary AIS model) to make short-term predictions of port throughput. The Drewry Global Port Throughput Index (rebased to January 2019) reached 106.6 points in November 2022, an increase ...

WinGD and CMB.TECH bring combined expertise to zero-carbon fuel technology in groundbreaking collaboration for fleet of ammonia fuelled bulk carriers. Swiss marine power company WinGD and Belgian shipping and cleantech group CMB.TECH have signed an agreement on the development of ammonia-fuelled two-stroke engines. The companies aim to install the ammonia dual-fuel X72DF engine on a series of ten x 210,000 DWT bulk carriers to be built at a Chinese shipyard in 2025 and 2026. Under this joint development project, CMB.TECH will support WinGD in establishing its ammonia-fuelled engine concept for ...

This release is a summary of Wärtsilä’s Financial Statements Bulletin January–December 2022. The complete report is attached to this release as a pdf file. It is also available on the company website at www.wartsila.com. Highlights from october–december 2022 Order intake decreased by 24% to EUR 1,638 million (2,150) Service order intake increased by 6% to EUR 791 million (747) Net sales increased by 11% to EUR 1,770 million (1,597), of which organic growth was 7% Book-to-bill amounted to 0.93 (1.35) Operating result decreased by 75% to EUR 37 million (144), ...

Marlink, the smart network solutions company, is implementing a fleet-wide migration of its smart managed network solution for leading global operator Miclyn Express Offshore (MEO Group) to support the Group’s ongoing digitalisation program. The contract follows a successful trial during which MEO Group highlighted the network stability and reliable performance for its business operations. Applying its managed hybrid solution approach, Marlink will outfit 102 MEO Group vessels with its Sealink VSAT solution, providing high throughput connectivity across the fleet enabling personnel on transfer and vessel crews to utilise connectivity for ...