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Green Shipping Corridors Highlight How Shipping Will Drive the Energy Transition, says ABS Chairman, President and CEO

“Green corridors have the potential to be more than just a test bed for shipping emission projects, they will tie into national clean energy transition strategies that will highlight shipping as a value enabler and the transport vehicle for the clean energy transition.” That was the message to the industry and delegates at the Global Clean Energy Action Forum, the joint convening of the Clean Energy Ministerial and Mission Innovation Ministerial, from Christopher J. Wiernicki, ABS Chairman, President and CEO. He told the gathering of 31 countries that only green ...

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MAN Energy Solutions Aims to Halve Own CO2 Emissions by 2030

MAN Energy Solutions has published its Corporate Responsibility (CR) Report 2021 that provides information on its decarbonisation targets. Among these, the company aims to reduce emissions from its own production facilities by 50% by 2030, and specifies its commitment to a consistent focus on sustainable solutions. CR activities will concentrate on four focus areas, namely Decarbonisation, Circular Economy, Responsibility in the Supply Chain, and Employee Empowerment. Uwe Lauber, CEO of MAN Energy Solutions, said: “Climate change – and thus the need to reduce greenhouse gases – is probably the greatest ...

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Cosco shipping captive joins the poseidon principles for marine insurance

The Poseidon Principles for Marine Insurance create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals. “We are delighted to be the first Asian marine hull insurance company to sign up for the Poseidon Principles for Marine Insurance (PPMI). Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy towards green shipping and green finance. We are happy and motivated to work with all stakeholders to promote marine de-carbonization and marine industry’s sustainable transition and growth,” says Zheng Xiaozhe, ...

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Ecoslops: First half of 2022 marked by a tripling of activity to €8.9m and positive consolidated EBITDA at Group level

Ecoslops, the cleantech company that brings oil into the circular economy, announces its unaudited results for the first half of the current financial year, as of June 30, 2022, as approved by the Board of Directors at its meeting on September 21, 2022. Revenue of €8.9 million, up 188%. Positive Group EBITDA of €0.5 million and €1.2 million excluding the Marseille unit, which is currently being ramped up. In an energy market under pressure, relevance of the business model, more than ever adapted to the needs of energy independence and ...

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Greece’s sole LNG terminal ramps up imports to replace Russian gas

Greece has cut Russian gas imports by more than half this year thanks to increased deliveries from other producers to its sole liquefied natural gas (LNG) terminal near Athens, the country’s gas grid operator said. Greece has relied on Russia for about 40% of its gas needs for years but it has ramped up LNG purchases from other countries in line with a European Union plan to cut dependence on Russian energy. It has been receiving Russian gas via the Turkstream pipeline which also delivers to Hungary via Serbia. Its ...

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Furetank orders vessel 14 and 15 in the climate friendly Vinga series

Furetank has signed a contract for two more dual-fuel tankers. This means that six sister ships have been ordered this year alone, in the globally top-performing Vinga series which has now reached 15 vessels altogether. The 17,999 dwt tankers are the latest contribution to the series of sister vessels designed with a special focus on energy efficiency and minimum environmental impact, all commercially operated by Furetank. – The fact that we have been able to build 15 vessels of the same design shows that they fulfill a need in our ...

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Port of Antwerp-Bruges first port to introduce GDP certificate for distribution of pharmaceuticals

GDP guidelines now enshrined in certificate Domestic and foreign stakeholders from the Life Sciences & Healthcare sector gathered in Antwerp yesterday for a behind-the-scenes look at the distribution process for pharmaceutical products at the port. During a tour of the individual steps of operations, from the security checks to the loading process, they saw how Port of Antwerp-Bruges had become the world’s first maritime GDP port. This means that all links of the logistics chain, including the container terminals, can operate according to the standard for European Good Distribution Practices ...

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Rebar, iron ore prices rise on China pre-holiday demand

Ferrous futures in top steel producer China rose on Friday, with rebar hitting a one-week high and iron ore set for its third straight weekly gain, buoyed by signs of increased activity in the country’s construction sector and pre-holiday demand. The most-active January rebar contract on the Shanghai Futures Exchange ended daytime trade 1.3% higher at 3,766 yuan ($530.61) a tonne, after touching its highest since Sept. 15 at 3,787 yuan. The most-traded January iron ore contract on the Dalian Commodity Exchange climbed 1.3% to 719 yuan ($101.30) a tonne. ...

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FUTURES WRAP: LME scrap contracts see gains, near-term backwardation shifts into soft contango

Near-term scrap futures contracts on the London Metal Exchange saw gains over the week to Sept. 22, while weekly trading volumes decreased. Platts, part of S&P Global Commodity Insights, assessed the September contract up $2.50/mt week on week at $360.50/mt, while the October contract jumped $14/mt to $361/mt. The November contract gained $8/mt to $360/mt, while the December contract rose $3.50/mt week on week to $358.50/mt. The backwardation over the September-October portion of the curve shifted into a soft contango, suggesting some futures traders expect scrap prices to strengthen slightly ...

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India’s top palm oil buyer expects 23% jump in imports

India’s palm oil imports in 2022/23 could jump 23% from a year earlier to 9.5 million tonnes, the highest in eight years, as a rebound in consumption and competitive prices prompts refiners to increase purchases, the country’s top palm oil buyer said. “Palm is very attractive as prices are under pressure because of stocks,” Sanjeev Asthana, chief executive officer at Patanjali Foods Ltd said on the sidelines of Globoil conference. Financial Post Top Stories Banner Financial Post Top Stories Sign up to receive the daily top stories from the Financial ...

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Head of UAE’s ADNOC says little room for manoeuvre in oil markets

Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber said on Thursday there was little room to manoeuvre in oil markets that may face further disruption with minimal spare capacity. Speaking at an event in New York, Jaber also warned that underinvestment in the current energy sector before alternative sources of supply were ready was a recipe for disaster, not progress. “If people’s basic energy needs are not met, economic development slows down, and so does climate action,” Jaber said. “If we under-invest in the energy system of today ...

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Energy Transition Insights – Unpicking ONS 2022: the questions for oil and gas

The year 1974 saw the launch of Offshore Northern Seas, an obscure meeting of companies extracting oil and gas in the North Sea. Today this biennial event, rebadged ONS, attracts 65,000 visitors from more than 100 countries. It is no longer just about oil and gas, but covers areas as diverse as offshore wind, batteries, hydrogen and carbon capture and storage (CCS). But it remains a key date for oil and gas companies, not least because the trends featured at the event are vital for the industry’s future. The theme ...

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Why Canada’s oil exports could flow easier for the next decade

Canadian oil producers may avoid major export pipeline bottlenecks over the next decade as upcoming projects ease a longstanding challenge for the industry, according to a new analysis. However, S&P Global Commodity Insights warns that “Western Canada may not be entirely out of the woods.” Alberta’s oil sands are the fourth-largest reserves in the world, and the most significant source outside of the OPEC bloc. For years, lack of export pipeline capacity has fuelled large price discounts for Canadian barrels versus the global market. At the same time, regulatory delays ...

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Euro zone likely entering recession as price rises hit demand -flash PMI

The downturn in business activity across the euro zone deepened this month and the economy is likely entering a recession as consumers rein in spending amid a cost of living crisis, a survey showed on Friday. Manufacturers were particularly hard hit by high energy costs after Russia’s invasion of Ukraine sent gas prices rocketing, while the bloc’s dominant services industry suffered as consumers stayed at home to save money. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health, fell to 48.2 in ...

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Tightening financial conditions will slow global economic growth and inflation

Recognizing that high inflation will not quietly go away, the world’s major central banks are toughening their policies. Gradualism has given way to super-sized interest rate increases and a clearer resolve to restrain actual and expected inflation, despite adverse economic consequences. The more hawkish rhetoric and policy actions have unsettled financial markets, driving up term yields and risk spreads. In turn, equity prices have fallen in an environment of weak corporate earnings and rising interest (discount) rates. Meanwhile, the US dollar’s exchange value has soared in response to rising US ...

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