MISC (MISC or the Group) today welcomes two of its latest new generation of Liquefied Natural Gas (LNG) carriers, Seri Damai and Seri Daya to its fleet of LNG carriers. These 174,000 CBM LNG carriers are equipped with smart and sustainable technologies and were built for MISC by Samsung Heavy Industries Co., Ltd. (SHI). Upon their delivery, these new LNG carriers will be on long-term charters to ExxonMobil’s wholly-owned subsidiary, SeaRiver Maritime LLC (SRM) and will be managed by Eaglestar Shipmanagenent (S) Pte.Ltd ( Eaglestar). Captain Rajalingam Subramaniam, MISC’s President ...

Design and engineering consultancy, Houlder, has recently completed a major design project for Shell International Trading and Shipping Company Limited (“Shell”): the development of a concept design for a 20,000m3 liquid hydrogen (LH2) carrier. Houlder collaborated with Shell on the statement of requirements, ensuring that both parties were aligned on vessel specifications. The team then conducted a feasibility study for fuel and powering arrangements, and also undertook concept general arrangement, hull design and powering, and structural design work. The concept design was verified and optimised using Computational Fluid Dynamics (CFD) ...

As part of the Grain Initiative, 18 vessels exported 664,000 tonnes of food from the ports of Great Odesa during the week, which is a third less than the export volume for the week before last. The rate of ship exits from ports remains critically low. Ministry of the infrastructure of Ukraine reports this on Facebook. 60,000 tonnes of wheat were sent to Kenya, 56,000 more to Bangladesh, and 60,000 tonnes of Ukrainian oil were shipped to India. “The rate of ship exits from ports remains critically low, 2.5 vessels ...

Iron ore futures fell on Tuesday, with the Dalian benchmark price pulling back from the previous session’s contract high, as traders assessed demand in top steel producer China while also keeping an eye on regulatory risks. The steelmaking ingredient, however, was on track for a 2% monthly gain in the Dalian Commodity Exchange. It has risen 11% on the Singapore Exchange this month, in a rally driven by improved demand prospects after China dismantled strict COVID curbs. The so-called China reopening has also boosted spot iron prices, with the benchmark ...

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 140.7 million tonnes (Mt) in December 2022, a 10.8% decrease compared to December 2021. Crude steel production by region Africa produced 1.1 Mt in December 2022, down 8.9% on December 2021. Asia and Oceania produced 104.9 Mt, down 9.2%. The EU (27) produced 9.2 Mt, down 16.7%. Europe, Other produced 3.4 Mt, down 19.2%. The Middle East produced 3.7 Mt, up 0.4%. North America produced 8.8 Mt, down 9.9%. Russia & other CIS + ...

China raised export tariffs on unwrought primary aluminium and alloy at the start of this year after a rare burst of export activity in the first part of 2022. The country, which was a huge importer of unwrought aluminium in both 2020 and 2021, briefly emerged as supplier of last resort, particularly to Europe, where multiple smelters curtailed operations due to high power prices. The tariff increases fit with China’s long-standing policy of encouraging exports of value-add aluminium products rather than raw metal. But it’s doubtful they would have made ...

1. Slow recovery in French nuclear generation leaves Europe exposed to gas prices What’s happening? French nuclear production reached an all-time low of 279 TWh in 2022. Low French nuclear generation supported Western European gas-fired dispatch for much of last year and the performance of the French fleet will again play a key role in determining Europe’s power generation mix in 2023. What’s next? French utility EDF will take another seven reactors offline for corrosion repairs in 2023 but expects lower downtime versus 2022. Analysts at S&P Global Commodity Insights ...

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December. In September, OPEC output hit its highest since 2020. Output from OPEC and allies including Russia, known collectively as OPEC+, increased for most of 2022 as demand ...

Pipeline natural gas exports to Europe by Russian energy giant Gazprom have declined by almost 30% in January from December amid falling prices at the spot market, hitting a new monthly all-time low, Reuters calculations showed on Tuesday. Russian commodity exports have become increasingly politicised over the past years amid wider political tensions and have been the main focus for Western sanctions since last February when Moscow sent its troops into Ukraine. According to calculations, based on daily data of Russian gas exports via Ukraine and the TurkStream pipeline, Gazprom’s ...

The global economy is poised to slow this year, before rebounding next year. Growth will remain weak by historical standards, as the fight against inflation and Russia’s war in Ukraine weigh on activity. Despite these headwinds, the outlook is less gloomy than in our October forecast, and could represent a turning point, with growth bottoming out and inflation declining. Economic growth proved surprisingly resilient in the third quarter of last year, with strong labor markets, robust household consumption and business investment, and better-than-expected adaptation to the energy crisis in Europe. ...

The euro zone eked out growth in the final three months of 2022, avoiding a recession even as sky-high energy costs, waning confidence and rising interest rates took a toll on the currency bloc’s economy, data from Eurostat showed on Tuesday. Gross domestic product in the euro zone expanded by 0.1% in the fourth quarter, outperforming expectations in a Reuters poll for a 0.1% drop. Compared to a year earlier, growth was 1.9%, above expectations of 1.8%. Among the bloc’s biggest countries, Germany and Italy recorded negative growth rates for ...

China’s economic activity swung back to growth in January, after a wave of COVID-19 infections passed through the country faster than expected following abandonment of pandemic controls. Domestic orders and consumption drove output higher, according to the first broad data to show how quickly China is recovering from its COVID reopening wave, but analysts warned that the economy faced persistent weakness in external demand. The official purchasing managers’ index (PMI), which measures manufacturing activity, rose to 50.1 in January from 47.0 in December, the National Bureau of Statistics (NBS) said ...

With 126 years of industry experience behind it, Skuld, a world leading marine insurer, should have “seen it all”. However, global health crises, geopolitical unrest and the need for industry transformation are ushering in a new age, with new challenges. Here Ståle Hansen, Skuld CEO, discusses the need for calm heads, and ever closer collaboration, to ensure the industry stays on course. “It was a case of out of the frying pan, into the fire,” admits Ståle Hansen, CEO at Skuld for eight of his twenty years at the Oslo-headquartered ...

The Panama Canal reports that this morning the container vessel CAPE KORTIA while moving towards the PSA port in the Pacific reported a fire outbreak in the engine room. Due to this incident another vessel was affected. The CAPE KORTIA remained briefly on its way to the Pacific Access Channel until it got removed by the Panama Canal staff. These maneuvers occurred during its regular transit window and did not cause delays to vessels transiting the Panama Canal. The fire outbreak is under control. No injuries were reported in this ...

The International Monetary Fund on Monday raised its output growth estimate on emerging markets for this year, with projections now showing the economic slowdown in the region may have bottomed out in 2022, on the back of China reopening, a resilient India and unexpected growth in Russia. On its most recent update to the World Economic Outlook, the IMF sees growth in emerging market and developing economies at 4.0% in 2023, 0.3 percentage point higher than its October projection, and 0.1 percentage point higher than the 3.9% estimate for 2022. ...