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Downtrend persists in VLGC rates; fleet expected to see growth in 2021, 2022

LPG freight witnessed sharpest decline in 20 years to more than seven-month lows at $30.5/mt Feb. 25, even as the Very Large Gas Carrier fleet is expected to see net growth of around 6% each year in 2021 and 2022, slowing from 8% year-on-year net expansion in 2020. There are currently 314 VLGCs — vessels above 70,000 cu m — in operation worldwide, making up 22% of the gas shipping fleet, Banchero Costa Research said in a February report. In contrast, just under 170 VLGCs were in operation when rates ...

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Xeneta container rates alert: long-term contracted rates climb to unprecedented highs as industry hits overdrive

2021 is shaping up to be a golden age for container ship operators, with January’s substantial rise in long-term contracted rates being “blown out the water” by developments in February. According to the latest XSI® Public Indices report from Xeneta, which crowd sources shipping data to deliver unique market intelligence, rates soared by 9.6% month-on-month (following January’s jump of 5.9%). All key shipping corridors registered steep climbs, driven by continuing surging demand, lack of equipment supply, and spot rates that refuse to budge from their lofty peaks. Oslo-based Xeneta’s XSI® ...

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ABS Publishes Guidance on Methanol as Marine Fuel

ABS has published guidance on Methanol as Marine Fuel, evaluating the challenges in design and operation of methanol-fueled vessels. The latest in an ongoing series of ABS sustainability focused whitepapers examining different fuel options for the marine industry, Methanol as Marine Fuel provides information for shipowners considering methanol as an option in both the near-term and long-term. “Due to its potential to reduce the CO2 footprint of marine operations, applications of methanol are drawing a wider interest from owners of oceangoing vessels, short sea shippers, ferries, cruises, and inland waterway ...

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ADNOC buys 6 VLCCs to support trading business, oil capacity ramp-up

Abu Dhabi National Oil Co. has purchased six Very Large Crude Carriers as the UAE’s biggest energy producer seeks to support its newly-established trading business and its plans to boost oil production capacity by 25% to 5 million b/d by 2030. ADNOC Logistics & Services, its shipping arm, has deployed two of the VLCCs into its fleet, placed an order for three new vessels to be delivered in 2022 and 2023 and bought an existing vessel that will be delivered soon, ADNOC said in a Feb. 25 statement. The six ...

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MABUX: Bunker market this morning, Feb.26, 2021

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO Gasoil) in the main world hubs) demonstrated upward changes on Feb.25: 380 HSFO – USD/MT – 418.58 (+5.70) VLSFO – USD/MT – 527.26 (+7.87) MGO – USD/MT – 592.26 (+10.22) Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Feb.25 remained undercharging of 380 HSFO bunker grades in Rotterdam (-19USD), Singapore (-31USD), Fujairah (-24USD). In Houston MBP Index is 100% correlating to DBP ...

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DNV GL joins Smart Maritime Network to enhance industry cooperation on digitalization

DNV GL, the world’s leading classification society, has joined the Smart Maritime Network, an initiative dedicated to supporting collaboration and standardization in the development of IT systems for the shipping sector. Bjørn-Johan Vartdal, Head of DNV GL’s Maritime Incubator, and Magnus Lande, Head of APAC for Veracity by DNV GL, will also join the Smart Maritime Council. DNV GL has been committed to using its position as an independent third party to build trust in data quality and confidence in secure sharing of data. At the same time, DNV GL ...

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Minerva Bunkering Launches the Advanced Delivery Platform (ADP) Service in ARA, Fujairah and Singapore

Minerva Bunkering is pleased to announce the commercial launch of the Advanced Delivery Platform (ADP) service in the ARA, Fujairah and Singapore markets. Hafnia, one of the world’s leading tanker owners and operators, has now commenced a long-term supply contract for deliveries conducted utilizing the ADP. The ADP is available to all customers and offers ship operators complete transparency over the quality and quantity of fuel they purchase combined with the efficiency and significant time savings of a fully digital bunkering process. The integrated hardware and software solution facilitates seamless ...

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Danica welcomes Russian seafarer vaccination

Russia, a major hub for seafarers, has now recognised seafarers as keyworkers and begun giving them Covid-19 vaccinations as a priority group – a move welcomed by Danica Crewing Services, a leading supplier Russian seafarers. Danica Managing Director Henrik Jensen reports that Danica crew members are among the first to receive the vaccination in Saint Petersburg. He commented: “We are delighted to have the first seafarers vaccinated. It is a major step forward to a return to normality for our industry. Vaccination eliminates the risks of our seafarers becoming infected ...

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ICE Announces Rapid Growth in Marine Fuel and Wet Freight Complex a Year on From IMO 2020

Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced record growth across its Marine Fuel and Wet Freight complex, a year on from the implementation of the sulphur cap by the International Maritime Organization (IMO) in January 2020. The IMO regulation requires ships to use fuel oil with a maximum sulphur content of 0.5% versus the previous limit of 3.5%. Since February 2019, ICE has launched a series of cash settled Marine Fuel products which settle ...

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United Wind takes ABB advisory software fleetwide to boost safety and efficiency of operations

United Wind Logistics’ module deck carrier VestVind will rely on ABB Ability™ Marine Advisory System – OCTOPUS to support real-time decision making as it transports large windfarm components such as turbines, foundations and blades to offshore installation sites By minimizing unwanted vessel motions and accelerations, ABB Ability™ Marine Advisory System – OCTOPUS software will help protect high-value payloads in transit, at the same time boosting vessel efficiency by optimizing the route based on vessel motions resulting from weather and wave conditions. This will allow the module deck carrier to increase ...

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Steamship Mutual 2021/2022 Renewal

“A” rated Steamship Mutual today announced the outcome of the Club’s 2021/2022 renewal. With a General Increase of 5%, ordered by the Board for both mutual and non mutual entries, the achieved premium increase of very close to that – over 4.5% including value of terms – is confirmation of widespread confidence in the Club. Notwithstanding some extremely difficult conditions arising from the Corona pandemic, this was a successful renewal, as reflected in additional tonnage entered by existing members and the number of new Members joining from other clubs and ...

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Russia to lift oil exports from its Western ports by 5.6% in March vs February – schedule

Russia plans to increase oil exports from its Western sea ports, Primorsk, Ust-Luga and Novorossiisk, to 5.65 million tonnes in March from 4.83 million tonnes in the February plan, according to the preliminary schedule seen by Reuters on Wednesday. On a daily basis loadings will rise by 5.6% in March from the current month, Reuters calculations showed. Russian flagship Urals oil loadings from Baltic ports will rise to 4.1 million tonnes from 3.6 million tonnes in February. Exports of Urals and Siberian Light from the Black Sea’s Novorossiisk will increase ...

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ESPO Welcomes European Parliament Tran Committee Report On More Efficient And Cleaner Maritime Transport (Delli Ini Report)

The European Sea Ports Organisation (ESPO) supports the main outcomes of the vote on the own-initiative report on technical and operational measures for more efficient and cleaner maritime transport (Delli Report) in the European Parliament’s Transport and Tourism Committee. “We welcome the ambition to green the shipping sector which is at the core of this report. We believe the report strikes a good balance between the need to accelerate the transition towards the use of low-carbon and zero-carbon alternative fuels in the maritime transport sector, while taking into account the ...

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S KOREA DATA: Jan crude imports fall, but condensate intake rises to support medical device manufacturing

South Korea imported 76.874 million barrels, or 2.48 million b/d, of crude oil in January, down 17.1% from 92.712 million barrels a year earlier, as local refiners kept oil products output to a minimum amid tepid consumer transportation fuel demand, latest data from state-run Korea National Oil Corp. showed. This marks the fourth consecutive decline since October last year and the smallest monthly shipment since June 2020, when the country received 74.659 million barrels. However, a more in-depth breakdown of the import data showed that South Korea maintained strong demand ...

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Asia with 71% of global LNG imports to remain largest regional market: GECF

The gas market will progressively become more interconnected and less regionalised due to the projected extension of total gas exports; GECF said and noted the Asian LNG market, with 71% of global LNG imports, will remain the largest regional market. The share of traded LNG will increase to approximately 48% of all traded gas in 2030 and 56% in 2050, respectively, Gas Exporting Countries Forum (GECF) said in its Global Gas Outlook 2050’s fifth edition. Liquefied natural gas (LNG) regasification from existing, under construction, potential, proposed, stalled and speculative projects ...

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