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Dislodged cargo ship fit for onward passage in Suez Canal – BSM

The technical manager of the container ship that became jammed across the Suez Canal last month said on Wednesday that the vessel was fit for onward passage but remained anchored pending an agreement between the owner and the canal authority. The Ever Given ship was declared suitable for onward passage from the Great Bitter Lake to Port Said, where she would be assessed again before departing for Rotterdam, Bernhard Schulte Shipmanagement (BSM) said in a statement. The Ever Given has been in the lake, which sits between two sections of ...

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Gulf of Guinea remains world’s piracy hotspot in 2021, according to IMB’s latest figures

The Gulf of Guinea accounted for nearly half (43%) of all reported piracy incidents in the first three months of 2021, according to the latest figures from the ICC International Maritime Bureau (IMB). IMB’s latest global piracy report records 38 incidents since the start of 2021 – compared with 47 incidents during the same period last year. In the first three months of 2021, the IMB Piracy Reporting Centre (PRC) reported 33 vessels boarded, two attempted attacks, two vessels fired upon, and one vessel hijacked. Despite a drop in the ...

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Fearnleys Week 15 2021

As April stems close out, the MEG has warmed up for modern tonnage

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AMERICAS BUNKERS: Key market indicators April 12-16

Spot retail marine fuel pricing in the Americas was mixed but mostly bearish the week of April 5-9, as demand fundamentals remained largely unchanged and liquidity was limited in some ports. Latin America Prices for Latin American bunkers started the week without a clear trend, looking at the rise in global oil markers but with mixed local fundamentals. Prices in Panama for marine fuel 0.5%S and marine gasoil increased slightly from April 5 to April 9, mostly pressured by oil markers, as demand in that hub was described as average ...

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ABS Guides Industry on Shipping Power and Propulsion Decarbonization Technologies

ABS has published industry-leading guidance evaluating a range of shipboard propulsion and power generation technologies with the potential to contribute to shipping’s sustainability goals. The ABS Advisory on Decarbonization Applications for Power Generation and Propulsion Systems considers the technological complexity, current application, available fuel options, current regulatory requirements and safety concerns of the main systems that could reduce greenhouse gas (GHG) emissions. “Recognizing the overall challenge of the 2050 IMO targets, ABS has developed a series of documents to reference available carbon-reduction strategies. This advisory is the latest assistance for ...

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Panama Canal Authority postpones planned price hike following calls from shipping industry

The Panama Canal Authority (ACP) has announced that it will postpone price increases on canal transit fees which were due to come into effect tomorrow. The announcement follows a joint letter sent by the International Chamber of Shipping (ICS), Asian Shipowners’ Association (ASA), and European Community Shipowners’ Association (ECSA), expressing concerns over the speed of price increases that were expected to begin from 15 April 2021. The proposed changes represent a minimum cost increase per transit reservation of US$20,000 (up 57%) and a maximum cost increase of US$58,500 (up 167%) ...

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Securing a Security: Implying limits in a guarantee

In an interesting decision concerning the implication of terms into guarantees, which may raise alarm bells for some parties in the maritime sector, the English Commercial Court has considered the circumstances in which a party may be able to obtain security for claims against a guarantor. The decision in CVLC Three Carrier Corp & Anr v Arab Maritime Petroleum Transport Company¹, which is a rare instance of a successful challenge to an arbitration award, also provides useful guidance on the factors to be considered when identifying “the question” to be ...

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Inmarsat And OneOcean Partner To Deliver Pioneering Digital Solutions For Navigation And Compliance

Inmarsat, the world-leading mobile satellite communications provider, and OneOcean, the global leader in compliance and navigation services for the maritime industry, are delighted to announce a partnership that focuses on the next phase of the digitalisation of navigation and compliance in the maritime industry. The multi-phase agreement which will see OneOcean become an Inmarsat Certified Application Provider (CAP) is centred on leveraging Inmarsat’s technology platform and OneOcean’s digital solutions to transform the way voyage planning software is deployed, updated and integrated between ship and shore. Remote deployment of OneOcean technology ...

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Suez Canal closure highlights Asia’s growing dependence on Eastward oil flows

Earlier this week, a 400 meter-long container ship halted transit in both directions on one of the world’s major seaborne trade chokepoints after running aground across a single-lane stretch of the canal. Getting the vessel out of the way may take days if not weeks, according to maritime experts. So far, the blockage hasn’t caused a significant disruption in oil markets. While the inventory overhang that built up last year is gradually being worked off, crude and oil product stocks globally remain at comfortable levels. And some of the world’s ...

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Chinese mills shift iron ore procurement preference; JMBF slips into discounts

The Australian Jimblebar Blend Fines, or JMBF, slipped from premiums into discounts against the 62% Fe index as demand for iron ore fines with lower ferrous content and higher impurity levels dropped due to stricter quality requirements among Chinese steelmakers amid high margins. BHP on April 14 offered a 90,000 mt cargo of 60.5% Fe Jimblebar Blend Fines at a discount of $2.30/dmt over the May average of Argus and Mysteel 62% Fe indexes CFR China, on COREX, for arrival in May. This compared to a spot deal at a ...

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Seanergy Maritime Holdings Corp. Announces Loan Facility of $37.45 Million and Other Financing Updates

Seanergy Maritime Holdings Corp. announced today that the Company received a commitment letter from one of its existing lenders for a $37.45 million facility (the “New Facility”). The proceeds will be used to refinance the $24.45 million existing facility secured by the M/V Squireship and the M/V Leadership (the “Existing Facility”) and will be secured as well by currently unencumbered M/V Lordship. Pursuant to the commitment letter, the earliest maturity date of the New Facility will be in December 2024 and the interest rate will be 3.5% plus LIBOR per ...

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Townsville signing marks important hydrogen milestone

North Queensland’s hydrogen future and the potential of thousands of regional jobs is a step closer with an agreement between Australian energy company Origin and the Port of Townsville signed today. Premier Annastacia Palaszczuk said her Government was continuing to deliver Queensland’s plan for economic recovery from the global coronavirus pandemic. “Part of that plan is supporting regional economies to provide jobs growth in places like Townsville and North Queensland,” the Premier said. “We said we’d continue to build Queensland’s hydrogen industry and that’s exactly what we’re doing because that ...

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Georgia Ports Authority orders 28 Konecranes container cranes as larger ship traffic grows

The Georgia Ports Authority (GPA) has ordered 20 eco-efficient Konecranes Rubber Tired Gantry (RTG) cranes and 8 Konecranes Ship-to-Shore (STS) cranes for the Port of Savannah in the US. Six of the STS cranes will be the largest ever made by Konecranes. The RTG order was booked in Q1 2021, and the STS order was booked in Q4 2020. The GPA placed the order as it prepares to serve the world’s largest container vessels such as the HMM Algeciras class and Maersk’s Triple-E class, which have capacities of 24,000 TEU ...

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China coke futures track spot prices, hit 6-week high

Chinese coke futures hit a near six-week high on Wednesday after some major coking plants sought to raise spot prices, while safety inspections were supporting coking coal prices. Coking plants in Shandong, Hebei and Shanxi provinces have proposed to lift coke prices by 100-110 yuan ($15.29-16.82) per tonne recently, according to state media. The most-traded coke futures on the Dalian Commodity Exchange, for May delivery, rose as much as 3.2% to 2,492 yuan ($381.21) per tonne before closing 2.4% higher at 2,475 yuan. Coking coal futures on the Dalian bourse ...

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IEA Revises Upwards Oil Demand Growth in 2021

The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights • Oil demand in 2021 is forecast to reach 96.7 mb/d, an increase of 5.7 mb/d from 2020. Despite weaker-than-expected data for 1Q21, annual growth has been revised up by 230 kb/d on average to take account ...

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