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A Glimmer of Hope for Tankers?

The tanker market could find support from the potential return to the market of Iran, Venezuela and of course shale oil in the US. In its latest weekly report, shipbroker Gibson said that “despite recent cold weather in Texas disrupting oil and gas production, a comeback in US shale may already be on the horizon given the increasingly bullish fundamentals of the global oil market. Goldman Sachs have revised up their 2021 oil forecasts to around $72/bbl WTI and $75/bbl Brent by Q3. This is significantly higher than the EIA ...

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Oil in floating storage at one-year low as market strengthens

The volume of crude oil and condensate in tankers worldwide has fallen to a one-year low as the market’s recovery gathers pace, and with a strongly backwardated structure in the Brent crude market discouraging storage. Floating storage had risen around the turn of the year due to port congestion off China and southeast Asia, but that situation has eased considerably in the past few weeks, boosted by the oil market’s recent strength, industry analysts said. According to commodity data company Kpler, the volume of crude and condensate in floating storage ...

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Dry Bulk Market: Capesizes Experience Mild Downward Slide This Week

Capesize The market took on a mild downward slide during this week with the 5TC opening at $14,224 to close out at $11,934. The Pacific basin on its own showed a little more stability, remaining largely flat on the transpacific C10 and ending the week at exactly $11,500. The transatlantic C8 had a little less resilience as it dropped $2,550 to $15,025, which is albeit still a solid premium to the Pacific. Pockets of resistance are said to be building from Owners as the outlook remains firm and last week’s ...

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Evergreen wins landmark collision case in UK’s Supreme Court

It was a clear February night off the port of Jebel Ali, UAE in 2015. The conditions were benign, and visibility was good. EVER SMART, a large container ship owned by Evergreen and insured by Gard, was proceeding up a narrow channel which connects the port with the open sea, in order to exit the port. ALEXANDRA 1, a VLCC, was outside the narrow channel in the pilot boarding area. She intended to pick up the outbound EVER SMART’s pilot and enter the port via the narrow channel. At 2342 ...

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Tankers: VLCC Market Sees Increased Fixtures, But Rates Still Under Pressure

VLCC The return of Chinese charterers to the market after the Lunar New Year holiday saw a number of fixtures this week with rates under a little pressure. In the Middle East region, 280,000mt to US Gulf via the Cape/Cape routing continues to be assessed at WS18.5 level, while rates for 270,000mt to China eased about a point to WS31.5 (a TCE of minus $2.9k/day) with Unipec reported on subjects with several VLCCs at this level. In the Atlantic region, 260,000mt West Africa to China saw a similar single point ...

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IMO 2030 carbon intensity target can be achieved with adoption of amendments

Wood Mackenzie’s latest report reveals that the International Maritime Organization’s (IMO) 2030 carbon intensity target can be achieved with the adoption of the Energy Efficiency Design Index (EEDI) and Energy Efficiency Design Index for existing ships (EEXI) amendments at the Marine Environment Protection Committee (MEPC) 76 in June this year. The MEPC 76 amendments are due to be enforced from 2023 onwards and will mandate greater efficiency improvements for some types of vessels particularly very large new-build containerships. Under the EEXI, existing ships above 400 gross tonnage will also need ...

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Belships: Quarter led by Lighthouse Navigation; outlook improved

While the main operating segment of Dry Cargo Ships provided results in line with our expectations, overall figures were boosted by a very volatile Lighthouse Navigation segment, which showed the highest EBITDA since acquisition. The shipping market has turned very bullish over the last two months and the outlook improved for both the 2021 and, seeing historically low supply level, the longer term. Thus, we are likely to keep our positive stance towards the stock. Figures boosted by Lighthouse Navigation Usually, we had very low EBITDA margins from Lighthouse Navigation ...

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BIMCO COVID 19 weekly report

Overview The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO). BIMCO provides the following update for this week ending Friday, 26 February 2021 1. IMO IMO has not issued any circulars this week. 2. IMO Crew Change – National Focal Point for Crew Change and Repatriation ...

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Firefighting arrangements at HKC Compliant recycling facilities

The entire ship recycling process involves slicing the vessel’s hull into different sections and extracts steel plates, angle bars, and stiffeners of different shapes and sizes. The slicing is primarily done using gas cutting. It is impossible to imagine ship recycling without hot work. There is always a risk of fire in recycling yards due to continuous gas-cutting operations. Hot work is mainly done on the vessel, which is a primary cutting zone. The vessel’s slice is lifted and shifted to the secondary cutting zone with a crane for further ...

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About 3,000 transpacific cargo containers lost in past three months

Maersk, the largest container shipping line and vessel operator in the world, updated information on Tuesday that its two ships lost 1,010 containers overboard in the Pacific Ocean recently, adding the total loss by transpacific ships to almost 3,000 since from last November. The Danish company confirmed that the 13,100 TEU-capacity container ship Maersk Eindhoven lost some 260 containers overboard after a brief loss of propulsion in heavy seas on Feb. 17, approximately 45 nautical miles off northern Japan, and another 65 containers were damaged. Meanwhile, the company said Maersk ...

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California Gold Rush? – State law increases monetary fines in marine oil pollution cases

The civil fine penalty range was altered from USD 5,000 minimum to USD 500,000 maximum, to a doubling of amount, namely USD 10,000 minimum to USD 1 million maximum. Additionally, and more significantly, there was a change to the second tier of fines that could be imposed if criminal charges are brought in such a case, to an amount up to USD 1,000 per US gallon, involving a spill quantity greater than 1,000 US gallons. These increases warranted attention by the marine shipping community, which attempted to ameliorate this legislative ...

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Algoma Central Corporation Reports Strong Operating Results for the 2020 Financial Year

Algoma Central Corporation, a leading provider of marine transportation services, announced its results for the year ended December 31, 2020. (All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.) Algoma is reporting very strong financial results for 2020, a year in which a global pandemic introduced a number of economic and operating challenges. As a marine transportation company and a provider of critical marine infrastructure, the Company is a key link in our customers’ supply chains. Algoma, along ...

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F-drones raises seed round funding with major shipping companies

F-drones, a Singapore-based startup developing large scale autonomous drones for maritime logistics, today announced its success in raising its seed capital. The round was led by Eastern Pacific Shipping (EPS), a world leading ship management company committed to green and technology-driven growth of the maritime industry. The round also saw participation from the Schulte Group, a reputed ship owner and manager with over 135 years of experience, through its venture arm – Innoport, along with SEEDS Capital, Entrepreneur First, Orient Ventures, Superangel and a few Singapore based angel investors. F-drones ...

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JNPT, Deendayal ports offer discounts on vessel, cargo charges to boost trade at Chabahar port

To enhance trade at Chabahar port in Iran, Jawaharlal Nehru Port and Deendayal Port are offering discounts on the vessel and cargo charges, as per the Ministry of Ports, Shipping and Waterways. Located in Sistan-Balochistan province on the energy-rich Iran’s southern coast, the port is being developed by India, Iran and Afghanistan to boost trade ties. Chabahar Port lies outside the Persian Gulf and is easily accessed from India’s western coast, bypassing Pakistan. “To promote Shahid Beheshti Port of Chabahar, Iran Jawaharlal Nehru Port and Deendayal Port are providing discounts ...

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India to supply four more mobile harbour cranes to Iran’s Chabahar port

India will supply four more mobile harbour cranes to Iran’s Chabahar port by the end of June this year, a government official said on Friday. In January, India supplied a consignment of two mobile harbour cranes to the Chabahar port having a total contract value of over $25 million. Located in the Sistan-Balochistan province on the energy-rich Iran’s southern coast, the port is being developed by India, Iran and Afghanistan to boost trade ties. “For Chabahar, presently cranes which are available are sufficient for operation of that port. Two more ...

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