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Newbuilding Market Still Underwhelming

The newbuilding market remained rather underwhelming during the past week. In its latest weekly report, shipbroker Allied Shipbroking said that “activity in the Newbuilding market continues to move at a slow pace, while the prime sectors moving things forward continue to be the Gas and Container sectors. The difference observed this week compared to the previous one is the resurgence of buying interest in containership units, marking two orders at 4 and 6 units respectively. The interesting point is that most of this week’s new orders have been secured by ...

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Tanker trade ramps up as US looks to Europe to plug gasoline gap

Clean tankers are hurrying across the Atlantic with gasoline from Europe for the US where stocks are at multi-year lows at the start of driving season. A tight European gasoline market is giving way to a US market feeling the strains of a depleted refining system and inventories at eight-year lows, prompting freight rates to rise in recent weeks. Platts, part of S&P Global Commodity Insights, assessed gasoline RBOB New York Barges at a $144.85/mt premium to Eurobob FOB AR barges May 21. The premium has been above $100/mt since ...

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USTC changes leadership

Nina Østergaard Borris, co-owner and current COO of United Shipping and Trading Company (USTC), takes on new responsibilities in the family-owned business as CEO, succeeding her father Torben Østergaard-Nielsen who will take over as Chairman of the Board of Directors for USTC. Mia Østergaard Rechnitzer, current Head of Corporate Governance, will assume the position of Chief Governance Officer, stepping into USTC Executive Management. Family-owned United Shipping and Trading Company (USTC), which is owned and operated by Torben Østergaard-Nielsen and his two daughters, Nina Østergaard Borris and Mia Østergaard Rechnitzer, has ...

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VIKAND Joins The All Aboard Alliance and Participates in Inaugural Meeting

VIKAND, the global healthcare solutions provider to the international commercial maritime, cruise, yachting, and offshore industries, has become a member of The All Aboard Alliance. Set-up in 2020 by a group of like-minded maritime industry leaders and supported by the Diversity Study Group and Swiss Re, The All Aboard Alliance’s aim is to increase diversity, equity, and inclusion (DEI) in all maritime businesses both at sea and ashore. The inaugural high-level meeting took place on 24th and 25th May at the Swiss Re Centre for Global Dialogue in Rüschlikon, near ...

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How ship operators can better manage their total of cost of bunkering?

For ship owners and operators, the decision over when and where to bunker in the Middle East can have a very significant impact on their business. Getting it wrong could lead to highly inflated costs, making it vital for shipping companies to scrutinise their total cost of bunkering – the impact of all bunkering factors on overall operational costs and the wider sustainability of their voyage – rather than focus solely on fuel expenditure. As part of the bunker decision, the price of fuel, now around US$885 per tonne at ...

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European petroleum tanker rates rise due to geopolitical instability and marine fuel costs

Petroleum tanker rates for routes originating in Europe rose to record highs in April 2022 because of geopolitical instability related to Russia’s full-scale invasion of Ukraine and rising marine fuel prices, also known as bunker fuel. Dirty tanker rates for Aframax-sized vessels originating in the Black Sea in southeast Europe increased to $32.10 per metric ton (mt) in April 2022, more than triple the $10.11/mt price in January 2022. The tanker rates for routes originating in the Baltic Sea in northern Europe reached $41.38/mt in April 2022, up from $7.50/mt ...

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Yangzijiang Financial up 9% after board proposes share buyback

Shares of Yangzijiang Financial Holding jumped by more than 9 per cent on Tuesday (May 24) after the company on Monday called for an extraordinary general meeting (EGM) seeking shareholders’ approval to adopt a share buyback mandate. The EGM, which will be held on June 8, comes shortly after Yangzijiang Financial was listed on the Singapore Exchange (SGX) on April 8 at 69 cents a share. However, the shares tumbled in value, reaching a low of 39 cents on May 19. The company’s shares closed at 47.5 cents on Tuesday, ...

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Swamped U.S. Seaports Are Bracing for an Earlier Peak Shipping Season

America’s seaports are stretched to their limit just as retailers and manufacturers are set to begin their seasonal rush of importing ahead of the fall and end-of-year holidays. With shippers seeking to avoid the risk of delays, this year’s peak shipping season is expected to start weeks earlier than usual, at the end of June, just as back-to-school and other seasonal products flood in. That will create high stakes for importers and for the White House as goods arrive against the backdrop of a fragile economy, racing inflation and fresh ...

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ISWG-GHG 12: Reducing GHG Emissions from Ships

GHG Working Group finalizes guidelines to support implementation of carbon intensity measures and agrees to further develop a “basket of candidate mid-term measures” including technical and carbon-pricing elements Draft guidelines to support implementation of ship carbon intensity measures coming into effect in 2023 have been finalized by an International Maritime Organization (IMO) Working Group. The 12th session of the Intersessional Working Group on Reduction of GHG Emissions from Ships (ISWG-GHG 12), meeting from 16 to 20 May, also discussed a number of concrete proposals for mid-term measures and associated impact ...

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Oil tanker firm Frontline upbeat on Euronav tie-up amid market recovery

Frontline (FRO.OL) signalled optimism over its planned merger with rival Euronav (EUAV.BR) on Tuesday, supported by recovering oil tanker markets in the first quarter and expectations of tight vessel supply in the coming years. The crude shipping market has struggled with low earnings since the pandemic first hit oil transport demand two years ago. This year’s sanctions against Russia following the invasion of Ukraine has disrupted trade flows, however, and both crude and oil products take longer voyages to reach European markets, which reduces the supply of vessels and supports ...

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Russia ready to set up corridor for ships leaving Ukraine with food, with conditions

Russia is ready to provide a humanitarian corridor for vessels carrying food to leave Ukraine, in return for the lifting of some sanctions, the Interfax news agency cited Russian Deputy Foreign Minister Andrei Rudenko as saying on Wednesday. Ukraine’s Black Sea ports have been blocked since Russia sent thousands of troops into Ukraine on Feb. 24 and more than 20 million tonnes of grain are stuck in silos in the country. Russia and Ukraine account for nearly a third of global wheat supplies and the lack of significant grain exports ...

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Bureau Veritas certifies Posidonia 2022 as Greece’s first Sustainable Event

Posidonia Exhibitions SA, the leading trade fair organiser in Greece, and Bureau Veritas (BV), a world leader in testing, inspection, and certification, have collaborated for Posidonia 2022, the International Shipping Exhibition, to be certified as Greece’s first sustainable event. With Bureau Veritas’ support, Posidonia 2022 has become the first maritime exhibition to receive the ISO 20121 certification, attesting the industry’s commitment to organising sustainable events. ISO 20121 is an international standard that provides guidance and best practice to help manage an event and control its social, economic, and environmental impact. ...

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Supply chains in Asia shaken but unshattered

A range of factors have helped Asia’s supply chains weather the COVID-19 pandemic better than those in other parts of the world. But vigilance is needed to maintain these vital trade links. The pandemic has created supply and demand mismatches and reallocated global demand from services to goods. As a result, supply disruptions have emerged alongside the global recovery. Asia, however, has been less affected than other regions, as reflected by smaller increases in delivery times by suppliers in the manufacturing sector from February to April 2020. Delivery times have ...

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Maran Gas extends Optimised Maintenance Agreement with Wärtsilä by an additional five years

The technology group Wärtsilä has signed a renewal of its Optimised Maintenance Agreement with the Greek shipping company Maran Gas Maritime. The new agreement will run for five additional years, and is designed to ensure operational certainty with controlled and predictable costs for Maran Gas’s fleet of 21 TFDE LNG carrier vessels. The signing took place on May 3, 2022. The Maran Gas vessels are all powered by Wärtsilä 50DF dual-fuel engines. In addition to maintenance services including scheduled parts and maintenance work for the engines and turbochargers, the agreement ...

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Inmarsat welcomed as diamond sponsor of LISW 23

The organisers of London International Shipping Week are proud to announce that Inmarsat has signed up as Diamond Sponsor of next year’s event, LISW23. This announcement follows confirmation that the week-long premier global shipping and maritime event will be held during the week of September 11-15, 2023. Inmarsat is the world’s leading provider of global mobile satellite communications. Shipping Innovation, owner of London International Shipping Week, welcomed Inmarsat’s continued involvement as a high-profile supporter of LISW and its decision to, once again, renew its top-level sponsorship position; a commitment it ...

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