The tanker market is bracing for a tumultuous period ahead, according to ship owner Teekay Tankers. However, a slowdown in fleet growth and a potential rise in US crude oil exports could offer some respite in the long term. Teekay Tankers said in its market outlook that “average crude tanker spot rates moderately increased during the first quarter of 2019, as some of the positive drivers from late 2018 continued into early 2019. These included high seasonal oil demand, the impact of winter weather delays, and relatively high global oil ...

This blog post compares the uses of liquefied natural gas (LNG) as a marine fuel with other options for complying with the more stringent sulfur emission requirements of the International Maritime Organization (IMO) beginning in 2020 and then discusses the development of LNG as a marine fuel. The IMO 2020 sulfur limit The IMO is the United Nations agency tasked with setting global standards for safety, security and environmental performance in global shipping. In 1973 the IMO signed the International Convention for the Prevention of Pollution from Ships (MARPOL), and ...

A.P. Moller-Maersk, the world’s largest container shipping company, warned on Friday that trade tensions and an economic slowdown are slowing growth in global freight. Maersk, which is seen as an indicator of global trade patterns, cut its forecast for global growth in container traffic this year due to the trade dispute between the United States and China. “The recent escalation of the trade war induced by an increase in tariff rates and threats of implementing additional tariffs could take global container trade growth to the lower end of the 1-3% ...

The car show Top Gear was notorious for its disdain of environmentally friendly cars, so viewers were stunned in 2008 when the hosts confidently predicted that hydrogen fuel cells would power the cars of the future. But today these cars remain rare. What went wrong? “Going to hydrogen fuel cell automobiles was not as easy as they thought,” explains Fredrik Östman, Wärtsilä’s General Manager of Ecosystem Innovation. “There have been improvements in capacity and efficiency, but the capital outlay and operating expenses for hydrogen fuel cells remain high. However, the ...

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced its results for the three-month period ended March 31, 2019. Euroseas Ltd. (“Euroseas” or “Former Parent Company”) contributed to the Company seven subsidiaries comprising its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004 (the “Spin-off”). The Company was spun-off from Euroseas Ltd. on May 30, 2018. Historical comparative period reflects the results of the ...

The composite index decreased 3.9% this week likewise, 3.1% down as compared with same period of 2018. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1494/40ft container, which is $27 higher than the five-year average of $1467/40ft container. Drewry’s composite World Container Index (WCI) decreased 3.9% or $54 to reach $1,310.07 per 40ft container. Freight rates on Shanghai-Genoa fell $104 to reach $1,412 per 40ft box. Rates from Shanghai to Los Angeles dropped $84 to stand at $1,335 per feu. Freight rates on Shanghai-Rotterdam ...

MISC is pleased to announce its financial results for the financial period ended 31 March 2019. Financial Highlights: – Group revenue for the quarter ended 31 March 2019 was higher than the corresponding quarter ended 31 March 2018. – Group profit before tax for the quarter ended 31 March 2019 was higher than the corresponding quarter ended 31 March 2018. MISC’s President/Group Chief Executive Officer, Mr. Yee Yang Chien said “Global energy volatility would linger for yet a while and we have been taking the necessary steps to continuously shape ...

Eco Marine Power (EMP) is pleased to announce its Aquarius MAS + Solar solution has been installed on the large general cargo ship MV Panamana. This installation was carried out by the ship’s crew with remote support provided by Zeaborn Ship Management (Singapore) Pte. Ltd. and EMP from Japan. Over the next few weeks the solar power equipment will be integrated with EMP’s Aquarius Management & Automation System (MAS) and then put into service. MV Panamana is a 54, 694 metric tonne (MT) open hatch general cargo/container carrier with 2 ...

Import restrictions are continuing to hold up shipments of Australian thermal coal at Chinese ports and a solution to the deadlock is not expected any time soon, market sources said on Friday. Chinese officials are still to advise on the likely duration of the import controls, which include customs clearance times of 40-50 days for arriving Australian coal ships, market sources said. As a result, very few bids were seen during Friday’s Asian trading session for Australian 5,500 kcal/kg NAR thermal coal, and sources described this market as well offered ...

The Paris Memorandum of Understanding on Port State Control (Paris MoU) held its 52nd Committee meeting in St. Petersburg, the Russian Federation, from 13-17 May 2019, chaired by Mr. Brian Hogan. The meeting was opened by Mr. Yuri Kostin, Director of Department on State Policy on Maritime and River Transport, Ministry of Transport of the Russian Federation. The Committee reviewed the work of the Paris MoU of the last year, also taking into account the declaration of the 3rd Joint Ministerial Conference, and took decisions for the period ahead. The ...

S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, announced that it will begin publishing daily price assessments for IMO-compliant Marine Fuel 0.5% bunkers on delivered and ex-wharf basis at key ports globally from July 1, 2019. Platts launched Marine Fuel 0.5% cargo and barge assessments globally on January 2, 2019. The new Marine Fuel 0.5% bunker assessments will conform to S&P Global Platts’ methodology for high- sulfur bunker fuel, as set out in a proposal announced on March 26, 2018. ...

The hyper-smart Container 42 will be leaving the port of Rotterdam today for the first leg of a two-year data-collecting mission around the world. During this journey, the container – which houses an array of sensors and communications equipment – will be measuring changes in parameters like vibration, slope, position, sound, local air pollution, humidity and temperature. The unit has also been fitted with solar panels, which can be used to determine how much power a container can generate during a given journey by ship, train or truck. The container ...

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced that in accordance with previously noted financing plans, it has secured a new $450 million revolving credit facility for sixteen shuttle tankers. The facility will be used to refinance the existing revolving credit facility dated September 8, 2017, currently fully drawn with outstanding amount of $445 million, and for general corporate purposes. The facility is funded by commercial banks and bears interest at LIBOR + 250 basis points with a five-year tenor and a profile of 8.4 years. Source: ...

Watson Farley & Williams (“WFW”) has advised EnTrust Global’s (“ETG”) Blue Ocean Funds on their US$150m sale and leaseback transaction of the two container vessels “HYUNDAI RESPECT” and “HYUNDAI HONOUR” acquired from and chartered back to two subsidiaries of Danaos Corporation (“Danaos”), a NYSE-listed global shipping company maintaining a fleet of large size container vessels. This is the Blue Ocean Funds’ first sale and leaseback in the Greek shipping market, with the US$150m made available to Danaos under the sale and five-year capital leaseback transaction utilized for various purposes, including ...

Operations at the Port of Mombasa have slowed down for the last two days following heavy rains that have been pounding Coastal region. A statement issued by Kenya Ports Authority (KPA) stated that the rains have paralysed all ships operations prompting all ships at the Conventional Cargo area to close hatches. KPA stated that most affected vessels are those that have arrived to discharge wheat cargo, fertiliser, steel and coal. At the container terminal, KPA added that only deliveries were working. ”The whole of Thursday for example, there was nil ...