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Financing for Older Ships’ Retrofits and Upgrades, a Rarity

A scarcity in obtaining finance for environmentally-friendly retrofits and upgrades is hindering shipping’s decarbonization process. In its latest weekly report, Intermodal said that “IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principles are just a handful pieces of evidence that the environmental regulations are not only knocking on the door, but are already inside the shipping house and with the intention to stay for good. Ship operators and managers, charterers, ship financiers must take good consideration of all ...

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Baltic index slips to one-month low as capesize rates weaken

The Baltic Exchange’s dry bulk sea freight index slipped to its lowest in almost a month on Thursday, as rates for the capesize vessel segment fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 98 points, or 2.1%, to 4,653. The capesize index fell 357 points, or 4.9%, to 6,918, its lowest in a month. Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell by $2,959 to $57,374. Chinese stainless steel futures snapped a three-session losing ...

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Zero-Carbon Fuels the Main Missing Link Towards Shipping’s Decarbonization: A Technical Report from the Union of Greek Shipowners

1. Introduction The aim of this Report is to provide the technical perspective on the ways of reducing Greenhouse Gas (GHG) emissions from the maritime transport in line with the initiatives of the “Fit for 55” package. This Report intends to inform discussions regarding the reduction of the GHG emissions from the maritime transport sector and offer policy suggestions stemming from the technical analysis. The Report is structured as follows: Section 2 provides a brief background on issues concerning the ambition to decarbonise the maritime sector and presents the relevant ...

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Drewry: Maritime Financial Insight

Container shipping: In 3Q21 and early October, container shipping stocks saw a sell-off triggered by the risk of worsening container ship demand largely due to power shortages in China. Moreover, the risk of a cost-push from the rising oil prices has added to the concern. Despite the concerns, the dip in stock prices can best be explained by market overreaction and impulsive behavior of individual traders. Fundamentally, nothing has changed – demand is still high and the supply chain bottlenecks continue to drive the container shipping earnings. Nearly all carriers ...

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Enduring waves of climate change: Maritime decarbonization, a tempest before the calm

The global maritime industry is intensifying efforts to curb its carbon footprint, but the journey has just begun. Preparations, thus far, have borne some fruit, but challenges lurk, making the energy transition a daunting task. Shipping accounts for about 2.9% of global greenhouse gas emissions, according to the International Maritime Organization. Without mitigation, emissions could grow by as much as 130% from 2008 levels by 2050, rendering a sense of urgency to fast-track decarbonization, despite the unprecedented associated expenses as well as related operational and technological complexities. Martin Stopford, a ...

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Satcom Global launches VNO Elite; VSAT bandwidth on-demand for partners, with free hardware

With the launch of VNO Elite, Satcom Global is empowering service providers to deliver high performance VSAT satellite communications services, including true bandwidth on-demand, with minimal investment and unprecedented flexibility. An industry first, the VNO Elite solution gives partners who collaborate with Satcom Global, the chance to move away from commoditised services with rigid terms and penalties, and deliver customisable offerings that really meet the evolving needs of their customers. Service providers will be able to operate their own VSAT service with true flexibility, making changes to their customers’ bandwidth ...

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Singapore-delivered 380 CST HSFO bunker delivery lead time blows out to 6-12 days on tight supply

High sulfur fuel oil bunker delivery lead times have blown out further to at least 6-12 days in October from the usual 4-6 days amid limited availability, market sources said Oct. 21. “Bunker suppliers are already facing difficulties finding available HSFO cargoes to meet buyers’ requirements in terms of vessel schedule, price and quantity. Hence, sales dropped significantly in September and are likely to follow in October,” a bunker supplier said. Congestion at Straits terminals following a COVID-19 outbreak at Universal Terminal in early October has further tightened barge availability. ...

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OneLearn launches lifesaving enclosed spaces course

A maritime training course for safely accessing enclosed spaces on vessels could help save the lives of seafarers entering confined areas with dangerously low oxygen levels, explosive gases or physical hazards. OneLearn Global, the digital eLearning training provider to the maritime industry, has launched the ‘Entry Into Enclosed Spaces’ course in response to sobering figures that show an alarming number of fatalities in recent years. From 2015 to 2020, 83 crew members died while working in an enclosed space, with 53% of deaths attributed to oxygen depletion and 60% of ...

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COVID-19 cases in Inner Mongolia affect ports, but coal imports from Mongolia set to jump

New COVID-19 cases in North China’s Inner Mongolia Autonomous Region are likely to affect China’s coal imports from its increasingly significant coal supplier Mongolia due to disruptions at some major ports, according to sources on Wednesday, further raising concerns over coal supply in China as officials moved to address shortages and price hikes. However, some ports remained open for coal transport and the impact will likely be temporary as China and Mongolia have stepped up cooperation in coal trade. Mongolian Ambassador to China Tuvshin Badral told the Global Times on ...

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Sailors’ Society Wellness at Sea – maintaining physical wellness

Seafarer wellbeing has been a focal topic for Standard Club in recent years, particularly during the Covid-19 pandemic and we are proud to be working in partnership with Sailors’ Society’s Wellness at Sea programme, sharing helpful advice and resources. Physical wellbeing is made up of a combination of keeping physically active as well as our overall diet. It can help to, when able, avoid unhealthy foods that are high in sugar, salt, saturated and trans fats and eating good-sized portions without overindulging. Junk food is high in calories and low ...

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MABUX: Bunker Prices Trending Firmly Upwards

On a Week 42, the MABUX World Bunker Index continued its firm upward trend. The 380 HSFO index rose by 8.88 USD : from 533.54 USD / MT to 542.42 USD / MT. The VLSFO index increased by 15.50 USD: from 632.43 USD / MT to 647.93 USD / MT, while the MGO index added 16.28 USD (the rise from 758.27 USD / MT to 774.55 USD / MT). MABUX temporarily suspends publication of the MABUX ARA LNG Bunker Index as the LNG bunkering market has practically stalled due to ...

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Roxtec Transit Operate – a new software that simplifies long-term safety control of cable transits

According to the new requirements from IACS, the International Association of Classification Societies, owners of ships and offshore units have to maintain a complete cable transit seal systems register. Mats Åhman, Head of Digital Solutions at Roxtec, says the software Roxtec Transit Operate is ideal also for addressing these demands. Roxtec Transit Operate is a new tailor-made software for chief and safety officers and operational managers responsible for safety and lifecycle management of assets. They can keep track of all cable transits, from initial installations to recent upgrades, and share ...

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EnTrust Global Completes Acquisition of Maas Capital From ABN AMRO

The Blue Ocean strategy managed by EnTrust Global (“EnTrust”), a leading alternative asset management firm, announced today that it has completed the acquisition of Maas Capital Shipping B.V. from ABN AMRO. Since its inception in the late 1990s, the Maas Capital platform has deployed close to $1.0 billion in equity maritime investments and is currently one of the world’s leading institutional shipping equity investors. The acquired portfolio includes a diversified portfolio of 15 equity joint venture investments, consisting of a fleet of 76 high-quality vessels within the product/chemical tanker, dry ...

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California ports, key to U.S. supply chain, among world’s least efficient

Southern California’s Los Angeles and Long Beach ports handle the most ocean cargo of any ports in the United States, but are some of the least efficient in the world, according to a ranking by the World Bank and IHS Markit. In a review of 351 container ports around the globe, Los Angeles was ranked 328, behind Tanzania’s Dar es Salaam and Alaska’s Dutch Harbor. The adjacent port of Long Beach came in even lower, at 333, behind Turkey’s Nemrut Bay and Kenya’s Mombasa, the groups said in their inaugural ...

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Congestion, Expanded Operations Challenge US Cargo Port Efficiency

US cargo ports continue to see strong revenue performance as a result of sustained congestion and record volume, Fitch Ratings says. However, maintaining operational efficiency is an increasing challenge as bottlenecks have not yet resolved due to disrupted supply chains, mismatched rolling stock, capacity-strained logistics networks and ongoing labor shortages. Ports are now expected to see congestion pressures persist through the holiday season, with throughput patterns not expected to normalize until early 2022. As noted in our July commentary, the San Pedro Bay Port Complex has been experiencing exceptionally high ...

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