A warning that the shipping industry will soon face the potential impact on General Average recoveries of tighter rules on emission prevention has been delivered in the chairman’s address to the Association of Average Adjusters. Michiel Starmans (chairman for the 2020-2022 term) called for heightened awareness of what planned new levies under green transition measures could mean for assessing allowances in ship casualties. He devoted much of his address to the Association’s annual conference in London on May 12, 2022, to considering such consequences of what he called “the biggest ...

A tanker carrying about 1 million barrels on Iranian heavy crude arrived in recent days in Venezuelan waters for delivery to the country’s largest refinery, according to a shipping report seen by Reuters on Monday and vessel tracking data. Iran and Venezuela have recently expanded a swap agreement signed last year, adding the supply of Iranian heavy crude to Venezuela’s El Palito refinery and Paraguana Refining Center (CRP), part of an effort to revamp the dilapidated facilities. The South American country urgently needs to ramp up fuel production to avoid ...

The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, gained 2.32% last week. U.S. stocks represented by the S&P 500 Index lost 3.05%. LNG shipping stocks continue rising, as the chart of the UP Index shows. Volatility remains high as global markets continue downward. UP Index moves near the resistance, tested two times in the last months. The most successful LNG shipper of the past week was Dynagas LNG Partners (NYSE: DLNG), which gained over 14%, followed by Höegh LNG Partners (NYSE: HMLP). ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated slight irregular changes on May 23: 380 HSFO – USD/MT – 735.46 (+0.08) VLSFO – USD/MT – 973.08 (-1.71) MGO – USD/MT – 1221.1 (-7.59) As of May 23, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was overvalued in three out of four selected ports: Rotterdam – ...

NYK Line, IHI Power Systems Co., Ltd., and Nippon Kaiji Kyokai (ClassNK) (i.e., “the Parties”) have signed a memorandum of understanding (MoU) with City of Yokohama for the acceptance of an ammonia-fueled tugboat (A-Tug) at the port of Yokohama. The conclusion of this MoU is part of the Green Innovation Fund project within Japan’s New Energy and Industrial Technology Development Organization (NEDO) for the development of vessels equipped with a domestically produced ammonia-fueled engine, adopted in October 2021 for NYK Line and IHI Power Systems Co., Ltd.* The MoU includes ...

The Baltic Exchange’s main sea freight index rose on Monday, hitting its highest in more than five months on gains in the capesize segment. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 25 points, or 0.8%, to 3,369 points, its highest since Dec. 8. The capesize index rose 76 points, or 1.7%, to 4,602 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $631 at $38,169. Benchmark iron ore futures in China ...

The leap in container freight rates since 2020 surprised many… and now, so too has been the limited reduction of rates following lockdowns in Shanghai, the world’s largest container port. In this special briefing we shed light on what is really driving container pricing. “Why are freight rates not falling faster?” is a common question which Drewry consultants are being asked, these days. Since lockdowns closed much of the Shanghai export hub in March, the Drewry World Container Index composite index (an average of spot rates on eight Asia-Europe, Transpacific ...

IMO’s Facilitation Committee has adopted amendments to the Facilitation (FAL) Convention which will make the single window for data exchange mandatory in ports around the world, marking a significant step in the acceleration of digitalization in shipping. Other amendments adopted include lessons learnt from the COVID-19 pandemic and add new and amended Recommended Practices to prevent corruption and illicit activities in the maritime sector. The Facilitation Convention was adopted in 1965 and contains standards and recommended practices and rules for simplifying formalities, documentary requirements and procedures on ships’ arrival, stay ...

This joint research piece by Windward and Sea-Intelligence – a leading provider of maritime research and analysis, data services, and advisory services within the global supply chain industry – focuses on overall transit time developments, congestion in Shanghai and what may happen when the port opens fully, plus questions supply chain planners should consider when adapting to this unprecedented situation. Using Windward’s insights from its Ocean Freight Visibility platform and Sea-Intelligence’s extensive database of vessel movements and broader supply chain insights, we review not only the increased transit times that ...

Rio Tinto and bp have agreed to work together on a one-year biofuel trial to help reduce carbon emissions from Rio Tinto’s marine fleet. Under the trial, bp is supplying Rio Tinto with marine biofuel for approximately 12 months. The fuel will be trialled on Rio Tinto’s RTM Tasman vessel on a mix of Transatlantic and Atlantic-Pacific routes, in one of the longest-duration marine biofuel trials to date. The results of the trial will help Rio Tinto study ways to reduce its carbon emissions from its marine fleet and inform ...

On 19th May 2022, Transworld Group, headquartered in UAE and eShipper headquartered in Canada signed a MOU in UAE to set up a Joint-Venture on e-commerce & last mile delivery business in the presence of Mr. Ramesh S Ramakrishnan, Chairman – Transworld Group & Mr. Rizwan Kermalli, Chairman – eShipper. Transworld Group established in 1977 is a leading Shipping & Logistics Group with an expertise that covers the complete range of end-to-end solutions from Ship Owning, Liner, Agency, Freight Forwarding, Multi-Modal Transportation, Project Logistics, Ship Management, Aviation, 3PL Fulfillment etc., ...

Yesterday, five leading companies from across Asia, Europe, and North America announced their plan to join the NextGen CDR Facility (NextGen) as founding buyers to dramatically scale up carbon removal technologies and catalyze the market for high- quality carbon removals. Founding buyers in NextGen will include Boston Consulting Group, LGT, Mitsui O.S.K. Lines, Swiss Re, and UBS. The establishment of NextGen follows last year’s announcement by South Pole, recently approved as an Implementing Partner of the First Movers Coalition (FMC), and its development was strongly influenced by the Carbon Removal ...

NYK and Nippon Yuka Kogyo Co., Ltd., an NYK Group company, have jointly developed a new fuel-oil additive effective in dispersing sludge* and reducing fuel consumption in VLSFO (very low sulfur fuel oil; sulfur content below 0.5%). NYK and Nippon Yuka Kogyo have been investigating the properties of VLSFO as one of the measures to comply with SOx emission requirements,** and in 2019 developed the sludge-dispersing fuel oil additive Yunic 800VLS.*** We observed Yunic 800VLS is effective against most of deteriorated compliant fuel oil, and with taking account into present ...

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that it participated in a tabletop drill in preparation for a serious marine incident, organized by Pilbara Ports Authority (PPA) in the Australian state of Western Australia. Under the drill scenario, a Capesize bulker with full load of iron ore ran aground off Port Hedland, Western Australia, the world’s largest iron ore loading port. PPA invited MOL, as a major operator of Capesize bulkers. Major iron ore mining companies that use Port Hedland were also on hand for ...

As she enters the final stage of her construction process, MSC World Europa is set to become the greenest and most efficient vessel in MSC Cruises’ fleet when she is delivered in October 2022. MSC Cruises has today released information about the ship’s environmental credentials, including solid oxide fuel cells, a selective catalytic reduction system and enhanced shore-to-ship power capability. She will also be the largest LNG powered cruise ship in the world when she launches later this year. MSC World Europa will be the world’s first contemporary cruise vessel ...