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Baltic index logs best month in 2 years on improved vessel demand

The Baltic Exchange’s main sea freight index (.BADI), tracking rates for ships ferrying dry bulk commodities, rose on Friday and logged its best month in 2 years propelled by a corresponding rise in capesize and panamax demand. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, snapped its four-session long streak of declines to gain 3 points to 1,760. It jumped about 82.4% for the month, its best since June 2020. However, the main index registered a second straight quarterly dip, shedding 21.4%. The capesize ...

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Regulations and decarbonisation top impact ranking

Such are the severity of the top issues affecting the maritime industry at the moment, that they remain unchanged in 2022 in comparison with 2021, according to the Global Maritime Issues Monitor. The report – jointly published by the Global Maritime Forum, Marsh, and the International Union of Marine Insurers – puts decarbonisation and new environmental regulations as the most impactful issues for shipping for the second year in a row. However, in terms of likelihood, fuel price increases and geopolitical tensions have risen to the top positions, “reflecting the ...

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IMO update: sub-committee on carriage of cargoes and containers – CCC 8

The 8th session of the IMO Sub-Committee on Carriage of Cargoes and Containers (CCC 8) was held from 14 to 23 September 2022. CCC 8 finalized interim guidelines for ships using LPG as fuel, continued work on guidelines for hydrogen as fuel and started work on guidelines for ammonia as fuel. Amendments to the IGF Code and the development of guidelines for low-flashpoint fuels CCC 8 finalized Interim guidelines for the safety of ships using LPG fuels for approval at MSC 107 in June 2023. It continued the development of ...

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Drewry: World Container Index Retreated 10% This Week

Drewry’s composite World Container Index decreased by 10% to $4,014.10 per 40ft container this week. Our detailed assessment for Thursday, 29 September 2022 • The composite index decreased by 10% this week, the 31st consecutive weekly decrease, and has dropped by 61% when compared with the same week last year. • The latest Drewry WCI composite index of $4,014 per 40-foot container is now 61% below the peak of $10,377 reached in September 2021, but it remains 8% higher than the 5-year average of $3,714. • The average composite index ...

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Russian oil exports are still booming and EU is still reliant on Russia

Tanker shipping has already seen a big trade shift in the wake of Russia’s invasion of Ukraine. But it’s nothing compared to what will happen when the EU bans tanker cargoes from Russia. New data from commodity analytics firm Kpler confirms that Russian seaborne petroleum exports remain historically high and the EU remains a major buyer. The EU has made some progress in weaning itself from Russia. But it has a long way to go and time is short. The EU ban on seaborne crude imports begins on Dec. 5, ...

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Maersk to slow pace of ships to save fuel as demand loses steam

Maersk will begin to slow the pace of its container ships to lower fuel costs after sailing at full speed to keep up with demand during the pandemic, its chief executive said this week. Copenhagen-based Maersk, a barometer for global trade, expects ocean freight volumes to be flat or lower this year, its CEO Soren Skou said in a Reuters Newsmaker interview, pointing to U.S. consumers buying less and confidence dented by Russia’s invasion of Ukraine. As one of the world’s biggest shipping companies, Maersk benefited from soaring freight rates ...

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Navigator Holdings Ltd. Announces Accretive Vessel Acquisitions Through New Joint Venture with Greater Bay Gas Company

Navigator Holdings Ltd., the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, is pleased to announce that, with effect from September 30, 2022, it has entered into a joint venture agreement with Greater Bay Gas Co. Ltd. (Liberia) (“Greater Bay Gas”). The joint venture (the “Joint Venture”), owned 60% by Navigator and 40% by Greater Bay Gas, intends to acquire, over the next fifteen months, a total of five ethylene vessels, made up of two 17,000 cbm, 2018-built and three 22,000 cbm, 2019-built ethylene vessels ...

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These electric hydrofoil ferries could unlock the potential of Seattle’s waterways

The Candela P-12 Shuttle —the world’s fastest all-electric passenger ship—will hit the water in 2023, flying passengers at a service speed of 30 mph without wake, noise, exhaust fumes or CO2 emissions. During the Interferry conference on October 1-5, Candela will showcase its unique technology that can speed up Seattle’s ferry rides dramatically. The P-12, developed by Stockholm boat builder Candela Technology, consumes about 3-4 kWh per nautical mile, which is one tenth of a conventional ship and comparable to the energy consumption of a modern electric-hybrid bus, making it the most ...

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EverWind and Svitzer Announce Joint Development of Green Fueled Vessels

EverWind Fuels Company (“EverWind”), a private developer of green hydrogen and ammonia production in Nova Scotia, and Svitzer, a leading global towage operator and part of A.P. Moller-Maersk, today announced a Memorandum of Understanding (“MOU”) to deploy one of the world’s first green fuel-powered commercial tug vessels in the Canso Strait in Nova Scotia. Under the MOU, EverWind will provide green fuel from its green hydrogen and ammonia production facility in Point Tupper, Nova Scotia, in addition to the required infrastructure at its marine terminal to allow for green fuel ...

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ENGINE: Americas Bunker Fuel Availability Outlook

North America Prompt VLSFO and LSMGO grades are readily available in the Houston area and off the US Gulf Coast. Houston’s VLSFO benchmark fell to nine-month lows earlier this week, before recovering some of these losses. Bunker availability has remained steady in Houston and New York in recent weeks, with prompt deliveries more readily available compared to other bunker hubs where prompt suppliers are still unpredictable. All grades remain tight for prompt dates in Long Beach and Los Angeles ports on the US West Coast. Some suppliers in Long Beach ...

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MISC strengthens its partnership with Seariver maritime

MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time charter contracts with SeaRiver Maritime LLC (SRM), a wholly-owned subsidiary of ExxonMobil, for two more Liquefied Natural Gas (LNG) carriers. The agreement brings the total number of contracts with SRM to four LNG carriers. MISC, through the above subsidiaries, have also signed an agreement with a reputable shipbuilder for the construction of the LNG carriers in South Korea. These 174,000 cubic metres (cbm) LNG carriers will be ...

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Signol and Clarksons partner with the ambition to reduce carbon emissions in global shipping

Signol has partnered with Clarksons, the world’s leading provider of integrated shipping services, as part of its new carbon platform to immediately reduce emissions in the maritime industry. Signol uses existing maritime data, such as noon reports, to nudge mariners into executing more efficient behaviours in the operation of their ship – lowering fuel consumption, operating costs and emissions almost immediately. Signol and Clarksons’ partnership is another positive step in bringing useful solutions to the shipping industry as it works to significantly reduce CO2 emissions. Signol’s personalised app and communication ...

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ABS and DSME Team-Up on Decarbonization Strategy

ABS and Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) have formed a joint development project (JDP) to create a decarbonization strategy for DSME’s LNG carrier designs. Signed at Gastech, the project will see ABS and DSME investigate carbon emission performance of ships in various segments. Specialists from ABS’ Simulation Center in Singapore will then simulate the performance of a range of decarbonization technologies. The outcomes of the JDP will allow DSME to compare and select the best decarbonization options for each specific ship segment. “ABS has world class capabilities ...

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The IMRF launches its #SARyouOK? mental health initiative to raise awareness of wellbeing issues faced by those in the maritime SAR sector

The International Maritime Rescue Federation (IMRF) has launched its #SARyouOK? initiative in a bid to promote awareness and further breakdown the stigma that is attached to mental health and wellbeing issues for those working in the maritime search-and-rescue (SAR) sector. The initiative was first announced on the final day of the organisation’s G5 International Mass Rescue Conference in June 2022 in Gothenburg, Sweden, by Caroline Jupe, the IMRF’s Head of Fundraising and Projects. This project is supported by the United Kingdom’s Trinity House DFT Maritime Safety Fund. “SAR workers often ...

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The first African Maritime Schools Wellness Conference is a huge success

Aspiring seafarers from across eight African countries have hailed the first Sailors’ Society’s wellness and mental health conference, designed exclusively for maritime school cadets from across the continent, as a huge success and a must for those facing a life a sea. In a maritime industry first, cadets from colleges in South Africa, Ethiopia, Ghana, Namibia, Angola, Mozambique, Liberia and Mauritius joined industry experts for Sailors’ Society’s virtual Africa Wellness at Sea Maritime Schools’ Conference on September 21. The international maritime welfare charity is hosting four virtual events with those ...

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