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Baltic index marks best week in over 3 months as vessel rates rise

The Baltic Exchange’s dry bulk sea freight index advanced on Friday to post its biggest weekly rise since mid-August, propelled by gains across vessels segments. The overall index, which factors in rates for capesize, panamax and supramax vessels, added 56 points, or 1.8%, to a one-month high of 3,171. The main index gained 14.6% this week, registering its biggest weekly rise since the week ended Aug. 20. The capesize index gained 60 points, or 1.3%, to 4,595, a peak since Oct. 27. It logged its highest weekly gain in about ...

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Major Transport Organisations Warn Governments’ Knee-Jerk Reaction To Omicron Variant Puts Supply Chain At Greater Risk

World leaders’ knee-jerk reactions to the Omicron variant are putting transport workers and the global supply chain at greater risk of collapse, warn international transport organisations and unions representing road, air and sea transport. Cross-border transport workers including seafarers, air crew and drivers must be able to continue to do their jobs, and cross borders without overly restrictive travel rules, to keep already ailing supply chains moving. IATA, the International Air Transport Association, ICS, the International Chamber of Shipping, IRU, the International Road Transport Union, and ITF, the International Transport ...

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What does demurrage cover?

The Court of Appeal has handed down an important judgment in K Line PTE Ltd v. Priminds Shipping (HK) Co Ltd (Eternal Bliss) [2021] EWCA Civ 1712 in which it overturned a first instance decision as to when an owner can claim damages for delay, as well as demurrage. Demurrage provisions provide an agreed or liquidated figure for the damages payable for detaining the vessel beyond the agreed laydays. Typically, an owner’s loss will be the loss of income during this overrun and demurrage is often thought to be a ...

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Drewry: World Container Index Down 1.5% This Week, 196% Higher Than a Year Ago

Drewry’s composite World Container index decreased by 1.5% to $9,050.77 per 40ft container this week. Our detailed assessment for Thursday, 2 December 2021 • The composite index decreased 1.5% this week, but remains 196% higher than a year ago. • The average composite index of the WCI, assessed by Drewry for year-to-date, is $7,447 per 40ft container, which is $4,738 higher than the five-year average of $2,709 per 40ft container. • Drewry’s World Container index composite index decreased by 1.5% to $9,050.77 per 40ft container, but is 196% higher than ...

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Container market turmoil looks set to spill into H1 2022

After navigating choppy waters for more than a year now, market sources fear that despite some signs of a rebalancing in demand and supply, the container industry faces another challenging year in 2022 — with port congestion issues set to remain a major pain point. Although there has been a weakening in spot rates on the ex-Asia routes since the Chinese Golden Week holiday in early October, many in the industry expect prices to remain elevated through at least the first quarter of 2022 as logistical challenges continue. The all-inclusive ...

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Panama signs the Declaration of Zero Emissions for 2050 for Maritime Industry

The President of the Republic Laurenlino Cortizo attended the 26th session of the Conference of the Parties (COP 26) of the United Nations Framework Convention on Climate Change (COP 26). The Panama Ship Registry was present, through Panama’s Permanent Mission to the International Maritime Organization, and attended a series of events related to the maritime industry. During COP 26, the Prime Minister of Denmark, Mette Frederiksen, presented the Declaration of Zero Emissions in the Maritime Industry by 2050, which commits signatories to zero emissions in shipping and to work with ...

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About 12 million tonnes of Taimyr coal to be shipped via Northern Sea Route after 2030

The amount of shipments along the Northern Sea Route from the Krasnoyarsk Region’s coal cluster, which the Northern Star Company (a part of AEON) is developing, will make about 12 million tonnes a year after 2030, Minister for Development of the Far East and Arctic Alexei Chekunov told the Arctic: Present and Future forum on Thursday. “Northern Star will make a major input in increasing shipments along the Northern Sea Route,” the minister said. “From 2026, they will ship 7 million tonnes, and more than 12 million tonnes of coal ...

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KCC: Vitol First Customer to Approve Completely Digital Inspection of Cargo Tanks

Klaveness Combination Carriers “KCC” is pleased to announce one of its CLEANBU vessels was recently cleared for loading clean petroleum product (CPP) and accepted by Vitol, an energy and commodities trader and major charterer in the CPP market. The twist – the acceptance came following a completely remote digital inspection. This inspection of cargo tanks was conducted by surveyors at Maritime Expert Ireland scrutinizing high quality 3D photos from each cargo hold taken by the crew and uploaded on DNV’s Veracity solution. This replaced attending the vessel and physically inspecting ...

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ClassNK adds liquefied hydrogen carrier to its register

Leading Classification Society ClassNK has added the world’s first liquefied hydrogen carrier built by Kawasaki Heavy Industries (KHI) to its register. Hydrogen is clean energy that does not emit CO2 when burned. The use of hydrogen is expected to expand worldwide, and efforts are being made to build a supply chain to realize a Hydrogen Society. Suiso Frontier is the world’s first liquefied hydrogen carrier built by KHI, a member of the CO2-free Hydrogen Energy Supply-chain Technology Research Association (HySTRA). Hydrogen is liquefied at an extremely low temperature of -253 ...

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Maritime market update: volatility to continue

Risavika LNG index has increased to 104.8 EUR/MWh gaining 10 % week on week as Europe anticipates a cold start of December, higher withdrawals from the storage, while gas supply is tight. The day-ahead capacity auctions for Ukrainian pipelines and at Germany’s Mallnow compressor station will provide a strong signal on price development in December. Russian Gazprom has said it aims to keep refilling European storage sites until the end of December, however, it hasn’t used short-term auctions to ship more fuel. The market is likely to see day ahead ...

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Wärtsilä OPTI-DP Engagement Tool supporting the marine industry to configure optimised propulsion arrangements for DP vessels

The technology group Wärtsilä has introduced its latest development based on the applied Computational Fluid Dynamics (CFD) modelling to enable the accurate and speedy configuration of thrusters and other propulsion systems, to deliver the optimal dynamic positioning solution. The new Wärtsilä OPTI-DP Engagement Tool, which has been verified by DNV Maritime has been developed in response to the increasing need for efficient high-performance station keeping and manoeuvrability as offshore operations become more complex. Conventional methods for assessing accurate DP capability calculations have become increasingly challenging as offshore operations move further ...

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Voyager Closes Series A Funding, Marking $10M Raised

Voyager Portal, a software platform enabling companies to reduce cost, risk, and complexity in their marine supply chain, has today announced an $8.4 million Series A investment, led by Phaze Ventures. Other new investors include ScOp Venture Capital, Waybury Capital and Flexport. All existing investors followed in on this round. The new funding comes on the back of unprecedented growth since the company raised $1.5 million in seed money two years ago. Since then, revenue has increased 13x from Q3 2020 to Q3 2021 and was up 40% from Q2 ...

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Mitsui O.S.K. Lines and Flotation Energy to Explore Offshore Floating Wind in Japan

Mitsui O.S.K. Lines, Ltd. (“MOL”) and Flotation Energy plc.(“Flotation Energy”) have agreed to jointly evaluate offshore wind development opportunities in Japan. The agreement builds on the 2GW portfolio of offshore floating wind projects in Japan being developed by Flotation Energy (Japan) Co. Ltd., starting from Niigata and followed by other areas. MOL will jointly develop local supply chain and Flotation Energy will manage overall project development. “The partnership with MOL is a very significant step for Flotation Energy as it builds its presence in Japan. We bring an innovative approach ...

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Albatross Marine Hydrogen Focuses On Helping The Marine Shipping Industry Achieve Net Zero Emissions

Leading sustainable design company Albatross Designs Group announces the launch of Albatross Marine Hydrogen, an entity dedicated to making the world’s maritime shipping industry achieve net zero emissions through the use of green hydrogen as a primary fuel source. Albatross Marine Hydrogen’s work includes developing its own shipping platform, port infrastructure, supply networks and management infrastructure. “Through our AlbatrossESG business, we’ve been fortunate to work with many companies to help them ‘green’ their supply chains in quite innovative ways. This activity has led to uncovering synergies across the board. Our ...

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At Last! Domestic commercial vessel safety regulation gets the attention it deserves!

Today’s long-awaited announcement by The Hon. Barnaby Joyce, Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development on the Independent Review of the National Law was welcomed by Maritime Industry Australia Ltd (MIAL). Eight years after implementation of the National Transport Regulatory Reform, which saw all state and Northern Territory NT maritime regulatory regimes brought under the one national umbrella, the Government has released broad Terms of Reference of the Review of the complex framework governing domestic commercial vessel safety. It is critical that this review properly addresses ...

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