An upturn in iron ore prices on the back of promises from Chinese President Xi Jinping to take more effective measures to achieve the country’s economic and social development goals has proven to be just a blip. When Xi made his comments on June 23, iron ore prices bounced off a seven-month low of $109 per tonne on June 22. But rather than marking the start of a sustained recovery, the tide soon turned and by June 27 prices had fallen for three straight weeks. Analyst Wood Mackenzie’s observation in ...

Vale has achieved a major advance in the adoption of alternative, lower-carbon fuels for shipping. A pioneering project developed by the company resulting in a design to incorporate multi-fuel tanks on iron ore carriers has received an Approval in Principle (AIP) from the leading Classification Society DNV. The independent assessment performed by DNV verifies the technical feasibility of the design, and indicates that based on this system, developed in partnership with Norwegian companies Brevik Engineering AS and Passer Marine, vessels chartered by the mining company could be adapted to store ...

A new study examining the top shipping companies’ commitment to decarbonization shows that only 35% have a clearly expressed emissions target to be net zero by 2050. The assessment, conducted by the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, draws on published decarbonization ambitions and actions of the largest companies by owned capacity in tanker, bulk, container, and RORO/car segments. Together, these four segments cause a substantial share (70%) of global maritime emissions. The state of decarbonization in the maritime industry shows that while real progress has been made, ...

Drewry’s composite World Container Index decreased by 3% to $7,066.03 per 40ft container this week. Our detailed assessment for Thursday, 30 June 2022 The composite index decreased by 3% this week, and, 16% lower than a year ago. The average composite index of the WCI, assessed by Drewry for year-to-date, is $8,421 per 40ft container, which is $4,930 higher than the five-year average of $3,490 per 40ft container. Drewry’s World Container Index composite index decreased by 3% to $7,066.03 per 40ft container, and is 16% lower than the same week ...

EU Environment Ministers adopted this week the Council position on the revision of the EU Emission Trading System (ETS) and the inclusion of shipping in the scheme, as part of the ‘Fit for 55’ package. ECSA welcomes the Council’s strong support on the mandatory pass-through of ETS costs to the commercial operator of the vessel, which upholds the “polluter-pays principle”. The Council’s common position on the pass-through of the ETS costs follows up on the adoption of a similar position by the European Parliament earlier this month. The retention of ...

Leading Classification Society ClassNK released a comprehensively revised version of Part C of its Rules and Guidance for the Survey and Construction of Steel Ships setting the requirements for hull structures on 1 July 2022. ClassNK is constantly revising its Rules and Guidance in order to reflect the latest results from relevant research and development projects, feedback from damage investigations, requests from industry, as well as changes made to the relevant regulations such as international conventions. Like many other industries, the maritime industry is faced with the challenges of rapid ...

Techcross, a manufacturer of ballast water management system, announced on July 1 that it would move its Japanese office located in Fukuyama to Osaka. The Techcross ballast water management system has already been installed on more than 1,000 Japanese ships, occupying the largest market share in Japan. Techcross explained that its office has moved to the Osaka area, where transportation is convenient, for quick and thorough customer response, as it is expected that there will be more ship management requests and after-sales service issues from ships that have installed the ...

North America Prompt VLSFO and LSMGO are available with several suppliers in the Houston area. A supplier that typically has tighter availability has resumed offers for prompt deliveries, sources say. Securing VLSFO for prompt dates in New York is mostly tight. Only few suppliers can offer the grade for prompt deliveries. A supplier is avoiding offers for smaller stem sizes, sources say. A supplier is running low on LSMGO stock in New York adding pressure on others’ supply, while has better stocks of VLSFO and HSFO. VLSFO and LSMGO availability ...

Providence’s investment aims to accelerate Marlink’s growth strategy to meet increasing customer demand for satellite connectivity with a focus on digital solutions and services London and Paris, 01 July 2022. Marlink Group today begins a new phase of its development, with the completion of the acquisition of a majority shareholding by Providence Equity Partners (“Providence”) from Apax Partners SAS (“Apax”). Under the agreement terms, Apax will retain a significant minority shareholding in Marlink, and the current management team and Ardian have also committed to minority interests. Headquartered in Paris and ...

The Global Maritime Forum’s Annual Summit 2022 will convene senior leaders in New York City in late September. Participants will work collectively to identify how to take action on recent turbulent changes in global trade patterns, decarbonization, and human sustainability. 1 July 2022, A global pandemic, the largest war in Europe since 1945, rising temperatures caused by climate change, and severe disruptions to global supply chains have created new uncertainties for the maritime sector. The Global Maritime Forum’s Annual Summit will bring together top decision makers, thought leaders, and experts ...

In Cascais, Portugal, at the UN’s Sustainable Blue Economy Investment Forum held on June 28, 2022, NYK joined 150 major companies* having a combined market capitalization of 1 trillion euros in taking action for a healthier ocean by signaling a commitment to a healthy ocean by becoming a signatory to the UN Global Compact** Sustainable Ocean Principles. NYK is the first Japanese company to become a signatory. Launched in September 2019, the Sustainable Ocean Principles provide a framework for responsible business practices across sectors and geographies, building upon and supplementing ...

The Board of Directors of Pacific International Lines (PIL) is pleased to announce the appointment of Mr Lars Kastrup as Chief Executive Officer (CEO) of PIL on 1 July 2022. As CEO of PIL, Mr Kastrup is responsible for leading PIL’s continued growth and development including its sustainability transformation path towards net zero carbon emissions. Formerly Co-President and Executive Director since March 2021, Mr Kastrup brought to PIL his wealth of experience and expertise as a shipping industry veteran with over 30 years of experience, holding leadership positions including CEO ...

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management services, confirms that trading in the new financial year continues to be very strong and ahead of management expectations, as the Group benefits from both its increased scale and the current favourable market conditions. The board’s strategy, introduced by the new management team, has been to streamline the business to focus on its Shipbroking core. This refocus has resulted in a number of corporate transactions and as previously ...

AXSMarine, a pioneer and market leader in the provision of advanced solutions for shipping professionals, has recently released a new Smart Calculator to its AXSDry platform. The new tool allows users to run quick voyage calculations against multiple vessels. AXSMarine’s new calculation tool takes essential information for a voyage and returns its results simultaneously for each vessel in a simple grid. The users can input commodity type, quantity and tolerance, load and discharge ports & rates, including bunkering operations, waiting times and DAs, vessel constants, bunker prices, as well as ...

Windward (LSE: WNWD), the leading Maritime AI™ company, announced today the launch of its API Insights Lab. The Lab enables customers and partners to integrate Windward’s Maritime AI™ directly into internal systems to enhance solutions, processes, and workflows with customized insights to fit their unique needs and risk appetite. The Insights Lab includes the full Maritime AI™ Insights Catalog and the following off-the-shelf API packages: Due Diligence and Compliance, Ocean Freight Visibility (OFV), Homeland Security, and Behavioral Analysis. The APIs utilize advanced GraphQL technology that enables users to integrate them ...