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Dry Bulk: Capesize Market Faces Fall

Capesize Dramatic drops over the week for the big ships, with the hope of further improvements as the week began being dashed mid-week. Ongoing unrest in Guinea and disruption to bauxite exports saw some vessels re-let on the market, prompting uncertainty with those vessels chasing rates lower, especially from Brazil. As the week closed out, rumours circulated that Vale took a clutch of ships in the low $17.00s for June dates from Tubarao to Qingdao. Further north, there were rumours of weaker transatlantic rates negotiated, and timecharter levels slipped further ...

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US sanctions on Iran to have limited effect on crude trade and tanker demand

The United States (US) unilateral withdrawal from the Iran Nuclear Deal is unlikely to have any significant impact on the global crude oil trade and tonnage demand in the tanker market,as long as the deal is honored by the other signatories, and Saudi Arabia and other producers are willing to fill the possible shortage in global oil supply. The US has unilaterally withdrawn from the Iran Nuclear Deal, also known as the Joint Comprehensive Plan of Action (JCPA), accusing Iran of continuing nuclear activity. It has also re-imposed sanctions on ...

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IMO head says ‘no possibility of delay’ to sulfur limit rule for marine fuels

International shipping is coming under increased scrutiny due to its role in global environmental emissions. S&P Global Platts had an exclusive opportunity to interview Kitack Lim, Secretary-General of the International Maritime Organization, recently to address some of these concerns. Why has it taken so long for shipping to implement emissions regulation compared with other industries? First, it’s important to clarify that shipping is regulated by governments, through the International Maritime Organization. Shipping has been subject to increasingly tighter, more comprehensive emissions regulations for over 20 years since a new annex ...

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Lauritzen Expects Bulker Business to Return to Profit In 2019

“During the first quarter of 2018, additional bulk carriers were taken on long-term time-charter in anticipation of further dry cargo market improvements”, says CEO Mads P. Zacho, adding that “earnings for our gas carriers were as expected”. Highlights Six additional handysize bulk carriers were taken on long-term time-charter with options to extend as well as to purchase. Two gas carriers were reflagged to the Danish International Register of Shipping (DIS) and became the first J. Lauritzen owned gas carriers under Danish flag since 2003. Barbara Plucnar Jensen, CFO at ISS ...

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Cyprus, Malta, Greece want EU red tape cut to boost shipping

The shipping ministers of Cyprus, Malta and Greece say they want the European Union to cut red tape holding back growth in the sector, which they say provides 2.1 million jobs and 142 billion euros ($168 billion) to Europe’s economy. Greece’s shipping minister, Panagiotis Kouroumplis, says the 28-member bloc needs to look at ways of making the sector more competitive by getting rid of bureaucratic obstacles. Malta’s transport minister, Ian Borg, says work is underway to look at EU directives that compound the administrative burden on issues including the mutual ...

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Shipping Giant’s Containment Plan Takes on Water

Conglomerates fell out of fashion because so many of them destroyed shareholder value: Companies boosted their top lines by deploying great wads of capital, but failed to earn a sufficient return. AP Moller-Maersk A/S is in danger of delivering another salient lesson for investors: Breaking up a conglomerate doesn’t necessarily create value either. To recap, Maersk decided in 2016 to separate its energy and shipping activities so it could invest more in the latter. By now investors probably hoped to see some tangible benefits from all that upheaval, yet they’re ...

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LNG promises greener shipping

Liquefied natural gas (LNG) bunkering is a new technique for refueling LNG-powered ships. The process, which is generally used in ship-to-ship refueling but can also be deployed in ports and vehicle-to-ship transfers, is an important part of the push to make the shipping industry more environmentally friendly. LNG is recognized as a more environmentally friendly fuel option as it reduces emissions of sulfur oxide by 100 percent, nitric oxide by between 15 and 80 percent and carbon dioxide by 25 percent compared to other fuel options. Environmental issues are increasingly ...

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Greener fuels may not make shipping safer – here’s why

Global shipping emits 2% of the world’s carbon dioxide emissions and this is projected to increase. No wonder there have been widespread calls for the shipping industry to reduce its hazardous emissions by replacing traditional fuels with “greener” alternatives. These greener fuels, such as liquefied natural gas, hydrogen and methanol, help reduce greenhouse gas (GHG) emissions and limit the exhaust of nitrogen oxides, sulphur oxides and particulate matter that are polluting the environment and affecting our health. But alongside these benefits, they pose new safety concerns – and ones that ...

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The shipping technology making trade finance more transparent

In the twelve months from January to December 2017, over 4,500 vessels in the container, bulker and tanker fleet completed 30,000 visits to OFAC sanctioned terminals (Iran, Cuba, North Korea, Sudan, Syria and the Crimea). Whilst not every vessel visit to a sanctioned port suggests illegal activity, it can be an obvious red flag for the banks and financial institutions required to monitor vessels and their movements, when financing global trade deals. So how do we know 4,500 vessels made these trips to sanctioned countries in 2017? AIS (Automatic Identification ...

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Aberdeen: The offshore wind market and the ships that serve it

Looking out to sea from Aberdeen, a gaggle of offshore wind turbines floats among the usual scattering of offshore support vessels waiting at anchor. Beside them waits an enormous wind turbine installation vessel (WTIV), recognisable by its four upright jack-up legs, which are raised above the water while the ship is not in service. The sight of these structures symbolises a change in direction for Aberdeen, its energy mix and its offshore industry. The turbines are part of the European Offshore Wind Deployment Centre (EOWDC), which is currently being installed ...

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Monaco accedes to air pollution and energy-efficiency rules

Monaco has acceded to the IMO treaty covering emissions from ship exhausts and energy efficiency (MARPOL Annex VI). The instrument limits the main air pollutants contained in ships exhaust gas, including sulphur oxides and nitrous oxides, and prohibits deliberate emissions of ozone depleting substances. It also includes energy-efficiency measures aimed at reducing greenhouse gas emissions from ships. Mrs. Isabelle Rosabrunetto, Permanent Representative of Monaco to IMO, met IMO Secretary-General Kitack Lim at IMO Headquarters, London, to deposit the instrument of accession (14 May). Source: IMO

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AS Tallink Grupp Unaudited Consolidated Interim Report Q1 2018

In the first quarter (1 January – 31 March) of the 2018 financial year Tallink Grupp AS and its subsidiaries (the Group) carried 1.9 million passengers, which is 0.5% less than in the first quarter last year. The Group’s unaudited revenue for the first quarter decreased by 3.9 % to a total of EUR 184.2 million. Unaudited EBITDA for the first quarter was EUR 4.2 million (EUR 5.3 million in Q1 2017) and unaudited net loss was EUR 19.6 million (net loss of EUR 20.3 million in Q1 2017). In ...

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Dry Bulk FFA: Panamax Index Still Bullish

The index remains technically bullish above its MA’s, but these have started to flatten, and price action is showing neutral tendencies. The June 18 futures have broken to the downside and remain below key averages. However, this is into key support with a bullish divergence indicating it is not a technical sell. Upside moves that close above USD 11,410 would create a fresh market high and suggest the technical picture is firming. The Q3 technical is firmly stuck in a range between USD 11,615 and USD 11,880 and in need ...

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New rules on ship emissions herald sea change for oil market

New rules coming into force from 2020 to curb pollution produced by the world’s ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies. The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife. But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner fuel and few ships fitted with equipment to reduce sulfur emissions. This raises the ...

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Shipowners spooked by US sanctions could hurt flows of Iranian crude to Europe

European refiners are already experiencing difficulties in shipping Iranian crude as shipowners are starting to avoid this route for fear of falling foul of US sanctions, sources said Wednesday. Several European-owned tanker owners are becoming reluctant to move Iranian stems for fear of secondary sanctions from the US just a week after President Donald Trump decided to withdraw from the Iran nuclear deal. International buyers of Iranian oil have until November 4 to wind down contracts before the US reimposes sanctions on the oil, energy, shipping and insurance sectors, according ...

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