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Iran oil cargo previously seized by U.S. unloads in Syria – ship tracker

An Iranian-flagged tanker on Friday delivered an oil shipment to Syria which the United States had previously confiscated around Greece, ending months of uncertainty about the cargo, a ship tracker said. The seizure from the Lana, formerly the Pegas, prompted Iranian forces in May to seize two Greek tankers in the Middle East Gulf which were released on Nov. 16. Satellite tracking data showed the Lana had discharged the cargo of around 700,000 barrels in the Syrian port of Banias, said Claire Jungman, chief of staff with U.S. advocacy group ...

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IMO supports Central America and Dominican Republic on thematic priorities

A regional workshop has been held in Guatemala to share with leaders of the Central America and Dominican Republic maritime administrations (ROCRAM-CA) the latest developments in the thematic priorities being established as part of the organization’s pilot programme. The week-long meeting (14-18 November), hosted by the Maritime Authority of Guatemala in Guatemala City, was organised by IMO and the Central American Commission on Maritime Transport (Comisión Centroamericana para Transporte Marítimo (COCATRAM)). The latest thematic priorities are due to be developed in 2023 and will include the London Protocol and the ...

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French oil giant TotalEnergies joins ammonia-powered tanker project

France’s TotalEnergies said it has joined a shipping project building test tankers which can be powered by ammonia, part of moves to speed up maritime industry decarbonisation. Widely used in industrial applications, ammonia’s suitability as a transport fuel has been limited because of the challenge of converting it into energy in a confined space. TotalEnergies is joining a subsidiary of Norwegian chemical company Yara International ASA, leading ship certified Lloyd’s Register, Samsung Heavy Industries and MAN Energy Solutions, the Maritime and Port Authority of Singapore and others in the ‘Castor ...

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Could Russia sanctions work in practice even if they fail on paper?

The European Union’s ban on seaborne imports of Russian crude goes into effect on Monday. As of Thursday, the G-7 and EU price caps meant to complement that ban had still not been finalized. Western sanctions are designed to curb Russian profits while simultaneously keeping global markets supplied with petroleum. On paper, what has transpired to date looks like a convoluted, naively designed and messy fiasco. In practice, the plan might work, at least partially — though not the way you’d think if you took it literally. EU sanctions and ...

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Baltic index slips, but posts best week in nearly 2 months

The Baltic Exchange’s dry bulk sea freight index marked its biggest weekly percentage gain in almost two months, although declining on Friday on a fall in capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, shed 14 points, or about 1%, to 1,324. The main index gained 11.4% for the week, its biggest rise since Oct. 7. The capesize index was down 51 points, or about 3.3%, at 1,519. It posted a weekly loss of 5.8%. Average daily earnings ...

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MR values hit 14 year high

MR values have hit the highest levels since Oct 2008. The current value for a five year old MR is up by c.45% from the start of the year, from USD 30.32 mil to USD 44.01 mil. Sales for this sector have increased by c.15% from last year and so far in 2022, there have been 218 sales reported. Notable recent sales include the Celsius Roskilde (46,100 DWT, July 2009, Hyundai Mipo), which was sold for USD 28 mil, VV value USD 24.2 mil. Ultimately, this sale has set the ...

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‘Gloomy prospects’, ‘losing steam’ – UNCTAD summarises shipping’s outlook

Gloomy prospects with increasing risks’ – a headline in UNCTAD’s latest Review of Maritime Transport (RMT) casts the die on shipping’s sombre outlook. Any recovery in maritime transportation and logistics is now “at risk” from the war in Ukraine, the continued grip of the pandemic, lingering supply-chain constraints, China’s cooling economy and zero-Covid policy, inflationary pressures and the cost-of-living squeeze, said the 2022 report. Adding to the long list of risks is industrial action in ports and hinterland transport, where there is potential for “widespread unrest”. These risks mean that ...

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Complex Russian Price Cap Makes Maritime Visibility a Must

Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entities throughout the maritime ecosystem. With the December 5, 2022 deadline now upon us, the truth is that no one really knows. There are too many variables and unanswered questions. Will Russia and Russian vessels cooperate with the price cap, or actively try to subvert it? And if an entity in India receives crude oil from Russia and a U.S. entity is interested in purchasing that oil, does the ...

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Drewry: World Container Index Down 10% This Week and 75% on Year

Drewry’s composite World Container Index decreased by 5% to $2,284.10 per 40ft container this week. Our detailed assessment for Thursday, 01 December 2022 The composite index decreased by 5% this week, the 40th consecutive weekly decrease, and has dropped by 75% when compared with the same week last year. The latest Drewry WCI composite index of $2,284 per 40-foot container is now 78% below the peak of $10,377 reached in September 2021. It is 15% lower than the 10-year average of $2,693, indicating a return to more normal prices, but ...

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Global energy major joins The Castor Initiative

The Castor Initiative has announced that global energy major TotalEnergies has become the eighth partner to the global coalition that is committed to make zero emission shipping a reality. The global coalition, which includes MISC Berhad (MISC), Lloyd’s Register (LR), Samsung Heavy Industries (SHI), MAN Energy Solutions (MAN), the Maritime and Port Authority of Singapore (MPA), Yara Clean Ammonia (Yara) and Jurong Port, was established in January 2020 and its most recent project milestone was the April 2022 memorandum of understanding for a pair of zero emission deepsea tankers vessels. ...

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ICS signs milestone agreement with the Emirates Shipping Association for enhanced collaboration towards COP28

The International Chamber of Shipping signs a Memorandum of Understanding (MOU) with the Emirates Shipping Association for collaboration towards the UNFCCC Climate Conference COP28 and beyond. ICS will work with the national association of COP28’s host country for the benefit of the shipping sector overall. The UAE is one of the leader’s in the industry’s energy transition and was amongst the first governments to support the Clean Energy Marine Hubs Initiative. Thursday 1 December, 2022, London: The International Chamber of Shipping (ICS) has signed a Memorandum of Understanding (MOU) with ...

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ENGINE: Americas Bunker Fuel Availability Outlook

North America VLSFO and LSMGO availability is normal for prompt dates in Houston area and off the US Gulf Coast. But securing HSFO deliveries can be harder to fix prompt in Houston as some suppliers are fully booked for prompt dates, sources say. Prompt VLSFO and LSMGO availability is tight in New Orleans. One supplier is hesitant to confirm delivery dates, while another requires at least 10 days of lead time. Securing bunkers can be trickier in the Galveston Offshore Lightering Area (GOLA) amid tight barge availability. Several suppliers are ...

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Banshee marine audio dedicated to OEM market

New Company Dedicated to Offering Affordable, High-Quality Sound Systems to Small and Mid-Sized Boats Somerville, N.J. – Banshee Marine Audio, a new boat builder-focused audio company, announced today it is now offering its high-quality line of affordable marine products to the small and mid-sized boat market. Targeting boat builders only, Banshee Marine Audio tailors its products to keep material costs as low as possible without compromising quality in construction or sound. By dedicating itself to the OEM space, Banshee Marine Audio streamlines production and minimizes waste, leaving just pure sound ...

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Reducing superyacht emissions through smarter engineering

This new generation wants “access all areas”, but certain types of vessels are banned from marine reserves and clean ports in order to prevent pollution. The industry is pre-empting legislation and these demanding new clients are accelerating progress towards cleaner yachts with lower emissions in terms of exhaust (particulate or gaseous) and noise. These new vessels are more efficient in every respect, from materials to operations. Future-proofing yachts Anybody commissioning a newbuild would be wise to go beyond current legislation as new local regulations will otherwise undoubtedly prevent them from ...

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Maersk market update Latin America November 2022

As part of our commitment to provide you with the most up-to-date and relevant information on the logistics industry, we share our Market Update on the Latin American market. You will find information and interesting data on the update of the state of the ports, the most important transport routes and relevant news. We hope you’ll find the following information helpful, as well as inspiring to boost your business and keep your cargo moving. Topic of the month Warehousing after the Pandemic During this topic of the month, we will ...

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