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Asia Fuel Oil-HSFO softens; more residual fuel tenders underway

Benchmarks for high sulphur fuel oil (HSFO) eased on Monday, while more residual fuel tenders were underway in the spot market. Backwardation timespreads for HSFO narrowed from last week, while 380-cst cash premiums were pegged below $5 per metric ton amid competitive offers for prompt loading dates. Cracks for 380-cst HSFO FO380DUBCKMc1 held their ground, closing at discounts of about $5 per barrel. In spot residual fuel tenders, Taiwan’s CPC offered catalytic fractionator bottoms for loading between end July and early August, while Indonesia’s Pertamina offered decant oil for loading ...

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What are the key considerations for onboard carbon capture?

Onboard carbon capture (OCC) can be a technically feasible option for reducing emissions and could be commercially attractive if the right regulatory and market drivers are in place. A new DNV white paper provides a comprehensive overview of all key considerations around OCC. The findings reported in the white paper The potential of onboard carbon capture in shipping (‘the paper’) come as several pilot projects are being conducted or planned on ships worldwide to plug gaps in knowledge of onboard carbon capture technologies and their use. Guidance to evaluate the ...

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Russia ships surplus diesel to storage in Singapore and Africa

Russia has sent ultra-low sulphur diesel from its ports for storage in the regional hub of Singapore and in West Africa, traders and shipping data show, as ample supply has slowed demand. Since the full EU embargo on importing Russian oil products took effect in February 2023, Russia has diverted its diesel exports from Europe to Brazil, Turkey, and various parts of Africa and Asia. According to shipping data from Vortexa and Kpler, the Aether loaded about 100,000 metric tons of diesel in May in the Russian Baltic port of ...

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Maersk Introduces SH3 ocean service between China and Bangladesh, adding capacity, flexibility and efficiency to retailers’ supply chains

A.P. Moller-Maersk (Maersk) launched a new ocean shipping service between China and Bangladesh to meet the growing trade demand, especially in the retail industry. The new service, called SH3, commenced service on 7 July 2024 and adds more capacity to the ocean network between the two countries. The SH3 rotation starts from Shanghai Port in China, with calls at Xiamen, Kaohsiung, Nansha and Tanjung Pelepas on the way to Chittagong, Bangladesh. On the return journey to Shanghai Port, SH3 will call Tanjung Palapas, where long-haul routes to Europe are connected. ...

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South Korea’s shipbuilding rebounds, but smaller firms face uphill battle

South Korea’s shipbuilding industry is experiencing a “super cycle,” with its three major shipbuilders receiving a flood of orders. However, smaller and mid-sized shipbuilders are struggling to compete, particularly against Chinese rivals. Leading the industry are HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean, and Samsung Heavy Industries, which dominate with their production of ultra-large container ships and LNG carriers. Supporting them are firms like HJ Shipbuilding & Construction, Dae Sun Shipbuilding & Engineering, and K Shipbuilding, which focus on small to medium-sized container ships, bulk carriers, and tankers. This ...

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OOCL Posts Increased Second Quarter Results

The Board of Directors (the “Board”) of Orient Overseas (International) Limited (the “Company”) has adopted a policy of announcing unaudited operational updates for Orient Overseas Container Line (“OOCL”) on a quarterly basis. This announcement sets out the unaudited operational update for OOCL for the second quarter ended 30th June 2024. The comparative figures for the second quarter ended 30th June 2023 are also disclosed in this announcement. For the second quarter ended 30th June 2024, total revenues increased by 14.4% to US Dollars 2,264.6 million, as compared to the same ...

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TORM purchases eight and sells one second-hand MR vessel, increasing the fleet size to 96 vessels

On 15 July 2024, TORM has entered into an agreement to acquire eight second-hand MR vessels that are expected to be delivered during Q3 2024 and Q4 2024 for a total consideration of USD 340m, with a cash consideration of USD 238m and the issuance of approximately 2.65 million shares. The purchase price is subject to certain adjustments that will be impacted by TORM’s share price development and the vessels’ delivery schedules. The vessels have all been built at the Tier 1-Korean yard Hyundai Mipo Dockyard in 2014-2015, and six ...

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APM Terminals Mumbai (GTI) switches to 80% renewable electricity

APM Terminals Mumbai (GTI), switched to 80% renewable electricity this month, with the commissioning of a 10.65 MW captive solar power plant through a Power Purchase Agreement (PPA) model with O2 Power. This latest switch to renewable electricity provides APM Terminals Mumbai with a significant advancement in its transition to becoming a renewable-energy powered container terminal. The captive solar plant will generate more than 21 GWh.of electricity per year, enough to power, among other things, the terminal’s quay cranes and reefers. A captive solar power plant is one that has ...

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COSCO SHIPPING Ports Abu Dhabi Terminal’s cumulative throughput exceeds 5 million TEUs

On July 5th, CSP Abu Dhabi Terminal surpassed 5 million TEUs in throughput. Since its opening in December 2018, the terminal has launched over 20 international routes, and connected to more than 60 ports. In 2024, six new routes boosted volume by over 35%, achieving 6.5 million safe man-hours. Already last year, the terminal implemented the first autonomous truck system in the Middle East with six trucks supporting container loading and unloading at Khalifa Port. The vehicles are equipped with an advanced traffic monitoring, driving guidance and 360-degree sensory system, ...

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Iron ore extends gains on China stimulus hopes

Iron ore futures prices rose on Monday, underpinned by growing bets top consumer China will unveil more stimulus in its third plenum this week after a batch of economic data disappointed investors. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade1.03%higher at 834 yuan ($114.83) a metric ton. The benchmark August iron ore SZZFQ4 on the Singapore Exchange was up0.69% at $108.75 a ton. China’s economy slowed in the second quarter, data showed on Monday, as a protracted property downturn and job insecurity ...

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House of Shipping Appointed as Strategic Marketing and Communications Advisor for Gulftainer

House of Shipping, a leading provider of business consultancy and advisory services in the maritime, shipping and logistics industries, today announced it has signed an agreement with Gulftainer, a leading operator of regional ports and terminals, and a provider of customised supply chain and logistics solutions, to deliver comprehensive marketing and communications services. This collaboration is set to support Gulftainer in achieving its ambitious growth targets while enhancing its brand presence on a global scale. House of Shipping, known for its strategic approach and innovative marketing solutions, will leverage its ...

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Egypt considering adding new regasification vessel in Ain Sokhna

Egypt is considering adding a new Floating Storage Regasification Unit (FSRU) to its port facilities at Ain Sokhna to increase import capacity, according to a petroleum ministry statement. The ministry is also considering adjusting Egypt’s two export liquidation units in Idku and Damietta to import gas instead. Source: Reuters (Reporting by Mohamed Ezz; Editing by Jan Harvey)

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EV Maritime Selected To Electrify Popular Ferry Service In San Francisco Bay

EV Maritime, New Zealand’s leading electric ferry design and technology company, announced today it has been commissioned by Angel Island Tiburon Ferry (AITF) to design an all-new hybrid electric vessel for the fleet. The progressive project, which will see the electrification of two existing vessels and the construction of a third new plug-in hybrid vessel, has been funded by the California Air Resources Board (CARB). The hybrid vessel will be designed and engineered by EV Maritime with electrical integration provided by ZeroMar, a local company in the Bay Area. This ...

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KR Hosts 19th European Committee Meeting in London, Highlighting Decarbonization and Digitalization Advances

KR held the 19th KR European Committee (KREC) meeting in London, UK, on July 1st. The KREC, established in 2004, includes members from major international maritime organizations and key European KR customers as follows: Oil Companies International Marine Forum (OCIMF) International Association of Independent Tanker Owners (INTERTANKO) International Chamber of Shipping (ICS) Baltic and International Maritime Council (BIMCO) International Association of Dry Cargo Shipowners (INTERCARGO) International marine insurance companies like AXA XL European shipowners and ship managers such as Bernard Schulte, Songa Ship Management, J.P. Morgan, and Unity Ship Management ...

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ECOsubsea invests in Singapore with NOK 35m (USD 3.26m) from Innovation Norway

It is a climate and environmental problem that ship hulls are not cleaned often and gently. After being granted a growth loan of NOK 35 million from Innovation Norway, ECOsubsea will build up its hull cleaning solution in the port of Singapore. “ECOsubsea can secure a position as a global market leader in hull cleaning. The new technology facilitates far more frequent hull washing, which causes less damage to the environment and reduces greenhouse gas emissions. This is an innovative project with great potential, which can have a major impact ...

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