First Movers Coalition ups pressure for zero emission shipping Another day at the COP26 conference and another signal that the pressure is on shipping to decarbonize-with, or without, IMO beefing up its GHG reduction targets. Shipping is a key focus area
Crowley to charter in powerful Tier IV tug Crowley Maritime's ship assist and escort services group has agreed to charter its third Tier IV ship assist tug, Athena. Athena follows sister ships Hercules and Apollo from builder Diversified Marine and
ITF: Midshipman X case highlights industry-wide need for action The disclosures of rape and sexual assault made by the female U.S. Merchant Marine Academy cadet now known as "Midshipman X" underline the urgent need for action to eliminate violence in the
Proman Stena Bulk launches first methanol dual-fueled tanker in series China's Guangzhou Shipyard International (GSI), has just launched the Stena Pro Patria, the first of three 49,900 dwt methanol dual-fuel MR tankers on order for the Proman Stena Bulk joint venture. Construction
ABS in two JDPs promising new green roles for offshore platforms Long a symbol of fossil-fuel production, offshore platforms could gain a new green image as the result of two landmark joint development projects announced on the sidelines of the COP26 conference by
AWO releases Environmental Stewardship Best Practices The American Waterways Operators Board of Directors has approved Environmental Stewardship Best Practices tools to assist AWO members in reducing their environmental footprint and demonstrating their commitment to environmental sustainability. The voluntary
UK indecision on post-Brexit port checkpoints puts trade at risk 'There needs to be an immediate stop to changes in assumptions and specifications from government so ports can complete facilities,'...
Easing capesize congestion adds to rates pressure Besides a small unwinding of capesize congestion outside China, the market slump has been caused by a slowing in the...
COP26: First Movers Coalition launched to scale up green fuels Maersk, Amazon, Trafigura and Fortescue Metals Group have joined an initiative meant to secure big orders to spur demand for...
Safe Bulkers posts largest profit for 13 years As earnings from dry bulk market surge, Cyprus- and Greece-based operator begins inking period charters
Law of the sea doesn't do enough for human rights of crews Freedom of navigation and exclusive jurisdiction of flag states said to hinder effective monitoring and compliance
DHL benefits from constrained box shipping market Box volumes have grown slightly but remain below where they were in 2019. Higher freight rates helped push up revenues
Genco raises dividend in best quarter since 2008 Company chief executive says while it 'anticipates normal seasonality in the coming months, the overall fundamentals, including a historically low...
Suez Canal announces 6% rate hike for next year Exemptions for LNG shipping and cruise vessels, says authority chair Osama Rabea
COP26: Methane pledge could boost LNG as ship fuel Pledge to cut methane emissions 30% by 2030 could benefit LNG as ship fuel, according to its industry lobby group...
Norden has best quarterly results in a decade The Danish owner and operator expects its dry operator unit to deliver strong earnings in the fourth quarter, while its...
Euronav posts record quarterly loss as rates recovery begins 'We have come through the trough of this particular cycle,' says Euronav chief executive. Industry observers have kept a watchful...
Economic rebound boosts ICTSI volumes Better conditions in its main markets pushed up income and offset cost rises. But the pandemic continued to affect some...
Japan shipping majors aligned on green goals Several initiatives, highlighted by the aim to commercialise zero-emission vessels in the second half of the 2020s, have been laid...
Demand drives congestion along stressed global supply chains An average 70 days is currently required to book a container, have it shipped overseas and received by ground transport...
Daily Briefing CMA CGM agrees deal to buy back former LA terminal | Fines threat for lingering containers is having an impact...
MOL to develop large ammonia-powered fuel carrier Company wants to step up efforts to make the fuel switch to ammonia, with the aim of deploying net zero...
Increased flying for Amazon Air helps ATSG to record Q3 revenue ATSG is hitting on all cylinders with its aircraft leasing and cargo airline units, as third quarter results demonstrate.
Crude tankers still bleeding cash. Stars aligned for 2022 recovery? Crude-tanker owners continue to pile up huge losses, but hopes are high for next year.
Exorbitant ocean rates, need for speed give air cargo an edge Air cargo is typically unaffordable for most shippers. With ocean rates off the charts, air doesn't look so bad. If you can find a booking,...
ARGENTINA DATA: September crude exports fall 53% as local demand rises Argentina's crude oil exports fell 53% in September year on year, as a recovering economy boosted local demand, Energy Secretariat data showed Nov. 4
ARA diesel, gasoil stocks fall 3.9% on week to 1.962 mil mt: Insights Global Stocks of diesel and gasoil in the Amsterdam-Rotterdam-Antwerp hub fell 3.87% week on week to 1.961 million mt in the week to Nov. 4, according to Insights Global data.
Venezuelan elections not expected to bring major US oil sanctions relief Any major easing of US oil sanctions against Venezuela remains off the table, but the country's Nov. 21 elections could provide a chance for relief around the edges like a restart to crude-for-diesel swaps.
Derivative losses weigh on Cheniere's financial results as LNG prices soar in Q3 About $3.5 billion in pretax derivatives losses -- mostly non-cash -- were booked by Cheniere Energy during the third quarter as forward LNG prices in end-user markets soared, the biggest US exporter of the super-chilled power plant fuel said Nov. 4.
US' CVR mulls separate renewables business as it moves ahead with RD projects CVR Energy is considering creating a separate renewables business as it moves forward with completing the renewable diesel hydrocracker project at its Wynnewood, Oklahoma, refinery, which had been put on hold earlier this year due to high feedstock costs.
IRAQ DATA: Oct. crude exports rise marginally to 3.49 million b/d Iraq, OPEC's second-largest oil producer, saw its crude exports rise only slightly in October as a boost in its southern loadings was offset by a fall in volumes from the semi-autonomous Kurdish region.
OIL FUTURES: Crude slide extends on stronger US dollar, uncertain demand, potential SPR release An overnight crude price rally fizzled midday Nov. 4, with futures sliding around 2% amid a stronger US dollar, uncertain demand outlooks and the possibility the US could tap its Strategic Petroleum Reserve to combat rising energy costs.
Low number of complaints, high costs hinder MFM take-up at Rotterdam: port official If or when a decision was taken to mandate MFMs it would probably take two years from the decision time to actual implementation.
Russian Black Sea naphtha exports fall 14% on month to 630,000 mt in November Naphtha exports from the neighboring Black Sea port of Novorossiysk in November are set to fall 2% month on month to 480,000 mt, according to a separate loading schedule Nov. 3.
OIL FUTURES: Crude ticks up amid US Fed interest rate caution, OPEC+ quota view Crude oil prices ticked up as the Fed's Federal Open Market Committee decided Nov. 3 not to announce a date for interest rates to rise
Tanker firm Euronav looks to firming freight rates after challenging Q3 **Company reports net loss for Q3 **Outlook for higher freight rates, bunker costs **Scrapping likely to gain traction by mid-decade
COP26: Capital committed to net-zero emissions surges to $130 trillion: GFANZ The 25-fold increase in capital is more than enough to transform the global economy to become net-zero by 2050, according to the Glasgow Financial Alliance for Net Zero - a global coalition of leading financial institutions.
COP26: Wartsila sees major role for renewables supported by thermal back-up The future of electricity is a combination of renewable energy supported by thermal back-up plants and energy storage systems, said marine and energy engineering company Wartsila.
Saudi net-zero emissions target may go beyond 2060, depending on circumstances: minister Saudi Arabia's 2060 net-zero emission target may be derailed by "unforeseen circumstances" because achieving the target depends on a number of factors, including evolution of technology, the country's energy minister said Nov. 3.
COP26: Hydrogen Council calls on world leaders to back pledges on clean hydrogen investment The Hydrogen Council said global demand for renewable and low-carbon hydrogen could grow by 50% by 2030, cutting the equivalent annual CO2 emissions of the UK, France and Belgium combined.
JAPAN DATA: Oct 24-30 oil product exports jump 23% on week to 3.64 mil barrels Low sulfur fuel oil exports rose 35.5% from a week earlier to 521,756 barrels in the week ended Oct 30, while high sulfur fuel oil exports plunged 51.2% over the same period to 311,135 barrels.
Japan's MOL aims to commission 'large' ammonia-fueled ammonia tanker in 2026 The move comes at a time when Japan sees great potential in fuel ammonia as a CO2 zero-emission fuel as the country aims to cut its greenhouse gas emissions by 46% by fiscal year 2030-31 (April-March) from the FY 2013-14 level and achieve carbon neutrality by 2050.
COP26: Poseidon Principles' climate goals for shipping may toughen on back of IMO action Currently 28 financial institutions are signatories to the Poseidon Principles, representing a bank loan portfolio to global shipping of approximately $185 billion -- nearly 50% of the global ship finance portfolio.
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