VSM Campaigns for Ramp-up of German Maritime Industry
With a number of evolving maritime business opportunities intermixed with geo-political headwinds, VSM, which represents the interests of the German maritime industry as a whole, launched a campaign aimed at the federal government and the EU to understand and support the tremendous growth potential for all things maritime in Germany.According to a press notice from VSM, the tasks are enormous: economical and clean merchant ships, plants and ships for offshore renewable energy…
US House to Vote as Soon as Tuesday on Russia Energy Import Ban
The U.S. House of Representatives is set to vote as soon as Tuesday on legislation seeking to ban the import of Russian energy products and suspend normal trade relations with Russia, a congressional aide told Reuters.The text of the proposal is expected later on Monday, the aide said. A group of key tax- and trade-writing lawmakers said in a joint statement that they had "agreed on a legislative path forward to ban the import of energy products from Russia."It also would give President Joe Biden the authority to increase tariffs on goods from Russia and Belarus and would require U.S.
EU Approves State Aid for Lithuania’s Klaipėda LNG Terminal
The European Commission said that the EC has approved under EU State aid rules the compensation granted by Lithuania to LITGAS for supplying a mandatory quantity of liquefied natural gas (LNG) to the LNG terminal in Klaipėda.In November 2013, the Commission approved under EU State aid rules an aid scheme to support the construction and operation of a liquefied natural gas (LNG) terminal at the Klaipėda seaportin Lithuania The LNG terminal has, since its construction, played a vital role in the diversification of gas supplies and security of supply in Lithuania.In June 2018, Lithuania notified the Commission of certain changes to the aid scheme approved in 2013 namely public service obligation of LITGAS and removal of purchasing obligation.To ensure security of supply…
The U.S. Maritime Bunker Market: Opportunities Abound
The global shipping industry is no stranger to challenge or change. With responsibility for delivering 90% of global trade, it has had to continually demonstrate an ability to adapt. Now, with the implementation of increasingly stringent environmental regulations, which will increase operating costs and alter the dynamic of fuel procurement, the industry will once again need to evolve. In successfully responding to the introduction of the North American Emission Control Area (ECA) in 2012, shipping has jumped a significant hurdle, but this is just the beginning. The bunker market in the U.S.
Low Freight Rates Cut Costs for Importers
Oil freight costs that have fallen sharply from record peaks two months ago are helping reduce energy import bills already eased by lower crude prices. Tanker market experts said freight charges that rocketed to unexpected heights in November looked set to remain under control over the next six months at least. Very Large Crude Carriers (VLCCs) delivering crude to Japan and Singapore from the Middle East now charge about Worldscale 85, $1.40 per barrel, having peaked last November at W190, $2.65 a barrel. Supertanker rates to the United States also are lower at about $2.30 a barrel from the Gulf $3.20 a barrel in November. "More new ships will be coming in…
