CETO JIP to develop Low Pressure Solutions for CO2 Ship Transport
Equinor, Shell, TotalEnergies, Gassco and DNV announced the kick-off of a new JIP to develop low-pressure solutions for the transportation of CO2 by ships. The CETO (CO2 Efficient Transport via Ocean) JIP will carry out the technology qualification of a low-pressure ship design and identify solutions to scale CO2 transportation volume, while reducing the associated risks, to support the development of opportunities in CCS. CETO is funded by the project partners and GASSNOVA through the CLIMIT program and is expected to be completed in 2023.
Partners Aim to Develop Low Pressure Solutions for CO2 Shipping
Energy companies Equinor, Shell, TotalEnergies, Gassco and classification society DNV have commenced a new joint industry project (JIP) to develop low-pressure solutions for the transportation of CO2 by ships. The CETO (CO2 Efficient Transport via Ocean) JIP will carry out the technology qualification of a low-pressure ship design and identify solutions to scale CO2 transportation volume, while reducing the associated risks, to support the development of opportunities in CCS. CETO is funded by the project partners and GASSNOVA through the CLIMIT program and is expected to be completed in 2023.
Japan's NYK Line Sees COVID-19 Cutting Profit by $557M
Japanese shipping company Nippon Yusen KK expects the coronavirus pandemic to reduce its recurring profit by 50-60 billion yen ($464 million-$557 million) for the year to next March, an executive said on Monday."Our assumption is that the worst impact from the pandemic will be seen in the April-June quarter, with economic activity slowly picking up after that," Toru Maruyama, a corporate officer at Nippon Yusen, told a news conference.Global container demand, which is currently down more than 20%…
Hapag-Lloyd Reports Better Results for Q3 2017
Hapag-Lloyd closed the third quarter of 2017 with a significant positive Group net profit and a much improved operating result (EBIT). The integration with United Arab Shipping Company (UASC) is almost completed and on schedule to be finalized by the end of the year. For the third quarter the net profit amounted to EUR 54.3 million (prior-year period: EUR 8.2 million), the EBIT rose to EUR 180.6 million (prior-year period: EUR 65.6 million), and the EBITDA stood at EUR 361.5 million (prior-year period: EUR 184.6 million). In the first nine months of 2017, Hapag-Lloyd was able to achieve an EBITDA and EBIT of EUR 721.9 million (prior-year period: EUR 381.3 million) and EUR 267.9 million (prior-year period: EUR 25.9 million)…
New Route for Container Trains in UTLC Services
In connection with the increased cargo transportation by accelerated container trains en route China/ Europe/ China, UTLC JSC jointly with Belintertrans-Germany LLC, with assistance of the Belorussian Railways Baranovichi Division, is introducing an additional container train route via Kuznitsa/ Bruzgi border crossing. On July 31, 2017, the first container train departed from the Lodz to Chengdu Station in this route. The container train has 41 40” containers with assembled cargo. The train passed freely to Bruzgi station where transshipment into broad-track railcars was carried out promptly and without any delays. The estimated time en route from the departure station to the destination station will be 14 days, as before.
Hamburg-Sued Makes Profits
Despite a difficult market environment German container shipper Hamburg-Sued completed the year 2014 with a profit, says its chief executive Ottmar Gast. The company had last year, 2.5 percent more transportation volume, but sales declined due to falling prices and exchange rate effects, despite increased margins from 5.2 billion to 5.1 billion euros. "This year we will make 20 percent more volume and achieve a higher turnover than 2014," Ottmar said. "We were profitable last year and that's also our goal for 2015," he said. A consolidation is not yet in sight. Since 2009 earning the container shipping has been struggling.
Iran's Oil Exports Pick Up
Iran's oil tanker fleet is gearing up for more business, with some vessels taking to the high seas after over more than a year at home ports, another sign that an easing in Western sanctions is enabling exports to begin to pick up. Iran and Western governments reached an interim agreement in November to restrict Tehran's disputed atomic work in exchange for limited sanctions relief for six months, which came into effect in January. U.S. and European sanctions imposed in the previous two years had sharply hit Iran's oil exports, mainly by making it difficult for buyers to arrange financing for transactions and insurance and documentation for shipments.
ESL Shipping to Order New Vessels from India
ESL Shipping Oy, a subsidiary of Aspo Plc, has secured a contract to order two new ice-strengthened dry cargo vessels from the Indian ABG Shipyard Ltd. Expanding ESL Shipping's so-called Eira class, the vessels will be approximately 18,800 dwt bulk carriers equipped with on-deck cranes, and they will be designed to meet the highest Finnish ice class (1A Super). The total value of the investment will be around $60.5M. The vessels are destined for operation in the Baltic Sea and will be commissioned in 2008 and 2009. A similar vessel ordered from China at the end of 2003 is about to be commissioned in January 2006. The vessel investment will be financed with cash, loans and with the revenue from the sale of current fleet assets.
