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Oecd News

28 Nov 2023

EU Agreement Paves Way for Non-OECD Recycling Yards

A number of non-OECD recycling yards, such as Shree Ram in Alang, India, have been vying for inclusion on the EU list after upgrading their facilities to comply with the Hong Kong Convention. Photo: Shree Ram Group

A new EU agreement on waste shipments is set to remove a legal roadblock to make it possible for a raft of non-OECD ship recycling yards to be included on an EU-approved list, which would unleash much-needed shipbreaking capacity for a massive wave of tonnage due to be scrapped over the coming years, according to green recycling consultancy Sea Sentinels.The European Parliament and Council have agreed to allow exports of hazardous waste, including that contained in EU-flagged ships…

30 Aug 2023

Orca AI to Participate in Second Phase of Autonomous Ship Project

Source: Orca AI

Tel Aviv-based maritime technology company Orca AI is continuing its collaboration with NYK Group subsidiary MTI and partners in the second development stage of the MEGURI2040 project administered by the Nippon Foundation.MTI, alongside sister entity Japan Marine Science Inc, is spearheading the Designing the Future of Fully Autonomous Ships Plus (DFFAS+) consortium comprising 51 Japan-based companies that will work together on the next phase of MEGURI2040.While the OECD projects that maritime trade volumes could triple by 2050, a skilled crew shortage is growing globally.

06 Jul 2023

NGO Shipbreaking Platform Pushes for Safe Recycling of FSO Safer

The NGO Shipbreaking Platform has called for the safe and environmentally friendly recycling of the FSO Safer, currently being salvaged off the coast of Yemen.The UNDP is looking for a destination for the FSO’s recycling, and the Platform is calling on the Dutch government, one of the biggest donors to the Stop Red Sea Oil Pollution operation, to assist UNDP in identifying a suitable recycling facility. The Netherlands has shown leadership in preventing the environmental disaster an oil spill from the FSO Safer would have caused, says the Platform, along with Dutch company Boskalis, via its subsidiary SMIT Salvage, which has been tasked with the removal of the oil from the FSO.Referring to Dutch involvement in the Stop Red Sea Oil Pollution operation…

18 May 2023

Report: US Gulf of Mexico Oil Production Leads on GHG Intensity

© Troy V Smith / Adobe Stock

The US National Ocean Industries Association (NOIA) has released a study on global oil production emissions that finds that the greenhouse gas intensity of US oil production, particularly in the U.S. Gulf of Mexico, is significantly lower than most other regions around the world.Prepared by ICF, the GHG Emission Intensity of Crude Oil and Condensate Production report, calculates that total US oil production has a carbon intensity 23% lower than the international average outside of the US and Canada.

15 Jun 2022

IEA Says World Oil Demand to Rise 2% in '23

Copyright chakisatelier/AdobeStock

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia over its invasion of Ukraine."Economic fears persist, as various international institutions have recently released downbeat outlooks…

08 Sep 2021

Vaccine Inequalities and Supply Chain Woes Threaten Global Recovery -BIMCO

© Hor / Adobe Stock

Unequal vaccine distribution has put a stopper in the recovery in parts of the world, adding to supply chain disruptions and slowing growth even in countries protected by higher vaccination rates, says shipping trade organization BIMCO. In a globalized world, no one can return to normal before everyone can.The world is increasingly divided between countries where high vaccination rates are protecting populations, and thereby protecting the economies, and countries at the other end of the scale where vaccination rates, in some cases, still stand in single-digits.

11 Mar 2021

Secondhand Prices Put a Damper on Tanker Demolitions -BIMCO

© aerial-drone / Adobe Stock

The year 2021 has been tough on crude oil tanker freight rates across the board so far. Consequently, the industry buzz has been all about largescale scrapping of tankers, but so far, it has been all talk and very little walk, as the secondhand market has proved a much-preferred alternative, says industry group BIMCO.Although demolitions are up from the start of last year, only two shuttle tankers and two Aframax crude oil carriers (450,000 DWT) have been confirmed demolished in the first two months of 2021, according to data from Clarksons.

10 Dec 2020

BIMCO: Oil Tanker Market Recovery Will be Slow and Gradual

alexyz3d

The recovery of the global oil tanker market will be slow and gradual. We have forecast this many times during 2020, as the COVID-19 pandemic wreaked havoc on past, present and future oil consumption.On 8 December, the U.S. Energy Information Administration (EIA) estimated that the global consumption of oil will reach 98.2 million barrels per day (m b/p) in 2021, a 6.3% rise, 5.8m b/d on average, compared with the same figure in 2020. The good news is quickly soured, however, as the 2021-level will fall short of the 2019 oil demand by 3 million barrels per day.

25 Nov 2020

BIMCO on Tanker Shipping; The Worst is Not Over

Source: BIMCO

While the tanker market had a strong run at the outset of the COVID-19 pandemic, according to a report released this morning by BIMCO, tanker shipping will not benefit this year from the usual strong winter seasonal effect. Though the new lockdowns being introduced in many countries are less strict than in the spring, the effect on tanker shipping will be worse, given the supply glut of Q2. The news of an effective vaccine offers some hope of a global oil demand recovery but, however it comes about…

28 Apr 2020

ASA Appoints Sonoda as Secretary General

With the current international efforts to contain the spread of COVID19, travel restrictions are in place globally. However, ASA has determined that it is not an obstacle to have Yuichi Sonoda picked up his role as ASA newly appointed Sec-Gen with effect from May 1, 2020. This is a role he is thoroughly familiar with. As he had served as ASA Sec-Gen during the period between 2010 to 2014, he was instrumental in numerous initiatives and conferences.Involving in the work of ASA since its inception in 1992, (known then as Asian Shipowners’ Forum : ASF) Yuchi Sonoda had been tirelessly supporting and promoting ASA's vision and missions. In 1996, he was appointed as the Secretary of Shipping Economics Review Committee (SERC), one of the five Standing Committees of ASF.

08 Dec 2019

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.

01 Oct 2019

As Ocean Fears Gather Pace, WTO Fishing Talks Stall

© photojapan / Adobe Stock

The oceans are under siege, campaigners warn, and fish stocks could collapse unless a global deal is struck swiftly to ban harmful fisheries subsidies. The World Trade Organization, meanwhile, can't agree on who will head the committee to discuss the issue, according to sources close to the negotiations.More than 90 percent of fish stocks are at maximum sustainable levels or overfished, according to the U.N. Food and Agriculture Organization, and environmentalists say a subsidies…

16 Sep 2019

Oil Price Spike after Saudi Attack Temporary

The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million barrels per day (bpd) of crude production, which equates to 7% of the current global crude and condensate production.Rystad Energy says that oil price spike will be short-lived. Bjørnar Tonhaugen, head of oil market research at Rystad Energy said: “The bullish reaction in oil prices will likely be limited by Saudi Arabia’s vast quantities of crude in storage, estimated to equal roughly 26 days of current crude exports, a large portion of which is at the main export terminal Ras Tanura.

20 Aug 2019

Dream Cruises Wins $2.9Bln from KfW IPEX-Bank

KfW IPEX-Bank, leading a consortium consisting of six international banks, is structuring the financing of two cruise ships for Genting Hong Kong Ltd. and its brand Dream Cruises.The Global Class I and II ships are currently being built in the three shipyards of MV Werften located on the Baltic Coast in the German federal state of Mecklenburg-Western Pomerania.The financing package comprises around EUR 2.6 billion with a total investment volume of just under EUR 3.1 billion.The structure will be backed by export credit guarantees of the Federal Republic of Germany and the Finnish export credit agency Finnvera, as well as by a guarantee from the state of Mecklenburg-Western Pomerania.

16 Aug 2019

Concordia Expects Stong Tanker Market

During the first half of 2019, the tanker markets produced voyage result per day levels that exceeded the corresponding period in the slump year 2018 by 50-100 percent, said Concordia Maritime.The Swedish international tanker shipping company's view of market development going forward is largely unchanged.Several factors still point to a gradually stronger market in autumn, it said. In addition to positive fundamentals in the form of sustained high demand for oil, seasonality and declining net tanker fleet growth, US exports of crude oil and oil products and the consequences of IMO 2020 are also helping to create exciting conditions."With regard to OPEC’s production, we had expected a decision on a gradual return to normal production rates at their July meeting.

05 Jul 2019

Tallink Gets Finance for LNG Ferry

Estonian shipping company Tallink Tallink Grupp has borrowed  EUR 197.6 million to finance the new EUR 247 million LNG powered fast ferry currently under construction in Rauma Marine Constructions Oy.The loan agreement was concluded between AS Tallink Grupp subsidiary Tallink Superfast Ltd. and KfW IPEX-Bank GmbH, the shipper said.The loan is arranged and long term financing is provided by KfW IPEX-Bank GmbH. Finnish Export Credit Agency “Finnvera” guarantees 95 per cent of this post-delivery buyer credit.The loan is secured by the mortgage on the new vessel and the corporate guarantee of AS Tallink Grupp.This OECD-term export credit loan will be drawn on the delivery of the vessel…

03 Jun 2019

IMO to Promotes Multilingualism

Multilingual communication is essential in bringing the work of the United Nations closer to the world’s citizens, fostering trust among Member States and facilitating informed decision-making.By making information available in all official languages, the language and conference services enable their organisations to communicate better, and to be more open, accountable and participatory.International Maritime Organization (IMO) confirmed its commitment to multilingualism at the International Annual Meeting on Language Arrangements, Documentation and Publication (IAMLADP) in Brussels, Belgium (27-29 May).IAMLADP is an international forum…

23 Apr 2019

IEA Says Oil Markets Adequately Supplied

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.Further tightening of sanctions on Iran will have an impact on its export capacity. Iranian shipments of crude and condensates are running around 1.1 million barrels a day (mb/d) in April, 300 000 barrels a day lower than March, and 1.7 mb/d lower than May 2018.As a result of OPEC’s high compliance rate with the agreed supply cuts in the OPEC+ group, global spare production capacity has risen to 3.3 mb/d, with 2.2 mb/d held by Saudi Arabia and around 1 mb/d by the United Arab Emirates…

10 Dec 2018

EU Updates List of Ship Recycling Facilities

European Commission adopted a new Decision amending Implementing Decision (EU) to update the European List of ship recycling facilities. The said decision has been published on Monday in the Official Journal of the EU.With the 4th version of the list, the European Commission and the Member States add 6 new facilities to the list. These include, for the first time, 3 facilities which are located outside the EU -2 in Turkey and 1 in the United States-. The European Shipowners are fully supporting the expansion of the EU list, and in particular the inclusion of compliant facilities worldwide. From 31st December 2018, the EU Ship Recycling…

19 Mar 2019

Fakes Make Up 3.3% of Global Trade

Trade in counterfeit and pirated goods, mostly originated in China, has risen steadily, posing a major challenge in an innovation-driven global economy, revealed a new study.Trade in counterfeit and pirated goods has risen steadily in the last few years – even as overall trade volumes stagnated – and now stands at 3.3% of global trade, according to a new report by the Organisation for Economic Co-operation and Development (OECD) and the EU’s Intellectual Property Office.Trends in Trade in Counterfeit and Pirated Goods puts the value of imported fake goods worldwide based on 2016 customs seizure data at USD 509 billion, up from USD 461 billion in 2013 (2.5% of world trade).For the European Union, counterfeit trade represented 6.8% of imports from non-EU countries, up from 5% in 2013.

03 Apr 2019

Oversupply Cause Failure in Shipping Market

The oversupply of tonnage in the shipping industry and unsustainably low freight rates is still a major challenge ten years after the massive downturn of 2008.Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) cautioned that shipping companies needed to show restraint when ordering new ships, to prevent stifling recovery."Yet the dark clouds of protectionism and slowing growth in key economies mean that the avoidance of overordering is now more important than ever,” Bennett said.He acknowledged that individual operators would legitimately make their own individual business decisions regarding new tonnage.“Opinion is still divided on whether the rapid globalisation that has been experienced in the last thirty years may have run its course…

14 Feb 2019

BIMCO to IMO: "Use Real Data"

BIMCO, the largest of the international shipping associations representing shipowners, has proposed that the Fourth International Maritime Organization (IMO) Greenhouse Gas Study does not include unrealistically high gross domestic product (GDP) growth projections to predict future transport demand - and thereby emissions - of the shipping industry.“It is imperative that the industry – and the world – base discussions and actions to reduce emissions from shipping on credible and realistic projections. If not, we risk making the wrong decisions and spending resources ineffectively,” says Lars Robert Pedersen, BIMCO Deputy Secretary General.BIMCO…

10 Dec 2018

Scientist Pool Data to Create the $3B Ocean Map

© peteri/Adobe Stock

For experts in the field of ocean mapping it is no small irony that we know more about the surfaces of the Moon and Mars than we do about our planet's sea floor."Can you imagine operating on the land without a map, or doing anything without a map?" asked Larry Mayer, director of the U.S.-based Center for Coastal and Ocean Mapping, a research body that trains hydrographers and develops tools for mapping."We depend on having that knowledge of what's around us - and the same is true for the ocean…