Tankers Defer Retrofits to Cash in on Record Freight Rates
Tankers that had been scheduled to install emissions-cutting equipment ahead of stricter pollution standards starting in 2020 have deferred their visits to the dry docks to capitalize on an unexpected surge in freight rates, three trade sources said.U.S. sanctions on subsidiaries of vast Chinese shipping fleet Cosco in September sparked a surge in global oil shipping rates as traders scrambled to find non-blacklisted vessels to get their oil to market.The rates for chartering a supertanker from the U.S.
Exxon, Trafigura Tap Lower Freight Rates
U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia's ESPO Blend oil sent buyers back to U.S. grades, according to market sources.Oil shipping costs for United States Gulf Coast to Asia cooled this week from record highs on the prospect of more vessels becoming available. Nearly 300 oil tankers globally were placed off limits due to U.S. sanctions on Iran and Venezuela.Seventeen supertankers returned to service in October after being sidelined for overhauls, as 11 entered drydocks.
Tankers Defer retrofits as Record Freight Rates Beckon
Tankers that had been scheduled to install emissions-cutting equipment ahead of stricter pollution standards starting in 2020 have deferred their visits to the dry docks to capitalise on an unexpected surge in freight rates, three trade sources said.U.S. sanctions on subsidiaries of vast Chinese shipping fleet Cosco in September sparked a surge in global oil shipping rates as traders scrambled to find non-blacklisted vessels to get their oil to market.The rates for chartering a supertanker from the U.S.
Interview: Tore Morten Olsen, President Maritime, Marlink
Tore Morten Olsen, President Maritime, Marlink, discusses the pace and direction of high speed comms in maritime.Using metrics of your choice, put in perspective where we are today in terms of getting shipowners to adopt high speed communication solutions.The term broadband has been used in the maritime industry for at least a decade and if we are to follow the FCC’s definition which was upgraded to 25mbps from 4mbps (download) in 2015, then those high speed internet services are nothing of the sort.However, everything is relative.
DACKS Delivers Bulk Carrier FJM Glory
Panama-based Stiringaster Line has taken delivery of FJM Glory, a 61,000 dwt bulk carrier newbuilding.The delivery ceremony took place in China at the Dalian COSCO KHI Ship Engineering (DACKS) shipyard, jointly operated by Kawasaki Heavy Industries (KHI) and China COSCO Shipping.The 77,539 cbm vessel features a length of 199.9 meters, a width of 32.24 meters and can accommodate 25 people.The ship has a flush deck with a forecastle and five holds that are designed for optimum transport of grains, coal, ores and steel products.
EU/IMO Project Drives Energy Efficiency
A global network of maritime technology cooperation centers has completed an impressive array of pilot projects over the past three years, helping to drive forward the changes which are required to reduce GHG emissions from shipping.Five regional Maritime Technology Cooperation Centres (MTCCs) have been established under the Global Maritime Technology Cooperation Centers (GMN) Project, which is funded by the European Union and implemented by the International Maritime Organization (IMO)…
MOL Intros AR Navigation System
Japanese transportation major Mitsui O.S.K. Lines (MOL) announced that, along with Furuno Electric, it made a joint presentation of their advanced augmented reality (AR)-based Navigation System.The presentation introduced the background behind the technology and development of the system, as well as MOL’s efforts to "forge ahead to become the world leader in safe operation."The AR Navigation System provides visual support to crew-members during their watch-keeping and ship operations by using AR technology to superimpose real-time video imagery and voyage information.Large tankers…
GTT Intros Several Advances in LNG Tech
French multinational naval engineering company Gaztransport & Technigaz (GTT) announced several advances in its technology development process.The American Bureau of Shipping classification society issued the "LNG Cargo Ready" rating to GTT for its latest VLEC (Very Large Ethane Carrier) model, a first in the ethane sector. The rating certifies that the ethane carriers can be used to transport liquefied natural gas without having to convert the ship's tanks.GTT also received approval…
MSC Rejects Northern Sea Route
Mediterranean Shipping Company (MSC), the world’s second-biggest container shipping line, has decided not to use the Arctic as a new short cut between northern Europe and Asia and will instead focus on improving environmental performance on existing global trade routes.In declaring the northern sea route out of bounds, MSC follows CMA CGM and Hapag-Lloyd that have similarly eschewed the commercial benefits of an Asia-North Europe option that is 30 percent shorter than the southern…
Maldives Hosts Maritime Security Workshop
The International Ship and Port Facility Security Code (ISPS) is mandatory instrument addressing the safety and security of ships, ports, cargo and crew, says International Maritime Organization (IMO).According to the UN body, it contains detailed security-related requirements for Governments, port authorities and shipping companies to ensure preventive measures can be taken if a security threat is determined.Maldives has become the latest country to receive maritime security training from IMO on the ISPS Code…
Lloyd’s Maritime Academy Adds New Tech Courses
Lloyd’s Maritime Academy launched a new portfolio of courses focusing on Technology and Innovation. “Digitalization is becoming part of everyday life within shipping where techniques from other industries such as big data and cyber security are being adopted," said Paul Napper, Course Developer at Lloyd’s Maritime Academy. "It’s important that people working within maritime have a strong understanding of these techniques and the positive impact they can have. Maritime assets such as ships are expensive therefore…
DOJ: Failure to Report Hazardous Condition
Two shipping companies incorporated in Liberia pled guilty today in federal court in Wilmington, Delaware, to failing to notify the U.S. Coast Guard of a hazardous condition on one if its vessels and to violating the Act to Prevent Pollution from Ships (APPS) by presenting false documents to the Coast Guard that covered up vessel oil pollution.Jeffrey Bossert Clark, Assistant Attorney General of the Justice Department’s Environment and Natural Resources Division and David C. Weiss, U.S. Attorney for the District of Delaware announced the plea agreement.
EU/IMO Global Project Drives Energy Efficiency
The GMN global network of maritime technology cooperation centers has completed numerous pilot projects over the past three years, helping to drive forward the changes which are required to reduce GHG emissions from shipping. A global network of maritime technology cooperation centers has completed an impressive array of pilot projects over the past three years, helping to drive forward the changes which are required to reduce GHG emissions from shipping.Five regional Maritime…
Tanker Deliveries Up 37%: BIMCO
Delivered tonnage of crude oil tankers have grown by +37%, whereas total fleet demolitions for 2019 have slumped to the lowest in a decade with a reduction of 52% from the year before, says BIMCO, the largest of the international shipping associations representing shipowners.Newbuilding orders have remained low through the year with contracted tonnage down by 48%, it said.Amidst a market filled with uncertainty and geopolitical unrest, BIMCO maintains its bearings and turns to the market fundamentals to cut through the mist of market speculation and uncertainty-driven hype.
Tankers Switch from Clean to Dirty as Rates Surge
A recent surge in tanker rates due to U.S.
BV Calls for Higher Ship Recycling Standards
Bureau Veritas Solutions Marine & Offshore is encouraging the shipping industry to embrace higher standards in ship recycling and offering its guidance to help meet the challenge of compliance. BVS, with a network of trained experts world-wide, provides ship owners, ship managers and ship recycling facilities with a full scope of services to support compliance. This is both during the operational life of a vessel and through the end-of-life phase, in order to enable all parties…
Partners Developing LNG-fueled VLCC
Partners involved in a new joint development project (JDP) have set out to design a very large crude carrier (VLCC) that will run on liquefied natural gas (LNG) fuel.Lloyd's Register (LR), China Merchants Energy Shipping Co., Ltd. (CMES), CNOOC Gas and Power Group, Dalian Shipbuilding Industry Co., Ltd. (DSIC), and GazTransport and Technigaz SA (GTT) have teamed up to evaluate design options for an LNG-fueled VLCC that uses a prismatic GTT Mark III membrane LNG tank. The scope of the JDP includes reviewing solutions to minimize construction costs for LNG-fueled ships…
COSCO VLCC Wins Temporary Sanction Relief
A supertanker owned by COSCO Shipping Tankers (Dalian) has received a temporary waiver from U.S. sanctions that has allowed the ship to discharge crude oil cargoes, a source with direct knowledge of the matter said on Wednesday.The Very large crude carrier (VLCC) Coswisdom Lake, which discharged some crude in Singapore last week, offloaded its remaining oil at Brunei on Wednesday, shipping data on Refinitiv Eikon showed.The sanctions will resume after the cargoes are discharged, the source said.Sanction waivers were also being sought for a very large crude carrier carrying U.S.
U.S. Great Lakes Ports on Pace to Beat 2018 Volumes
U.S. Great Lakes ports are on pace to beat 2018 cargo volumes following a robust September handling road salt, cement, stone, petroleum and wind energy components.“U.S. Great Lakes ports are reporting cargo growth as they support the region’s construction activity and energy needs and help our cities prepare for the winter ahead,” said Bruce Burrows, President of the Chamber of Marine Commerce. “Iron ore exports from Minnesota to Japan and China via the St. Lawrence Seaway are also continuing.”Overall, St.
Two LNG Dual-Fuel DP Shuttle Tankers Unveiled
AET, a petroleum tanker owner and operator, has named its newest vessels, two of the world's first LNG Dual-Fuel Dynamic Positioning Shuttle Tankers (DPSTs). The vessels, the cleanest DPSTs ever built, will emit 40-48% less carbon than equivalent vessels built in 2008, meeting the International Maritime Organization's (IMO) target of reducing carbon (CO2) emissions by 40% against 2008 baselines by 2030, and halving CO2 emissions by 2050.These LNG Dual-Fuel DPSTs also emit 85% less SOx…
BIMCO’s Sand to Offer Boxship Insight in Athens
BIMCO’s Chief Shipping Analyst, Peter Sand, will be speaking and providing the audience with unique insights on the container market at the European Shipping Seminar on November 27, 2019 in Athens, Greece.The European Shipping Seminar, hosted by S&P Global Platts, will discuss the various topics relating to the commercial shipping markets and take a deep dive into how the shipping industry will navigate its way through the uncertain environment of the IMO 2020 Sulphur Cap.Container shipping outlookBIMCO has persistently stressed that trade wars and protectionism are negative for shipping.
U.S. Shipping Sanctions Give Boost to EU Refiners
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said.Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.Complex refining margins for advanced facilities capable of extracting even more valuable products like diesel and gasoline, have been especially strong in Europe, industry sources said.The U.S.
Gazprom Neft Sets-up Lubes Shop in Singapore
Russian oil and gas company Gazprom Neft has established Gazpromneft Marine Lubricants, a new operating company with an office in Singapore.The new business will manage the sales and logistics network for the group’s marine lubricants in Southeast Asia and Europe. The group aims to achieve a 4% market share in the international marine lubricants market by 2030.The marine lubricants and oils range, available under the Gazpromneft and Gazpromneft Ocean brands, includes 43 branded high-tech products for all kinds of marine equipment…