MARKETS: Hedge Funds Sell Oil
Hedge funds have reduced their position in petroleum futures and options for the first time in 16 weeks, the first weekly net sales since the first successful coronavirus vaccine trials were announced in early November.Hedge funds and other money managers sold the equivalent of 9 million barrels in the six most important petroleum futures and options contracts in the week to Feb. 23.The sale comes after portfolio managers purchased a total of 548 million barrels over the previous 15 weeks, according to records published by ICE Futures Europe and the U.S.
CMA CGM to Expand LNG-powered Fleet to Transpacific Route
Container shipping line CMA CGM is to expand its fleet of natural gas-powered vessels to cover the busy trans-Pacific route between China and the United States as part of a push to use the fuel to reduce pollution, the group said on Thursday.CMA CGM will deploy by next year six chartered ships with a capacity of 15,000 20-foot equivalent units (TEU) each on its China-Los Angeles service, representing the largest liquefied natural gas (LNG) fueled vessels to call in the United States, it said in a statement.The deployment will bring to 32 the number of LNG-powered ships in CMA CGM’s fleet and a
Corpus Christi, Rotterdam Ports Announce Partnership
The U.S.’ largest energy export gateway and Europe’s leading industrial deepsea port have entered into a Memorandum of Understanding that will allow the two global entities to collaboratively improve their global maritime operations.The Port of Corpus Christi and the Port of Rotterdam have outlined a number of shared objectives, which include codeveloping trade and commercial opportunities, fostering an exchange of information, and advancing the development and deployment of innovative technologies specifically related to navigational safety and environmental protection.Sean Strawbridge…
Maersk Backs Plan for Green Ammonia Plant in Denmark
Shipping group Maersk said on Tuesday it was among a group of companies backing a plan to build Europe's largest green ammonia plant in Denmark as part of its ambition to shift to carbon-neutral ship fuel.The project, led by fund management firm Copenhagen Infrastructure Partners (CIP), will convert green power from North Sea offshore wind parks to zero-carbon ammonia that can be used to power ships and as agricultural fertilizer.Maersk said last week it would accelerate plans to decarbonize seaborne container shipping by putting the world's first vessel powered by carbon-neutral fuel into ope
LR Announces Maritime Executive Leadership Appointments
Among his first key appointments since taking the helm of Lloyd’s Register (LR) in January, Chief Executive Nick Brown has named three new members of LR’s executive leadership team: Mark Darley as Business Director, Marine and Offshore, Andy McKeran as Business Director, Maritime Performance Services and Philippa Charlton as Chief Marketing Officer.“LR recognizes that maritime stakeholders must rise to the demands of changing technology and the drive to decarbonize our industry.
Container Shipping Looks Strong in 2021 - BIMCO
In the full year of 2020, global container shipping volumes fell by 1.2% compared with 2019, much less than feared even before the pandemic was first declared, and much recovered compared with the 6.8% drop recorded in the first six months of the year. Volumes in the second half of the year were up 4.2% from 2019. Much of this growth was concentrated on just a few trade lanes, with congestion and imbalances on these spilling out and causing disruption on other trades.BIMCO expects that 2021 will be even better for container shipping than 2020…
Port of Rotterdam Freight Volumes See Biggest Drop in Decade, But Smaller Than Expected
Freight volumes in the Port of Rotterdam fell 6.9% in 2020 because of the coronavirus crisis, the biggest drop in about a decade but smaller than had been expected, Europe’s largest sea port said on Friday.The port's Chief Executive Allard Castelein told reporters he expected a recovery that began in the second half of 2020 to continue this year but said throughput was not expected to reach pre-crisis levels in 2021.The fall in traffic in 2020 was the largest since 2009, taking throughput down to levels last seen in 2011, he said.Traffic took a big hit in the first phase of the pandemic, as tr
Ship Tech: GHG Emission Reduction focus of NYK LNG-Fueled PCTC Newbuilds
NYK has concluded a shipbuilding contract with China Merchants Jinling Shipyard (Nanjing) Co. Ltd. for four LNG-fueled PCTCs to be delivered from 2022 to 2023, intended to transport vehicles mainly to/from Europe and/or to the Middle East.The ships are designed with GHG emission reduction, and to that end they will be outfieed with WinGD’s X-DF2.0 iCER main engine, the first time they will be utilized in the world. According to NYK, the engine consumes less gas and reduces GHG by cutting methane emissions from exhaust gas by approximately 50%.
Michelin to Use Sailing Cargo Ships for Tire Transport
The Michelin Group said it signed a deal with French startup NEOLINE to transport its tires across the Atlantic aboard sailing cargo ships. The move aims to reduce CO2 emissions from the manufacturer's logistics operations.The partners expect to begin containerized tire shipments aboard NEOLINE's "wind-powered" vessels on a pilot line from Halifax (Canada) to Saint-Nazaire - Montoir de Bretagne (France) by 2023.NEOLINE, which already has transport agreements with companies such as Jas Hennessy & Co.…
Hapag-Lloyd Secures 'Green Financing' for LNG-powered Newbuilds
German shipping company Hapag-Lloyd has joined the shift to green financing, securing funds for six liquefied natural gas (LNG) powered, 23,500 TEU containerships it ordered in December 2020.The firm said it concluded two transactions according to the Green Loan Principles of the Loan Market Association (LMA), as verified by independent secondary party DNV GL, as the shipping industry increasingly turns toward financing linked to measurable sustainability targets."Our first green financings are a major milestone for us…
Hestbaek Takes the Helm at Hamburg Süd
Long-serving Hamburg Süd executive Poul Hestbaek will take the CEO reins from Dr. Arnt Vespermann, who will step down after more than 20 years at the German container shipping company.Hestbaek has been with Hamburg Süd since 2004 and is currently the company's CCO. The 59-year-old shipping-industry veteran has previously been responsible for the liner shipping company’s commercial business on several continents, including Latin America, Europe and Asia/Pacific.Vespermann joined…
Fueltrax Announces Expansion in Asia
Maritime fuel management systems provider Fueltrax said it is expanding its representation in Asia in response to growing demand for its solutions in Southeast Asia and Asia Pacific regions. Joining the company is Faiz Azani, Director of Operations – Southeast Asia, and Chris Pemberton, Regional Representative – Asia PacificAzani joined the FUELTRAX team last month and brings 11 years of experience in the oil and gas, shipping, and marine industry, focusing on Southeast Asia, Europe, & the Middle East. He is a former marine expert to Malaysia Petroleum Management (MPM) of PETRONAS.
Global Energy Group Gets Financial Boost for Port of Nigg Facility Expansion
Scottish regional development agency, Highlands and Islands Enterprise (HIE), has approved an investment of up to £8.3m in Scottish Government funding for an £18.9m project to develop the East Quay at Global Energy Group's Port of Nigg facility.The project is aimed at helping the Highlands and Islands economy benefit more from the growth in renewable energy development, as well as meeting the needs of GEG's existing clients.Once completed, the new facility is projected to bring…
Why the EU’s Proposed Carbon Border Levy is an Important Test
In the more than two decades since the Kyoto Protocol was adopted, national policies on climate change have had dangerously and disappointingly little effect on global emissions.Within the current economic system, perhaps the most ambitious attempt to reduce emissions has been the EU’s emissions trading system (or ETS). In operation since 2005, the ETS covers more than 11,000 heavy-energy-using power stations, factories and airlines, representing around 40% of the EU’s greenhouse gas emissions.
Teresa Peacock Joins Dryad Global as Non-executive Director
Maritime security risk management firm Dryad Global announced Tuesday it has appointed Teresa Peacock as its first non-executive director.Peacock is currently managing director at maritime staffing and recruitment firm Spinnaker Global and a member of the Maritime UK’s Diversity Taskforce, a board member of the Women's International Shipping & Trading Association (WISTA UK) and a part of the All Party Parliamentary Group for Women and Work. Her experience spans a career in recruitment of over 30 years…
BIMCO: Tanker Market Hangover Continues
Tanker shipping was in many ways the odd one out of the shipping sectors in 2020; at the start of the pandemic, the market was strong, only to finish off the year in the doldrums, while the other sectors stayed profitable. Even a demand boost in December only managed to lift earnings slightly, raising the question, what will it take for tankers to return to profitability?In the immediate aftermath of the pandemic being declared, tanker shipping appeared immune, but it too has suffered from lockdowns and travel restrictions.
Valenciaport to the Fore in Spain's LNG Bunkering Ops
Valenciaport is at the forefront in Spain in the supply of LNG (Liquefied Natural Gas) by the shipping company Baleària. Specifically, in 2020, the Dénia-based company carried out a total of 291 natural gas supply operations, reaching 26,777 cu. m., in the Port of Valencia, which represents 40% of the bunkering operations carried out by the company in Spain. The Port Authority of Valencia (PAV) and Baleària have been collaborating for years in the introduction of LNG and the improvement of supply services to ships with this fuel with the implementation of the Multi Truck to Ship System (MTTS).
Inmarsat Milestones: 10k Ships with Fleet Express Installed, 'Fleet Data Academy' Launched
Ship data consumption is booming, and as digitalization and data trends increasingly drive the maritime world, Inmarsat celebrated a pair of milestones, hitting the 10,000 vessel mark on Fleet Xpress installations and launching its "Fleet Data Academy."Traffic DoublesAccording to Inmarsat, the growth in Fleet Xpress now includes the world’s leading container ship and tanker owners, such as MOL, K-Line and Hapag-Lloyd, offshore support giants like Bourbon, Tidewater and Maersk Supply, as well as growing numbers of yachts, passenger ships and fishing boats.
After Brexit, Ireland and France cut Out the Middleman: Britain
From his office overlooking Cherbourg docks, general manager Yannick Millet points to trailers destined for Ireland that belong to Amazon and FedEx, new customers and a signal of a potential big shift in post-Brexit trade.Confronted by red tape and delays after Britain’s messy exit from the European Union, Irish traders are shipping goods directly to and from European ports, shunning the once-speedier route through Britain.“You see the shift in supply chains right here,” he said.All five operators connecting Ireland to mainland Europe have increased ferry services in the past nine months…
Gambia Seizes Huge Cocaine Haul from Shipping Container
Gambian authorities seized nearly three tonnes of cocaine from a shipment of industrial salt originating in Ecuador, a spokesman said on Friday, in one of the largest ever busts in West Africa.The 118 bags of cocaine were discovered on Thursday during a search of a container shipped from the port of Guayaquil in Ecuador and through Algeciras in Spain, said Ousman Saidybah, a spokesman for Gambia’s drug enforcement agency.It was not clear where the cocaine was ultimately headed.
Hamworthy Names New CEO
Singapore-based marine and offshore pump manufacturer Hamworthy Pumps has appointed Hans Christiaan Laheij, 48, as its new CEO.The new CEO will join the company on January 15, 2021. He has recently worked with German propulsion specialist Schottel in the position of Deputy CEO & President Marine. For a number of years, he has held several managerial positions at Wärtsilä and he has previously been living and working in the Asia-Pacific Region for a total of 15 years."Hans Christiaan…
Ireland: Large Fire at Port of Cork Under Control
Firefighters have brought a large fire at the southern Irish port of Cork under control and no casualties were reported, the port authority, which recently started offering more "Brexit-proof" direct sailings to mainland Europe, said on Saturday.The blaze began in a grain store at a deepwater berth used for freight services, the port authority said shortly after 0930 GMT, urging local residents to keep all doors and windows shut and remain indoors.It said just over an hour later that the fire was under control."Emergency services remain on site to monitor the area.
Ireland Eases Customs Rules as Low Demand Stops Ferry Sailings
Ireland's tax authority temporarily eased post-Brexit customs arrangements after some trucks were unable to deliver goods from Britain, difficulties that prompted the largest Irish Sea ferry operator to cancel some sailings from Friday.Britain's departure from the EU's orbit introduces reams of paperwork and costs that must be completed to move goods across the new customs border. For Irish firms, it means a 12-fold rise in the number of import and export declarations, the tax…
EU Imposes Duties on Some Turkish Iron, Steel Imports
The European Union will impose tariffs from Friday on hot-rolled iron and steel products from Turkey based on an ongoing investigation into dumping.The duties will range from 4.8% to 7.6% and affect Turkish companies Erdemir, Isdemir, Colakoglu Metalurji and Habas, according to the text of the EU official journal published on Thursday.The complaint shows that EU steel consumption was 4% lower in 2019 than 2016, while Turkish exporters increased their market share to 8.1% from 2.8%…
BIMCO: Global Container Volumes Projected to be Down 1.5% for 2020
Despite the alarming headlines in the spring of last year, container shipping proved remarkably resilient in 2020 in terms of volumes as well as freight rates. After a 5.0 million TEU (7.3%) drop in volumes in the first five months of the year, volumes were down by only 1.7% - a loss of 2.6 million TEU – by the end of November.Of the three largest trades, Far East to North America has been the best performing, up by 1.1m TEU (6.4%) in the first 11 months of the year. The last few months have been the strongest for this trade…
Maersk Says European Lockdowns Have Not Dented Demand for Shipping
High shipping rates are set to continue for at least several weeks, despite new coronavirus lockdowns in Europe, boosted by demand for furniture, exercise equipment and home improvement goods, shipping group Maersk said on Wednesday.A surge in demand from shoppers sheltering at home in a worsening COVID-19 pandemic has upended normal trade flows and triggered a spike in the cost of moving goods around."There are simply not enough containers in the world to cope with the current demand…