Over one-third of world fleet could fall short on IMO CII ratings Data from Ship Review, a ship ESG assessment platform launched by Berlin, Germany, based Scope ESG Analysis GmbH, indicates that, based on data from 2020, more than one-third of the world fleet
New rail ferry completes first U.S.-Mexico round trip CG Railway, LLC (CGR), a joint venture between Genesee & Wyoming Inc. and SEACOR Holdings Inc., today announced that its new, state-of-the-art rail ferry, the Cherokee, completed its maiden round-trip voyage with
Eastern Shipbuilding cuts steel for third OPC Panama City, Fla., based Eastern Shipbuilding Group, Inc. (ESG) yesterday commenced construction of USCG Ingham (WMSM-917), the third ship in the Heritage class offshore patrol cutter (OPC) program. The occasion was observed
American Cruise Lines paddlewheelers will get a new look Guilford, Conn., headquartered American Cruise Lines says that its fleet of four classic paddlewheelers is to get a major redesign, refit, and rebranding. A key element will be a new interior design
Solstad Offshore signs up North Sea vessels for new Inmarsat service Skudeneshavn, Norway, headquartered Solstad Offshore ASA is to switch a number of its North Sea vessels to Inmarsat's new Fleet LTE service. Offshore vessel operators commonly buy LTE and VSAT connectivity separately,
Port of Savannah to add 1.6 million TEU of capacity The Georgia Ports Authority Board has approved more than $34 million to help expedite an additional 1.6 million twenty-foot equivalent container units in capacity that will begin coming online in December. "In
Cape futures make gains as spot market soars to new heights Backwardation will persist given uncertainty over demand linked to lower iron ore pricing and the Evergrande situation, which knocked some...
Newbuildings cancelled over LNG uncertainty says Opec The future of liquefied natural gas in marine bunkers 'remains uncertain for the time being', resulting some newbuilding orders being...
Scrapping of tankers in sanctioned oil trading questioned Tankers were part of vintage subterfuge fleet of some 160 vessels engaged in shipping Iranian and Venezuelan crude
Insurance sector warns retailer charters may bust cargo cover limits 'If you charter your own ship and fill it up with your own stuff, you are going to smash through...
Carrier schedules in disarray as congestion and delays continue Containerships are being held up by port congestion in Asia, Europe and the US. With schedules viewed now more in...
Energy transition curbs medium-term oil demand Opec argues that energy poverty eradication is more important than meeting climate change targets
Hapag-Lloyd takes stake in Wilhelmshaven terminal Hapag-Lloyd had shown little interest for investing in container terminals in the past. Its stake in Container Terminal Wilhelmshaven will give...
Shipping feels impact of China's power crunch The power shortage has raised questions regarding China's restrictions on coal imports from Australia, compounded concern about stalling container freight...
Daily Briefing Tanker futures show freight rate rally on hold | Tanker market may gain from LNG's price pain | Political pledges...
Global oil demand to reach pre-pandemic levels in early 2022 Orders are forecast to rise to 100m barrels per day by the end of the year or in the first...
Maersk sells reefer business to CIMC for $1bn The deal 'provides the group with the possibility of extending the refrigeration technology of marine cold equipment to other group...
Can you hear me? US ports not 100% connected Dead spots are plaguing the flow of trade within the nucleus of their port bubbles. One wrong step at the Port of Los Angeles and...
Southeast US ports seek to ramp up container capacity The East Coast ports of Savannah and Jacksonville are adding more container capacity amid long-term plans to serve as an alternative to West Coast ports.
Boeing adds capacity for 767 freighter conversions in China Boeing is beefing up its ability to convert older 767s for dedicated cargo operations with new production facilities in China.
Cyberattack thwarted at Port Houston Port Houston officials said they successfully defended the port against an attempted hack in August and "no operational data or systems were impacted."
Lithium battery maker airlifts assembly line to leapfrog port congestion High-tech manufacturer Enovix is not outsourcing production to Asia, unlike many predecessors. Its assembly line arrived in California on a giant plane.
Brazil's ANP approves reduced royalties for small, medium producers Brazil's National Petroleum Agency has reduced royalty rates for small- and medium-sized producers and simplified rules for producing fuels and other refined products in a series of new resolutions aimed at making Latin America's largest economy more attractive to investors.
OIL FUTURES: Crude rally pauses amid profit-taking, stronger dollar; energy squeeze backstops market Oil futures settled lower Sept. 28 as a downturn in the US equities prompted traders to book profits following an overnight rally.
Marine fossil fuels to dominate by 2050, but volumes to drop: Integr8 Fossil fuels in the marine sector are still likely to dominate the supply scene by 2050 despite tougher climate regulations, as attention shifts towards greater efficiency to meet emission targets instead, marine fuels management company Intergr8 said in a report released Sept. 28.
OIL FUTURES: Crude rally extends as market eyes bullish fundamentals, European energy squeeze Crude futures pushed to fresh highs with Brent threatening $80/b on the back of bullish fundamentals and record natural gas prices.
UK fuel supply crisis easing as service stations restock: fuel retailers The number of UK fuel stations without fuel due to delivery shortages and panic buying has fallen to about 37%, the UK's Petrol Retailers Association (PRA) said Sept. 28, down from around two-thirds of sites at the weekend.
Long-awaited Shenandoah start may spark more deepwater, high-pressure oil from US Gulf It will be 15 years between discovery and first oil at the recently sanctioned Shenandoah field when production starts in 2024. The wait may not only be worth it to new operator Beacon Offshore Energy, but if successful may open the prospect for future development of deepwater, high-pressure fields in the US Gulf.
OIL FUTURES: Brent pushes past $80/b as supply crunch continues 0700 GMT: Crude oil futures continued to rally to multiyear highs during mid-afternoon trade in Asia Sept. 28, with the ICE November Brent Futures contract breaching the $80/b mark for the first time since late 2018 as supply issues persist ahead of the rise in seasonal demand.
BP flows first oil, gas from US Gulf of Mexico's Thunder Horse phase 2 project BP has flowed first oil and gas from startup of the deepwater Thunder Horse South Expansion Phase 2 project in the US Gulf of Mexico, which should increase output from one of that region's largest fields by 25,000 boe/d gross at peak, the company said Sept. 28.
OIL FUTURES: Crude rally fizzles on profit-taking, stronger US dollar Oil futures turned lower midmorning Sept. 28 as a downturn in US equities prompted traders to book profits following an overnight rally.
OPEC long-term forecast sees global oil demand plateauing in 15-25 years Accelerated momentum behind energy transition will have oil demand plateauing in about 15-25 years, OPEC said Sept. 28, revising down its forecast of how much liquid fuels the world will need in the long term.
TotalEnergies trims spending plans, sticks with key energy transition targets TotalEnergies trimmed the upper end of its near-term capital spending plans on Sept. 28 but said it remains on track to grow its LNG and renewables business to become a major low-carbon energy company.
OIL FUTURES: Brent breaks the $80/b mark amid supply squeeze, surging gas prices The strength in the oil market continues to be driven by persistent tightness, buoyed by a return of healthier demand as pandemic-related restrictions ease.
Port of Fujairah expecting record throughput for liquid bulk in 2021: executive Fujairah Oil Terminal, or FOT, the largest independent storage terminal at the port by throughput, has begun a $45 million project to connect its crude oil tanks to the port's VLCC loading facility via the Matrix Manifold 2 and to ADNO's ADCOP pipeline, in a bet on a surge in oil trading from the newly started Murban futures on the ICE Futures Abu Dhabi exchange.
US crude offers to Asia climb amid rising freight rates: trade VLCC freight rates have climbed sharply this month amid strong winter demand and as Chinese charterers snap up tonnage ahead of the country's Golden Week celebrations.
APPEC: Asia oil demand approaching pre-pandemic levels as recovery gains steam Higher demand for fossil fuels gasoline and diesel was leading the recovery in Asia, with the consumption in some countries already past the pre-pandemic levels, but weak jet fuel demand was a drag.
INDIA DATA: August fuel oil exports halve on lower HSFO outflows, imports decline 24% "We tend to export only when we have an excess," a Bharat Petroleum source said.
APPEC: Future of oil bright but prices may dip to around $65-$70/b in 2022: BPCL executive The world is in the midst of adverse climate conditions because of the overuse of fossil fuels, prompting the industry to turn its attention to high technological and capital intensive investment regimes related to renewable energy such as wind, solar power and even green hydrogen, he said.
Global leaders must weigh energy poverty while setting climate policies: Barkindo Barkindo said the current gas crisis in Europe demonstrates the risks ahead if continued declines in oil and gas investment cause market volatility, particularly if supply falls but demand does not.
Fuel switching in MISO accelerates into autumn on cooler weather, high gas prices In MISO, market share for gas in the generation stack has dipped about five percentage points in September, giving way partly to wind and nuclear, but also coal-fired power, ISO data shows.
South Korea-delivered Marine Fuel 0.5%S bunker fuel premium hits 3-month high on tightening supply The SK Energy and Hyundai Oilbank units performing maintenance in October will likely dent refinery output and tighten supply that could cause premiums to rise further, traders said.
Singapore gasoil-marine fuel 0.5%S spread hits 2-year high on bullish gasoil, stable LSFO Underpinning the widening spread has been firmer sentiment in the ultra-low sulfur diesel market with support growing due to leaner export volumes from North Asia and favorable arbitrage economics, market sources said.
Singapore delivered 380 CST HSFO premiums rise to 17-month high Industry sources said that the strong buying of HSFO by consumers in the Middle East for power generation had reduced inventories of the grade in Singapore.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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