Next month, South Korea will announce measures to give its yards and suppliers financial assistance so they can develop new technologies and win new orders.
US President Donald Trump is now allegedly prepared to back a controversial proposal related to the global sulfur cap. But the proposal represents a failed coup attempt, several sources tell ShippingWatch. Others are less certain.
A new bunker adjustment factor at Hapag-Lloyd will help ensure two things, explains Juan Carlos Duk, managing director of global commercial development, to ShippingWatch. The BAF will very much address longstanding criticism from customers.
Higher prices and concerns over the order book have meant that the number of new orders for the major VLCC vessels in the third quarter landed at zero, writes JP Morgan in a new report.
Arabian port major DP World is considering investing in Eritrea as a possible key destination at the Horn of Africa, says CEO. Eritrea could thus become an alternative to Djibouti, where the company is in a dispute with the government concerning a terminal concession.
Norwegian Aker BP achieved a revenue of one billion dollars in the third quarter and a combined result of USD 123 million after taxes, shows the interim report for the quarter. Rising oil and gas prices boosted the result.
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Ships carrying more than 20 million barrels of oil from Iran are headed for China in the coming weeks, and the oil will perhaps be sold to Chinese customers before the sanctions against Iran come into force, reports Reuters.
For the second time within a few days, Norwegian firm Equinor has divested of its ownership share on the Norwegian shelf. This time, the sale price is USD 220 million and the buyer is a Polish oil and gas company.
The Swedish government has approved prosecution of the CEO and chairman of Sweden's biggest oil company for crimes against humanity in South Sudan.
The US and China want the World Trade Organization to address the case of increased customs tariffs.
The environment and an upcoming critical meeting of the IMO characterized the week at ShippingWatch with the question about future environmental cheaters and whether a heated environmental debate will end up as a failed coup. Also read about Maersk's transformation and a major German acquisition by V. Group.
Over the next week it will become clear how ambitious the world's countries actually are in terms of reducing the shipping industry's CO2 emissions. Several countries are pushing for action now, while others seem to be in less of a hurry and have low ambitions.
While new cases of bad bunker seem to have come to a halt, existing cases are still causing headaches among shipowners, charterers and suppliers, says Mathias Steinø, partner at firm Hafnia Law, to ShippingWatch.
A total of 113 ships were sold for shipbreaking in the third quarter, according to the most recent report from NGO Shipbreaking Platform. Several fatal accidents occurred in India .
The Union of Greek Shipowners criticizes the IMO for allowing scrubbers as a solution to ensure compliance with the 2020 sulfur regulations, writes Seatrade Maritime. Instead, everyone should be using low-sulfur fuel, they say.
Detour trades, in which ships switch destination to benefit from higher cargo prices, looks set to become challenging when the new global sulfur regulations come into force on Jan. 1, 2020, say several analysts.
Swiss Kuehne + Nagel experienced double-digit growth in its revenue in the third quarter, however, the margins faced some pressure. Seafreight grew twice as much as the market.
Energy giant Shell is selling its 36.8 percent share of oil and gas infrastructure in the North Sea for USD 1.9 billion.
Singapore's port authority has signed two declarations of intent in an effort to kick-start the use of 3D printing in the maritime industry.
ExxonMobil bridges its billion dollar investment in LNG production around the world with a new import terminal in China, Reuters reports. The american company will also initially end up sidestepping tariffs, the media bureau writes.
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