LNG is a risk-fraught waste of time as a fuel for shipping, and it will only delay the transition to sustainable fuels, warned the the UK's High-Level Climate Action Champion at the presentation of an LNG report from the World Bank.
Large container vessels arrive late far too often, which creates challenges for both freight forwarders, shippers and carriers. "What irritates us all is that freight rates have gone through the roof, while service levels have deteriorated," says Dominique von Orelli, CEO of sea freight at DHL Global Forwarding.
DFDS's core markets in the UK and Turkey are doing better than expected, and the company now expects to raise more money from operations this year. Passenger traffic is still the largest uncertainty, and vaccines are crucial, says CEO to ShippingWatch.
A much-discussed report from the World Bank, which dismisses LNG as a fuel option to achieve the IMO's 2050 climate target, does not change French CMA CGM's plans to launch more LNG-fueled container vessels, the company says to ShippingWatch.
The leading Baltic Dry Index for the dry bulk market is at its highest in 10 years. Most recently, capesize has skyrocketed on an extraordinarily strong Chinese import, according to shipping organization Bimco.
Shipping group d'Amico reshuffles the management of its Dry Cargo business and appoints Cesare d'Amico as new CEO of the business unit. He hopes dry bulk is headed for recovery after years of uncertainty and volatility.
Keppel Offshore & Marine saw revenue decline in the first quarter, resulting in a bottom line deficit. The shipyard was the only company among Keppel Corporation's key businesses that was loss-making during the period, according to an update.
Capacity at the EU-approved recycling yards only sits a 40 percent utilization, while ships are being recycled on beaches in India under poor conditions for both the environment and employees. "That's not okay," said Denmark's Minister of Environment Thursday.
Revenue at Semco Maritime, which specializes in technical installations on drilling rigs and offshore wind farms, took a small hit in 2020, but the company has succeeded in raising its operating income.
Better-than-expected freight results lead DFDS to upgrade its 2021 outlook. At the beginning of the year, the outlook was low, but the recovery has since been faster than the company expected, said DFDS.
Greek shipping is a source of stable business for shipping banks in Hamburg, Germany. Greek shipowners are resilient and as important as German clients to banks such as Berenberg and HCOB. After years of hardship, however, German shipowners may be ready for a comeback, banker tells ShippingWatch.
Industry players such as BW Group, Danish Maritime Industry and the Maritime and Port Authority of Singapore agree that collaboration on decarbonization trumps competition. Andreas Sohmen-Pao describes differing views on LNG as partly a matter of personal philosophy.
Belgian tanker carrier Euronav welcomes the US announcement on new climate ambitions for shipping, but the company would like to see an increased focus on the IMO's 2030 target, says CEO Hugo de Stoop to ShippingWatch.
The orderbook shrunk at Wärtsilä, which supplies scrubbers and ballast water treatment systems to the maritime industry. The bottom line also took a dip, but the Finnish company expects higher demand in the near future.
Increased efficiency is not enough to achieve the goal of a climate-neutral fleet, says German Shipowners' Association after Wednesday's announcement from the US to reduce shipping emissions to zero by 2050. It will require a "technological revolution".
Major US ports Long Beach and Los Angeles have handled a record number of containers in the first months of the year, in which bottlenecks and the Covid-19 pandemic has resulted in container queues off the US West Coast.
Nordic carriers are positively attuned to the announcement from the White House to make the shipping sector CO2-free by 2050, believing it will change the IMO's agenda, while others are more hesitant. Drastic changes are required, they say.
It will become more difficult for the maritime industry to self-govern whether or not the sector can call itself environmentally sustainable. Today, the EU presents a proposal that defines sustainable shipping for companies and investors.
Container carrier ONE, shipyard Sembcorp and the BW group are among the names that have now teamed up to raise money for a new maritime decarbonization center in Singapore in collaboration with the city-state's port authority. The parties will add USD 90 million to realize the plans.