Several of the world's biggest commodity traders and fossil supermajors made record profits 2019 by playing clever hands in an unstable energy market year characterized by supply problems, Middle East conflicts, sanctions as well as maritime enterprises scurrying to prepare for the IMO2020 sulfur rules taking effect on Jan. 1.
A new preliminary study links the new low-sulfur fuels, which most of the commercial fleet now sails on, to black carbon. Environmental organizations call for answers and action from the IMO and oil companies.
Star Bulk Carriers is benefiting from its big bet on scrubbers, which protects the company against high bunker prices and a major dip in dry bulk rates. But it has not been easy getting to that point, says Chief Strategy Officer Charis Plakantonaki.
Many shipping companies welcome more sustainability, but several of them experience that requirements from investors and customers in particular are unclear. "Nobody knows what it is going to cost or exactly what is it that will cost," says Ridgebury Tankers CEO.
The security situation in the Gulf of Guinea off the coast of West Africa is unstable. The EU should protect ships against pirates far more than is the case today, Claes Berglund, new president of the European shipowners, tells ShippingWatch.
Norway's oil major wants to develop an ammonia-fueled offshore vessel in collaboration with Eidesvik Offshore.
A new initiative from Danish Shipping aims to increase the number of women in shipping. 15 companies will on Thursday have signed a charter in which they pledge to work actively toward gender equality. The goal is to ensure that three out of four Danish shipping companies have signed the charter within the next year.
The port in Karachi, Pakistan, has introduced a ban on ejecting washwater from open-loop scrubbers in the port's waters.
Chinese banks and leasing companies will soon receive a formal invitation to join the Poseidon Principles. "Hopefully within the next couple of months we will have the Chinese all signed up," says Michael Parker of Citi Bank.
Large price hikes on new fuels make Maersk, in an extraordinary move, raise its bunker adjustment factor for its customers. According to an analyst, however, the liner companies do not seem to have successfully passed the fuel bill on to customers.
The transition to the new sulfur regulation has so far happened without major problems, says the IMO. Secretary General Kitack Lim now looks toward the next important cut-off date.
There are prospects of tougher requirements for the European banks, and this could make it even more difficult for shipping companies to get loans in Europe. "We must be creative," says Louis Dreyfus Armateurs.
The shipping industry's goal of halving emissions by 2050 will require investments of at least USD 1 trillion, estimates a new study by Getting to Zero. Only a minor part of the investments pertains to ships.
EU Competition Commissioner Margrethe Vestager is not buying Maersk CEO Søren Skou's criticism that the EU's rejection of a railroad merger could make it difficult for European companies to compete with China.
Man Energy Solutions and a South Korean yard are two of several partners in a new project aiming to design a tanker that can sail on ammonia.
Maersk Tankers introduced earmarked parental leave for new fathers from the turn of the year. The initiative is part of the shipping company's strategy to create a better gender balance, explains chief HR officer.
The price of low-sulfur fuel has increased significantly in 2020, and shipping companies with scrubbers installed are currently profiting on the price spread between high- and low-sulfur fuel oil. This is necessary in order to back the investment, says a dry bulk shipowner.
Interest group Bimco appoints new secretary general and CEO in the form of David Loosley, who is to start this summer. He will replace Angus Frew, who announced his departure last summer.
According to Reuters, China has removed a special tax on ship fuel with low sulfur content. This is, for now, done to ensure the supply of low-sulfur fuel oil to Chinese ports.
The Chinese deputy prime minister will travel to Washington, DC, next week to sign a trade agreement, report several media.
Once considered the pungent sludge left over after refineries made things like gasoline and diesel, fuel for ships has suddenly become the oil industry’s must-make product.
Around 100 stakeholders now support shipping's goal to launch CO2-free vessels before 2030. In an interview with ShippingWatch, Global Maritime Forum's managing director explains how the parties will reach the target. Next step is a meeting in Copenhagen.
It can prove very difficult finding a female candidate for a job in the shipping business, headhunter Stine Martinussen tells ShippingWatch. In Denmark, Singapore and the UK, there are very few female shipping executives.
Only few peers opt for LNG as either a transitional fuel or a fuel for the next decades. A major shipper like Ikea does not count liquefied natural gas as a fuel for the future. Still, CMA CGM maintains LNG at the core of its bunker policy. ShippingWatch has interviewed the container line.
A few days ago, pirates attacked a dredger off the Forcados terminal in Nigeria. Four security guards were allegedly killed during the attack, and three crew members were subsequently abducted, according to a report by a security firm.
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