Oil resumed its advance, reaching the highest settlement in over two years with the OPEC+ alliance forecasting a tightening global crude market and a nuclear deal with Iran still up in the air.
West Texas Intermediate crude rose 2.1 percent, while global benchmark Brent settled above USD 70 a barrel for the first time since 2019. Prices rallied as members of the OPEC+ alliance sounded upbeat notes about the global consumption rebound. Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said "the demand picture has shown clear signs of improvement," while his Russian counterpart also spoke of the "gradual economic recovery."
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Trafigura urges prompt climate regulation of shipping
The legislation of shipping's transition to sustainable production cannot come soon enough, said Transfigura's head of decarbonization at ShippingWatch's conference Tuesday. The industry should work towards regulation to avoid stricter demands in the future.
More than 150 maritime players call for alignment with Paris Agreement in shipping
A new initiative under the Getting to Zero Coalition aims to focus its efforts on persuading politicians around the world to raise their climate ambitions and align shipping with the Paris Agreement.
Ardmore points to one viable climate initiative for all ships
According to the Irish carrier, selecting the right measuring equipment is crucial for the sustainable conversion of the global merchant fleet. And all ships should be equipped with a particular propeller device, says Ardmore CEO.
Mikael Skov views dual-fuel engines as too expensive for mid-sized product tankers
Just now, dual-fuel is the golden buzzword for carriers ordering new large vessels, and it is equally significant for engine manufacturer MAN Energy Solutions. However, it isn't a viable solution for small and mid-sized product tanker vessels, says CEO of Hafnia Mikael Skov to ShippingWatch.
Flexport far from reaching ambitious target of leveling up to logistics majors
Logistics company Flexport is not yet among the top league players such as DSV and Kuehne+Nagel. Backed by a billion-dollar injection, however, the European VP sees "no reason why we wouldn't become as large as the top players."
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