1. IMO 2020 and demolition volumes
The new IMO sulphur regulations, coupled with continued recession in the dry bulk chartering market, has forced owners to push a large number of less fuel-efficient vintage ships to scrapyards in the first two months of this year. The trend is expected to be sustained in the first half of this year, as a result of the outbreak of coronavirus in China, which could have a further downward impact on the freight market. https://splash247.com/imo-2020-and-demolition-volumes/
2. Film highlights plight of seafarers hit by corruption at ports around the world
A new film from the Seafarers International Research Centre (SIRC) shows the plight crews face around the world thanks to corruption at many ports.
Interviews gathered by academics at Cardiff University where SIRC is based detail how those working at sea are often faced with demands for cash and provisions when their vessels enter ports. One seafarer spoke of his crew being forced to resort to food rationing between ports, while another described seeing a supervisor hand over money from his own pocket, fearing a delay to their schedule might cause him to lose his job. https://splash247.com/film-highlights-plight-of-seafarers-hit-by-corruption-at-ports-around-the-world/
3. Euronav offloads suezmax tanker
Belgium tanker owner Euronav has announced the sale of its 2003-built 150,000 dwt suezmax tanker Finesse for a price of $21.8m.
The latest ship registration information shows the vessel has been renamed Aldus, although the identity of the new owner remains unknown. https://splash247.com/euronav-offloads-suezmax-tanker/
4. Sri Lanka unveils new port plan at Colombo
The Sri Lanka Ports Authority (SLPA) has announced that it has signed a deal with AECOM Infrastructure and Environment UK to conduct a feasibility study into the development of the Colombo North Port as it looks to expand the cargo handling capacity of the country. https://splash247.com/sri-lanka-unveils-new-port-plan-at-colombo/
5. Equinor withdraws from controversial Great Australian Bight drilling plan
Norway’s Equinor has announced that it will discontinue its exploration drilling plan at Stromlo-1 in the Ceduna sub-basin, offshore South Australia in the Great Australian Bight.
Drilling in the Bight has been a hugely controversial issue in Australia, and has seen the withdrawal of BP, Chevron and Karoon Gas in recent years. https://splash247.com/equinor-withdraws-from-controversial-great-australian-bight-drilling-plan/
6. Business of Shipping: The LNG Bunkering Era is Here
That’s the loud and clear message sent last week at the LNG for 2020: Fueling Tomorrow’s Shipping conference held at SUNY Maritime College in the Bronx, NY.
The data are clear. While the size of the current and soon-to-be sailing LNG-powered fleet is modest, the growth rate (from a small base) is extraordinary, said Gianpaolo Benedetti, senior technical advisor for the seven-year-old Society for Gas as Marine Fuel. https://gcaptain.com/business-of-shipping-the-lng-bunkering-era-is-here/
7. KPI Bridge Oil to Merge with OceanConnect
KPI Bridge Oil says it has agreed to acquire OceanConnect Marine creating a leading bunker business with 170 employees across 15 global locations.
The deal, which is still subject to regulatory approval, will result in the formation of an entirely new brand and entity, known as KPI OceanConnect. https://gcaptain.com/kpi-bridge-oil-to-merge-with-oceanconnect/
8. China Could Use Offshore Wind to Power Entire Coast, Study Finds
The gusts of wind cascading across China’s seas have the potential to power its populous coastal provinces many times over, a study from Harvard University shows.
Wind farms along the coast could potentially supply 5.4 times more electricity than the current coastal demand, researchers said in a report. Falling costs for offshore wind mean some of that can now be harnessed at costs competitive to existing power plants, with prospects for reductions in greenhouse emissions. https://gcaptain.com/138776-2/
9. Red Sea Attack Foiled
Naval forces from the Saudi-led coalition fighting in Yemen on Sunday foiled an “imminent terrorist” attack by the Iran-aligned Houthi movement in the southern Red Sea, a major commercial shipping channel, the coalition said. The forces destroyed an unmanned boat laden with explosives that was launched from Hodeidah province in western Yemen, coalition spokesman Colonel Turki al-Malki said in a statement on Saudi state news agency SPA, without identifying the targets. https://gcaptain.com/red-sea-attack-foiled/
10. CMA CGM’s Debt Plan Seen at Risk Amid Virus Fears
The coronavirus outbreak is threatening to scupper a debt refinancing for the world’s third-largest container shipping company.
France’s CMA CGM SA is aiming to start refinancing its debt pile by the end of next month. The Marseille-based company, one of the biggest maritime carriers out of China, is seeking to extend about $400 million of loans and is also in talks with creditors to refinance about 725 million euros ($784 million) of bonds due in January. https://gcaptain.com/cma-cgms-debt-plan-seen-at-risk-amid-virus-fears/