InterManager Daily News 26.03.2020.

1. Odfjell Terminals US Secures USD 250 Mln Loan

Odfjell Terminals US (OTUS), jointly owned by Norwegian terminal operator Odfjell SE and Candian Northleaf Capital Partners, has closed a new five-year, USD 250 million revolving credit facility.The loan is aimed at refinancing existing debt and funding investments in the existing infrastructure and new growth projects. The facility also includes potential additional funding of larger-scale growth opportunities.

2. Ammonia as Carbon-Free Fuel: Wärtsilä Conducts First Combustion Trials

Finnish technology group Wärtsilä has initiated combustion trials using ammonia to prepare itself for the use of ammonia as a fuel that can contribute to reducing both the shipping’s and energy sectors’ greenhouse gas emissions.

As part of the tests, ammonia was injected into a combustion research unit to better understand its properties.

3. COVID-19: Hapag-Lloyd Adds 100,000 TEU of Capacity to Keep Goods Moving

German container shipping giant Hapag-Lloyd has on-hired over 100,000 TEU of additional equipment across the globe to keep the supply chain flowing amid the ongoing coronavirus crisis. According to the carrier, many ports in China have so far returned to normal operations, and scheduled sailings and bookings ex-China are gradually increasing.

4. Maersk Product Tankers Back to Black

Danish tanker owner and operator Maersk Product Tankers returned to black having reported a profit of USD 91.4 million for 2019 as freight markets improved across all tanker segments. The profit marks a significant recovery when compared to a loss of USD 35 million a year earlier.

5. Gasum to Supply LNG-LBG Fuel Blend to Preem’s Tankers

Finnish gas company Gasum has entered into an agreement with Sweden’s largest fuel company Preem to supply the latter’s tankers with a new fuel blend consisting of liquefied natural gas (LNG) and 10 percent of renewable liquefied biogas (LBG).

Preem’s vessels supplied with Gasum’s blend of renewable maritime fuel are the time-chartered tankers Tern Ocean and Thun Evolve.

6. EU Commission Extends Consortia Block Exemption for Liner Shipping

The European Commission has prolonged for another four years the regulation outlining the conditions under which liner shipping consortia can provide joint services without infringing EU antitrust rules. The commission believes that the regulation is still fit for purpose as it allows liner companies operational cooperation that leads to economies of scale and better utilization of the space on vessels.

7. Bunker industry credit risks exacerbated amid COVID-19 outbreak
Credit risk in the bunker market is intensifying amid the coronavirus outbreak, even as dropping bunker fuel costs following the recent collapse in oil prices offer some respite to shipowners in a challenging market, industry sources in Singapore told S&P Global Platts this week.

8. Baltic index down on dim vessel demand

The Baltic Exchange’s main sea freight index fell on Tuesday, recording its steepest fall in over a month on lower rates across all vessel segments.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 14 points, or 2.3%, to 603, its biggest daily percentage decline since Feb. 7.

9. Western supply chains buckle as coronavirus lockdowns spread

Freight carriers are struggling to deliver goods by land, sea or air as the coronavirus pandemic forces Western governments to impose lockdowns, threatening supplies of vital products including medicines into the most affected areas, such as Italy.

10. Better to leave crew onboard than risk catching virus during changeovers, warns Danica boss

A crew specialist has urged ship operators to exercise caution when making crew changeovers while the coronavirus outbreak continues to rampage across the globe.

Responding to industry calls for seafarers to be given special travel dispensation, Henrik Jensen, managing director of Danica Crewing Services, warns that crew face a bigger risk of catching the virus while they travel to and from postings using public transport networks.


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