1. BW LPG to send three more VLGCs for LPG dual fuel retrofitting
BW LPG has committed an additional three VLGCs for LPG dual fuel retrofitting, bringing its total commitment to 15 vessels at a cost of $130m. The decision follows the company recently completed the retrofitting of the world’s first LPG dual fuel VLGC BW Gemini.
2. DZ pulls the plug on DVB Bank
The parent of loss-making DVB Bank has decided to call time on one of the most famous names in ship finance. The bank is to be dissolved with the remaining parts of the business transferred to parent DZ Bank, according to a leaked memo that has been seen by many German news outlets. https://splash247.com/dz-pulls-the-plug-on-dvb-bank/
3. Hafnia tanker at Jeddah becomes latest mine victim
BW Rhine, a Singapore-flagged LR1 product tanker belonging to the fleet of Hafnia, has been hit from an “external source” whilst discharging at Jeddah just after midnight today, according to a release from the BW subsidiary. The “external source” caused an explosion and subsequent fire onboard.
4. MSC continues secondhand boxship buying spree with $15m Lomar deal
MSC has acquired the 2005-built 4,934 teu Texas Trader from Lomar Shipping in the last few days, paying around $15m according to brokers. The price is significantly higher than the $10.36m valuation placed on the ship by VesselsValue, and additionally the vessel is due for a special survey at the end of this month. https://splash247.com/msc-continues-secondhand-boxship-buying-spree-with-15m-lomar-deal/
5. Vineyard Wind Said to Face Lengthy Delay After Pulling Permit
Vineyard Wind LLC’s decision to push back a permitting review of the $2.8 billion offshore wind farm it plans to build near Massachusetts could delay the project by more than a year, under a ruling by the U.S. Interior Department. https://gcaptain.com/vineyard-wind-said-to-face-lengthy-delay-after-pulling-permit/
6. Leaders to Push Brexit Trade Talks Beyond Sunday Deadline
London and Brussels agreed on Sunday to “go the extra mile” in coming days to try to reach an elusive trade agreement despite missing their latest deadline to avert a turbulent exit for Britain from the European Union’s orbit at the end of the month.
7. Longest Arctic Shipping Season Tops Off a Year of Climate Disasters
The Northern Sea Route, stretching more than 3,000 nautical miles between the Barents Sea west of Russia and the Bering Strait in the country’s east, traditionally opens from June through October, when higher temperatures break up ice. This year, voyages started a month early and will continue until at least the end of December. Record warmth meant slower freezing during the autumn.
8. ‘We’re Trying To Attract Big Container Ships’
Chief of Cochin Port Trust on the way ahead The resurgence of Willingdon Island, once a thriving business hub of all port-related activities, has been on top of the agenda for the Cochin Port Trust ever since the migration of container terminal operations to the Vallarpadam Island in 2011. https://www.shippingtribune.com/news/shipping/%27We%27re+trying+to+attract+big+container+ships%27
9. NEW BIMCO FORCE MAJEURE CLAUSE READY FOR REVIEW
BIMCO’s new Force Majeure Clause is advancing and will provide a high threshold for invoking it in order to avoid abuse. The party seeking to rely on the clause must have been prevented from performing an obligation under the contract and will have to prove that: the force majeure event was beyond its control;
it could not have foreseen the force majeure event at the time of the contract (…) https://www.shippingtribune.com/news/shipping/NEW+BIMCO+FORCE+MAJEURE+CLAUSE+READY+FOR+REVIEW
10. Oil Prices Edge Up On Hope Covid Vaccines Will Improve Fuel Demand
U.S., UK roll out Covid-19 vaccine deliveries Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand, while an extension of Brexit talks eased jitters on that front for now. https://www.shippingtribune.com/news/shipping/Oil+prices+edge+up+on+hope+Covid+vaccines+will+improve+fuel+demand