InterManager Daily News 13.09.2021.

1. Tanker shipping – profitability still a way off for loss-making tankers as pandemic drags on
To say that the summer has not been kind to the crude oil shipping industry would be an understatement. Average earnings have dropped below USD 10,000 per day since June for all crude oil tankers, with many trades offering negative earnings; freight rates are not high enough to cover voyage expenses, let alone operating and financing costs. Daily average VLCC earnings on 3 September stood at USD 8,138. According to BIMCO estimates, a standard VLCC must earn around USD 25,000 per day to break even.

2. Sustainable Shipping Initiative highlights need for sustainability of marine fuels to be considered in shipping’s decarbonisation
The Sustainable Shipping Initiative (SSI) today launches a new report, titled Defining sustainability criteria for marine fuels, outlining fifteen issues, principles and criteria that provide guidance on the sustainability of marine fuels under consideration for shipping’s decarbonisation. As the industry transitions to zero emission shipping, there is a need to better understand the sustainability issues surrounding the marine fuels being explored and to ensure that zero and low carbon fuels do not shift emissions and other externalities up- or downstream along the supply chain.

3. The Marshall Islands Corporate Registry is offering Free Redomiciliation
The Republic of the Marshall Islands (RMI) Corporate Registry continues to offer free redomiciliation (domestication) into the RMI. Rapidly changing requirements for international business entities have impacted how they do business within the jurisdiction where formed. Sometimes these changes may have a detrimental impact and present obstacles that cannot conform to the entity’s needs. The RMI is compliant with both the Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF), and is white-listed by the European Union. In addition to its high level of compliance, the RMI also offers political stability.

4. In the wake of Brexit, why is customs so critical for your integrated supply chain?
We gift flowers to elegantly communicate our deepest emotions, whether in honour of a celebration, to show gratitude, or to pay tribute following a sombre event. With 80% of the flowers sold in the UK imported from the Netherlands, Maersk, in cooperation with KGH Customs Services, a Maersk Company, ensured that their customer was able to navigate the new Brexit landscape and facilitate the surge in demand in time for Mother’s Day back in March.

5. Dutch boxship makes history with CO2 capture and storage installation
Dutch scrubber manufacturer Value Maritime is installing a CO₂ capture and storage unit on a 1,036 teu boxship, Nordica, belonging to Visser Shipping. The ship will be operated by X-Press Feeders. The landmark installation is expected to be completed next month. Value Maritime’s system is based on patented technology to remove CO₂ from exhaust gas. The CO₂ is used to charge Value Maritime’s CO₂ battery, an onboard storage facility which can charge and discharge CO₂. The charged CO₂ battery will be offloaded in ports and transported to CO₂ customers such as the agricultural sector.₂-capture-and-storage-installation/

6. Seafarers land 4.5% pay raise
Seafarers will be getting a pay raise of 4.5% over the next two years after striking a deal with maritime employers represented by the Joint Negotiating Group (JNG). The International Bargaining Forum (IBF), which brings together the seafarers represented by the International Transport Workers’ Federation (ITF) and the JNG, has agreed to an increase on wages and compensations of 3% from January next year and another increase of 1,5% from January 2023. The agreement was also reached for an increase in JNG members’ rebate from the ITF Welfare Fund to 20% to contribute to the IBF Seafarers Support Fund.

7. Dozens of Vessels Participate in New York Harbor Procession to Honor 9/11 Victims
American maritime interests held an event Friday in New York Harbor in recognition of 20 years since the September 11 attacks, which triggered the largest maritime evacuation in U.S. history. The event included a ceremony, vessel procession and blessing of the fleet to honor 9/11 victims.Dozens of vessels joined the New York Harbor procession, including private ships, ferries, and tugboats that participated in the 9/11 boatlift rescue from Lower Manhattan.

8. Record Number of Ships at Southern California Ports
Southern California ports set new records Friday for the number of vessels in port as the pandemic-driven import boom continues to clog ports from coast to coast. The Marine Exchange of Southern California on Friday reported a new record of 134 ships in port, including 74 total ships at anchor and 60 at berth. This sets a new all-time record for the number of ships in port. Among them, 86 are containerships and 55 are at anchor, both of which are also new records. Thirty-one containerships were at berth Friday.

9. Asia Fuel Oil: Markets Ease As Singapore Inventories Jump Despite Low Net Imports
Asia’s residual fuel markets eased on Thursday with cash premiums, time spreads and refining margins for both 0.5% very low-sulphur fuel oil (VLSFO) and high-sulphur fuel oil (HSFO) slipping from their respective highs hit in the previous session. This came as data showed Singapore fuel oil stocks rebounded sharply from multi-month lows, easing concerns of supply shortages. The Singapore inventories jumped 17% in the week ended Sept. 8, climbing away from a more-than six-month low in the previous week, despite falling net import volumes, official data showed on Thursday.

10. Record Chinese Coal Futures Signal Need To Boost Output
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to reduce reliance on coal-fired power generation in the long term. Prices for the most-traded thermal coal futures contract on the Zhengzhou Commodity Exchange hit $150 a tonne on Tuesday, up from $85 a year ago, which was also the five-year average before the COVID-19 pandemic. Surging prices are an indication of the tension between the country’s surging electricity demand and the government’s stated aim to limit coal output and reduce it over time in favor of renewable energy sources.


Leave a reply

©2022 InterManager - Promoting Excellence In Ship Management

Log in with your credentials

Forgot your details?