1. Odfjell entered into a sales agreement for the last three 9,000 dwt short sea vessels
The sale marks an exit from Odfjell’s short-sea regional trade in Asia as the remaining vessel on a time charter to Odfjell will also be re-delivered to its owners in January 2022. These vessels have not been able to deliver satisfactory results and we have consequently taken the decision to exit this niche market. Odfjell has, through this transaction, completed the transition to a sole focus on deep-sea logistics within our shipping segment. https://cyprusshippingnews.com/2021/11/02/odfjell-entered-into-a-sales-agreement-for-the-last-three-9000-dwt-short-sea-vessels/
2. Standard Club strengthens commitment to Asia-Pacific with key appointments and more services
Specialist marine and energy insurer Standard Club is expanding its presence in the Asia-Pacific region with some key appointments and an enhanced suite of services. These include the launch of the Coastal & Inland class in Asia and three significant appointments in Hong Kong aimed at strengthening support for members and partners in the region and to bolster business development.
3. Investigation Report Says Stellar Banner’s Captain Deviated from Course Before Grounding
The Maritime Administrator for the Republic of Marshall Islands has issued its casualty investigation report into the grounding and total loss of the very large ore carrier (VLOC) MV Stellar Banner off the coast of Brazil, revealing that the Master deviated from the planned course before the grounding. https://gcaptain.com/investigation-report-says-stellar-banners-captain-deviated-from-course-before-grounding/
4. ITF Says Merchant Marine Academy Sexual Assault Case Shows Urgent Need to Make Maritime Safe for Women
The International Transport Workers’ Federation (ITF) says the recent report of sexual assault by a U.S. Merchant Marine Academy cadet during her at sea training brings shame on the shipping industry and underlines the urgent need for action to eliminate violence in the workplace. The case, which has become known as Midshipman X in some circles, has generated a lot of attention and scrutiny in the maritime industry. https://gcaptain.com/itf-says-merchant-marine-academy-sexual-assault-case-shows-urgent-need-to-make-maritime-safe-for-women/
5. MARPOL Annex VI: Ship decarbonisation – IMO strategy of 2018
In 2018, recognising that ships are one of the major contributors to global carbon emissions, the IMO (the International Maritime Organization) formulated a strategy for Greenhouse Gas (GHG) reductions in shipping. They expressed their vision in writing with the following statement: “The IMO remains committed to reducing GHG emissions from international shipping and, as a matter of urgency, aims to phase them out as soon as possible in this century”. https://cyprusshippingnews.com/2021/11/02/marpol-annex-vi-ship-decarbonisation-imo-strategy-of-2018/
6. Port of LA says lingering box fines working to improve congestion
Gene Seroka, executive director of the Port of Los Angeles, said in an interview on Tuesday that imposing fines on carriers for lingering containers was “a last resort” and is already helping to get containers moving off the docks. “We’ve tried diplomacy, we’ve tried collaboration, operations meetings all around,” said Seroka, explaining why the decision was taken. https://splash247.com/port-of-la-says-lingering-box-fines-working-to-improve-congestion/
7. Danish pension fund banks $95m from UK wind farm sale
Danish pension fund PKA has scored £70m ($95.3m) by selling its 25% stake in the Burbo Bank Extension offshore wind farm to UK renewable fund manager Greencoat on behalf of Greencoat UK Wind and Greencoat Renewable Income. Greencoat paid around £400m ($545m) for PKA’s stake, which originally invested £330m ($449.6m) in the UK offshore wind farm alongside Kirkbi and Ørsted nearly six years ago. The proceeds from the sale of Burbo will be recycled into new energy transition projects via AIP. https://splash247.com/danish-pension-fund-banks-95m-from-uk-wind-farm-sale/
8. Baltic Index Drops 7% As Grim Iron Ore Demand Outlook Weighs On Capesizes
The Baltic Exchange’s dry bulk sea freight index slipped to its weakest in about three months on Tuesday, as iron ore futures in China declined sharply, weighing on larger capesize vessel rates. The overall index, which factors in rates for capesize, panamax and supramax vessels, dropped 241 points, or 7%, to 3,187, the lowest level since July 28. The capesize index fell 466 points, or 11.1%, to 3,736, its weakest since July 22. https://www.shippingtribune.com/news/shipping/Baltic+index+drops+7%25+as+grim+iron+ore+demand+outlook+weighs+on+capesizes
9. Container Rates Rise As Transit Times Lengthen To 70 Days
GOODS shipped between China and the US via containership once took just over 40 days, but hold-ups and delays have since extended that 70 days through July, August and September, reports Hamburg’s Statista. The cost of shipping goods from Asia to Northern Europe had even increased by 570 per cent, but rates still remained slightly lower in absolute terms than for the Asia to California routes, said the report. https://www.shippingtribune.com/news/shipping/Container+rates+rise+as+transit+times+lengthen+to+70+days+
10. Japan’s Bunker Supply Expected To Tighten In Nov On Higher Demand
Bunker fuel supply in Japan is expected to tighten in November as demand is rising, industry sources said in the week started Oct. 24. The supply of both marine fuel 0.5%S and high sulfur bunker fuel has already started to tighten, bunker traders said.
“We cannot offer spot fuel,” said a fuel oil trader. The fourth quarter is typically the demand season for bunker fuel in the country. https://www.shippingtribune.com/news/shipping/Japan’s+Bunker+Supply+Expected+To+Tighten+In+Nov+On+Higher+Demand
