InterManager Daily News 25.07.2022.

1. Cyprus overcomes the loss of Russian maritime trade due to European sanctions

Cyprus has already overcome the loss of Russian maritime trade due to European sanctions and the Mediterranean shipping hub is chasing business expansion in Japan and elsewhere in Asia as it looks to grow its flag, a senior government official said, according to Reuters.

2. Stability of Russian gas flows remain uncertain, despite the reopening of Nord Stream

Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per day (mcm/d) – 40% of the pipeline’s overall capacity. The European gas market has reacted, with prices down by 5%; but the stability of Russian gas flows is by no means a given, according to analysts at Wood Mackenzie.

3. AIDA Cruises vessel bunkered with GoodFuels’ sustainable biofuels

GoodFuels, the leading biofuels provider for the global transport industry, has successfully completed its first bio-bunkering for a large passenger ship in partnership with Carnival Corporation’s AIDA Cruises brand, marking an important step forward to achieving sustainability in the cruise industry.

4. South Korea’s trade deficit with China increasing rapidly

The Korea Customs Service announced on July 21 that South Korea’s exports and imports were US$37.245 billion and US$45.348 billion for the first 20 days of this month, respectively. South Korea is likely to post a trade deficit for the fourth consecutive month and its trade deficit for this year is US$18.458 billion.

5. Deal to ship Ukrainian grain expected to be signed this evening

An agreement for shipping grain from Ukrainian ports through the Black Sea will be signed on Friday evening with the participation of Russia, Ukraine, the United Nations and Turkey, the Turkish presidency said yesterday. Turkish president Recep Tayyip Erdogan and UN secretary-general Antonio Guterres are expected to attend the signing ceremony, which will be held at the Dolmabahce Presidential Office in Istanbul at 18.30 hrs local time.

6. MAN engines can now be retrofitted to become climate-neutral

MAN PrimeServ, MAN Energy Solutions’ after-sales brand, is now offering its customers the opportunity to retrofit older MAN 48/60 marine and power-plant engines to state-of-the-art MAN 51/60 types to prepare older engines already in service for future, climate-neutral operation. Converted engines will effectively be equivalent technically to newly built MAN 51/60 units. As a further option, newly converted engines can be upgraded for operation on synthetic fuels for a low premium.

7. Daewoo Shipyard Workers Reach Deal To End Strike

South Korean contract workers at the country’s number 3 shipbuilder agreed on Friday to end their strike after accepting a much smaller wage hike than demanded as well as job guarantees, union officials and subcontractors said. Since late last month, about 100 sub-contractors pressing for an increase of 30% have occupied the main dock at the shipyard run by Daewoo Shipbuilding & Marine Engineering (DSME) in the southern city of Geoje.

8. Top 20 container ports: bouncing back

Shanghai has yet again recorded the largest box port volumes with a much healthier growth rate in contrast to previous years. Its 47M TEU for 2021 highlights a growth spurt of 8.1% compared with 2020. The port’s tiny growth rate of 0.5% between 2019 and 2020 shows the impact of the pandemic. The zero-Covid policy adopted by the Chinese Government has led to challenges for ports in China. Two months of lockdown in the city of Shanghai caused congestion at Shanghai port in April, but waiting times were back to normal in June.

9. Dover Port Delays Intensify

Long traffic jams built up on Saturday outside the Port of Dover, Britain’s main gateway to Europe, and officials said the disruption could be worse than the logjam seen on Friday.

Travelers setting out at the start of the British school summer holidays, as well as the usual flow of goods lorries, have faced long delays because of slow border checks.

10. VLSFO rally eases on higher regional supply inflows

Singapore’s very low sulphur fuel oil (VLSFO) market has retreated from an earlier rally amid prospects of higher regional inflows this month. The 0.5% VLSFO cash differential fell day-on-day to a premium of $78.20 per tonne to Singapore quotes on Wednesday. The market has cooled off slightly from a record high of $86.23 per tonne seen on July 14.


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