1. International Maritime Industries championing newly launched Global Maritime Fund, managed by Pelagic Partners
International Maritime Industries, the largest shipyard in the MENA region, has endorsed the newly launched Global Maritime Fund that will offer innovative financing solutions to key customers and maritime companies around the world. https://cyprusshippingnews.com/2022/10/03/international-maritime-industries-championing-newly-launched-global-maritime-fund-managed-by-pelagic-partners/
2. GenPro announces the appointment of Maria Theodosiou as Managing Director
GenPro is a joint venture between companies Columbia Shipmanagement (CSM) and Bernhard Schulte Shipmanagement (BSM) which captures the power of commercial optimisation by merging its Members’ procurement requirements and delivering optimal, efficient, and sustainably effective framework agreements covering all aspects of Member’s fleets’ OPEX. One of the company’s biggest drivers is the desire to create a completely green supply network by 2025. https://cyprusshippingnews.com/2022/10/03/genpro-announces-the-appointment-of-maria-theodosiou-as-managing-director/
3. South Korea’s terms of trade getting worse and worse
The Bank of Korea announced on Sept. 29 that South Korea’s net barter terms of trade index was 82.49 last month, down 10.3 percent from a year ago, down 0.3 percent from the previous month, and the lowest since records began in January 1988. According to the bank, this deterioration in terms of trade is because the prices of imported goods rose more than those of exported goods. https://cyprusshippingnews.com/2022/10/03/south-koreas-terms-of-trade-getting-worse-and-worse/
4. The CMA CGM Foundation and the Crisis and Support Centre of the French Ministry of Europe and Foreign Affairs launch a new operation for emergency humanitarian aid for Ukraine
Tanya Saadé Zeenny, President of the CMA CGM Foundation, Catherine Colonna, France’s Minister of Europe and Foreign Affairs, Stéphane Romatet, Head of the CDCS at the Ministry of Europe and Foreign Affairs, and Vadym Omelchenko, Ambassador of Ukraine to France, launched the “A Ship for Ukraine” operation today. https://cyprusshippingnews.com/2022/10/03/the-cma-cgm-foundation-and-the-crisis-and-support-centre-of-the-french-ministry-of-europe-and-foreign-affairs-launch-a-new-operation-for-emergency-humanitarian-aid-for-ukraine/
5. What’s happening with grain shipments out of the Black Sea?
Since the beginning of the war in Ukraine on February 24, grain shipments from the country have ceased. However, a deal brokered by the United Nations and Turkey in July this year has allowed grain shipments to resume from three Ukrainian ports. This article will briefly explain the situation and provide a current update. https://splash247.com/whats-happening-with-grain-shipments-out-of-the-black-sea/
6. Terminal upgrade completed at Port of Bosto
The Massachusetts Port Authority (Massport) has announced the completion of nearly $850m in infrastructure projects to modernise the Paul W. Conley Terminal at the Port of Boston. Prior to the port’s modernisation, Conley offered two services reaching seven major global ports. https://splash247.com/terminal-upgrade-completed-at-port-of-boston/
7. Judge Rules Antitrust Lawsuit Against Matson Units Can Proceed
Two Matson Inc subsidiaries must face claims from rival container shipping company American President Lines LLC that Matson is abusing its market power over service from the United States to Guam, a federal judge ruled in an antitrust lawsuit.
The Ruling Friday by U.S. District Judge Christopher Cooper in Washington, D.C., declined to dismiss claims against Matson Navigation Company Inc and Matson Logistics Inc brought by American President Lines last year seeking unspecified monetary damages for alleged violations of U.S. competition law.
8. Ammonia Power Startup Amogy Looks to Norway’s Maritime Cluster for Push Into Shipping
Brooklyn, New York-based start up Amogy has opened up a new office in Norway with the goal of accelerating the commercialization of its ammonia-to-power technology within maritime shipping. Amogy, which was founded in 2020 by four MIT PhD alumni, is developing a scalable ammonia-powered, zero-emissions energy system tailored to the heavy-duty transportation sector, including maritime shipping. https://gcaptain.com/ammonia-power-startup-amogy-looks-to-norways-maritime-cluster-for-push-into-shipping/
9. NCL and MAN ink methanol engine retrofit MoU
MAN Energy Solutions has signed a memorandum of understanding (MoU) with Norwegian Cruise Line Holdings (NCL) to conduct a three-stage retrofit of a medium-speed, four-stroke engine. The MoU covers the retrofit of a medium-speed MAN 48/60 engine to make it capable of dual-fuel diesel/methanol operation. It provides for a multi-stage project with the third and final stage involving field testing and engine handover to NCLH for commercial operation. https://www.rivieramm.com/news-content-hub/ncl-and-man-ink-methanol-engine-retrofit-mou-73120
10. Saudi Arabia’s oil production increased by 20% in 8 months
Saudi Arabia’s average oil production increased since the beginning of 2022 until the end of August by 20 percent, a government document seen by Saudi Gazette showed. The Kingdom’s production reached around 10.5 million barrels per day, higher by 1.8 million barrels per day compared to the same period last year. https://www.shippingtribune.com/news/shipping/Saudi+Arabia%E2%80%99s+oil+production+increased+by+20%25+in+8+months