1. Columbia Shipmanagement and Marlow Navigation call off merger
Two Cypriot managers have ditched their nuptials after a lengthy five-year engagement, though they say they will remain friends.
Columbia Shipmanagement and Marlow Navigation formed a holding entity in 2017 at a time when shipmanagement was going through an extensive consolidation period. Five years on, however, the pair continue to work as separate entities and have this week decided to cease merger plans.
2. Heating vs shipping: Why it makes no sense to have gas-powered ships
The shipping industry is becoming more reliant on gas to power its vessels. Today, 923 ships can be powered with liquefied natural gas (LNG) and 534 LNG-powered vessels are on order around the world. This trend is occurring at the same time as Europe experiences an energy crisis that could lead to a complete cut-off of Russian gas exports to Europe, disrupting gas supply and affecting people’s ability to heat their homes – an aspect already worsened by skyrocketing prices. https://cyprusshippingnews.com/2022/10/21/heating-vs-shipping-why-it-makes-no-sense-to-have-gas-powered-ships/
3. South Korea government to increase R&D investment in shipbuilding sector
The government’s new projects in the sector include domestic development of LNG-fueled ship technologies. The investment will be made next year and additional investments will follow in developing carbon capture and storage for use in ships, rotor sails, and so on. A liquid hydrogen carrier prototype is scheduled to be built starting from 2024 and the carrier is expected to be put into commercial operation in 2029.
4. Record number of alternative fuel capable newbuildings ordered in 2022 according to Clarksons Research
As emissions regulatory and policy decisions continue to “ramp up” across maritime, Clarksons Research is closely tracking uptake of “green” technology that will impact the shipping industry’s 851mt (2021: 822mt, 2008: 1,024mt) and 2.3% contribution to global CO2. https://cyprusshippingnews.com/2022/10/20/record-number-of-alternative-fuel-capable-newbuildings-ordered-in-2022-according-to-clarksons-research/
5. Energy crisis: Gas used to power European shipping could exceed that of 7 mn homes
In 2030 Europe’s shipping industry will need over 6.3 million metric tonnes of LNG to power its growing fleet of gas-powered ships – enough to power 7 millions homes – a new Transport & Environment (T&E) study shows. This will only increase Europe’s dependence on fossil fuels, says T&E, which has labelled the switch to LNG as irresponsible in times of energy crisis. https://cyprusshippingnews.com/2022/10/20/energy-crisis-gas-used-to-power-european-shipping-could-exceed-that-of-7-mn-homes/
6. European shipowners voted FuelEU and recognised progress but more is needed for clean fuel uptake
The European Parliament adopted its position on the FuelEU Maritime Regulation ahead of the negotiations with the Council. European shipowners welcome the progress made on the proposal, but stress that more needs to be done to facilitate the energy transition and the decarbonisation of the industry. https://cyprusshippingnews.com/2022/10/20/european-shipowners-voted-fueleu-and-recognised-progress-but-more-is-needed-for-clean-fuel-uptake/
7. Bulker S&P picks up
This week’s broking reports suggest modern bulkers are now changing hands at a growing pace. Triggered by stable freight rates and fear of inflation buyers and sellers have found common cause to hatch deals. Rebecca Galanopoulos Jones, who has recently moved from brokers Alibra to VesselsValue, noted in an S&P update yesterday: “Bulker values are now beginning to stabilise. Since the beginning of October, values have turned a corner and have begun to show signs of improvement.”
8. Russian Oil Logistics In Chaos With Weeks Until Sanctions Bite
Traders, tanker companies and the world’s most powerful governments are becoming increasingly fixated upon one question in the oil market: can the petroleum industry’s supply chain handle the harshest sanctions on Russian exports in history?
A vast shadow fleet of tankers with unknown owners is being amassed to service Moscow’s interests. Intense US-led diplomatic wrangling to soften aggressive European Union sanctions has been going on for months but time is ticking.
9. Lebanon, Syria Discuss Sea Border After Beirut’s Israel Deal
Lebanese President Michel Aoun and Syrian President Bashar al-Assad on Saturday discussed delineating their countries’ shared maritime border, a Lebanese official said. A dispute over their shared sea boundary emerged last year after Syria granted a licence to a Russian energy company to begin maritime exploration in an area Lebanon claimed. Several gas discoveries have been made in the eastern Mediterranean. https://gcaptain.com/lebanon-syria-discuss-sea-border-after-beiruts-israel-deal/
10. Baltic index ticks down on dip in capesize rates
The Baltic Exchange’s dry bulk sea freight index (.BADI) edged lower on Wednesday as the capesize rates slid, although gains in the panamax vessel segment limited losses in the main index. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, was down 4 points, or about 0.2%, to 1,871. https://www.shippingtribune.com/news/shipping/Baltic+index+ticks+down+on+dip+in+capesize+rates