1. International Chamber of Shipping proposes global CO2 reduction fund to reward ‘first movers’ using low emission fuels
The International Chamber of Shipping (ICS), which represents 80% of the world’s merchant fleet, has announced proposals to accelerate the maritime sector’s transition to net zero by financially rewarding ships and energy producers that invest in low/net zero emission fuels. In a paper to shipping’s UN regulator, the International Maritime Organization (IMO), ICS proposes a ‘fund a reward’ system to catalyse the adoption of alternative fuels, which currently cost at least two or three times more than conventional marine fuel. https://cyprusshippingnews.com/2022/10/26/international-chamber-of-shipping-proposes-global-co2-reduction-fund-to-reward-first-movers-using-low-emission-fuels/
2. United States Coast Guard selected KVH for new 5year small cutter connectivity Contract
KVH Industries, was selected by the U.S. Coast Guard to supply the next-generation satellite communications solution for its small cutter fleet of more than 140 vessels/platforms. Chosen following a full and open competitive procurement process, KVH’s TracPhone® V7-HTS Ku-band satellite communications system and mini-VSAT Broadbandsm service will be the U.S. Coast Guard’s Small Cutter Connectivity Ku-band System and Airtime Support Services solution. The USCG also anticipates that approximately 20 new cutters will join the small cutter fleet over the next five years, requiring the same level of support that KVH will provide to the already deployed vessels. https://cyprusshippingnews.com/2022/10/26/united-states-coast-guard-selected-kvh-for-new-5year-small-cutter-connectivity-contract/
3. MOL signed ‘Women’s Empowerment Principles WEPs’
Mitsui O.S.K. Lines, announced its endorsement of the Women’s Empowerment Principles and signed a statement to act in accordance with the principles. WEPs are action principles for actively working to promote the advancement of women, jointly developed by the United Nations Global Compact and the United Nations Development Fund for Women in March 2010. https://cyprusshippingnews.com/2022/10/26/mol-signed-womens-empowerment-principles-weps/
4. Shippeo announced record 40m funding round to accelerate global supply chain resilience
Shippeo, a global leader in real-time multimodal supply chain transportation visibility, announced a record-breaking fundraising round of $40 million, boosting investment to date to over $110 million, as the company ramps up global expansion of its best-in-category visibility platform. https://cyprusshippingnews.com/2022/10/26/shippeo-announced-record-40m-funding-round-to-accelerate-global-supply-chain-resilience/
5. CMA CGM to move to larger premises at Yokohama port
French liner CMA CGM will move into larger, new premises at Yokohama port in four years time. The world’s third-largest carrier has signed a deal to move from terminal D4 to D5 at Yokohama in October 2026, a switch that promises more container yard capacity and a doubling of reefer plugs. https://splash247.com/cma-cgm-to-move-to-larger-premises-at-yokohama-port/
6. Elpida Petraki elected president of WISTA International
Elpida Petraki has been elected as the president of WISTA International, taking over from Despina Panayiotou Theodossiou as the head of the global women in shipping organisation. Petraki has been working for Greek tanker firm ENEA Management since 1998. She also heads up WISTA Hellas and is a member of the board of directors for the Hellenic Chamber of Shipping. https://splash247.com/elpida-petraki-elected-president-of-wista-international/
7. Germany greenlights Cosco’s Hamburg deal
The German government has agreed to allow China’s Cosco to acquire a reduced stake in Hamburger Hafen und Logistik (HHLA)’s operator of the container terminal in Tollerort in Germany’s largest port in Hamburg. Hong Kong-listed terminal operator Cosco Shipping Ports Limited (CSPL) moved last year to take a 35% stake in the Tollerort operator (CTT), which would mark the first time ever that a foreign firm has been able to invest in the country’s main container port. https://splash247.com/germany-greenlights-coscos-hamburg-deal/
8. Canada’s Shrinking St. Lawrence Seaway Latest Threat to Shipping Routes
Parts of the St. Lawrence River near Montreal have hit 10-year lows, said Bryce Carmichael, hydraulic engineer and US section secretary for the International Lake Ontario-St. Lawrence River Board. Seaway managers in Canada and the US are monitoring the conditions and considering boosting the flow of water from Lake Ontario to make conditions safer for commercial ships, according to Carmichael. https://gcaptain.com/canadas-shrinking-st-lawrence-latest-threat-to-shipping-routes/
9. Nautical Institute joins EU-funded project to improve navigational safety
The UK’s Nautical Institute will participate in the EU-backed OCEAN project launched this month The OCEAN project is focused on enhancing operator awareness in navigation, to reduce the frequency of severe accidents such as collisions and groundings, ship-strike risks to marine mammals and risks posed by floating obstacles.
10. Baltic index falls to over 1-month low on weakness across vessels
The Baltic Exchange’s dry bulk sea freight index (.BADI), which tracks prices for ships carrying dry bulk commodities, fell to its lowest in about six weeks weighed down by a dip in rates across vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 49 points or about 2.8%, to 1,706, the lowest since Sept. 16.
