InterManager Daily News 03.02.2023.

1. Why Hydrogen Fuel Cell adoption is accelerating in Marine Markets

The maritime sector, which accounts for approximately 2.9% of global carbon emissions, is seeking to meet broader climate goals such as the Paris Agreement and ‘Fit for 55’ in Europe. Since it is the largest vessels, such as sea-going cargo vessels, which tend to contribute the most to maritime emissions, this presents a huge challenge. https://cyprusshippingnews.com/2023/02/02/why-hydrogen-fuel-cell-adoption-is-accelerating-in-marine-markets/

2. TotalEnergies starts up its fourth Solar Power Plant in Japan

TotalEnergies has started up commercial operation of a 51-megawatt solar power plant located in Tsu, Mie Prefecture, Japan. The plant, connected to the electricity distribution grid, will supply its electricity to Chubu Electric Power Miraiz , a subsidiary of the regional utility company, through a power purchase agreement over a 17-year period. https://cyprusshippingnews.com/2023/02/02/totalenergies-starts-up-its-fourth-solar-power-plant-in-japan/

3. The UAE and France agree to form bilateral partnership to focus on the decarbonization of hard-to-abate (HTA) industries

His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, President-Designate for COP28, and Chairman of Masdar, yesterday conferred with His Excellency Bruno Le Maire, Minister of the Economy, Finance, and Industrial and Digital Sovereignty, as part of the French Minister’s visit to the United Arab Emirates. https://cyprusshippingnews.com/2023/02/02/the-uae-and-france-agree-to-form-bilateral-partnership-to-focus-on-the-decarbonization-of-hard-to-abate-hta-industries/

4. Black Sea Watch: Grain flows ease on month as inspection delays remain unresolved

Seaborne flows through the Black Sea grain corridor have averaged 102,051 mt/d over Jan. 1-28, 15% lower than December, an analysis of the UN’s Black Sea Grain Initiative Joint Coordination Centre data by S&P Global Commodity Insights found Jan. 30. “Unless JCC inspections speed up, flows will not be improved,” a chartering broker from Odesa said. “We will continue as is.” https://cyprusshippingnews.com/2023/02/02/black-sea-watch-grain-flows-ease-on-month-as-inspection-delays-remain-unresolved/

5. Samsung Heavy Industries reports 854 billion won operating loss in 2022

Samsung Heavy Industries (SHI) reported an operating loss of over 800 billion won ($651.2 million) for 2022, in preliminary earnings released Monday. The company blamed increased fixed costs despite last year’s surge in orders. It has been in the red for seven years in a row. SHI said in a regulatory filing that it posted an operating loss of 854.4 billion for the year. Sales fell 10.2 percent to 5.9 trillion won. https://cyprusshippingnews.com/2023/02/02/samsung-heavy-industries-reports-854-billion-won-operating-loss-in-2022/

6. India seen as one of the year’s fastest growing box destinations

The International Monetary Fund forecasts India’s GDP to grow 6.8% this year, while exports are accelerating at a rapid clip. The nation managed $422bn in exports last year, beating the government’s $400bn target. The share of machinery and electricals in India’s exports overtook the legacy textiles and apparel sectors in 2022 with shares of 9.9% and 9.7% respectively. https://splash247.com/india-seen-as-one-of-the-years-fastest-growing-box-destinations/

7. Australian coal heading to Chinese ports for first time since 2020

Data from shipping platform Sea/ shows a total of six bulk carriers loaded with Australian coal have discharged or are about to discharge in Chinese ports, marking a significant thawing in trading relations between the two giant Asia-Pacific nations. China slapped a coal ban on Australian miners in 2020 in a row over the origins of covid, a move that forced the likes of Rio Tinto and BHP to seek alternative export markets in recent years. https://splash247.com/australian-coal-heading-to-chinese-ports-for-first-time-since-2020/

8. How Much Carbon Could The Ocean Store?

The ocean is like a big carbonated beverage. Although it doesn’t fizz, it has about 50 times more carbon than the atmosphere. So, for taking carbon out of the atmosphere and storing it someplace where it won’t continue to warm the planet, the ocean is the single biggest place it can go. https://gcaptain.com/how-much-carbon-could-the-ocean-store/

9. Economic Survey 2023 pushes for cargo movement through water bodies, port

Expansion of port capacity and development of inland waterways in India over the next few years will be key to lowering logistics costs in India, the Economic Survey for 2022-23, which was tabled in Parliament on January 31, has said. https://www.shippingtribune.com/news/shipping/Economic+Survey+2023+pushes+for+cargo+movement+through+water+bodies%2C+ports

10. Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June 2020, weighed by weaker demand for capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13

points, or 1.9%, to 668 on Wednesday. https://www.shippingtribune.com/news/shipping/Baltic+index+falls+to+over+2-year+low+as+larger+vessel+rates+slide