InterManager Daily News 16.02.2023.

1. Maersk sues Evergreen over 2021 blocking of Suez Canal

The world’s biggest shipping company said Monday it sued a rival shipping line in a Danish court, seeking compensation for ship delays that resulted from the blocking of the Suez Canal by a hulking vessel two years ago. The Panama-flagged vessel Ever Given, operated by Evergreen Marine Corp., ran aground in March 2021, blocking the global waterway for nearly a week. The enormous vessel was released in a massive salvage operation.

2. Container shipping stock prices resilient despite falling spot rates

In our recently published addendum to Financial Health Check, we have reassessed container industry prospects and profitability in view of changes in market dynamics. Amid falling spot freight rates, we have significantly reduced the industry profitability forecast for 2023. Container companies continue to prioritise building cash war chests instead of deleveraging. Also, vertical integration moves will make their business model resilient in the long term.

3. Major shipping company and Eco Marine Power to jointly conduct Eco Ship Study

A major shipping company based in the United Arab Emirates (UAE) and Eco Marine Power Co., Ltd. (EMP) of Japan have agreed to undertake a joint Eco Ship technical study related to renewable energy solutions for ships including Aquarius Marine Solar Power, EnergySail® and Aquarius MRE®. The study will also include investigating innovative methods to improve energy efficiency onboard ships via the use of energy saving devices including propeller modifications and the use of more energy efficient electrical devices.

4. EU Commission sets out rules for renewable hydrogen

The Commission has proposed detailed rules to define what constitutes renewable hydrogen in the EU, with the adoption of two Delegated Acts required under the Renewable Energy Directive. These Acts are part of a broad EU regulatory framework for hydrogen which includes energy infrastructure investments and state aid rules, and legislative targets for renewable hydrogen for the industry and transport sectors. They will ensure that all renewable fuels of non-biological origin (also known as RFNBOs) are produced from renewable electricity.

5. Poseidon Principles – Where are we now?

In September 2022, the signatories to the Poseidon Principles for Financial Institutions and the Poseidon Principles for Financial Institutions for Marine Insurance announced a more ambitious emissions reductions policy. The Poseidon Principles, which date back to 2019, provide a framework agreement aimed at aligning shipping investors with the IMO 2050 requirement to reduce total annual greenhouse gas emissions by at least 50% by 2050 compared to 2008 – whilst pursuing efforts to phase them out entirely by 2100.

6. BP makes South Korean offshore wind moves

BP said the move would see it enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region including a team in four offices around the country, and a strong history in South Korea since 2006 through its owner Knutsen Group, which is currently one of the biggest clients to the Korean yards in the shipbuilding segment.

7. CMA CGM follows ONE with bow windshield installation

The bow windshields first invented by Japan’s Mitsui OSK Lines (MOL) could be set to go mainstream with news that the world’s third largest liner has installed one on a flagship in its fleet. Images from the Tugster, a blog covering ships passing through the port of New York, show the 16,000 teu CMA CGM Marco Polo has had a nose job, with a curved navy blue metal shield added to the prow of the giant vessel.

8. Prolonged Labor Talks Raise Specter of Permanent Cargo Loss for West Coast Ports

The contract negotiations between the 22,000 port workers in the International Longshore & Warehouse Union (ILWU) and 70 employers on the US west coast, represented by the Pacific Maritime Association (PMA) are back on track. But there is rising concern that the long wait for a resolution will result in permanent loss of business for west coast ports.

9. HMM reports record net of 10.07 trillion won in 2022

HMM reported a net profit of 10.07 trillion won ($7.87 billion) in 2022, up 89 percent on year and beating analyst expectations thanks to high shipping prices in the first half of last year. Analyst expectations compiled by FnGuide indicated the container shipper would log a net profit of 9.79 trillion won. It reported a record high revenue of 18.59 trillion won, up 35 percent on year and surpassing expectations of 18.4 trillion won in revenue.

10. Russia to send most 2023 oil exports to friendly countries after output cut announcement

Russia plans to send most of its 2023 oil exports to non-sanctioning countries, Deputy Prime Minister Alexander Novak said, days after announcing a significant crude production cut from March. Russia plans to ship 80% of its Russia’s crude oil and condensate exports and 75% of its refined products exports to “friendly” countries, Novak said in a column published in an energy ministry magazine Feb. 13.


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