1. Port of Montreal receives funding for expansion project in Contrecoeur
The Montreal Port Authority (MPA) will receive C$75m ($54.8m)toward its expansion project in Contrecoeur from the Government of Quebec. The funding was announced this week by the province’s finance minister as part of Quebec’s 2023-2024 budget. https://splash247.com/port-of-montreal-receives-funding-for-expansion-project-in-contrecoeur/
2. Scorpio Tankers fixes out LR2 over three years for $43.8m
Monaco-headquartered Scorpio Tankers has bagged a new long-term charter out deal worth nearly $44m. The New York-listed company has fixed an unnamed scrubbed-fitted LR2 to an undisclosed client for three years. https://splash247.com/scorpio-tankers-fixes-out-lr2-over-three-years-for-43-8m/
3. ABS Advances Shipboard Carbon Capture Project
Shipboard carbon capture is one of the latest solutions being considered by the global shipping industry to reduce greenhouse gas emissions. Now, a project aiming to demonstrate the feasibility of using carbon capture onboard a tanker is moving to the next stage of development. https://gcaptain.com/abs-advances-shipboard-carbon-capture-project/
4. Shipping Industry Groups to Tackle Crucial Safety Issues in Cargo Transport
Five major organizations involved in global cargo transport have joined forces to create a framework for cooperation that will enhance safety during the movement and handling of goods that have the potential to cause harm to the environment, the workforce, and the cargo itself. https://gcaptain.com/shipping-industry-groups-to-tackle-crucial-safety-issues-in-cargo-transport/
5. UBS Likely to Shrink Credit Suisse’s $10 Billion Shipping Portfolio -Report
UBS Group AG will likely shrink Credit Suisse Group’s $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday. UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter. https://gcaptain.com/ubs-likely-to-shrink-credit-suisses-10-billion-shipping-portfolio-report/
6. Deep Sea Mining Loses its Biggest Corporate Backer
A growing number of countries are calling to delay plans to strip-mine the seabed for metals to make electric car batteries as US defense giant Lockheed Martin Corp., the biggest corporate player in deep sea mining, exits the nascent industry. https://gcaptain.com/deep-sea-mining-loses-its-biggest-corporate-backer/
7. Baltic index logs worst day in five weeks on tepid demand for larger vessels
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, extended losses on Wednesday and marked its biggest one-day fall since mid-February due to weaker demand for larger vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 56 points, or about 3.7%, to 1,456, its biggest daily percentage fall since Feb. 15. https://www.shippingtribune.com/news/shipping/Baltic+index+logs+worst+day+in+five+weeks+on+tepid+demand+for+larger+vessels
8. CMMI held its first workshop at the Cyprus Center for Land, Open-seas and Port Security (CY-CLOPS) training centre
The Marine Observation Centre of the Cyprus Marine and Maritime Institute held its first workshop on 10th March 2023 at the Cyprus Center for Land, Open-seas and Port Security training centre in Larnaka. Attended by 38 individuals from 21 different organisations, the workshop aimed to introduce the Cyprus Marine Observation Network project to potential stakeholders.
https://cyprusshippingnews.com/2023/03/23/cyprus-marine-observation-network-workshop/
9. Korea receives 1st batch of crude oil from UAE’s International Joint Stockpile
The first two million barrels of crude oil from the Abu Dhabi National Oil Company (ADNOC) in the UAE have arrived at Korea National Oil Corporation (KNOC)’s Yeosu storage facility. The two million barrels of ADNOC crude oil, which arrived on March 21, were brought into the country under the KNOC-ADNOC International Joint Stockpile Agreement signed during President Yoon Suk-yeol’s state visit to the UAE in January. https://cyprusshippingnews.com/2023/03/23/korea-receives-1st-batch-of-crude-oil-from-uaes-international-joint-stockpile-2/
10. Candela raises $20M to unlock fast, electric and sustainable waterborne transport
Waterborne transport is now on a path to be faster, cheaper, and more sustainable than land transport in many cities. Candela raises $20M to bring its game-changing passenger hydrofoil vessels to mass production. “Waterborne transport is the next frontier set for sustainable disruption, and it’s happening now”, says Candela CEO and founder Gustav Hasselskog. https://cyprusshippingnews.com/2023/03/23/candela-raises-20m-to-unlock-fast-electric-and-sustainable-waterborne-transport/
