InterManager Daily News 28.03.2023.

1. BIMCO Shipping Number of the Week. China’s refinery output up 3.3% y/y as exports grow 74%“Reaching 116.1 million tonnes, Chinese refineries’ output hit a new high for the first two months of the year. Increases in exports and domestic transportation demand, following higher export quotas and the lifting of COVID restrictions, are driving growth,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.
2. Korea’s shipping industry faces challenges as capacity rises and rates fall. The Korean shipping industry is in a quadruple dip as ship capacity increases, shipbuilding prices rise, while freight rates are plummeting every day and stricter environmental regulations are imposed by governments.According to sources on Monday, the weekly Shanghai Export Containerized Freight Index (SCFI), which tracks spot freight rates, recorded 909.72 on March 17, which is not even a fifth of the 5,109.6 on Jan. 7 last year.
3. Langh Ship switches to biofuel on its container vessel. After discussions between Langh Ship and the Dutch chartering Samskip on how to further reduce the environmental impact of its vessels, they agreed to switch to biofuel operations for the Langh Ship-owned 750 TEU container vessel Edith in January 2023. Biofuels are a key component in Samskip’s strategy for decarbonizing its shipping activities. Edith is currently employed on a shortsea liner service between the Netherlands and the UK.
4. “Seawing” automated Kite System to be installed on “K”LINE’s CORONA CITRUS a Coal Carrier for Electric Power Development. Kawasaki Kisen Kaisha and Electric Power Development have decided to install the “Seawing”*, an automated kite system using wind power, on CORONA CITRUS, an 88,000 DWT-type special coal carrier for J-POWER.Completed on September 11th, 2019, CORONA CITRUS is equipped with a ballast water treatment system for protecting marine ecosystems.
5. Tools from the OCEAN project aim to support the UN ‘High Seas Treaty’. Agreed on March 5th, 2023, and expected to be covering almost two-thirds of the ocean that lies outside national boundaries, the new UN ‘High Seas Treaty’ is set to provide a legal framework for establishing networks of Marine Protected Areas , designed to contribute to the conservation of marine biodiversity.
6. John Fredriksen and Marc Saverys secure Euronav seats as three of five directors survive boardroom battle. John Fredriksen and Marc Saverys will be joining Euronav’s supervisory board, while two existing directors failed to win votes of confidence from shareholders at a special general meeting held on Thursday.Shareholders of the Brussels and New York-listed Belgian tanker owner voted out Anne-Helene Monsellato and Steven Smith while backing Grace Reksten Skaugen, Anita Odedra and Carl Trowell, who will remain on the board.
7. Car carrier orderbook surges by 30% in opening three months of 2023. The car carrier orderbook is surging, up by 30% in the year-to-date, and now represents 25% of the fleet on the water, according to data from Gersemi Asset Management. Another notable trend in this booming sector is the reentry of global container carriers.
8. Aging Shadow Fleet Carrying Russian Oil Poses Disaster Risk. The oil tanker Turba normally should have been melted down by now. The 26-year-old vessel hasn’t had a full inspection since 2017, according to a database dedicated to promoting safe shipping. It also lacks industry standard insurance and sails under the flag of country with a poor standing for the oversight of maritime safety.
9. North Korea Tests Nuclear-Capable Underwater Drone. North Korea has tested a new nuclear-capable underwater attack drone, state media reported on Friday, as leader Kim Jong Un warned joint military drills by South Korea and the U.S. should stop.During the test, the new North Korean drone cruised underwater at a depth of 80 to 150 meters (260-500 feet) for over 59 hours and detonated a non-nuclear payload in waters off its east coast on Thursday, North Korean state news agency KCNA said.
10. Baltic index gains as capesize rates rebound. The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday buoyed by a rebound in rates of the larger capesize vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 28 points, or about 1.9%, to 1,484 – its biggest daily percentage rise since March 14.


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