InterManager Daily News 21.04.2023.

1. CSC welcomes the approval of the new EU ETS law by EU Parliament. The Cyprus Shipping Chamber welcomes the formal approval of the new EU ETS law yesterday by the European Parliament. The law embraces the calls of European Shipowners through the European Community Shipowners’ Associations , to earmark revenues generated by EU ETS allowances, to facilitate the decarbonisation of the shipping industry.
2. Chevron and the Angelicoussis Group announced Ammonia Carrier joint study agreement. Chevron and Angelicoussis announced a Joint Study Agreement to explore how tankers can be used to transport ammonia, a potential lower carbon marine fuel. The initial study will evaluate the ammonia transportation market, existing infrastructure, the safety aspects of ammonia, potential next generation vessel requirements and a preliminary system to transport ammonia between the U.S. Gulf Coast and Europe. Future opportunities will focus on additional global markets.
3. HSFO eases, but steady feedstock demand limits declines. Asia’s high sulphur fuel oil (HSFO) market eased on Wednesday, though expectations of steady feedstock demand this quarter limited declines.Singapore’s spot 380-cst HSFO premium dipped to $7.50 a tonne, while the market’s front-month refining margin fell to a discount of $11.02 a barrel at the Asia close (0830 GMT).Despite this, the hi-5 fuel oil spread continues to narrow further, reflecting a supported market for 380-cst HSFO. The spread, which is the price difference between 0.5% low-sulphur fuel oil and 380-cst HSFO, fell day-on-day to $122 a tonne (FO05-380SGMc1) on Wednesday.
4. Brazil imports of Russian diesel seen surging to 53% in April -report. Brazil’s imports of cheaper diesel from Russia are expected to soar in April, accounting for 53% of the total diesel shipped to the country, compared to 0.2% a year ago, commodity price reporting agency Argus said on Tuesday.The estimate took into account expected shipments of Russian diesel brought in by 10 to 15 ships, which typically carry about 50,000 cubic meters, Argus diesel market specialist Gabrielle Moreira told Reuters at an event in Sao Paulo.
5. Shipmanagement margins hit by global inflationary pressures. As with any consumer or business, shipmanagers have had to fight soaring inflation issues over the past year. Their problem? The hefty competition keeps a lid on how much they can raise their fees. This has led some to question the very business model of third-party managers.
6. Secondhand crude tanker values hit highest levels recorded this century. Prices of secondhand crude tankers have reached their highest level in 25 years, backed by a reconfigured global oil trade after Russia’s invasion of Ukraine, according to shipowning body BIMCO. As the hot market scrambles for available tonnage with secondhand units approaching newbuild prices, BIMCO’s chief shipping analyst, Niels Rasmussen, has seen five-year-old ships increase in value by an average of 67% since December 2020 and up 34% over the past twelve months.
7. Blue Water Shipping takes full control of Danwind joint venture. Danish logistics group Blue Water Shipping has taken full ownership of its wind turbine services venture, buying out its fellow partner Danwind for an undisclosed sum. After operating as a joint venture for a year and a half, Danwind Blue Water, which offers turnkey services covering the full scope of logistics, assembly, disassembly and installation of wind turbines, will become fully integrated under the Blue Water brand.
8. Eneti and Transocean Forming Offshore Wind Installation Partnership. Offshore wind turbine installation shipowner Eneti Inc. (NYSE: NETI) has announced plan to form a joint venture company with offshore drilling company Transocean (NYSE:RIG) for the installation of offshore wind foundations through the conversion of two rigs.The two companies have signed a non-binding memorandum of understanding to establish the joint venture.
9. Gas Tankers Cross Crimea Bridge After 4-Month Wait. Three gas carriers loaded with butane and propane crossed the Russia-built Crimea bridge over April 12-14 after a four-month wait and set sail for their destinations, Refinitiv ship-tracking data showed on Wednesday.Two industry sources also said this could mean the Russian terminal in Temryuk on the shores of the Azov Sea is poised to resume exports of liquefied petroleum gas (LPG).
10. Supreme Court gives New Jersey, shipping industry and unions a win in New York ports case. The Supreme Court ruled Tuesday that New Jersey can unilaterally withdraw from the longstanding Waterfront Commission Compact it has with New York to police corruption in the shipping industry in the major port the two states share. All nine of the Supreme Court’s justices voted to dismiss arguments by New York in favor of forcing New Jersey to stay in the compact.


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