InterManager Daily News 09.05.2023.

1. SFL’s semisub rig secures work in Namibia in $50m deal. John Fredriksen’s SFL Corporation has secured employment with Portugal’s Galp Energia for its 2008-built harsh environment semisub rig Hercules. The New York-listed diversified owner, with investments also in tankers, containerships, dry bulk vessels and car carriers, will see the unit managed by Odfjell Drilling work in a hot spot for offshore exploration, Namibia, earning $50m from the deal.
2. Odfjell bolstering fleet with pair of newbuildings. Norwegian chemical tankers owner Odfjell has revealed the signing for two additional newbuildings for delivery in the first half of 2026.The move lifts the Oslo-listed company’s orderbook of 26,000 dwt stainless steel to seven vessels to be delivered on time charter between 2023 and 2026.
3. SAAM splashes $198m on 21 Starnav tugs in Brazil. SAAM Towage Brazil, part of Chilean multinational port services company SAAM, has acquired 21 tugboats from the Brazilian company Starnav in a deal worth $198m.The transaction includes 19 tugs currently in operation and two additional vessels under construction. The outstanding debt on the assets will be deducted from this amount at closing, the company said.
4. Christiania Shipping signs for Japanese chemical tankers. Copenhagen-based chemical tanker owner Christiania Shipping is expanding its fleet with two newbuilds in Japan.The Eitzen family-led company has booked a pair of 13,000 dwt stainless steel units at Murakami Hide to be delivered in the second half of 2025. “This is in line with our strategy – both in terms of adding more vessels in this size to our fleet, as well as expanding further on our relations in Japan,” said Fridtjof Eitzen, chief executive of Christiania.
5. Without Waterways Biden’s Climate Plan Will Waste Trillions. With a staggering 15,000+ miles of navigable waterways, it’s critical to note that river barges can carry over ten times the cargo of trucks while producing a mere tenth of the carbon emissions per ton mile. America’s waterways are an untapped goldmine in the fight against climate change. Yet, the Biden Administration has shockingly spent less than 1% of the colossal $1.2 trillion Infrastructure Act on the single most carbon-efficient mode of transportation. This glaring oversight begs the question: is this administration serious about meeting climate goals? Or are there other motivations at play?
6. US Submarines Are Popping Up More Often And It’s Not Clear Why. A US nuclear-armed submarine will make a publicly announced visit to South Korea within months, prompting debate about the wisdom of a heightened public role for what’s long been known as the Navy’s “silent service.” Pentagon officials confirmed that one of the Navy’s 14 Ohio-class vessels will visit, as President Joe Biden signaled in announcing a “Nuclear Consultative Group” during last month’s White House visit by South Korean President Yoon Suk Yeol.
7. World’s Biggest Blue-Bond Swap Emerges To Protect The Galapagos. The world’s biggest ocean friendly debt swap is coming together in Ecuador, with Credit Suisse Group AG offering a yield of less than 6% on a new bond, according to people familiar with the matter. Proceeds from the bond sale will fund the purchase of Ecuador’s heavily discounted sovereign debt, providing savings the government will use to protect the Galapagos Islands, said the people, who asked not to be identified because they’re not authorized to speak about it.
8. An Oil Tanker Ablaze in the South China Sea Is A Global Problem. Off the coast of Malaysia, in one of the world’s busiest shipping channels, an explosion on board the aging oil tanker Pablo ripped off its deck like a sardine can and began a fire that sent dark plumes of smoke into the sky.It was a tragic accident that could have been a much larger catastrophe. The Gabon-registered ship, capable of carrying some 700,000 barrels of crude oil, was coming through the South China Sea after offloading a cargo in China — and so was nearly empty. Out of its international crew of 28, officials report that 25 were rescued by passing vessels. The blast happened just beyond Singapore’s congested waters.
9. Adani’s Mundra port cargo adds Rs 80,732 crore to Customs’ coffers. As per company officials, with the rising traffic at the port, the customs department is targeting to earn Rs 1.15 trillion by the end of the ongoing financial yearCargo handled at Adani Ports and Special Economic Zone (APSEZ) has contributed Rs 80,732 crore to the coffers of the Customs department in FY23 compared to Rs 60,945 crore in FY22.
According to company executives, with the rising traffic at the port, the Customs department is targeting to earn Rs 1.15 trillion by the end of the ongoing fiscal year.
Adani Ports and SEZ has handled nearly a quarter of India’s port cargo, leading to the rise in Customs receipts, the executives said on Sunday.
10. Saudi Arabia cut June Arab Light crude prices for Asia – sources. Saudi Arabia, the world’s top oil exporter, has cut the price of its June flagship crude to Asian buyers for the first time in four months, following a plunge in refining margins.The official selling price (OSP) for June-loading Arab Light to Asia was reduced by 25 cents a barrel from May to $2.55 a barrel over Oman/Dubai quotes, people familiar with the matter said.


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