InterManager Daily News 01.07.2023.

1. Marina Hadjimanolis 100 days in charge as Shipping Deputy Minister – Presentation of the plans and goals at an event organised by Cyprus Marine Club. The Cyprus Marine Club, held a highly successful event on June 27th, 2023, with Ms. Marina Hadjimanolis, the Shipping Deputy Minister, as the guest speaker. The event, titled ‘Hundred days in charge as Shipping Deputy Minister,’ provided an excellent opportunity for industry professionals to engage in discussions and gain valuable insights into the future plans and goals of the Shipping Deputy Ministry. https://cyprusshippingnews.com/2023/06/29/marina-hadjimanolis-100-days-in-charge-as-shipping-deputy-minister/
2. Nuclear power will be a catalyst in helping to decarbonise the shipping industry. Shipping decarbonisation is not achieved when alternative fuels are used to power a vessel. Decarbonisation takes place in the production of alternative fuels. Because alternative fuels may be produced using traditional power sources, they are not inherently green. In order to become a green fuel, they must be produced using renewable electricity. Securing the offtake of renewable electricity to produce green fuels at scale is a major challenge for the industry.https://cyprusshippingnews.com/2023/06/29/nuclear-power-will-be-a-catalyst-in-helping-to-decarbonise-the-shipping-industry/
3. Asia Fuel Oil-VLSFO cash premium softens, rally loses steam. Asia’s cash premium for very-low sulphur fuel oil (VLSFO) eased further on Monday as offers dipped from the previous week, with its recent rally losing steam in line with market expectations.The 0.5% VLSFO cash premium dipped to $14.75 a metric ton over cargo quotes, while its refining crack closed lower at a premium of $13.22 a barrel at the Asia close (0830 GMT).The market had rallied higher earlier in the month on strong bidding, but expectations of ample imports capped further strength. https://cyprusshippingnews.com/2023/06/29/asia-fuel-oil-vlsfo-cash-premium-softens-rally-loses-steam/
4. Global shipping can halve emissions without impacting trade, study finds ahead of key UN decision. The global shipping industry can reduce emissions by nearly 50% by the end of the decade, according to a new study by CE Delft. These findings come as the UN’s International Maritime Organization (IMO) is about to reach an agreement on climate targets to reduce greenhouse gas emissions from ships in July. https://cyprusshippingnews.com/2023/06/29/global-shipping-can-halve-emissions-without-impacting-trade-study-finds-ahead-of-key-un-decision/
5. Global VLCC freight points downward as Saudi crude production cuts bite. The rise in freight rates seen through June for Very Large Crude Carriers could be coming to an end, market sources said in the days leading up to June 22, as the onset of fresh cuts in Saudi crude production began to weigh on market sentiment. Despite weak economic data, China has cranked up crude buying in recent weeks before the latest Saudi-led bout of output cuts from OPEC+, a coalition of OPEC and other oil producers, take effect. The increase in crude buying supported freight, bolstering VLCC rates from the Middle East to China. https://cyprusshippingnews.com/2023/06/29/global-vlcc-freight-points-downward-as-saudi-crude-production-cuts-bite/
6. Norway gives go-ahead for over $18bn in offshore oil and gas investments. The government of Norway has given the green light to companies to develop 19 oil and gas offshore fields with investments valued over NOK200bn ($18.5bn). The Norwegian government said in a press release that the projects were either new developments, further development of existing fields, or investments in projects for increased extraction at existing fields. https://splash247.com/norway-gives-go-ahead-for-over-18bn-in-offshore-oil-and-gas-investments/
7. United Maritime adds to bulker fleet as it flips last remaining tanker. Nasdaq-listed Greek owner United Maritime has boosted its dry bulk fleet with the addition of another panamax as it exits the tanker sector after nearly a year with the sale of its final remaining LR2 vessel. The Stamatis Tsantanis-led spinoff of Greek capesize pure-play Seanergy Maritime has purchased the 2011 Japanese-built bulker for $17.8m. The 76,361 dwt vessel will deliver between August and October 2023 and be renamed Exelixsea. https://splash247.com/united-maritime-adds-to-bulker-fleet-as-it-flips-last-remaining-tanker/
8. NTSB Determines Cause of Towing Vessel Fire on Gulf Intracoastal Waterway. Cracks in a muffler and the use of combustible materials in accommodation spaces caused a fire on a towing vessel last year on the Gulf Intracoastal Waterway near Freeport, Texas, the National Transportation Safety Board (NTSB) said Thursday. On June 25, 2022, the towing vessel named Mary Dupre departed Port Comfort, Texas, for Houston, pushing a single barge loaded with bio-diesel fuel. https://gcaptain.com/ntsb-determines-cause-of-towing-vessel-fire-on-gulf-intracoastal-waterway/
9. Could Silicon Valley’s Top Minds Be Recruited To Help Shipping? Shipping, a stalwart industry often found clinging to antiquated practices and methodologies, has rarely been associated with progressive technological transformation. Apart from a small handful of sucess stories like Flexport, it’s even rarer to hear America celebrated as a beacon of digital innovation in our industtry. Yet, Paul Sells, CEO of ABS Wavesight, sees the winds of change beginning to billow the industry’s sails. He asserts that the creative energy emanating from Silicon Valley has the power to modernize the maritime world. That is if its most talented and creeative minds can be harnessed to help ships. https://gcaptain.com/could-silicon-valleys-top-minds-be-recruited-to-help-shipping/
10. Basel III Rules: Recognition of ship finance positive, but further action is needed. European shipowners welcome the agreement on the Basel III rules reached between the European Parliament and the Council yesterday that gives explicit recognition to ship finance. The new rules will allow banks to apply preferential treatment to shipping portfolios on specialised lending when calculating risk weights and ultimately their capital requirements. As a result, the new law will enable banks to finance at a competitive price. https://www.shippingtribune.com/news/shipping/Basel+III+Rules%3A+Recognition+of+ship+finance+positive%2C+but+further+action+is+needed