
1. Major maritime companies agree to develop book and claim approaches in order to accelerate shipping’s decarbonisation transition. Nine key players across the maritime value chain have issued a joint statement expressing their commitment to developing and implementing robust book and claim chain of custody systems to accelerate the early phases of shipping’s decarbonisation. https://cyprusshippingnews.com/2023/07/05/major-maritime-companies-agree-to-develop-book-and-claim-approaches-in-order-to-accelerate-shippings-decarbonisation-transition/
2. Shipping faces showdown over greenhouse gases. The shipping industry is under growing pressure to dramatically curb planet-warming emissions from smokestacks.Maritime transport emits as much CO2 in a year as Germany, but is the biggest global sector without a goal for cutting emissions to “net zero”.Some delegates at the UN summit starting on Monday want this by 2050 and emissions halved by 2030. https://cyprusshippingnews.com/2023/07/05/shipping-faces-showdown-over-greenhouse-gases/
3. The shipping sector has the power to rapidly reduce its emissions of black carbon. The shipping industry is under growing pressure to dramatically curb planet-warming emissions from smokestacks.Maritime transport emits as much CO2 in a year as Germany, but is the biggest global sector without a goal for cutting emissions to “net zero”. Some delegates at the UN summit starting on Monday want this by 2050 and emissions halved by 2030. Campaigners say it would be the climate “deal of the decade” if agreed. https://cyprusshippingnews.com/2023/07/05/shipping-faces-showdown-over-greenhouse-gases/
4. Asia spot LNG prices flat as demand remains tepid. Asian spot liquefied natural gas (LNG) prices remained flat this week as demand remains muted and inventories are high. The average LNG price for August delivery into north-east Asia LNG-AS was at $12 per million British thermal units (mmBtu), industry sources estimated. Prices had earlier hit a low of $9/mmBtu on weak demand and high inventories, but rose to a three-month high of $13.50/mmBtu on June 16, tracking gains in Europe gas prices. https://cyprusshippingnews.com/2023/07/05/asia-spot-lng-prices-flat-as-demand-remains-tepid/
5. How could sooner-than-expected Russian defeat impact shipping? The situation in Russia and Ukraine — and its potential effect on global trade flows — is changing fast. On Friday, the EU released details on its new sanctions package targeting Russia’s crude exports and containerized imports. On Saturday, mutinous mercenaries of the Wagner Group made it to within 300 miles of Moscow, raising questions on Russian President Vladmir Putin’s grip on power. Meanwhile, Ukraine is making gains on the battlefield. https://cyprusshippingnews.com/2023/07/05/how-could-sooner-than-expected-russian-defeat-impact-shipping/
6. Wrecked bulker off Gibraltar lifted onto semi-sub. The removal of the vessel from Gibraltar waters comes some 10 months after it collided with an LNG carrier in late August 2022.Surveys of the seabed are underway to ensure that the wreck site of the OS 35 is completely cleared, and once these are concluded the operation will end.The Government of Gibraltar said in a statement that the raising of the two sections completely out of the water released residues, including heavy oil residues into the protective boom that was deployed around the vessel, as expected. https://splash247.com/wrecked-bulker-off-gibraltar-lifted-onto-heavy-load-carrier/
7. Volvo Cars switches to renewable fuels for container shipping. Swedish car manufacturer Volvo has decided to transport material for the production of its vehicles across the world’s oceans mostly on container ships using renewable fuels. Volvo Cars said that it transports tens of thousands of containers of production material each year and that the switch would achieve an immediate reduction in fossil CO2 emissions from intercontinental ocean freight by 55,000 tonnes over a year. https://splash247.com/volvo-cars-switches-to-renewable-fuels-for-container-shipping/
8. UK Adds Maritime Transport to Emissions Trading Scheme. The UK Emissions Trading Scheme (ETS) Authority has recently unveiled a series of reforms aimed at strengthening emission limits for industrial, power, and aviation sectors starting from 2024. These reforms will further extend the emissions cap to include additional UK sectors such as domestic maritime transport and waste. https://gcaptain.com/uk-adds-maritime-transport-to-emissions-trading-scheme/
9. Spain Risking Billions to Export Green Hydrogen. Standing alongside freight ships in Algeciras, King Felipe VI of Spain and King Willem-Alexander of the Netherlands inaugurated a new maritime corridor. The critical cargo that attracted the attention of modern royalty was: green ammonia — a way to transport hydrogen and a key part of Spain’s plans to become the continent’s hub for clean energy. https://gcaptain.com/spain-risking-billions-to-export-green-hydrogen/
10. Baltic index hits multi-week low on retreat for larger vessels. The Baltic Exchange’s main sea freight index on Tuesday fell to its lowest level in nearly four weeks, pressured by a dip in the larger capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 24 points, or 2.3%, to 1,044 – its lowest level since June 8. https://www.shippingtribune.com/news/shipping/Baltic+index+hits+multi-week+low+on+retreat+for+larger+vessels
