InterManager Daily News 14.07.2023.

1. European Commission welcomes new IMO climate ambition for 2030, 2040 and 2050 and calls to set transition in motion. The Commission welcomes the agreement reached today at the International Maritime Organization (IMO) to revise its 2018 strategy on reducing greenhouse gas (GHG) emissions from ships. The agreement is a milestone to cut the carbon footprint of international maritime transport and ensure that the shipping sector makes a fair contribution to achieving the Paris Agreement targets, commensurate to its 3% share of global emissions. Now that the agreement is reached, it is important to start implementation as soon as possible. https://cyprusshippingnews.com/2023/07/12/european-commission-welcomes-new-imo-climate-ambition-for-2030-2040-and-2050-and-calls-to-set-transition-in-motion/
2. MEPC 80 climate targets must be followed by robust regulation says World Shipping Council. At MEPC 80, IMO member nations met the shipping industry’s call for action on climate, setting a target of net-zero GHG emissions by 2050 and interim targets for 2030 and 2040. Most importantly, the updated GHG strategy now sets a clear timeline for the development of the lifecycle-based global fuel standard and economic instrument, to be agreed by 2025 and ready for implementation in 2027. https://cyprusshippingnews.com/2023/07/12/mepc-80-climate-targets-must-be-followed-by-robust-regulation-says-world-shipping-council/
3. Busy week for VLCC Tankers. MEG LR2’s have bounced up and down this week, also seeing TC1 dip to below WS100 for the first time since February. TC1 bottomed out at WS98.06 midweek with reports of a rebound and WS100 currently reported on subjects. TC20 followed suit and lost $350,000 to $2762,500 mid-week but is currently marked at $2,856,250.https://cyprusshippingnews.com/2023/07/12/busy-week-for-vlcc-tankers/
4. Panama Ship Registry becomes member of the Qualship21 Program for first time in 20 years. The Panama Maritime Authority (AMP), the entity overseeing the Panama Ship Registry received a letter of approval from the United States Coast Guard congratulating the country for its qualification to the Quality Shipping for the 21st Century Program (QUALSHIP21) and the flag’s commitment to quality shipping, since the Panamanian fleet vessels arriving at US ports have achieved an excellent record of Port State Control. https://cyprusshippingnews.com/2023/07/12/panama-ship-registry-becomes-member-of-the-qualship21-program-for-first-time-in-20-years/
5. Fashion industry driving demand for green shipping says Maersk. Fashion brands are a key driver of demand for green shipping fuels, according to shipping group Maersk MAERSKb.CO, as the sector faces pressure from consumers and regulators to reduce their climate footprint. Retailers ship huge volumes of clothes from production centres in countries such as China, Vietnam and Bangladesh to consumers around the world, causing carbon dioxide emissions. https://cyprusshippingnews.com/2023/07/12/fashion-industry-driving-demand-for-green-shipping-says-maersk/
6. BP and TotalEnergies win $14bn German offshore wind auction. Germany’s grid regulator (BNetzA) has named BP and TotalEnergies as auction winners for four new offshore wind sites in the North Sea and the Baltic with a combined capacity of 7 GW worth €12.6bn ($14bn). As a step towards Germany achieving its offshore expansion goal of 30 GW by 2030, three North Sea areas, each with an output of 2 GW, were offered, as well as one area with a capacity of 1 GW in the Baltic Sea. https://splash247.com/germanys-largest-offshore-wind-auction-to-date-brings-in-14bn/
7. UK green lights Ørsted’s 2.6 GW Hornsea Four wind farm. Danish utility Ørsted has been granted development consent for the Hornsea Four offshore wind farm project in the UK North Sea. Located approximately 69 km off the Yorkshire Coast the 2.6 GW Hornsea Four is the second largest UK offshore wind project to gain consent. If fully built, it would provide enough power to meet the average daily needs of over 1m UK homes. https://splash247.com/uk-green-lights-orsteds-2-6-gw-hornsea-four-wind-farm/
8. Gulf of Guinea and Singapore Straits See Surge in Maritime Piracy Incidents. The ICC International Maritime Bureau (IMB) has reported an increase in piracy and armed robbery incidents against ships in the Gulf of Guinea and Singapore Straits in the first six months of 2023, as the IMB calls continued naval presence as a deterrent. The IMB’s Piracy Reporting Centre received reports of 65 incidents of piracy and armed robbery worldwide in the first half of this year, an increase from 58 incidents for the same period in 2022. Of the 65 incidents reported, 57 vessels were boarded, with 36 crew taken hostage and 14 kidnapped. https://gcaptain.com/gulf-of-guinea-and-singapore-straits-see-surge-in-maritime-piracy-incidents/
9. Temasek’s PSA Shelves $4 Billion Hutchison Ports Stake Sale, Sources Say. PSA International Pte has shelved plans to sell its minority stake in the ports business of Hong Kong’s CK Hutchison Holdings Ltd. amid economic headwinds, according to people familiar with the matter. Temasek Holdings Pte-owned PSA put the stake sale on hold after potential valuations were lower than expected, as shipping activity globally has slowed, the people said. PSA had sought about $4 billion for its 20% share of CK Hutchison’s ports assets, Bloomberg News reported. https://gcaptain.com/temaseks-psa-shelves-4-billion-hutchison-ports-stake-sale-sources-say/
10. Baltic index edges up on panamax, supramax gains. The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged higher on Tuesday, aided by gains in the panamax and supramax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 8 points, or 0.8%, to 1,032.The panamax index was up 31 points, or 3.1%, at 1,027 – posting its best day in five weeks. https://www.shippingtribune.com/news/shipping/Baltic+index+edges+up+on+panamax%2C+supramax+gains