InterManager Daily News 19.07.2023.

1. Singapore fuel oil stocks slide after two weeks of builds. Residual fuel oil stocks fell at key trading hub Singapore following two weeks of builds, though an influx of arrivals is expected to cap inventory declines going ahead, official data showed on Thursday. Onshore fuel oil stocks eased 11% to 18.35 million barrels (2.89 million metric tons) in the week to July 12, Enterprise Singapore data showed.
2. What happens if Black Sea grain corridor deal is not extended? A deal allowing Ukraine to export grain via the Black Sea expires on July 17 and with Moscow saying it sees no grounds for an extension there are fears it may collapse.
3. WISTA International granted Observer Status by UNCTAD strengthening Collaborative Efforts. WISTA International, the global organization dedicated to promoting women and diversity in the maritime and trading industries, proudly announces its recent approval as an Observer by the United Nations Conference on Trade and Development (UNCTAD). The decision was made at UNCTAD’s last meeting held in Geneva from 19 to 28 June 2023. WISTA International received formal notification of its Observer status on 6 July 2023, affirming its special category designation under paragraph 12 (b) provisions.
4. Asia Fuel Oil-HSFO rally pauses; VLSFO continues to soften. Asia’s high sulphur fuel oil (HSFO) market steadied on Wednesday after rallying since the start of the month, while very-low sulphur fuel oil (VLSFO) weakened further. The cash premium for 380-cst HSFO closed at $13 a metric ton, while front-month crack spread for the product eased day-on-day to a discount of $7.83 a barrel by 0830 GMT. “We believe the current strength in HSFO is overdone and headwinds will prevail,” said consultancy FGE
5. Rosy prospects for secondhand LNG carrier prices hit record high. Prices of secondhand liquefied natural gas (LNG) carriers are flying high, close to new LNG ship prices, amid tighter environmental regulations and growing demand from European countries that hope to replace Russian gas imports. According to global market researcher Clarkson Research Service, a five-year-old LNG carrier with a 174,000-cubic-meter capacity was traded at a record $250 million in June.
6. Imperial Petroleum ships out aframax tanker to bulker spinoff C3is. Greek tanker and bulker owner Imperial Petroleum has sold its 2010-built aframax to an affiliated bulker venture C3is. The Nasdaq-listed spinoff of Harry Vafias-led StealthGas has agreed for the 115,800 dwt Samsung-built ship to change hands for $43m. C3is was formed as a spinoff of Imperial Petroleum earlier this year with two handy bulk carriers.
7. Russia backs out of Black Sea grain deal. Russia has officially withdrawn from a United Nations-backed deal to allow Ukrainian grain exports across the Black Sea. The deal, brokered by the United Nations and Turkey last July, had been extended several times, but Moscow has long complained that obstacles remained to its exports of grain and fertiliser and presented a series of demands that it said had not been met.
8. Biden Administration Advances Rhode Island Offshore Wind Project. The Bureau of Ocean Energy Management (BOEM) has completed its environmental analysis of the proposed Revolution Wind Farm Project offshore Rhode Island. The project proposes to construct up to 100 wind turbines capable of generating up to 880 megawatts, enough to provide an estimated 300,000 homes with clean renewable energy.
9. Salvage Industry Saw Revenue Plummet in 2022 Amid COVID-19 Challenges. The International Salvage Union (ISU) has reported a sharp decline in revenue for international salvage companies in 2022, as the full impact of the COVID-19 pandemic presented significant challenges for the sector. According to the ISU’s 2022 annual statistics, its members experienced a staggering 38 percent decrease in income compared to the previous year. Emergency response services generated a total of $166 million, comprising $66 million from Lloyd’s Open Form (LOF) cases and $100 million from non-LOF cases. Wreck removal income had nearly halved, plummeting to $55 million in 2022 from $108 million in the preceding year.
10. Marine Environment Protection Committee (MEPC 80), 3-7 July 2023. The MEPC 80 session adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, with enhanced targets to tackle harmful emissions. The revised IMO GHG Strategy includes an enhanced common ambition to reach net-zero GHG emissions from international shipping close to 2050, a commitment to ensure an uptake of alternative zero and near-zero GHG fuels by 2030, as well as indicative check-points for 2030 and 2040.


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