InterManager Daily News 03.10.2023.

1. US dockworkers union files for bankruptcy. The International Longshore and Warehouse Union (ILWU) has filed for bankruptcy as a way to shield itself having lost a long running battle over labour issues at the Port of Portland. The ILWU lost a court case eight years ago over a work slowdown situation at a Portland terminal run by Manila-headquartered International Container Terminal Services, Inc (ICTSI) and was initially told to pay $94m in damages, a total that was subsequently reduced to $19m.
2. Ukraine’s new shipping corridor welcomes more vessels. Ships are coming in and out of Ukrainian Black Sea ports in increasing numbers – the country’s new shipping corridor hugging its coastline and avoiding the Russian military proving effective. In the middle of July Russia pulled out of the Black Sea Grain Initiative, a United Nations-brokered shipping pact, after which Kyiv has worked to establish an alternate route to manage its exports while also targeting Russian naval infrastructure to keep the new maritime corridor away from attack.
3. Daily transit limit at the Panama Canal to be cut further. Hit by parched conditions for much of 2023, the administrators of the canal have slashed the maximum draft at the larger neopnamamax locks by nearly 2 m as well as cutting daily transits from 40 to 32 a day. This total will now be cut by one to 31 transits a day from November 1, split between nine through the neopanamax locks and 22 through the panamax locks.
4. Bulk carriers and containerships moving at slowest speeds on record this year. Two of the main shipping segments which have disappointed the most earnings-wise this year have resorted to slowing their ships down considerably this year. According to Clarksons Research ships in the the containership and bulk carrier sectors have travelled at record slow speeds this year.
5. Swire Bulk sells open-hatch trio. Peter Norborg-led Swire Bulk has decided it is time to prune its fleet. The 25-ship strong player is widely reported to be selling three open-hatch bulkers for close to $60m. Sources widely tip JP Morgan to be the highest bidder for the ships. The trio in question were built at Chengxi Shipyard in 2015 and named Fengning, Funing and Foochow.
6. Integrated Wind Solutions seals deal to delay payments on CSOV newbuilds. Integrated Wind Solutions has strengthened its liquidity position through a deal with China Merchants Industry Holdings to postpone equity yard instalments on four commissioning service operations vessel newbuilds. The Oslo-listed company will have a total of €36m ($38m) at its disposal for up to one year without any major changes to its initial agreement with the yard.
7. Pakistan Imports Its First Private-Sector Russian Crude Oil. Pakistan refiner Cnergyico CNER.PSX has imported the country’s first private-sector shipment of Russian crude oil, it said on Monday, as the cash-strapped nation takes advantage of Moscow’s discounts on its oil exports.
8. BAE Systems Wins £4 Billion UK Contract For Nuclear Submarines. Britain’s Ministry of Defence has awarded almost £4 billion ($4.9 billion) in funding to BAE Systems Plc for the next phase of the UK’s nuclear-powered attack submarine program. The award follows the leaders of Australia, the UK and the US in March committing to collaborate on the submarine fleet — an effort to stifle China’s growing assertiveness in the South China Sea and around Taiwan.
9. Tanker Market Moved Sideways Last Week. LR2 freight levels have appeared to have been somewhat unsettled this week with no clear direction. TC1 has bubbled around the WS130-135 level with Baltic TCE hovering around the $24,000/day round trip. Meanwhile a run to the UK-Continent on TC20 took a less than 1% dip to $3,825,000.
10. Navigating Towards Sustainability: Wind-Powered Cargo Ships and the Future of the Shipping Industry. There’s an undeniable demand for transformative solutions in the shipping sector. Shipping is a major emitter of greenhouse gases due to its reliance on cheap heavy fuel, making the industry’s cleanup efforts challenging. Under pressure from investors and the environmental community, the shipping industry is exploring new technologies to drive sustainability and reduce its impact on the planet such as wind-powered cargo ships.


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