InterManager Daily News 01.11.2023.

1. MISC preps LNG carrier for FSU conversion Malaysian flagship MISC has entered into a binding head of agreement with Pengerang LNG (Two), a subsidiary of Petronas, for the supply, operation, and maintenance of an LNG floating storage unit (FSU) intended to be deployed at the Petronas LNG Regasification Terminal Pengerang (RGTP) in Johor.
2. Dutch government vows to resurrect local shipbuilding scene The Dutch government has announced it will spend EUR60m ($63.6m) over the next two years to boost the nation’s shipbuilding industry as well as creating a National Maritime Manufacturing Industry Management Agency. Around 45% of Dutch ships were built on home soil in the 1980s, a figure that has slipped to just 4% today, new government data shows with Asian yards able to churn out ships at prices that are up to 40% cheaper.
3. New Singapore company launched to develop investment opportunities in methanol-powered ships Methanol propulsion specialist Green Marine Copenhagen and Singapore-based Stamford Ship Management have formed a joint venture in Singapore with a mission to build and manage, both commercially and technically, methanol dual fuel propulsion vessels across multiple market segments.
4. Economou takes Performance Shipping fight to US Supreme Court Things continue to escalate at Performance Shipping, with Greek shipowner George Economou taking his fight to gain control of the US-listed tanker owner to the New York State Supreme Court. Economou, who owns around 9% of the aframax specialist via his investment vehicle Sphinx, launched a hostile tender offer in October to acquire all of the company’s outstanding common stock for $3.00 per share in cash.
5. Russian Diesel Cargoes Set to Surge with Export Ban Lifted Russia plans to boost diesel shipments from its main western ports by more than half next month as the nation’s oil refineries processes more crude, its domestic fuel market stabilizes, and an export ban that roiled October flows is reversed.
6. LNG Export Permit Reviews Slow Under Biden Administration The delay could mean nearly completed LNG projects may not being able to supply big European buyers because of a lack of the permit. Increasing LNG exports is opposed by some U.S. industries who fear it could raise domestic prices, while environmental groups have raised concerns about continued expansion of a fossil fuel industry.
7. European Marine Safety Agency Reveals Positive Trend in Maritime Safety The European Marine Safety Agency has released its Annual Overview of Marine Casualties and Incidents, revealing a significant reduction in the number of marine accidents in 2022. According to the report, there were 2,510 marine casualties and incidents reported, marking a decrease of 182 compared to 2021 and 84 compared to 2020.
8. Westbound Transatlantic Westbound ‘A Total Disaster’ According to CMA CGM, westbound transatlantic ocean rates have now hit “unsustainable levels”. The French carrier announced a raft of FAK (freight all kinds) increases on Friday, an endeavour to drive rates back up on a route that has become, what one liner executive described to The Loadstar as, “a total disaster”.
9. Baltic index extends losses for 8th session on weaker vessel rates The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the eighth straight session on Monday, dragged lower by a dip in rates across vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell to a six-week low, slipping 61 points, or 3.9%, to 1,502.
10. INTERCARGO meets in Athens and celebrates record membership Members of INTERCARGO met in Athens last week for the Association’s Annual General Meeting, Executive Committee and Technical Committee meetings, with record attendance observed to the satisfaction of all guest attendees and the organising international Association representing the dry bulk shipping sector. The last meetings in Athens had taken place in October 2019 and during that period INTERCARGO are proud to report that registered ships have increased by 50%, thus further strengthening the Association’s global influence. INTERCARGO members with 3,300 ships now represent about one-third of the global dry bulk fleet tonnage.


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