InterManager Daily News 16.02.2024.

1. ITIC launches new subsidiary ‘ITIC Europe’ in CyprusInternational Transport Intermediaries Club, the world’s leading professional indemnity insurer for transport professionals, announces today the launch of its new subsidiary, International Transport Intermediaries Insurance Company with Charlotte Kirk named as its Chief Executive Officer . This strategic move reinforces ITIC’s service offerings in the European market, which makes up approximately 30% of its membership, and creates a base for growth. https://cyprusshippingnews.com/2024/02/15/itic-launches-new-subsidiary-itic-europe-in-cyprus/
2. The hardest job in the world’: Siberian shipyard workers brave freezing cold A drone flies low over a snow-covered shipyard in Russia’s Far East, where workers toil in subzero temperatures to maintain the hulking vessels during the bitter Siberian winter.The process of ‘vymorozka,’ which roughly translates as ‘freezing out,’ is backbreaking and tedious work that takes weeks in some of the world’s harshest conditions, with temperatures dropping to minus 50 degrees Celsius (-58 F). https://cyprusshippingnews.com/2024/02/15/the-hardest-job-in-the-world-siberian-shipyard-workers-brave-freezing-cold/
3. Why Brent isn’t reacting to escalating geopolitical risk Yesterday’s geopolitical temperature is close to boiling point. In response to flare-ups across the Middle East feeding off the war in Gaza, the US has led strikes on specific targets across the region. The key shipping lanes of the Red Sea – through which about 6 million b/d, or 15% of the world’s traded crude oil, as well as 3 million b/d of refined products pass – have already been disrupted. So why haven’t oil prices leapt in response, as we’ve seen in the past? I asked VP Ann-Louise Hittle for her thoughts. https://cyprusshippingnews.com/2024/02/15/why-brent-isnt-reacting-to-escalating-geopolitical-risk/
4. What is the outlook for the natural gas spot price in 2024 and 2025? We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per million British thermal units (MMBtu), in our February Short-Term Energy Outlook (STEO). We forecast increases in natural gas prices as demand for natural gas grows faster than supply in 2024. https://cyprusshippingnews.com/2024/02/15/what-is-the-outlook-for-the-natural-gas-spot-price-in-2024-and-2025/
5. Russia’s dependence on exports to Asia rises as business with Europe falls Russia’s dependence on trade with Asia rose sharply in 2023 while its business with European markets plunged, with Asia’s share of Russian exports and imports rising to 72% and 68% respectively, Russian customs service data showed.Moscow stopped publishing detailed monthly export and import statistics shortly after it launched an invasion of Ukraine two years ago and Western countries started imposing ever-widening sanctions on it. https://cyprusshippingnews.com/2024/02/15/russias-dependence-on-exports-to-asia-rises-as-business-with-europe-falls/
6. Sumitomo Heavy exits commercial shipbuilding Japanese shipyard Sumitomo Heavy Industries Marine & Engineering has decided to stop taking new orders for commercial vessels.The yard in Yokosuka, best known for its aframax tankers, will exit the business after completing its current newbuilding backlog. https://splash247.com/sumitomo-heavy-exits-commercial-shipbuilding/
7. Liners deliver a green fuel price gap proposal to the IMO Liner shipping via its lobby group the World Shipping Council has unveiled what it terms as a Green Balance Mechanism in order to help the industry transition to green fuels. https://splash247.com/liners-deliver-a-green-fuel-price-gap-proposal-to-the-imo/
8. Eversource to Sell Stakes U.S. Offshore Wind Projects for $1.1 Billion Eversource Energy has announced a definitive agreement to sell its 50 percent ownership stake in two offshore wind projects off the U.S. Northeast to Global Infrastructure Partners (GIP).https://gcaptain.com/eversource-to-sell-stakes-u-s-offshore-wind-projects-for-1-1-billion/
9. US West Coast Ports See Minimal Red Sea Cargo Rerouting West Coast ports are seeing minimal impact from militant attacks and drought that are forcing merchant vessels to find alternatives to the Suez and Panama Canal trade shortcuts, a top U.S. port official said on Wednesday. https://gcaptain.com/us-west-coast-ports-see-minimal-red-sea-cargo-rerouting/
10. Ministry of Ports, Shipping, and Waterways Hosts Successful Workshop on Financing and Insurance Challenges in the Shipping Sector The Ministry of Ports, Shipping, and Waterways (MoPSW) successfully convened industry experts and stakeholders for a dynamic workshop focused on “Challenges and Prospective Solutions on Financing and Insurance in the Shipping Sector.” Held today in New Delhi, the event garnered significant participation and engagement from key stakeholders in the maritime community. https://www.shippingtribune.com/news/shipping/Ministry+of+Ports%2C+Shipping%2C+and+Waterways+Hosts+Successful+Workshop+on+Financing+and+Insurance+Challenges+in+the+Shipping+Sector