InterManager Daily News 07.03.2024.

1. Kazakhstan’s KMG plans to expand Aframax fleet from 2 vessels to 12 Kazakh state-owned oil and gas company KazMunaiGaz (KMG) has announced that it is planning to expand its fleet of Aframax tankers from two to 12 over the next few years, according to a interview published on the company’s press center. https://cyprusshippingnews.com/2024/03/05/kazakhstans-kmg-plans-to-expand-aframax-fleet-from-2-vessels-to-12/
2. XSI® records biggest increase in 18 months as US shippers and ocean freight carriers head into contract negotiations The Xeneta Shipping Index (XSI®) has posted its biggest global increase in 18 months – just days before many US shippers begin negotiations over new long term contracts.The global XSI®, which calls upon Xeneta’s crowdsourced data to measure the average of all long term rates in the ocean freight shipping market, hit 154.4 points in February, the largest rise since June 2022. https://cyprusshippingnews.com/2024/03/05/xsi-records-biggest-increase-in-18-months-as-us-shippers-and-ocean-freight-carriers-head-into-contract-negotiations/
3. World Container Index Down 5% Last Week according to Drewry The composite index decreased by 5% to $3,493 per 40ft container this week and has increased by 88% when compared with the same week last year. https://cyprusshippingnews.com/2024/03/05/world-container-index-down-5-last-week-according-to-drewry/
4. Is your guarantee a guarantee? Note to shipowners The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the difference between a guarantee and an indemnity, why it matters, and what steps can be taken to protect the shipowner’s position. https://cyprusshippingnews.com/2024/03/05/is-your-guarantee-a-guarantee-note-to-shipowners/
5. Americas Fuel Availability Outlook by ENGINE Bunker demand has been normal this week in Houston. Availability of all fuel grades has been tight for prompt supply in Houston this week. Many suppliers are fully booked due to strong demand in recent weeks, and intermittent weather-related disruptions have also contributed to the tight supply situation. https://cyprusshippingnews.com/2024/03/05/americas-fuel-availability-outlook-by-engine-4/
6. Hanwha Ocean wins Qatari LNG carrier orders Qatar Energy’s fleet expansion scheme proceeds apace with a contract signed this week for 12 LNG carriers with Hanwha Ocean, the Korean yard formerly known as Daewoo Shipbuilding & Marine Engineering. Prices and delivery schedules have yet to be revealed. https://splash247.com/hanwha-ocean-wins-qatari-lng-carrier-orders/
7. Contractual issues arising from EU ETS implementation explained Helen Barden and Mark Smith from NorthStandard answer questions arising from the first months of Europe’s Emissions Trading System being applied to shipping. Several issues were left unanswered as the European Union’s Emissions Trading System (EU ETS) was applied to shipping from the beginning of this year, but answers to those questions are becoming apparent. https://splash247.com/contractual-issues-arising-from-eu-ets-implementation-explained/
8. Hafnia buying back five ships Product tanker giant of Singapore’s BW Group, Hafnia, has revealed a series of vessel repurchases on the back of record profit for the second consecutive year.The Oslo-listed owner and operator of about 130 ships has exercised options to buy back five tankers tied to lease financing. https://splash247.com/hafnia-buying-back-five-ships/
9. Iran Defies US Sanctions With Surging LPG Exports Iran is defying US sanctions with surging exports of liquefied petroleum gas, the latest sign that American pressure is failing to dent the Islamic Republic’s energy sales as its role in funding regional militias comes under scrutiny. https://gcaptain.com/iran-defies-us-sanctions-with-surging-lpg-exports/
10. Italian Warship Shoots Down Houthi Drone in Red Sea The Italian Navy warship, Caio Duilio, shot down a drone in the Red Sea on Saturday. This defensive action was part of the EU’s recently-launched naval operation in the region.The drone, similar those used in previous attacks launched by the Iranian-backed Houthis, was detected approximately 6 kilometers from the Italian warship and heading towards it. https://gcaptain.com/italian-warship-shoots-down-houthi-drone-in-red-sea/