InterManager Daily News 25.03.2024.

1. Civil society calls on EU to provide leadership at UN on urgent short-term shipping climate action The Carbon Intensity Indicator (CII), integral to global efforts to enhance energy efficiency in shipping and cut emissions, will be on the table for discussion as the United Nations agency in charge of climate regulation of global shipping convenes in London at the Marine Environmental Protection Committee (MEPC 81). Delegates of the International Maritime Organization (IMO) will discuss policies and tactics to move forward with the groundbreaking greenhouse gas strategy, established in July 2023. https://cyprusshippingnews.com/2024/03/22/civil-society-calls-on-eu-to-provide-leadership-at-un-on-urgent-short-term-shipping-climate-action/
2. Reduction in the count of Panamax vessels in ballast status with the ECSA daily volume loaded surpassing the demand benchmark In the latter half of March, the freight market for large vessel sizes displayed a notable increase in momentum, particularly evident as the vessel count in terms of ballasters experienced an unexpected decline compared to the peak levels observed nearly four weeks prior. Amidst discussions surrounding whether the recent surge in Capesize and Panamax market rates stems from supply or demand dynamics, it becomes evident that the recent tightening of vessel supply serves as a significant upward catalyst. https://cyprusshippingnews.com/2024/03/22/reduction-in-the-count-of-panamax-vessels-in-ballast-status-with-the-ecsa-daily-volume-loaded-surpassing-the-demand-benchmark/
3. Oil loadings from Russia’s western ports seen at 2 year high from March 20-31 Oil loadings from Russia’s western ports from March 20-31 are expected to surpass 2.5 million barrels per day (bpd) and hit the highest level since April 2022, according to market and trading sources, as well as Reuters calculations. https://cyprusshippingnews.com/2024/03/22/oil-loadings-from-russias-western-ports-seen-at-2-year-high-from-march-20-31/
4. Trump tariff threat – Another reason why US shippers are moving cargo early in 2024 The threat of major hikes in US import tariffs, combined with the fear of union action at East Coast ports and longer transit times due to the Red Sea crisis, is prompting US shippers to accelerate 2024 import schedules.Former US president Donald Trump has warned he will impose a universal baseline tariff of 10% on all imported goods, and tariffs of more than 60% on imports of Chinese goods if he wins the US election in November. https://cyprusshippingnews.com/2024/03/22/trump-tariff-threat-another-reason-why-us-shippers-are-moving-cargo-early-in-2024/
5. Russia remains China’s top crude supplier in Jan-Feb Russia remained China’s top oil supplier in the first two months of this year, data showed on Wednesday, as Saudi supply cuts continued.China’s imports from Russia, including supplies via pipelines and sea-borne shipments, rose 13% on the year to 17.72 million metric tons, or 2.16 million barrels per day (bpd) over the January and February period, according to data from the General Administration of Customs. https://cyprusshippingnews.com/2024/03/22/russia-remains-chinas-top-crude-supplier-in-jan-feb/
6. Euronav announced further fleet optimisation and growth Euronav announces its dividend proposal at the Annual Shareholders’ Meeting and further fleet optimisation with the sale of three VLCCs, the delivery of the Mineral France and orders of two Newcastlemaxes & an additional VLCC. https://cyprusshippingnews.com/2024/03/22/euronav-announced-further-fleet-optimisation-and-growth/
7. AD Ports takes majority stake in Georgia’s dry port AD Ports Group has sealed a deal to acquire majority ownership in the Tbilisi Dry Port in Georgia. The agreement with Inveco, who owns the project with Wilhelmsen, will see the Abu Dhabi-based ports and logistics giant take a 60% stake in the logistics hub located in the capital city of Georgia that is set to become operational later this year. https://splash247.com/ad-ports-takes-majority-stake-in-georgias-dry-port/
8. Iron ore price rollercoaster sends jitters through cape community The iron ore price rollercoaster combined with a growing amount of the steel-making ingredient commodity piling up at Chinese ports has spooked some shipowners in recent days.Analysts remain divided on how to read Chinese appetite for iron ore, the dominant buyer of the largest seaborne dry bulk commodity. https://splash247.com/iron-ore-price-rollercoaster-sends-jitters-through-cape-community/
9. US Revises Tax Credit Rule to Help Offshore Wind Projects The Biden administration on Friday released new rules that will make it easier for offshore wind developers to claim a subsidy for facilities planned in areas that have historically relied on fossil fuel industries for employment. https://gcaptain.com/us-revises-tax-credit-rule-to-help-offshore-wind-projects/
10. World’s First Ammonia-Powered Vessel Sets Sail in Singapore Australian mining company Fortescue has marked the world’s first use of ammonia as a marine fuel in the Port of Singapore, the world’s largest bunkering port.The groundbreaking vessel, Fortescue Green Pioneer, was loaded with liquid ammonia from the Vopak Banyan Terminal on Jurong Island for a seven-week fuel trial in collaboration with the Maritime and Port Authority of Singapore (MPA). https://gcaptain.com/worlds-first-ammonia-powered-vessel-sets-sail-in-singapore/