InterManager Daily News 3.06.2024

  1. Columbia gets Posidonia off to a flying start with a glittering reception in Athens The Columbia Group got the Posidonia fortnight off to a strong start with a glittering reception for over 260 guests at the Four Seasons, Astir Palace Hotel in Athens. Welcoming guests from the Greek shipowning and operating sectors as well as from the international maritime community, Columbia used the occasion to outline the wealth of high quality services it currently offers the international maritime sphere, and introduce the very exciting SmartSea initiative, powered by Sita, the driving force behind the seamless digitalisation of the global aviation industry, and where Columbia is an anchor maritime client.
  2. Bulker newbuilding values at 15-year high: Values for newbuild vessels of 180,000 DWT up by c.5.45% from USD 66.09 mil to USD 69.63 mil Bulker newbuilding values are currently at 15-year high, with increases across all sectors since the start of the year. This is due to a number of factors including strong market fundamentals and increased demand, high steel prices and shipyard costs. Capesizes have seen the most impressive gains with values for newbuild vessels of 180,000 DWT up by c.5.45% from USD 66.09 mil to USD 69.63 mil.
  3. China’s port throughput continues to grow; Export decline slows further Total throughput at China’s ports continued to increase in 1Q24, likely because recovering demand in the US and EU boosted container throughput, Fitch Ratings says.China’s total cargo throughput rose by 6.1% yoy in 1Q24, supported by foreign trade volume, while container volumes at eight major ports rose by 10%. In addition, the ramp-up of the New Western Land-Sea Corridor increased Guangxi port’s volume by 20%, while volumes via the China-Europe Railway rose by 10%. htps://
  4. India’s April crude oil imports jump 7% on yearly basis India’s crude oil imports in April rose by 7% to 21.44 million metric tons year-on-year, boosted by firm demand and discounted Russian fuel, government data released on Wednesday showed.On a monthly basis, imports gained 3.6% from 20.69 million tons in March.
  5. Scholarships offered by Island Oil for Maritime Studies at Frederick University Frederick University and Island Oil , one of the largest companies based in Cyprus operating in the marine and domestic fuels sector, recently signed a Memorandum of Understanding with the aim of collaborating in the field of Maritime and Blue Economy. Among other initiatives, Island Oil offers scholarships to students pursuing a BSc in Maritime Studies at Frederick University, as well as other financial support schemes for the benefit of the students.
  6. Singapore brings shuttered terminals back online to battle severe box congestion To staunch the severe congestion building up at the world’s largest container transhipment hub, PSA Singapore has reactivated older berths and yards that have previously been decanted at Keppel Terminal, while also adding significant manpower to battle the box build-up.
  7. Study suggests global sulphur cap has contributed to climate crisis Several US scientists have claimed in a paper published this week that a rule imposed by the International Maritime Organization in 2020 could have increased global temperatures, explaining last year’s high temperatures.
  8. Panama Canal increases vessel draft ahead of schedule The Panama Canal has issued an advisory to shipping lines stating that, effective yesterday, it has increased the maximum authorised draft to 13.7 m.This adjustment, originally scheduled to take effect on June 15, is being implemented earlier due to the expected onset of the rainy season in the Panama Canal watershed and the current and projected levels of Gatun Lake over the coming weeks.
  9. Book Review – The Neptune Factor, Mahan and the Concept of $ea Power Alfred Thayer Mahan’s importance and strength lie in his groundbreaking ideas on sea power and its crucial role in national security and power projection at sea. His seminal work, “The Influence of Sea Power upon History,” underscored the strategic importance of a formidable naval presence to deter potential adversaries. His insights profoundly shaped naval doctrines worldwide, highlighting the enduring relevance of naval supremacy in achieving and maintaining geopolitical stability and dominance.
  10. Here’s Why the US Navy Needs More Virginia-Class Submarines Now My first job after graduating from the US Naval Academy in the late 1970s was as the anti-submarine warfare officer on a new Spruance class destroyer. The ship was bristling with equipment to hunt and kill submarines, including an advanced sonar suite to locate the thousands of tons of steel in the hull of a sub.

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