1. World Bank deciphers the correlation between disruption and increasing box rates. The 2020s have marked a period of unprecedented disruption for liner shipping, which in turn has created the conditions for the greatest earnings the sector has ever recorded. Quantifying how this disruption – whether it be covid, the drought in Panama, or the Red Sea shipping crisis – equates to freight rates increasing has hitherto be an inexact science. However, a working paper for the World Bank has managed to crunch the numbers via a newly launched Global Supply Chain Stress Index (GSCSI).
https://splash247.com/world-bank-deciphers-the-correlation-between-disruption-and-increasing-box-rates/
https://splash247.com/world-bank-deciphers-the-correlation-between-disruption-and-increasing-box-rates/
2. ICS report predicts more than 400 hydrogen carriers will be needed by 2050. The International Chamber of Shipping (ICS) has launched a new report identifying global hydrogen demand to 2050, with South Korea, Japan and Europe being the first markets for hydrogen. The report highlights that to meet just 30m tonnes of annual global green hydrogen demand, the world would require up to 411 new hydrogen vessels – or up to 500 vessels if transported as ammonia – and the equivalent of the yearly electricity production of South and Central America combined.
https://splash247.com/ics-report-predicts-more-than-400-hydrogen-carriers-will-be-needed-by-2050/
https://splash247.com/ics-report-predicts-more-than-400-hydrogen-carriers-will-be-needed-by-2050/
3. New Jones Act shipping firm launches. Crowley and SEACOR Holdings have officially launched Fairwater Holdings, combining the pair’s American petroleum and chemical tanker fleets.Fairwater is active in all major Jones Act coastwise tank vessel trades. The fleet consists of 31 owned vessels, including medium-range product tankers, aframaxes and articulated tug-barges (ATBs). Fairwater also provides shipmanagement services for 20 third-party owned vessels.
https://splash247.com/new-jones-act-shipping-firm-launches/
https://splash247.com/new-jones-act-shipping-firm-launches/
4. Veer selects Fosen Shipyard to build revolutionary boxships. Bahamas-headquartered Veer has selected Germany’s Fosen Shipyard to build its first two wind-powered and hydrogen-assisted container vessels with an aim to launch clean container services from 2027. “We are delighted and excited that Veer has chosen Fosen to build the first zero-emissions container carrier in Germany,” said Carsten Stellamanns, CEO of Fosen Shipyard. “Together with Veer we are looking forward to creating a game-changing concept and bringing it to the waters.”
https://splash247.com/veer-selects-fosen-shipyard-to-build-revolutionary-boxships/
https://splash247.com/veer-selects-fosen-shipyard-to-build-revolutionary-boxships/
5. MOL showcases landmark wind-assisted gas carrier. One ship type that has yet to embrace wind power could soon see sails installed. Japanese shipping giant Mitsui OSK Lines (MOL) has just received an approval in principle from ClassNK for the design of a membrane LNG carrier featuring two of MOL’s Wind Challenger sails.
https://splash247.com/mol-showcases-landmark-wind-assisted-gas-carrier/
https://splash247.com/mol-showcases-landmark-wind-assisted-gas-carrier/
6. Japan Seeks Extradition of Anti-Whaling Captain Paul Watson. Japan is seeking the extradition of a U.S.-Canadian anti-whaling activist, who has been held in custody in Greenland since July 21, Danish and Japanese authorities said on Thursday.
Denmark has previously said Japan was seeking Paul Watson – founder of the Sea Shepherd activist group and the Captain Paul Watson Foundation – on charges of breaking into a Japanese vessel in the Antarctic Ocean in 2010, obstructing the boat’s business and causing injury as well as property damage.
https://gcaptain.com/japan-seeks-extradition-of-anti-whaling-captain-paul-watson/
https://gcaptain.com/japan-seeks-extradition-of-anti-whaling-captain-paul-watson/
7. Maersk Sees Red Sea Disruption Lasting Through 2024. The global transport disruptions caused by the conflict in the Red Sea will last longer than expected and won’t be solved this year, according to A.P. Moller-Maersk A/S, a bellwether for world trade.
The comments come as Maersk on Thursday raised its financial guidance for a third time in three months as higher freight rates continue to boost the company’s profits. The global liner industry has been upended by conflicts that are forcing ships to sale south of Africa rather than through the Suez Canal.
https://gcaptain.com/maersk-sees-red-sea-disruption-lasting-through-2024/
https://gcaptain.com/maersk-sees-red-sea-disruption-lasting-through-2024/
8. Hydrogen Demand Will Require Hundreds of Additional Ships, Report Says. Report finds meeting annual global green hydrogen demand would require over 400 new hydrogen ships.
The International Chamber of Shipping (ICS) released a groundbreaking report on Thursday highlighting the increasing in demand for clean hydrogen to decarbonize key sectors and the potentially huge opportunities it presents for shipping.
https://gcaptain.com/hydrogen-demand-will-require-hundreds-of-additional-ships-report-says/
https://gcaptain.com/hydrogen-demand-will-require-hundreds-of-additional-ships-report-says/
9. India and Vietnam Team Up to Preserve Maritime History with NMHC in Lothal, Gujarat. India and Vietnam, two nations with a rich and intertwined maritime history, are joining forces to develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat. This partnership, rooted in centuries-old maritime connections, highlights the enduring bond between the two countries and their commitment to preserving and celebrating their shared heritage. Today, a Memorandum of Understanding (MoU) was signed between India and Vietnam at Hyderabad House in New Delhi, in the presence of Prime Minister Narendra Modi and the Prime Minister of Vietnam Mr. Pham Minh Chinh. This MoU marks a significant step forward in the collaborative efforts to bring the NMHC to life, further strengthening the strategic partnership between the two nations.
https://www.shippingtribune.com/news/shipping/India+and+Vietnam+Team+Up+to+Preserve+Maritime+History+with+NMHC+in+Lothal%2C+Gujarat
https://www.shippingtribune.com/news/shipping/India+and+Vietnam+Team+Up+to+Preserve+Maritime+History+with+NMHC+in+Lothal%2C+Gujarat
10. Adani Ports Q1 Results: Net profit jumps 47% to Rs 3,113 crore, revenue up 11%Â
Adani Ports and Special Economic Zones on August 1 reported a 47 percent on-year rise in its consolidated net profit to Rs 3,113 crore for the April-June quarter of fiscal 2024-25 (Q1FY25), helped by a Rs 600 crore gain from the disinvestment of stake in a container terminal subsidiary. The growth in net profit was also driven by a rise in total revenues.
https://www.shippingtribune.com/news/shipping/Adani+Ports+Q1+Results%3A+Net+profit+jumps+47%25+to+Rs+3%2C113+crore%2C+revenue+up+11%25
https://www.shippingtribune.com/news/shipping/Adani+Ports+Q1+Results%3A+Net+profit+jumps+47%25+to+Rs+3%2C113+crore%2C+revenue+up+11%25
