Latest Maritime Headlines
September 6, 2018
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China Tops Leading Maritime Nations of the World
The 2018 report on the “Leading Maritime Nations of the World” ranks China as the world’s leading maritime nation, placed among the top four on all the maritime pillars in the ranking. China’s position is particularly strong in shipping and ports & logistics.
The study conducted by Menon Economics benchmarks the 30 leading maritime nations around the world in four key maritime pillars: shipping, finance and law, maritime technology and ports & logistics, in an attempt to understand the key drivers behind national maritime success. DNV GL and Menon Economics presented the report at the SMM trade fair in Hamburg.
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(Maritime Logistics Professional).
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Will IMO 2020 Introduce Mayhem Or Opportunity To The Refining And Marine Sectors?
It is rare that a fuel specification change could disrupt the oil value chain, but the
International Maritime Organisation’s
(IMO) planned change to bunker fuel regulation may do just that.
The IMO, the United Nations’ body responsible for the safety and environmental performance of the shipping sector, has ruled that from 1 January 2020, marine sector emissions in international waters be slashed.
To comply,
the marine sector
will have to reduce the sulphur emissions by over 80%, which can be achieved by switching to lower sulphur fuels. The current maximum fuel oil sulphur limit of 3.5 weight per cent (wt%) is to be reduced to 0.5 wt%. The new tougher limits will be the largest reduction in the sulphur content of a transportation fuel undertaken at one time.
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(Forbes).
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Shipping Market Outlook for Container, Dry Bulk and Tank Shipping
Demand
When judged by global volume, demand growth alone – 3.8% for the first six months – is not that bad. It’s just that the nominal fleet grew by 3.9% during the same period, and the active fleet even more. The trend points towards lower demand growth this year, as global volume demand has fallen since April.
It goes for all shipping sectors that tonnes-miles demand is measured by the volumes multiplied by the sailing distance. This gives a bit of insight into why container shipping is facing headwinds at the moment; 83% of the newbuilds delivered in 2018 are ships with a capacity of 10,000+ TEU. They were made for long sailing distances. This compares to 37% of the volume growth being short-distance, intra-regional trades (for example, intra-Asia or intra-Europe).
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(Maritime Professionals).
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Oil Prices Mixed, Oman Minister Says Prices Unlikely to Rise Above $80 This Year
Oil prices were mixed on Tuesday. Trade was expected to be slow as U.S. stock markets were closed on Monday for a holiday, while reports that Oman’s oil and gas minister said oil prices are unlikely to rise above $80 this year raised some eyebrows.
West Texas
Crude Oil WTI Futures
for October delivery rose 0.4% to $70.06 a barrel as of 12:34 AM ET (04:34 GMT). Meanwhile
Brent Oil Futures
for November delivery, the benchmark for oil prices outside the U.S., slipped 0.1% to $78.08.
Mohammed bin Hamad Al Rumhy, Oman’s Minister of Oil and Gas told CNBC on an interview on Monday that he believed prices were currently “fair.”
"I think for the rest of this year we should see stability between $70 and the high 70s (dollars a barrel), or low 70s to high 70s," he said.
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(Investing).
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Global Shipping Industry Stays on an Even Keel Despite Waves of Uncertainty From US-China Trade War
The US-China trade war has yet to make big waves for the world’s shippers that transport everything from soybeans to industrial machinery between the two nations.
The Baltic Dry Index that measures shipping rates for vessels that carry bulk commodities, such as grain and coal, has been riding high – up nearly 80 per cent since April, when trade tensions were building, ending in the first US tariffs going into effect on July 6. In fact, the index hit a 52-week high this month, as a second round of tariffs hit.
In addition, executives of several shipping giants reporting earnings in the past two weeks have declared that, while they are cautious about the growing trade war, they so far have not needed to batten down the hatches.
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(Yahoo).
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California Lawmakers Pass a Historic Bill Mandating Carbon Free Energy in the U.S. State by 2045
California took a historic step early this week with the passage of Senate Bill 100 in the State Assembly that would move the U.S. state
toward 100% clean energy by 2045.
The bill, which was introduced by Democratic state Sen. Kevin de Leön, proposes to phase in the changes, requiring the state to generate 60% of its energy from renewables like wind, solar and other alternatives by 2030. State regulators will have another 15 years to complete the overhaul and could allow for the use of energy sources considered nonrenewable, such as nuclear power, large hydro power dams and gas-fired power plants that capture and store emissions.
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(Fuel and Lubes).
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Current Price Indications
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