Latest Maritime News
May 6-May 20, 2019
Singapore Rules Scrubber Residues are Toxic

Shipowners keen to get rid of their scrubber discharges in Southeast Asia’s largest port will need to fork out a sizeable sum.

The Maritime and Port Authority (MPA) of Singapore has ruled that exhaust gas cleaning residues generated by ships have been classified as toxic industrial waste and as such the residues must be collected and managed by licensed toxic industrial waste collectors who can then arrange for the waste to be offloaded in packaged form or in intermediate bulk container tanks directly to trucks and MPA licensed harbour craft for ships at berth and at anchorages, respectively. Continue reading here (Source: Splash 247).
67% of Shippers Not Ready for IMO2020

A whopping 67% of shipping is still not ready for IMO2020, according to data from Bloomberg Intelligence.

A similar proportion of refiners, 65%, are also not ready for the new sulfur cap on marine fuel. Continue reading here ( Source: Ship & Bunker).
IMO Tables Proposal for Speed Limits

The 74th sitting of the IMO’s Marine Environment Protection Committee (MEPC) ended on Friday without agreement of any of the proposals put forward to reduce GHGs (greenhouse gas emissions) from shipping.

They included a French and Greek proposal, supported by 120 shipping companies, to impose a mandatory speed limit on shipping.

However, the IMO did agree to keep the proposal on the table as one of three to be debated further at the next GHG working group meeting scheduled for November . Continue reading here (Source: gCaptain).
Dry Bulk Market: Rollercoaster Ride Continues

The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week’s end. The BCI 5TC reduced from $11,182 at the end of the previous week to a low of $9,898 on Tuesday, but rebounded to $11,621 by Friday. Reasonable cargo volumes were reported out of West Australia to China with rates for C5 lingering around $6.50-$6.75, whilst time charter rates in the Pacific lifted from low to mid-teens level by Friday. In the Atlantic Basin sentiment was given a much needed boost mid-week, with an influx of fronthaul cargoes fixing at stronger levels. Continue reading here (Source: Hellenic Shipping News).
Oil Prices Surge After OPEC Signals Supply Cuts May Continue

Oil prices have reached multi-week highs after indications emerged from the OPEC that it was likely to maintain production cuts through the end of this year.

Brent crude jumped 34 cents to touch $72.55 per barrel after reaching $73.40, the highest since 26 April this year, Reuters reported.
US West Texas Intermediate crude soared 24 cents to trade at $63 a barrel. Earlier in the day, the contract hit a three-week high of $63.81. Continue reading here (Source: Offshore Technology).
European Nations Rally for More ECAs

Yesterday at the G7 meeting of environmental ministers in Metz, France the Italian minister Sergio Costa met with his French counterpart, François De Rugy. Among the topics discussed, it was decided to carry out a joint initiative to obtain the declaration of a combined SECA and NECA (emission control area for sulphur and nitrogen oxides) for the entire Mediterranean Sea, something that has already been championed by Spain.

A coalition of NGOs stated yesterday that lower air pollution concentrations from ships in the Mediterranean will save 16,000 premature deaths and save up to EUR25bn in health costs. Continue reading here (Source: Splash 247).
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