Latest Maritime News
January 7, 2020 - January 21, 2020
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Expect Zero Tolerance for IMO 2020 Non-Compliance
Ship owners and operators should expect the International Maritime Organization's new 0.50% sulfur limit for bunker fuels, and the upcoming ban on the carriage of non-compliant fuel, to be upheld 'without exception,' according to the Paris and Tokyo MOU port state control authorities.
The authorities have been delivering letters to vessels since the start of last year to make them aware of the new rules, they said in a statement Monday.
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Another Challenging Year Ahead for Container Shipping, Drewry Says
2020 will prove another challenging year for ocean carriers in terms of capacity management, according to Drewry.
Although the consultant claimed the industry would be able to cope.
Drewry calculates that 1.2m teu of capacity will be added to the fleet this year, of which almost half comprises 23 20,000-plus teu ULCVs for HMM, CMA CGM and MSC.
According to Alphaliner data, the containership fleet grew by 4% in 2019, to 23.2m teu of capacity (5,337 ships), resulting from 1.06m teu of newbuild deliveries against 207,000 teu of ships sold for scrap.
And with demand growth predicted to remain weak, the ‘challenge’ from the orderbook is ever present.
Continue reading here
(
Source: gCaptain)
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OPEC Expects Lower Demand for its Oil as US Hits New Milestone
OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States looks set for another output record
.
The United States, which has seen its output soar in recent years powered by shale, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries forecast in its market report.
U.S. liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting U.S. demand of 21.34 million bpd, OPEC said.
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How Much Has IMO2020 Raised Bunker Prices?
As predicted, bunker buyers started to lift IMO2020 compliant VLSFO starting from Q4 2019. But as evidence by the fact HSFO in November was still the most popular grade of fuel in Singapore, it seems it was not until last month when vessels were compelled to lift the 0.50% sulfur products that it became the fuel of chose for buyers.
The
rise in demand ahead of the new rules coming into force on January 1 has caused VLSFO prices to rise sharply.
Continue reading here
(Source: Ship and Bunker)
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More Than $1 Trillion Needed to Meet IMO's 2050 Environmental Goals
At least $1trn of capital investment in land-based and ship-related infrastructure will be required to halve international shipping’s greenhouse gas emissions by 2050 compared to 2008 levels, as per the mandate of the International Maritime Organization (IMO).
A new study by UMAS and the Energy Transitions Commission for the Getting to Zero Coalition has put a dollar figure on the challenge that lies ahead for shipping over the next three decades.
Depending on the production method, the cumulative investment needed between 2030 and 2050 to halve shipping’s emissions amounts to approximately $1-1.trn, or an average of $50bn to $70bn annually for 20 years.
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Cargo Volumes at Port of Los Angeles Fall in 2019 Amid Trade War Uncertainty
Cargo volumes at the United States’ busiest port hit near-record levels, despite lingering tensions from the U.S.-China trade war.
Executive Director at the Port of Los Angeles announced Thursday that the port moved a total of 9,337,632 TEUs in calendar year 2019, just shy of the port’s second-busiest year (2017) in its 113-year history and 1.28% off 2018’s record-setting volumes.
The near-record volumes come despite a more than year-over-year 17% decline in total TEUs in December 2019, a 12% drop off in November, and 18% drop off in October.
Continue reading here
(Source: gCaptain)
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Shipping Sails Toward Decarbonization
After decades of steering clear of specific climate commitments, the international maritime industry —
responsible
for 3 percent (and growing) of annual global greenhouse gas emissions — is navigating a course to halve its footprint by 2050. Not since Italian explorer Christopher Columbus set course for the New World in 1492 has the global shipping fleet faced such an uncharted challenge.
The voyage embarked in mid-2018 when the International Maritime Organization (IMO), the United Nations agency that sets policies and standards worldwide, embraced its inaugural
decarbonization strategy
. This course falls short of what’s needed to achieve the 1.5 or 2 degrees Celsius temperature mitigation goals set by the Paris Agreement. Still, it is an important chart for the future.
The first port of call came in early 2020, when
a regulation capping sulfur emissions
took effect, forcing ship owners to start phasing out the low-cost bunker fuels that have been keeping fleets afloat but that have exacerbated air pollution in coastal cities.
Continue reading here
(Source: GreenBiz)
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Current Price Indications
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Tel: +65-6646-5367
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bunkers@clipperoil.com
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