Shanghai Continues as Largest Container Port Handling 47M TEU in 2022

Shanghai retained its position as the world’s busiest container port for the thirteenth consecutive year in 2022 despite emerging challenges from other ports including in China and Singapore’s new Tuas facility which began operations in 2022. Preliminary figures from Chinese officials show that Shanghai’s overall container volume remained stable for the year which represents a significant recovery from the spring of 2022 when volumes were constrained by lockdowns in the city and restrictions on the movement of trucks and cargo.

Preliminary numbers released by the state-run media outlet Xinhua show that Shanghai handled a total of 47.3 million TEU in 2022. This compares with a total in 2021 of 47.0 million TEU or an increase of less than one percent. By comparison, 2021 volume increased just over eight percent versus 2020. Continue reading here (Source: The Maritime Executive).

Preview: The 2023 Cruise Industry

With the COVID-19 pandemic now in the past, Cruise Industry News looked into the trends and the highlights that are set to headline the cruise industry in 2023.

1. New Ships
2. Start Ups
3. New Crystal Cruises
4. First China-Built Large Ship
5. Explora Journeys
6. Japan Reopening
7. Secondhand Market
8. Expedtion Market
9. Disney Expansion

Continue reading here (Source: Cruise Industry News).

Oil Dives 4%, Trade Choppy on Worries About China, Global Economy

Oil prices tumbled 4% in volatile trade on Tuesday, pressured by weak demand data from China, a gloomy economic outlook and a stronger U.S. dollar.

Brent futures for March delivery fell $3.81, or 4.4%, to $82.10 a barrel, the largest daily decline in more than three months.

U.S. crude fell $3.33 to $76.93 per barrel, a 4.1% loss, its biggest fall in more than a month. Both benchmarks had risen $1 a barrel early in the session. Continue reading here (Source: Reuters).

Shell Leads Global Lubricants Market for 15th Year



Shell retains its status as the leading global supplier of finished lubricants for a 15th consecutive year, according to the 19th edition of Kline & Company’s report Global Lubricants: Market Analysis and Assessment 2021.

Using 2020 as the base year, the report covers all leading lubricant consuming country markets, market segments, product types, and formulations. Shell retains the number one ranking for all three lubricants categories tracked by Kline—consumer automotive, commercial automotive, and industrial.

Machteld de Haan, who will take over as Executive Vice President for Shell Lubricants in January, said, “This report confirms Shell as the leading global lubricant supplier across cars, trucks, and industrial equipment for the fifteenth straight year, underscoring the business’s long-standing commitment to customers and reflecting the strength of our superior product portfolio. We have maintained our market-leading position and extended our competitive advantage thanks to our scale, brand equity, technological leadership, and customer relationships, all under the exceptional leadership of Carlos Maurer, our outgoing EVP.” Continue reading here (Source: FleetMaintenance).

Israel Introduces Lower In-Port Fuel Sulphur Limits

Vessels calling at ports in Israel will need to use marine fuels with a 0.10% maximum sulphur content under new regulations taking effect in February 2023.

Amendments to MARPOL Annex VI, adopted to establish a Mediterranean Emission Control Area for sulphur oxides and particulate matter. The requirement will be the same as for other sulphur ECAs. Thus, mandating the use of fuel oil with a sulphur content not exceeding 0.10% or the use of an exhaust gas cleaning system. The amendments will enter into force on 1 May 2024, and the requirements take effect on 1 May 2025.

Information to be included in the BDN Amendments to MARPOL Annex VI, Appendix V were adopted. Hence, to also include the flashpoint of the fuel oil. Alternatively, a statement of the measured flashpoint at or above 70°C. The amendments will enter into force on 1 May 2024. Continue reading here (Source: Ship Nerd News).

The Oil Market Crisis Sparked By Russia's Invasion is Nearing its End



Russia’s invasion of Ukraine back in February triggered a major market crisis. Oil and gas prices soared to multi-decade highs; coal prices grew by nearly 70%, global wheat prices increased by over 60% while prices of metals exported by Russia, such as nickel, palladium, and aluminum all increased significantly. 

Meanwhile, the euro fell below parity with the dollar for the first time in over two decades on fears that the war would trigger a global economic crisis.     

Now, however, there are growing signs that the disruption could be coming to an end, with crude oil, natural gas, and food prices having all fallen back to prewar levels while the euro has staged a 7% rally against the dollar over the past three months to $1.06.

Continue reading here (Source: OilPrice).