What Will Power Ocean Vessels Under IMO 2050?

Four years ago at CERAWeek, discussion of marine fuels focused on IMO 2020, which at that point was looming for full implementation of its tighter sulfur levels the following year. 

But the calendar for what to talk about at this year’s CERAWeek by S&P Global conference has moved ahead by an additional 30 years, with the International Maritime Organization’s 2050 regulations now the topic for several panels at the giant energy meeting in Houston.

IMO 2020 is now in effect. IMO 2050 is starting to impact oceangoing shipping already, with its requirements for ships to be graded on their carbon intensity launched this year.  Continue reading here (Source: Freight Waves).

Oil Prices Fall 2% in Choppy Trade As Banking Fears Rattle Markets

Oil prices fell over 2% in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support.

Brent crude futures settled down $2.01, or 2.4%, to $80.77. The global benchmark earlier fell to a session low of $78.34, its lowest price since early January.

U.S. West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5%, to $74.80 a barrel. WTI earlier declined to $72.30 a barrel, its lowest price since December. Continue reading here (Source: Reuters).

Oil Prices Dive, Extend Earlier Losses on SVB Crisis, Brewing Banking Fallout

Oil prices tanked on Tuesday, extending their sharp losses from the previous session on rising concerns that a brewing US banking crisis could lead to a potential economic fallout.

Brent crude Futures tanked 1.3% to $79.74/barrel and WTI Futures slid to $73.86/barrel while writing in Tuesday’s morning session, both the contracts slumping to at least two-month lows on Monday.

Investors remained worried about the Federal Reserve’s reaction to the banking scenario going on and inflationary pressures, following the US banking space turmoil and failures of Silicon Valley Bank and Signature Bank. Continue reading here (Source: Investing.com).

New Record for Daily Transits of the Suez Canal



The Suez Canal set a record for the number of transits through the waterway in a single day. It is the result of an ongoing effort designed to expand the capacity and enhance navigation safety.

A total of 107 vessels made the transit in either direction on March 13, a 15 percent increase in traffic from just a month ago. The Suez Canal Authority reports that a total of 7.3 million tons transited the canal today. This included 56 vessels with a total of 3.4 million tons heading southbound in a convoy while 51 vessels with 2.9 million tons were heading northbound. Continue reading here (Source: The Maritime Executive).

Newbuildings Still in Demand

Newbuilding activity has kept its momentum over the past week, while S&P deals seem to have dropped off. In its latest weekly report, shipbroker Allied Shipbroking said that “activity in the newbuilding sector remained on a similar level to the previous week, with deals concluded for around 15 new vessels. Dry bulk orders returned after two weeks of silence thanks to domestic orders placed with Chinese builder Nantong Xiangyu Shipbuilding. These orders are in-line with the preference for Ultramax vessels established throughout the first two months of year, in which over 50% of dry bulk carrier contracts were for this size group, and bring bulker orders almost to the level of container vessel orders seen so far this year. If the current positive sentiment in the dry bulk market persists, we might expect to see dry bulk orders continue to grow relative to container vessel orders, particular as a considerable number of deliveries are expected for the latter against a backdrop of falling earnings. NYK Line ordered three large LNG carriers amid expectations of growth in this sector. So far this year there have been almost twenty additions to the gas carrier orderbook. There were no altfuelled orders last week, although the world’s largest doubleended ferry has just been delivered to P&O Ferries, equipped with batteries for clean-operation in port areas”. Continue reading here (Source: Hellenic Shipping News).