Latest Maritime News
26 October-9 November 2021
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Two Big Problems Are in The Way of Decarbonizing Shipping
Shipping, which transports 90% of the world’s trade, contributes nearly 3% of global emissions – a little more than the carbon footprint of Germany. If gone unchecked, this share could increase to 17% by 2050 as the world’s GDP keeps growing.
Curbing shipping emissions has been a hot topic at the international climate summit in Glasgow, with 14 nations signing a declaration last week to bring shipping emissions down to net zero by 2050.
On Saturday, shipping industry heavyweights and senior government representatives met to iron out details of this lofty promise, ahead of the key transportation talks at COP26. Important differences emerged in whether market or regulatory rules will be most effective to push the industry towards net zero. Continue reading here (Source: The Maritime Executive).
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COP26: Shipping Industry Must 'Upgrade; Climate Targets:' IMO Chief
Shipping must raise its environmental targets, the International Maritime Organization's secretary-general said during the United Nations Climate Change Conference in an apparent nod to growing pressure from shipping companies and politicians.
The IMO is currently targeting a 50% cut in greenhouse gas emissions from the global fleet by 2050 compared with 2008 levels, following a 40% reduction in carbon intensity by 2030, but there is growing industry and political pressure to raise the 50% goal to 100%.
"We must upgrade our ambition, keeping up with the latest developments in the global community," Kitack Lim said Nov. 6 at the International Chamber of Shipping's Shaping the Future of Shipping conference in Glasgow. Continue reading here (Source: S&P Global).
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Royal Caribbean Takes Delivery of World's Largest Cruise Ship
The world’s largest cruise ship was quietly delivered to its owners last week and is scheduled to depart the shipyard tomorrow, November 5. Unlike the past where the events were met with great fanfare, the new cruise ship, Royal Caribbean International’s Wonder of the Seas will wait four months for its maiden voyage as the cruise industry continues to ramp up after the long pause in operations.
At 236,857 gross tons, the new cruise ship is nearly five percent larger than the first Oasis class cruise ship that Royal Caribbean introduced more than a decade ago and even slightly larger than the fourth ship of the class that was introduced three years ago. The Wonder of the Seas, which is 1,188 feet in length, also has an increased passenger capacity with a maximum of 6,988 passengers in addition to 2,300 crew.
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Oil Rises to $84 as US Ends International Travel Ban
Oil prices rose on Tuesday after President Biden lifts the pandemic travel ban imposed on U.S bound travelers for more than a year. The lifting of travel restrictions bolstered crude oil outlook as it indicates global post-pandemic recovery even with the current tight global oil supply.
Brent crude oil, against which Nigerian oil is priced, rose by 31 cents or 0.4 percent to $83.74 per barrel at 1:51 pm Nigerian time. U.S West Texas Intermediate Oil appreciated by 36 cents or 0.4 percent to $82.29 per barrel after posting a 0.8 percent gain the previous day.
“With the re-opening of U.S. borders for vaccinated travellers, jet fuel demand ought to receive a healthy … boost,” said Tamas Varga of oil broker PVM. Continue reading here (Source: Investors King).
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Supply Chain Issues Have Pushed Shippers Back to Bulk Cargo
With a shipping-container shortage and supply chain issues snarling global trade, some companies are changing how they ship their goods and ditching containers all together. Sugar and rice traders told Reuters, they’re reverting back to the methods of decades ago and booking dry bulk vessels to avoid the issues.
Dry bulk cargo ships carry unpackaged raw material in the ship’s holds instead of in containers. Sugar, coffee, rice, cotton, and cocoa are some agricultural products that could be transported via dry bulk vessels. Break-bulk cargo vessels can also carry products that are sacked, like sacked sugar and rice. Continue reading here (Source: Quartz).
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Shipping Group CMA CGM to Buy Los Angeles' FMS Container Terminal
Shipping group CMA CGM has agreed to acquire the Fenix Marine Services (FMS) container terminal at the port of Los Angeles in a deal worth around $2 billion that will extend its presence in a crucial hub for transpacific trade.
CMA CGM currently has a 10% stake in FMS and it is to buy the remaining 90% from investment fund EQT Infrastructure III (EQTAB.ST) on the basis of an enterprise value of $2.3 billion, CMA CGM and EQT said on Wednesday.
France-based CMA CGM, one of the world's largest container shipping lines, expects to pay out around $1.8 billion for the 90% stake and will finance the deal from its own funds, it added. Continue reading here (Source: Reuters).
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Maersk Records $16.6bn Revenue in Q3 2021
A P Moller-Maersk has reported revenues of $16.6bn in the third quarter of the year, a 68% jump from $9.9bn in the same quarter of 2020.
The company’s EBITDA grew to $6.9bn from $2.3bn while EBIT surged almost five-fold to $5.9bn.
A P Moller-Maersk CEO Søren Skou said: “In the ongoing exceptional market situation, with high demand in the US and global disruptions to the supply chains, we continued to increase capacity and expand our offerings to keep cargo moving for our customers. Our integrator strategy is key to supporting our customers’ end to end logistics needs by designing a more stable ocean business, strongly growing our logistics offering and relying on automated and efficient terminals.” Continue reading here (Source: Ship Technology).
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Inside the Ports of Los Angeles and Long Beach: Port Congestion Photos
The Ports of Los Angeles and Long Beach are on the frontlines of the shipping crisis.
Container ships sit anchored on the coast, with some waiting since late August to dock.
We spoke to experts navigating the shipping crisis at logistics companies, the US Coast Guard, and more. Continue reading here (Source: Business Insider).
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Current Price Indications
*Prices are indications only.
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Bangkok, Thailand
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD740/MT
MGO (DMA): USD785/MT
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Busan, South Korea
HSFO IFO-380cst 3.5%: USD532/MT
VLSFO 0.5%: USD650/MT
MGO (DMA): USD737/MT
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Callao, Peru
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD760/MT
MGO (DMA): USD897/MT
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Hong Kong
HSFO IFO-380cst 3.5%: USD510/MT
VLSFO 0.5%: USD613/MT
MGO (DMA): USD711/MT
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Houston, TX, USA
HSFO IFO-380cst 3.5%: USD484/MT
VLSFO 0.5%: USD601/MT
MGO (DMA): USD751/MT
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Kaohsiung, Taiwan
HSFO IFO-380cst 3.5%: USD552/MT
VLSFO 0.5%: USD644/MT
MGO (DMA): USD800/MT
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Long Beach/Los Angeles, CA, USA
HSFO IFO-380cst 3.5%: USD550/MT
VLSFO 0.5%: USD685/MT
MGO (DMA): USD820/MT
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Manta, Ecuador
HSFO IFO-380cst 3.5%: USD510/MT
VLSFO 0.5%: USD772/MT
MGO (DMA): USD850/MT
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New York Harbor, NY, USA
HSFO IFO-380cst 3.5%: USD498/MT
VLSFO 0.5%: USD615/MT
MGO (DMA): USD760/MT
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Panama Canal
HSFO IFO-380cst 3.5%: USD462/MT
VLSFO 0.5%: USD611/MT
MGO (DMA): USD806/MT
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Singapore
HSFO IFO-380cst 3.5%: USD485/MT
VLSFO 0.5%: USD625/MT
MGO (DMA): USD718/MT
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