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Last updateΤετ, 04 Δεκ 2024 10pm

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ZeroNorth opens new offices in Varna and Mumbai to expand Professional Services offering

0ZN Varna MumbaiMaritime technology company ZeroNorth has today announced it has opened two new offices, in Varna, Bulgaria, and Mumbai, India, to help expand its Professional Services offering and provide customers with unparalleled industry expertise to support vessel optimisation decisions.

CELESTYAL CRUISES AND LOUIS GROUP PARTNER WITH SEARCHLIGHT CAPITAL TO ANNOUNCE STRATEGIC INVESTMENT AGREEMENT

0CelestyalCelestyal Cruises, the award-winning, number one choice for cruise travelers to the Greek Islands and the Eastern Mediterranean, and its parent company, Louis plc, a leading Cyprus-based tourism organization, are pleased to announce a definitive strategic investment agreement with funds managed by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm.

Market commentary- latest Weekly S&P Report Xclusiv Shipbrokers Inc.

Bulk carrier 1Another outbreak has reached China’s mainland and once more, severe measures are being imposed in line with the country’s zero-Covid strategy to combat the COVID-19 pandemic.

Market Commentary-Xclusiv Shipbrokers Inc.

With COP26 drawing to a close, increased pressure has been put on the maritime industry to accelerate its decarbonization process. 22 states (including Australia, Canada, Japan, USA, UK, France, Norway, Denmark, Germany & the Netherlands), but notably with the exception of China, have signed up to the Clydebank Declaration with the signatories of the Declaration supporting the establishment of so called ‘green shipping corridors’, or zero-emission maritime routes between 2 (or more) ports. The signatories are aiming to establish at least 6 of these corridors by the middle of the decade.

In a statement which came as a surprise to many, considering how the summit began, Washington and Beijing vowed to work together to tackle methane & illegal deforestation. Beijing did, however, successfully resist American and European Union attempts to sign up for a pledge to cut methane emissions 30% by the end of the decade from 2020 levels, stating that China will develop its own internal plan. 141 countries (including Brazil and Russia) promised to end and reverse deforestation by 2030. What started as a promise to ‘phase out’ coal use was, over the weekend, watered down to ‘phase down’ coal use after protests by India & China; more than 40 countries agreed to phase out coal power and 23 signed the Coal to Clean Power Transition Agreement. Some of the largest producers and consumers were notably absent however, including China, India, Australia and the USA.

In the present day, the world’s largest importer of iron ore, China, recorded a dip in iron ore imports in October to 91.61 million tons, a m/o/m reduction of 4.2% and y/o/y reduction of 14.2%. As China is battling to rebalance an overheated property market, and with Evergrande still not out of the woods, it is having a knock-on effect on steel exporters, with Indian steel mill exports to China only accounting for 8% of their output in the first half of the year, down from 30% last year. Coal prices remain volatile amid ongoing energy shortages coming into the winter period. Forecasts of Newcastle coal – the benchmark for Asia – are being revised to USD 123/ton, up from USD 85/ton. China’s imports of coal increased to 26.9 million tons (96.3% up y/o/y) in October as the country battled with power outages.

Oil prices this week retreated from two-week highs, with Brent around USD 82 a barrel during Friday’s session, after the Biden administration announced it was looking at ways to reduce energy costs (although the administration remains reluctant to tap into strategic reserves). Whilst calling for increased OPEC output the President of the United States, is facing internal party pressure for a US oil export ban. Increased demand, and shortage of supply, led to one trader wagering oil prices will soar past USD 250 a barrel with others more “conservatively” wagering levels over USD 200. Rising energy prices were a key factor in the announcement that the US consumer price index has risen 6.2% from a year ago (the nation’s highest annual inflation rate since November 1990) standing at 276.724.

Tanker period rates, particularly for eco tonnage, continue to head north with eco-MRs this week fetching low USD 16ks PD for 2 years with options. Charterers demand for long period crude fixtures remains strong, with an eco-scrubber fitted VLCC being booked to Trafigura for 3 years at USD 34k PD. We note that on a y/o/y basis, the BDTI has increased by 99% and the BCTI has increased by 86%. On a monthly basis they are up 16% and 28.7% respectively. Meanwhile firm scrap prices continue to tempt owners of older tankers to call it a day, with sub-Continent rates maintaining levels over USD 610-620/ton, bringing the total number of product carriers being recycled 2021-to date to 43, followed by 34 crude demolitions.

Larger vessels continue to dominate the newbuilding news, with Maran Gas ordering two LNG carrier newbuildings at Daewoo Shipbuilding reportedly for USD 410.9 mills delivery 2H 2024. Maran Gas are holding options for two more vessels. Berths for LNG carriers are now few and far between, with slots even into 2025 looking difficult to secure. Rates for LNG carriers, meanwhile, continue to climb with reports Friday of steam turbine LNG carriers being booked at remarkable levels of over USD 200k per day.

Sale and Purchase:

0Supramaxes On the dry S&P activity, the Panamax “Yutai Ambitions”-77K/2008 Oshima is committed rgn USD 18mills to Greek Buyers.

Shipping’s progress on the greener road to 2050

rupoi ploion6The shipping community has to bare the blame for the situation it now finds itself in as it faces the challenges of climate change.

Paving the way for LNG bunkering in Cyprus

0KyprA technical workshop was organised by the EU co-funded project Poseidon Med II on the afternoon of 10th November during the EMC 2021 Conference and Exhibition, in Nicosia. This was an onsite live event aiming at disseminating the Action’s milestones while presenting the synergies in the gas sector that Poseidon Med II has fostered on the island and the wider Eastern Mediterranean area.

Maran Dry Management: implements electronic oil record book

Maran Dry ManagementMaran Dry Management Inc. (MDM) started the implementation of electronic Oil Record Book (ε-ORB) across their fleet.

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