The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, extended declines on Tuesday pressured by lower demand for panamax and supramax vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 5 points or 0.5% to 962, its lowest in more …
Baltic index drops to lowest in over seven weeks Read More »
An upturn in global coal trade looks likely in 2023, after a pause last year. Trade volume may approach the peak seen four years ago. But pessimism about the longer term trend still overshadows the view ahead, amid an international push to reduce greenhouse gas emissions by shifting energy use towards cleaner alternatives. Prospects for …
More renewable and low-carbon fuels will reduce the carbon footprint of the maritime sector in the EU following today’s adoption of a new regulation by the Council on the so-called ‘FuelEU maritime’ initiative. “The new law will provide legal certainty for ship operators and fuel producers and help kick-start the large-scale production of sustainable maritime …
FuelEU maritime initiative: Council adopts new law to decarbonise the maritime sector Read More »
Shipping lines finally seem to be making some headway in managing vessel capacity in the Asia-U.S. trades. Spot rates have been on the rise for three straight weeks, rebounding to levels last seen in early 2023 and late 2022, according to several index providers. U.S. import bookings remain above pre-COVID levels, and multiple analysts are …
Trans-Pacific shipping rates rise as carriers make capacity cuts Read More »
Asia’s spot fuel oil market has started to stabilise in recent sessions, with very-low sulphur fuel oil (VLSFO) holding steady after a recent downtrend, while high sulphur fuel oil (HSFO) has begun to ease after rallying firmer due to strong bidding. The Hi-5 fuel oil spread, which is the premium of VLSFO over HSFO, widened …
Asia Fuel Oil-VLSFO downtrend pauses, while HSFO eases slightly Read More »
Italian energy giant Eni has decided to enhance its oil and gas portfolio further by acquiring Chevron’s Indonesian assets, in line with its energy transition strategy, which features gas and LNG as key pillars. This will enable the firm to come closer to its aim of boosting the share of natural gas production to 60 …
By taking over Chevron’s assets off Indonesia, Eni enriches its gas and LNG portfolio Read More »
Ireland-based XOCEAN has opened a new technical center that will serve as a hub for the company’s fleet of uncrewed surface vessels (USVs). Source: XOCEAN XOCEAN announced on 20 July the opening of the new facility near Carlingford, Co. Louth, as well as the creation of 300 new jobs as part of its strategic growth …
300 jobs to be created as Irish company opens new USV facility Read More »
Japan’s Inpex Corporation has signed a Memorandum of Understanding (MoU) with Indonesia’s PT Pertamina on a strategic collaboration to proactively pursue the implementation of the Abadi LNG project in Indonesia. Archive; Illustration only; Courtesy of Inpex Through the MoU, Inpex and Pertamina said they will seek to collaborate strategically on a wide range of fields …
Inpex and PT Pertamina partner up for Abadi LNG project Read More »
TEH2, the hydrogen-dedicated subsidiary of Total Eren, and Aliceco Energy, a Finnish developer of large commercial-scale electrofuels facilities, have teamed up to develop electrofuel (e-fuel) facility for industrial sectors and the shipping industry. Illustration only; Archive. Courtesy of Total Eren The partnership will see the two companies implement the Vanadis Fuels Project in Kokkola Industrial …
Total Eren and Aliceco plan to build new e-fuel facility in Finland Read More »
Finnish technology company Wärtsilä has revealed that a study of operational data for two medium range (MR) product tankers fitted with its technology indicated significant emissions reductions. Wärtsilä The vessels, Elandra Sea and Elandra Star, owned by global energy company Vitol, and managed by Latvian operator LSC Group, had tailored Wärtsilä EnergoFlow and EnergoProFin systems installed during summer 2022. …
Wärtsilä claims emissions reduction on Vitol’s tankers Read More »
