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Political instability is a “Risk Multiplier” which is putting a successful green energy transition in maritime in jeopardy ICS report shows

The International Chamber of Shipping (ICS) Maritime Barometer Report 2022-2023 – published today – reveals that uncertainty over fuel availability and infrastructure puts at risk ambitions to meet decarbonization targets, reinforcing the need for a clear plan of action to mitigate risk. The inaugural ICS Maritime Barometer Report is the first full-scale annual survey of …

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Maritime industry needs to embrace a robust safety culture to successfully tackle transformations, says DNV

A new report from DNV and Lloyd’s List Intelligence, “Maritime safety trends 2012-2022: Advancing a culture of safety in a changing maritime landscape”, found a surge in the number of safety incidents involving machinery damage or failure. Alternative fuels assessment With incidents on the rise, more needs to be done to address safety, particularly as …

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Platts of S&P Global Commodity Insights Launches Tanker Freight Base Rates Price Assessments

Platts, part of S&P Global Commodity Insights, the leading independent provider of information, analytics and benchmark prices for the commodities and energy markets, today announced that on May 15, 2023, it launched Platts Base Rates based on conventional bunker fuel and liquefied natural gas (LNG) bunker fuel, providing a standardized estimate of the cost of …

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Shelf Drilling CEO: Rising rig demand in Asia to propel day rates to new heights

Offshore drilling contractor Shelf Drilling has boosted its backlog further during the first quarter of 2023, despite experiencing a sequential decline in revenue due to lower effective utilisation across its fleet. The UAE-headquartered giant’s hopes of further improvements within the offshore drilling market are fuelled by the growing rig demand in Asia, which is expected to …

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Euronav CEO Hugo De Stoop steps down

In a surprising turn of events, the Supervisory Board of Belgian tanker major Euronav NV has announced the departure of CEO Hugo De Stoop with immediate effect, citing mutual agreement. Illustration; Image credit Euronav The company said in a press release that the majority of the Supervisory Board supported the decision. The move comes on …

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Philippines and Indonesia spearhead training programs for seafarers as shipping moves toward decarbonization

The Philippines and Indonesia, which are home to just under 21% of the world’s crew members, are taking action to support their seafarers in developing modern skill sets as shipping decarbonizes. Seafarers/Illustration; Image by Offshore Energy With 252,392 of the world’s seafarers, 13.3% of global crew members, calling the Philippines home, the country’s taking steps to …

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Rethink Energy study: Green H2 is $850bn game everybody wants to play

According to a new study “Global Hydrogen Market Forecast to 2050,” published by Rethink Energy, the energy intelligence arm of Rethink Technology Research, the emergence of a global hydrogen marketplace of about six times the current market size now looks inevitable. In the study, Rethink predicted that in 2050 the green hydrogen market will be …

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Maersk completes divestment of all of its energy-related businesses

Industry major A.P. Moller – Maersk (Maersk) has completed the divestment of Maersk Supply Service (MSS) announced two months ago. Image credit Maersk Supply Service At closing, A.P. Moller Holding, the parent company of the A.P. Moller Group, will assume full ownership of MSS. Maersk Supply Service will continue trading under its current name and …

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Supply Chain Squabbles In Bed, Bath & Beyond Bankruptcy Reflect Increasing Shipping Act Litigation Before the FMC

Reports of supply chain litigation from troubled retailer Bed Bath & Beyond (BBBY) before the Federal Maritime Commission (FMC) have hit the news, reflecting a trend of increasing supply chain litigation before the FMC since the June 2022 passage of the Ocean Shipping Reform Act (OSRA). BBBY, which filed for Chapter 11 reorganization in a …

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