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Commodities 2023: Macroeconomic, China real estate woes may pressure dry bulk market

Bleak global macroeconomic indicators, coupled with uncertainty in the Chinese real estate sector, are expected to keep the dry bulk freight market subdued to an extent in 2023, while the ship supply side remains contracted, according to shipping market participants. Most freight market watchers while speaking to S&P Global Commodity Insights said that they hold …

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The power of objectivity over uncertainty

Data-based, objective decision-making can illuminate the way forward for owners and operators faced with market volatility and the uncertainty surrounding decarbonisation. With increasing complexity and uncertainty in the market, owners, operators and charterers need solutions that can help them maintain profitability, cut their environmental impact and make sense of change – all at the same …

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The International Maritime Organization designates the Mediterranean Sea as a sulphur emission control area

During the 79th session of the Marine Environment Protection Committee (MEPC), the International Maritime Organization (IMO) amended Annex VI (Prevention of Air Pollution from Ships) of the International Convention for the Prevention of Pollution from Ships (MARPOL) to adopt the Mediterranean Sea Emission Control Area for Sulphur Oxides and Particulate Matter (Med SOx ECA) and …

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Petrobras and CNOOC seal another deal for Búzios field

Petrobras has signed the Integrated Natural Gas Processing System (SIP) contract with CNOOC Petroleum Brasil and, together with partners, concluded the process of CNOOC’s adhesion to the existing contracts of the Santos Basin Integrated Natural Gas Flow System (SIE-BS). With these contracts, CNOOC will be able to offload the natural gas coming from the Búzios …

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Offshore wind major hails uncrewed vessels

Swedish energy company Vattenfall conducted large-scale seabed surveys with uncrewed surface vessels at several of its offshore wind farms in Denmark, Sweden, and the UK earlier this year. In the late summer and early autumn of 2022, uncrewed vessels were used for seabed surveys across Horns Rev 1, Horns Rev 3, and Kriegers Flak in …

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Op-ed: Tony Lewis on the exciting potential of wave energy

The following article is an op-ed piece authored by Tony Lewis, chief technology officer at OceanEnergy, an Ireland-based wave energy company which acts as the coordinator for the WEDUSEA project. OceanEnergy’s OE35 wave energy device (Courtesy of WEDUSEA project) An ambitious project aiming to create a step change for wave energy sector has brought together …

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Crippled containership towed to Dunkirk after losing engine power

Courtesy of Premar; the French Maritime Prefecture of the Channel and the North Sea A Liberian-flagged containership HSL Nike suffered an engine malfunction on Monday, December 26 while sailing toward the port of Rotterdam. The vessel anchored off Cap Gris-Nez in northern France to avoid drifting while the crew tried to repair the engine. After a full …

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RWE and Sempra firm up 2.25 mtpa Port Arthur LNG deal

US LNG company Sempra Infrastructure has finalised a long-term sale and purchase agreement with RWE Supply & Trading, a subsidiary of RWE, for the supply of liquefied natural gas (LNG) from its Port Arthur LNG Phase 1 project under development in Jefferson County, Texas. Under the agreement, approximately 2.25 million tonnes per annum (mtpa) will be …

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Infrastructure hurdles loom as North American manufacturers eye diversifying supply chains

North American importers are reevaluating their dependence on Chinese goods after the pandemic revealed the value of a diversified supply chain. Political instability, high tariffs and lockdowns due to the country’s “zero-COVID” policy have driven many shippers to shift some manufacturing to Vietnam, Thailand and India, among other South and Southeast Asian countries, where infrastructure …

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Maersk Asia Pacific market update (December 2022)

As 2023 approaches, the outlook is more pessimistic than optimistic as the possibility of a global recession weighs on sentiment. Falling trade growth, tighter monetary controls and weakening consumer demand all point to a tougher start to the New Year for the container shipping sector. But there are some bright spots too – port congestion …

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