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China’s new marine fuel contract seen attracting strong industry, investor interest

China’s marine fuel futures contract that debuts on Monday on the Shanghai International Energy Exchange (INE) is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic, industry participants said. The new low-sulphur fuel oil (LSFO) contract features marine fuel meeting stricter international emissions rules and is the latest commodity futures …

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Despite unprecedented shock to world trade, shipping lines maintain high freight rates

The shipping industry’s woes started before the current pandemic. Trade tensions between the U.S. and China had depressed demand throughout 2019. On a longer time frame, a trend to nearshoring or onshoring and the rise of automation were both creating headwinds for the unfettered growth of globalization on which the global shipping industry depends. Indeed, …

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No escaping global trade slump

Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment. New data from the United Nations Conference on Trade and Development (UNCTAD) predicts a 20% slump in the value of trade this year – and developing countries look set to bear the brunt of the pain. …

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The world’s first crewless ship trial run: Working toward the development of a “route planning system” that uses AI to recommend the optimum sea route

Weathernews Inc. has been selected as a member of the “Designing the Future of Full Autonomous Ship Project” (hereafter, DFFAS Project) (*), made up of 22 domestic companies who will collaborate on the Joint Technological Development Programme for the Demonstration of Unmanned Ships (**) administered by the Nippon Foundation. In 2021, this project will carry …

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POSH’s Vessel To Support Singapore In Providing Safe Crew Changes Amid COVID-19

Offshore marine services provider, PACC Offshore Services Holdings Ltd’s (“POSH” or the “Group”) accommodation vessel has been designated by the Maritime and Port Authority of Singapore (“MPA”) to support crew changes for cargo ships calling in Singapore. The Group has uniquely configured its accommodation vessel, POSH Bawean, for deployment at the Eastern Working Anchorage. The …

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Busy summer ahead for Boskalis and NKT at Triton Knoll offshore wind project

The consortium of Boskalis and NKT is set to work through the summer to install the offshore export cables at the Triton Knoll offshore wind farm in the UK. As reported, an initial 25km stretch of export cable has already been installed from the landfall north of Anderby Creek in Lincolnshire, establishing a connection between …

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