Oldendorff and Teck to fit bulker with rotor sails as part of decarbonization push

German bulk operator Oldendorff Carriers GmbH & Co. KG has entered into an agreement with Canada’s mining major Teck Resources Limited to use wind propulsion to reduce CO2 emissions in Teck’s supply chain. Image credit Oldendorff The joint investment will see the vessel Dietrich Oldendorf, which carries shipments of Teck steelmaking coal from the Port of Vancouver, …

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INPEX: Authorities clear revised development plan for Abadi LNG project

Japanese energy company INPEX Corporation has received written approval for the revised development plan for its Abadi LNG project in Indonesia. INPEX received the approval on behalf of the joint venture composed of INPEX Masela, PHE Masela, and Petronas Masela. The company submitted a revised Plan of Development (POD) to Indonesian government authorities on April …

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ORNL, Caterpillar to work on methanol use in marine engines

The US Department of Energy’s Oak Ridge National Laboratory (ORNL) and engine manufacturer Caterpillar have entered into a cooperative research and development agreement (CRADA) to investigate using methanol as an alternative fuel source for four-stroke internal combustion marine engines. Oak Ridge National Laboratory Under the terms of the CRADA, ORNL researchers will work with Caterpillar over …

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‘West Green Shipping Corridor’ to link North America and Asia

Canada has signed a memorandum of understanding (MOU) to pursue the establishment of a green shipping corridor between Canada’s West Coast and ports in the United Arab Emirates, Korea and Japan. The announcement was made by Pablo Rodriguez, the Minister of Transport, on the margins of COP28. The international, multi-port, multi-jurisdictional green maritime corridor will …

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Panamax Brazilian Port Congestion: Downward revision of the number of Panamax ships congested in Brazilian ports

In the first week of December, both the Capesize and Panamax freight markets experienced a remarkable upswing, reaching their highest levels of the past year. The larger vessel categories experienced an unexpected turnaround in sentiment and recorded a remarkable upswing. However, the smaller vessel categories are still struggling to develop stronger momentum, although there are …

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Delivering net zero by 2050: The Cornerstones of Effective IMO Climate Regulations

To deliver on the goal of net zero emissions for shipping by 2050, IMO greenhouse gas regulations must rest on solid foundations. Liner shipping is committed to decarbonising quickly and efficiently, and to support this process the World Shipping Council (WSC) has today published its first contribution to negotiations at IMO MEPC 81, with a …

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Container freight rates fall to 2019 levels while costs remain high

So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019. Liner operators continue to struggle with a worsening supply/demand balance, affecting freight rates. …

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Hayfin to acquire up to $1bn of shipping assets through Maritime Yield strategy, building on longstanding sector track record

Hayfin Capital Management (“Hayfin”), a leading alternative credit platform, today announces that it has completed a fundraising process for its Maritime Yield strategy. Having attracted c.$400m in capital commitments for the fund, Hayfin will have the capacity to acquire up to $1bn of shipping assets when coupled with conservative debt financing. Through the Maritime Yield …

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