![IMO: Stick to Your [Sustainability] Guns](https://images.marinelink.com/images/maritime/w300h300c/copyright-yellow-boatadobestock-166363.jpg)
IMO has kicked the can of sustainability down the road by delaying the Net Zero Framework. It was a strange retreat.It looked like there would be a useable Framework to reduce emissions, but at the meeting the US fought its implementation tooth and nail and threatened other states if they accepted it.
As top EU leaders also plan to meet with US president Trump on Monday and seek a path to end the Ukraine war, oil fell nearly 2% last week, reports cash buyer GMS.It closing it out at $62.80/barrel even though the easing of sanctions could see oil trade ease in the coming weeks and traders remained bearish about the future.
Turkish shipowner Susesea has streamlined its vessels operation by upgraded the cylinder lubrication strategy across its fleet of six bulk carriers with Chevron’s Taro Ultra Advanced 40 (TUA 40).Working with Chevron Marine Lubricants and its regional distributor, Petrol Ofisi, Susesea has reduced cylinder oil feed rates by approximately 33%, delivering both technical and commercial benefits.
South Korea's business leaders are taking action to offset the threat posed by U.S. President Donald Trump's aggressive trade policies, hiring his former aides and lobbying Republican states out of frustration with delays by their own government which is mired in a political crisis.
This has been a disastrous week for nearly all the key indicators tracked by cash buyer GMS, says the company, including the state of oil futures, freight rates, local steel plate prices, and disastrous currency devaluations (especially in India).“To start, oil found itself slipping rather shockingly as it fell to USD 57.
As we enter October, global markets are ready registering spooks across the board, marking a drastic debut into Week 41, reports cash buyer GMS.Inflation climbed in both Turkey and Pakistan through September, likely laying out the groundwork for a spooky October at both locations. Currencies too are back on the “scary charts.
The tension surrounding the US attack on Iran saw the Baltic Exchange Dry Index (BDI) fall a massive 3.5% down to its lowest level seen over the last two weeks, erasing most recent gains as Friday closed, reports cash buyer GMS. Leading the race was the Capesize index that fell nearly 6.5% across the week while the Panamax index fell 0.2% during the same time.
While the lingering tariffs on steel imports into the U.S. hang in the balance, steel plate prices across the Indian sub-continent continued to display volatility, reports cash buyer GMS.“While charter rates in the dry segments certainly impressed, a recent influx of large(r) LDT wet tonnage (four LNGs) and even a VLOC that was recently sold for recycling certainly captured the attention of the
Even though dry markets were up for the week by 1.6%, overall, they have declined a massive 24% this month (according to Baltic Exchange Dry Index), reports cash buyer GMS.This comes as oil climbed over 3% to end the week at nearly USD 64.50/barrel, in the face of OPEC+ countries now reversing course on increasing output amidst a rampant decline in global energy demands.
Cash buyer GMS has reached a milestone in its drive to transform safety in the ship recycling industry with over 10,000 yard workers across India, Bangladesh and Pakistan having now received free, high-impact safety awareness training.The achievement marks a first for the industry and signals growing momentum ahead of the IMO’s Hong Kong Convention (HKC)
This week’s news was abuzz surrounding the two OFAC sanctioned VLCCs that recently arrived OPL Chattogram and are now stuck after undoubtedly risky transactions that have resulted in several failed onward resales, reports cash buyer GMS.Both vessels have yet to receive their respective No Objection Certificates (NOCs) to permit their entry into port limits for recycling.
The recycling traffic in both India and Bangladesh continued to surprise and impress (especially in India), in week 2 of 2025, reports cash buyer GMS.“The pre-existing state of global economies also continues to persist in the wake of the unfolding present as the U.S. Dollar continues to hammer recycling nation currencies marking noteworthy increases by the week,” says GMS.