Seven months after the United Nations' shipping agency brought in hotly anticipated new rules to curb emissions, the raft of technical issues and leap in fuel prices that were expected to result have failed to materialize, ING Bank said on Tuesday.Global shipping and oil firms had flagged major concerns over potential disruptions from International Maritime Organization (IMO) rules implemented
A group of partners in Europe aims to use battery containers on board barges to supply environmentally friendly fully-electric propulsion in lieu of diesel for inland waterway shipping.Supported by the Dutch Ministry of Infrastructure and Water Management, the concept is being spearheaded by the Zero Emission Services B.V.
The sulfur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the center stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.The outlook for global economic growth remains bleak as the world is faced with the largest recession since the Great
PAO Sovcomflot (SCF Group), which serves the energy shipping and offshore services to the oil and gas industries, reported in the first half of 2019 revenues rose 16.6% ($828m vs. $710.1m), TCE revenue rose 19.1% ($609m vs. $511.3m) and EBITDA rose 42.4% ($381.2m vs. $267.7m) as compared to the first half of 2018.
A team led by ABS has been awarded a contract by the European Commission (EC) to explore future directions for the IMO’s Energy Efficiency Design Index (EEDI) for ships.The landmark study will look at ways to improve and accelerate the integration of low-carbon fuels and innovative technologies into the requirements of the index
The specter of liability beyond the limits of applicable insurance for the salvor’s liability to both its contractual partner and third parties continues to haunt the American Salvage Association’s members. Hence, the efforts since 2011 to obtain broad based immunity from claims beyond the patch work of statute, judge made law and contractual risk shifting terms.
The Elektra push boat ordered by BEHALA, Berlin harbor’s warehousing and logistics firm will be equipped with rudder propellers from Schottel. Elektra will be a hybrid canal push boat powered by a combination of fuel cells, batteries and an electric motor. The boat is currently under construction at the Hermann Barthel shipyard in Derben (Germany), and is planned for testing in Berlin in 2020.
The Norwegian Petroleum Directorate (NPD) has announced the appointment of Ingrid Solvberg as Director for the Norwegian Sea and Barents Sea, replacing Bente Nyland.According to a note from NPD, Sølvberg was appointed by the King in Council on 11 October. The Ministry of Petroleum and Energy has not yet set the date for the transition.
The U.S. navy said on Thursday it had sailed a guided-missile destroyer through the sensitive Taiwan Strait, a week before Taiwan President Tsai Ing-wen’s inauguration for a second term in office amid rising tension with China.China, which considers Taiwan its territory, has been angered by the Trump administration’s strong support for the island, such as increased arms sales.
Denmark-based product tanker company TORM has obtained a commitment for a total of USD 496 million from a syndicate of lenders to refinance its debt and bolster its capital structure.The carrier of refined oil products said the total amount is a combination of two separate term facilities and a revolving credit facility
Taiwan reported 22 new coronavirus cases on Sunday, almost all of them sailors who were on a navy visit to the small Pacific islands state of Palau, which said there was “little chance” it was the source of the infection.Taiwan’s government on Sunday said 700 navy personnel were being quarantined and tested and there were 24 positive cases altogether.
With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.