Trump Extends Jones Act Waiver for 90 Days, Narrows Scope

President Donald Trump on Monday extended a waiver for 90 days for foreign ships to transport goods, including oil, fertilizers and other fossil fuel products, among U.S. ports.

The president first waived the Jones Act on March 17 so that it would be easier to transport oil and refined fuels among ports, reducing price pressures after the start of the war with Iran. Continue reading here (Source: AP News).

Oil Product Shortages and Price Hikes Seem Inevitable as Gulf War Moves Into 6th Month

Demand destruction now seems inevitable as the Gulf War moves into its 6th month. Iran clearly believes it is winning the War, and is starting to expand its war aims:

• Initially, its 3 main aims were to control the Strait of Hormuz, end the US blockade and end sanctions
• Its proposed new deal with Oman moves it closer to achieving the first objective
• As the map shows, both Iran and Oman will control routes in their own territorial waters
• Reuters reports the deal includes proposed new toll fees of 5%-7% of cargo value – $5/bbl

Continue reading here (Source: ICIS).

Tanker Asset Values Stay Red Hot

Tanker asset values remain red hot as sale and purchase activity accelerates heading into August. Brokers are reporting renewed momentum in the tanker sale and purchase market, with deals emerging across the size spectrum as tanker values continue to hold at exceptionally strong levels.

Japan’s Nisshin Shipping has reportedly sold the 19,900 dwt stainless steel chemical tanker Hongkong for $30m. Built in 2017 at Usuki Zosensho, the vessel is the first tanker sold this year by Nisshin, one of Japan’s largest owners with a fleet of more than 100 ships. Continue reading here (Source: Splash247).

Transpacific Container Rates Rally as Europe's Peak Season Fades

European trades saw spot rates decline for a fourth consecutive week, with carriers cancelling or cutting back plans for rate boosting, but for those operating on the transpacific, the situation was far rosier, as increases were recorded for both US coasts.

Spots may have held steady on Drewry’s World Container Index’s (WCI) Shanghai-Rotterdam leg this week, at $4,653 per 40ft, but for Shanghai-Genoa, there was yet another decline, 2% week on week, to finish at $5,506 per 40ft. Continue reading here (Source: gCaptain).

What's Wrong with FuelEU

FuelEU Maritime was sold as a climate rule. Its job was to push ships toward renewable and low-carbon energy, and to help the EU’s Fit for 55 plan. The method is simple on paper. Each year the greenhouse gas intensity of energy used on board must fall. If it does not, there is a penalty. If the balance is accepted, the ship gets a Document of Compliance. Continue reading here (Source: Splash247).