Latest Maritime News
2-16 February 2021
Oil Prices Close to 13-Month Highs, Supported by Texas Deep Freeze

Oil prices hovered near 13-month highs on Tuesday, supported by a deep freeze in the U.S. South that shut wells and oil refineries in Texas.

Prices have been buoyant for months, with major oil producing countries restricting supply and vaccines rolling out to combat the coronavirus pandemic. Major benchmarks diverged with U.S. crude rising slightly due to the cold snap and Brent dipping.

U.S. West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.6%, to $59.83, after touching their highest since early January 2020. Brent slipped 20 cents, or 0.3%, to $63.10 a barrel by 11:42 a.m. EST (1434 GMT) but remained near the 13-month peak reached the previous session. Continue reading here (Source: Reuters)
Congestion on Both Coasts of North America

Congestion at ports on both sides of North America remains a severe issue, though the ship queues do look to be easing this week.

According to a client update from German liner Hapag-Lloyd yesterday there are currently 35 ships at anchor waiting to berth at the US’s top two ports of Los Angeles and Long Beach due to the spike in import volumes and lack of dockside labour thanks to a Covid outbreak. This figure is down by two ships from January 29. Fortunately California has started an urgent vaccination programme for its hard-hit dockworkers.

Further north, there were 10 ships waiting to dock at Oakland as of last Friday, one less than Hapag-Lloyd counted on January 29. Continue reading here (Source: Splash247)
4 Charts Show the Effects of West Coast Port Congestion and Supply Chain Delays

The ports of Los Angeles and Long Beach have been overburdened with a deluge of container imports over the last few months. As a result, cargo heading into and out of the ports has slowed to a relative crawl, as the ports deal with record-breaking volume alongside a reduction in staff related to the COVID-19 pandemic.

This slowdown resulting from high levels of imports has created congestion at terminals and in surrounding areas. Continue reading here (Source: Supply Chain Dive)
$100 Oil: Big Banks Believe a New Oil Supercycle is Beginning

Some of the world’s biggest names in oil trading and analyzing can’t seem to get on the same page when it comes to predicting what will happen next for the volatile commodity.

Some, like Jeffrey Currie of Goldman Sachs and Christyan Malek of JPMorgan, according to the Financial Times, are confident that oil is ready for the next supercycle—a prolonged rise in the price of oil.

And when they refer to this rise, they’re talking $80, or even $100 per barrel. Continue reading here (Source: OilPrice)
Hapag-Lloyd Expects Q1 Operating Profit to More Than Triple

Germany’s Hapag-Lloyd sees its first-quarter operating profit more than tripling to at least 1.5 billion euros ($1.81 billion) thanks to strong demand for container transportation amid the coronavirus pandemic, it said on Tuesday.

The company expects demand for seaborne shipments normalising over the course of the year.

“We are still seeing slower container turn times, significant congestion in ports around the globe, capacity constraints in rail and truck, and the risks of the coronavirus pandemic remain,” Chief Executive Rolf Habben said. Continue reading here (Source: Reuters)
ECSA Calls on EU to Set Targets for Bunker Suppliers to Sell Low-Carbon Fuels

The European Community Shipowners’ Associations (ECSA) has called on the European Commission (EC) to set targets for bunker suppliers to sell low- or zero-carbon fuels as the shipping industry starts the transition to achieve decarbonization.

“As the shipping industry is fully committed to decarbonization, success hinges primarily on the introduction of zero- or low-emission, safe and widely available alternative fuels, which do not yet exist,” ECSA stated on its website on Monday.

The industry body said that the EC should address fuel suppliers by introducing sub-targets to make low- and zero carbon fuels available for shipping and by increasing the multiplier for renewable fuels used in the maritime sector under the Renewable Energy Directive (RED). Continue reading here (Source: Seatrade Maritime News)
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