Latest Maritime News
8-19 July 2021
Oil Prices Drop Below USD70/Barrel on Fears Delta Variant Will Curb Demand

Oil prices slid Monday, recording their biggest one-day drop in 10 months as investors worried that the spread of the Delta variant of coronavirus will halt travel and dent demand for fuel.

U.S. crude futures tumbled 7.5% to $66.42 a barrel, their worst day since early September. Prices are now more than 10% below last week’s multiyear peak, a drop that marks correction territory. They are still up sharply for the year.

Traders in recent days have unwound some wagers that oil demand will continue to climb as more consumers get vaccinated and resume normal travel patterns. Hopes for a demand surge have buoyed oil throughout the year, but rapidly climbing coronavirus cases in some parts of the world are forcing investors to pare back their expectations for the economy. Some traders also remain wary of more travel shutdowns, which would have an outsize impact on oil prices. Continue reading here (Source: Wall Street Journal).
Congress to Debate Amending US Shipping Act Next Month

Across Washington DC there’s ever greater scrutiny of the operations of the world’s container shipping companies, who are on track to post their greatest ever year of profits.

Ten days ago president Joe Biden issued an executive order to address competition in shipping, tapping the Federal Maritime Commission (FMC) to take all possible steps to protect American exporters from the high costs imposed by the ocean carriers and to crack down on unjust and unreasonable fees, including detention and demurrage charges.

Last month the White House also announced the creation of a Supply Chain Disruptions Task Force. Led by the secretaries of commerce, transportation and agriculture, the task force aims to bring together stakeholders “to diagnose problems and surface solutions – large and small, public or private – that could help alleviate bottlenecks and supply constraints.” Continue reading here (Source: Splash247).
Full Steam Ahead: Why Container Ships Are Racing Across the Pacific

There are almost no container ships in the world left for liners to charter. Secondhand purchase prices are through the roof. It takes two years or more to get a newly built ship. How can liners find more capacity?

There is a way — without adding ships — for liners to move more cargo and take even greater advantage of today's stratospheric rates: speed up.

That's exactly what they're doing, according to new data from VesselsValue and MarineTraffic. Container ships are moving faster despite the fact that fuel consumption, and thus marine bunker fuel costs, rise exponentially with speed. Carbon emissions also surge, a politically sensitive side effect. Continue reading here (Source: Yahoo).
Key First-Half VLCC Rates Plunge to Lowest Levels This Century

The rates, applicable to slow-steaming, non-scrubber, non-eco units, were the lowest of any tanker sector, earning even less than handy and MRs deployed on benchmark round voyage trades, the broker said.

In its latest weekly report, Gibson noted that according to Kpler, a commodity analyst, total first-half Middle East crude exports, which underpin the world’s VLCC trades, fell to 15.25m barrels per day (bpd), more than 12%, compared with the first half of 2020. The decline was evening greater compared with first-half 2019.

This reduced demand has coincided with significant new supply, Gibson noted, with 37 VLCCs delivered since July 2020, and only six sold for recycling. Continue reading here (Source: Seatrade Maritime News).
Port of Los Angeles Sets New Volume Record for June

The Port of Los Angeles hit a new volume record in June as U.S. businesses race to replenish stocks and build inventories for the back-to-school, Christmas and other holiday shopping seasons.

Total volume at the Port of Los Angeles hit 876,430 20-foot equivalent units (TEU) in June, up 27% versus the year earlier, port authorities said. Loaded imports accounted for more than half that, at 467,763 TEU.

The port sent 312,600 TEU of empty containers to factories in China and elsewhere. That far outstripped loaded exports of 96,067 TEU. Continue reading here (Source: Marine Link).
Appeals Court Allows CDC to Keep Restricting Cruise Ship Sailings

On Saturday evening, an appeals court in the U.S. 11th Circuit ruled that the CDC will still be able to impose COVID-19 health and safety restrictions on the cruise industry, at least for now.

In June, District Judge Steven Merryday ruled against the CDC in a suit brought by the state of Florida, finding that the state was likely to succeed in its claim that the CDC cannot lawfully limit cruise vessel operations for the purpose of controlling COVID-19.

In his ruling, Merryday issued a temporary injunction that would prevent the CDC from enforcing its "conditional sailing order," or CSO. He gave the CDC until July 18 to revise its rules; if the agency did not make revisions, after July 18 the rules would "persist as only a non-binding consideration, recommendation, or guideline, the same tools used by CDC when addressing the practices in other similarly situated industries," Merryday wrote. Continue reading here (Source: The Maritime Executive).
MSC and Shell Join Forces to Support Maritime Decarbonisation

MSC Mediterranean Shipping Company (MSC) and Shell International Petroleum Company have signed a long-term memorandum of understanding (MoU) with the aim to promote the decarbonisation of the global shipping industry.

The partners will work together to develop several safe and sustainable technologies, which can cut down emissions from current assets.

The technical and commercial teams of both the companies will work in partnership to create and install net-zero solutions, focusing on contributing towards a zero-carbon flexi-fuel concept ship. Continue reading here (Source: Ship Technology).
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