Maritime News Round Up – Issue 26

Bunkering

Bunker Market this morning 30th October,2020

Stocks rally to pare weekly loss; oil fell further yesterday.

Crude oil fell again on Thursday as lockdowns in Europe and rising cases elsewhere clouded the energy demand outlook, while stocks rose as Wall Street rallied.

France and Germany will fall back into coronavirus lockdowns next week, while cases are rising in 47 U.S. states with patients overwhelming hospitals in parts of the country.

The European Central Bank said it would increase its support for the bloc’s economy amid the pandemic, weighing on the euro even as policy was left unchanged. U.S. gross domestic product soared to a widely predicted record bounce that helped trigger stock buying on Wall Street, enough to halt the rout on equities globally so far this week. Concerns hit commodities too, with oil again falling and down about 9% for the week so far. Mabux

Biofuels becoming more price-competitive as bunkers

By 2030, biofuel will be ‘the biggest alternative fuel in the world’ and by 2050 it could meet 20%-25% of global bunker fuel requirements, says Dirk Kronemeijer, CEO & Founder of GoodFuels. 

Speaking at a webinar on alternative marine fuels yesterday (27 October) hosted by the Centre for Management Technology, Kronemeijer said that biofuel is becoming cheaper to produce and ‘can already compete quite successfully in the Dutch market with very low sulphur fuel oil (VLSFO).’ Bunkerspot

Blue Insight sets out current cost of alternative fuels 

Marine fuels consultancy Blue Insight has set out the current potential costs for alternative bunker fuels, arguing carbon taxes may be needed to make them more attractive to shipowners.  Ship & Bunker 

Decarbonisation

ABS survey: LNG and hydrogen emerge as future bunker fuel frontrunners

Liquefied natural gas (LNG) and hydrogen are viewed as frontrunners to be the fuels that will help shipping reach IMO decarbonisation ambitions, according to a new survey conducted by classification and technical advisory service provider ABS earlier in October. Manifold Times

Debate starts in Canada about legislating shipping emission targets 

Canada is the latest nation to start holding a national discussion on whether to take shipping emission regulations into its own hands, rather than relying on the International Maritime Organization (IMO) to serve as the global shipping legislator. Splash247 

Lloyds Register launches Maritime decarbonisation hub 

The hub, a joint initiative between Lloyd’s Register Group and Foundation, is described as ‘a dedicated centre of excellence’ intended to ‘accelerate the safe, sustainable and cost-effective decarbonisation of world shipping in support of delivering greenhouse gas reduction targets’. Bunkerspot

Splash Extra: Stock upgrades as LNG spot rates soar  

Spot rates for most LNG carriers are poised to crack through the $100,000 a day mark for the first time this year as Asian nations carry out a major restocking exercise. Splash247 

Singapore to Have up to Four LNG Bunker Suppliers by Early 2021

The Singapore port authority has asked liquefied natural gas (LNG) bunker suppliers that wish to operate in the to submit proposals to the Maritime and Port Authority. Ship & Bunker 

Maritime and Digital Transformation

HHH Marine to digitalise fleet with Innovez One’s solution

Singapore’s supply boat operator HHH Marine has signed a deal to adopt Innovez One’s digital technology and artificial intelligence (AI) models to save costs, time and optimise fleet operations. Seatrade Maritime

Green Power to Draw $11 Trillion Investment by 2050: BNEF

Green power is set to draw around $11 trillion of investment in the coming decades as the cost of renewables plummets and more of the world’s energy comes from electricity. Bloomberg

Digitalisation demonstrates key role in seafarers’ welfare

Digitalisation should be seen as a means of augmenting seafarers’ capabilities and supporting mental health, rather than a convenient way of replacing them, as some have suggested. Seatrade Maritime

Windward signs four shipping companies to AI-powered analysis platform  

Maritime predictive intelligence company Windward has announced new partnerships with four shipping companies – Norden, Eastern Pacific Shipping, Capital Ship Management and Interunity Management Corporation (IMC) – to adopt its AI-powered analysis platform to improve risk management. Smart Maritime Network 

Events 

IBIA Annual Convention 2020 – Going Global: Bunkering & Shipping in a New Era: 3 – 5 November 2020

To be held over three days, this dynamic event will include a virtual exhibition hall, access to extensive in-depth on-demand content, and a series of both regional and globally-focused live panel discussions with audience participation. View event details 

Nor-Shipping reports strong interest in 2021 exhibition

Nor-Shipping, Your Arena for Ocean Solutions, has announced that all of its available main and leading partnerships have been taken for its 2021 outing, taking place in Oslo and Lillestrøm 1-4 June. DNV GL and DNB have secured the roles of Main Partners, with Jotun, Wärtsilä, Astrup Fearnleys, KONGSBERG and Skuld signing up as Leading Partners. Tradewinds will return as Nor-Shipping’s Lead Media Partner, while The Norwegian Maritime Authority (Sjofartsdirektoratet) has been confirmed as the Ocean Leadership Conference Partner. ShipInsight