Maersk, a global indicator of world trade, raised its profit forecast due to disruptions in the Red Sea that have impacted global supply chains. The company now expects adjusted earnings of $7-9 billion, higher than the previous forecast. Analysts view the profit increase as temporary relief, with high prices expected to continue.
The Clean Hydrogen Partnership and Japan’s NEDO have signed a cooperation agreement to accelerate the deployment of hydrogen technologies globally. This milestone agreement aims to promote joint research and demonstration projects in electrolysis and hydrogen carriers. It builds on 15 years of bilateral cooperation and aligns with efforts to address energy transition and climate change challenges.
Regulations in the maritime industry are becoming more complex, making it challenging to understand and enforce them. Martin Crawford-Brunt, CEO of Lookout Maritime, highlighted the growing difficulty at the Capital Link conference. With upcoming additional costs for FuelEU voyages, the industry is facing a maze of rules. Despite differing opinions on compliance methods, the industry aims to achieve sustainability goals amidst regulatory complexities.
The Port and Free Zone of Sohar have implemented biofuel in tugboat operations, aiming to enhance marine sustainability and decrease carbon dioxide emissions. B20, a blend of 80% diesel and 20% biofuel, was used for the tug Sohar as a trial, making Sohar one of the first ports in the Middle East to use biofuel for tug operations. Impressive collaboration occurred in the biofuel bunkering process, with the goal of reducing greenhouse gas emissions by 17% and supporting Oman’s vision of achieving carbon neutrality by 2050.
Survitec stresses the importance of proper maintenance and inspection of ship fire safety systems in a new white paper. With a rise in fire-related deficiencies during inspections, the company highlights the need for industry-wide regulation to prevent disasters. Director Metkel Yohannes emphasizes the role of accredited service partners in ensuring ship safety and avoiding potential disasters.
The crude oil tanker market faces challenges due to an ageing fleet in need of replacement. Shipyards focus on building other vessel types. Trafigura orders five new VLCC tankers to modernize its fleet. The market requires around 1,100 new crude oil tankers, including 400 VLCCs, to meet demand. Trafigura sees potential growth in this segment.
Korean officials celebrated the commissioning of Tamhae 3, South Korea’s first domestically-built geophysical exploration research vessel, at Pohang Yeongilman Port. The vessel, a collaboration between Norway’s Ulstein Design and Korea’s HJ Heavy Industries, took eight years to complete and received a government investment exceeding $130 million. With cutting-edge features like the X-Bow design, Tamhae 3 aims to enhance South Korea’s research capabilities.
Greece and France have signed a declaration of intent to strengthen their maritime economies. The agreement includes collaboration on offshore wind energy projects, upgrading ports to meet environmental standards, and joint actions in the shipping sector. Both countries are committed to promoting sustainable practices, protecting the marine environment, and complying with international standards in their maritime activities.
A groundbreaking partnership between SailPlan and Norsk Analyse is set to revolutionize the maritime industry with advanced emissions and fuel efficiency measurement technology. This collaboration offers a seamless solution for shipowners to comply with regulations and improve operational efficiency. By combining sensor technology and data analytics, this partnership is driving environmental sustainability and profitability in maritime operations.
AP Moller-Maersk A/S faces port congestion and rising freight rates due to strong demand and Red Sea crisis disruptions. Maersk raises full-year 2024 guidance, expecting improved financial performance. Delays and reroutes impact shipping schedules. The company warns of volatile trading conditions and will reveal Q2 results on August 7, 2024.
Tanzania’s port of Dar es Salaam has granted a 30-year concession to Adani International Ports Holdings Pte Ltd (AIPH) to operate and manage container terminal 2 (CT2) in an effort to improve competitiveness in the East Africa region. AIPH will invest in upgrading facilities to increase capacity and efficiency, following a similar move by DP World to run other berths at the port.
Environmental campaign group WWF-Norway is challenging Norway’s decision to allow deep seabed mining, citing a lack of proper impact assessment. The government defends its actions, but WWF argues that this sets a dangerous precedent. The controversy has prompted calls from 25 countries for a moratorium on seabed mining until its risks are fully understood. This global pushback reflects growing concerns over the potential harm to marine ecosystems.
The demand for alternative fuel vessels is surging, with 33 new orders in May 2024. Methanol-powered ships lead with 23 orders, container segment prevailing. LNG-fueled vessels trail with 8 orders while 2 ammonia-fueled ship orders signal a rise in interest. Jason Stefanatos noted a significant 55% increase in new orders for alternative fuel vessels compared to 2023.
UK shipping company Union Maritime has teamed up with BAR Technologies to implement wind-assisted propulsion solutions on 34 new vessels. The partnership includes the deployment of WindWings on tankers to achieve fuel and CO2 savings. This move aligns with Union Maritime’s environmental initiatives, showcasing a commitment to sustainable shipping practices. The industry trend towards wind propulsion technology is evident, with more shipowners opting for decarbonization solutions.
OTESAT_MARITEL and Bureau Veritas have joined forces to certify two cybersecurity solutions, IRIS and s@tGate, meeting IACS UR E27 Rev.1 standards for on-board cyber resilience. IRIS offers comprehensive protection onshore and onboard, with a security awareness e-learning module and Managed Security Services. Bureau Veritas is assisting in meeting the mandatory standard for vessels post-July 1st, 2024, aiming to enhance cyber resilience in the maritime industry.
