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UK asked to exempt 200,000 seafarers, maritime workers from quarantine restrictions

The UK Chamber of Shipping - the voice of the country’s shipping industry - has urged the UK government to exempt seafarers and maritime workers from any quarantine restrictions planned to be imposed.

The trade association has also called on the government to provide the industry with urgen…

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Container Lines May Lose 17 Mn TEU in 2020 due to Coronavirus

It can no longer be ruled out that the container shipping industry might be looking at developments similar to the financial crisis of 2008, SeaIntelligence said, referring to the impact of the coronavirus pandemic.

“This implies a potential volume loss of 10% equal to 17 million TEU globally…

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Coronavirus Impact Shrinks Volumes at Top Two Busiest Ports in US

The Port of Los Angeles, the U.S. busiest port, has seen a 22.9 percent decrease in handled containers for the month of February compared with the same month in 2019 amid the coronavirus impact.

The coronavirus outbreak has caused a major disruption to the supply chain, resulting in an increa…

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NAT: Decreasing Oil Prices Good News for Tankers

A massive oil price war has erupted between Saudi Arabia and OPEC countries after Russia refused to join the proposed production cuts announced last week.

Under the proposal, OPEC wanted its members to slash production by 1 million barrels per day, seeking an additional cut of 500,000 barrels…

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Coronavirus Outbreak Affects Saga’s Cruise, Tour Businesses

British cruise and travel company Saga said that is cruise and tour businesses have experienced an increase in near-term cancellations due to the evolving coronavirus outbreak. 

“Our Tour Operations businesses have experienced an increase in cancellations and suppressed demand in line with t…

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OPEC Resorts to Production Cuts to Curb Coronavirus Impact on Oil Demand

Responding to the ongoing oil demand situation, OPEC members proposed today to cut oil production by 1.5 million barrels per day until June 30, 2020.

Under the proposal, OPEC proposed its members slash production by 1 million barrels per day, seeking an additional cut of 500,000 barrels per d…

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Sea Intelligence: COVID-19 Impact Pushes Carriers’ Revenue Loss to USD 1.9 Bln

The impact of the COVID-19 virus outbreak on container shipping continues to grow, albeit at a slower pace.

Copenhagen-based Sea Intelligence said in its weekly analytical report that a global volume loss due to COVID-19 impact has reached 1.9 million TEU amid blanking of sailings by global c…

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Hyundai Mipo Inks Deal to Build Chemical Tanker

Hyundai Mipo Dockyard (HMD), part of South Korean shipbuilding group Hyundai Heavy Industries’ (HHI), has received an order for the construction of a chemical carrier. 

The contract, worth KRW 45.3 billion (USD 38 million), has been signed with an unidentified Asian company. It also includ…

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Trafigura, Phillips 66 Create JV to Develop Deepwater Port in Texas

Phillips 66 and Trafigura Group have formed a 50/50 joint venture, Bluewater Texas Terminal, to develop an offshore deepwater port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi.

As informed, the proposed project, to be constructed by Philli…

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China Overtakes Germany as Biggest Containership Nation

China has overtaken Germany as the biggest nation in the container shipping sector in terms of total TEU.

“The fact that China would overtake us in this respect was quite foreseeable: for one thing, the simple reason is that very much larger container ships are being built today; for another,…

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MOL Secures Green Loan for Its Bunkering Vessel

Japanese shipping giant Mitsui O.S.K. Lines has signed its first green loan, which it plans to use to partially finance the construction of an LNG bunkering vessel, believed to be the world’s largest.

The loan is provided by BNP Paribas (BNPP) and the Export-Import Bank of China (CEXIM), wi…

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US Gives More Time to Companies to Wind Down Dealings with Cosco Dalian

The U.S. Treasury Department has extended the deadline to companies that deal with COSCO Shipping Tanker (Dalian) to wind down their transactions with the company and its units, pushing the target time to February 4, 2020.

Under the previous ruling, the companies had time until December 20, 2…

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EU Okays Maritime Transport Support Schemes in 5 Countries

The European Commission has approved five schemes to support maritime transport in Cyprus, Denmark, Estonia, Poland and Sweden.

As explained, the schemes encourage ship registration in Europe and contribute to the global competitiveness of the sector without unduly distorting competition.

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WWF-Canada: Open-Loop Scrubbers Should Be Banned in Canadian Waters

World Wildlife Fund (WWF) Canada, an international conservation organization, has supported a ban on the use of open-loop exhaust gas cleaning systems (EGCSs) and discharge from hybrid scrubbers in Canadian waters.

“Canada has a responsibility to safeguard our oceans,” Andrew Dumbrille, s…

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Abu Dhabi Ports Splashing USD 1 Bn on Khalifa’s Expansion

Khalifa Port, the flagship port of  Abu Dhabi Ports, is set for further expansion with a planned investment of AED 4 billion (USD 1.08 billion) aimed at boosting the company’s handling capacity.

The investment will see AED 2.2 billion assigned to the development of the South Quay and Khali…

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What Will Be the Role of Biofuels in Shipping’s Decarbonization?

Biofuels are not likely to become the prevailing zero-carbon solution of choice in the shipping industry’s decarbonization process in the long-term due to many challenges, according to an inquiry commissioned by the Sustainable Shipping Initiative (SSI).

The report was launched at the 2019 …

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World’s 1st Liquefied Hydrogen Carrier Named in Japan

Japanese shipbuilder Kawasaki Heavy Industries has named Suiso Frontier, the world’s first liquefied hydrogen carrier, at its yard Kobe Works, the company said.

This vessel is owned by CO2-free Hydrogen Energy Supply-chain Technology Research Association (HySTRA), formed by Kawasaki, Iwatan…

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EU Gives Green Light to Nord/LB’s Recapitalization

The European Commission has found Germany’s plans to strengthen the capital position of state-owned Norddeutsche Landesbank – Girozentrale (Nord/LB) to be free of any state aid.

The measures involve a direct investment of EUR 2.8 billion (USD 3.1 billion) as well as investments to carry o…

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Fitch: Global Shipping Outlook Is Negative

As the year winds down, forecasts are being made for 2020 and based on Fitch Ratings’ new report, there is little room for optimism.

The rating agency listed several factors for a gloomy outlook, the key ones being slowing global economic growth, trade tensions and geopolitical risks that w…

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Samsung Heavy Industries to Pay USD 75 Mn in Penalties Over Bribery Case

Samsung Heavy Industries (SHI), one of major shipbuilders in South Korea, has agreed to pay total penalties of more than USD 75 million to resolve the US government’s investigation into violations of the Foreign Corrupt Practices Act (FCPA) arising out of a scheme to pay millions of dollars in b…

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