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Wärtsilä participating in EU-funded project to decarbonise long-distance shipping

26/01/2021

The technology group Wärtsilä, as part of a consortium led by the University of Vaasa in Finland, will play a major role in an important project aimed at reducing the environmental impact of shipping. Project CHEK – deCarbonising sHipping by

Drewry: Container Port Throughput Index Down By 3.4% During November 2020, First Decline Since February

26/01/2021

The Drewry Container Port Throughput Indices are a series of volume growth/decline indices based on monthly throughput data for a sample of over 235 ports worldwide, representing over 75% of global volumes. The base point for the indices is January

Tankers: VLCC Market Weakens Even More This Week

25/01/2021

VLCC

The market weakened even further this week with rates dropping and the timecharter equivalent for the main front haul voyages heading towards, if not actually realising, negative returns. In the Middle East 280,000mt to US Gulf via the

Monetary policies and their impact on the oil market

25/01/2021

Oil markets faced an unprecedented volatile environment in 2020, impacted massively by COVID-19 and its ensuing demand collapse, necessitating considerable reactions by policy makers. At one point in April, a confluence of factors even pushed WTI futures into negative territory

DNV GL awards AIP to KSOE for wing sail propulsion system

23/01/2021

DNV GL has awarded an Approval in Principle (AIP) to Korea Shipbuilding and Offshore Engineering (KSOE) for a wing-sail auxiliary propulsion system for ships – the result of a joint research project between KSOE and SK Shipping. The virtual award

Panama Canal Signs MoUs with Panama Ports Company and PSA Panama International Terminal To Optimize Supply Routes for CO

23/01/2021

The Panama Canal has signed memorandums of Understanding with Panama Ports Company (PPC) and PSA Panama International Terminal (PSA Panama) to help optimize supply routes for the distribution of the COVID-19 vaccine and supplies to Latin America.

Panama’s logistics capabilities and

In 2019, oil and lease condensate proved reserves were flat; natural gas reserves declined

23/01/2021

In 2019, proved U.S. reserves of crude oil and lease condensate increased by 0.1%, and proved natural gas reserves declined by 1.9%, according to the U.S. Energy Information Administration’s (EIA) recently released Proved Reserves of Crude Oil and Natural Gas

Bunker Prices Retreat, as Lockdown Measures Increase the Market’s Nervousness

22/01/2021

The COVID-19 pandemic’s spread is taking center stage again and markets are getting increasingly worried about the long duration of European lockdown and about the new restrictions in China. Border closures, social distancing measures and shutdowns will continue to constrain

EIA expects crude oil prices to average near $50 per barrel through 2022

22/01/2021

In its January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. As a result, EIA

Maritime market update: LNG price spike to boost the appetite to invest in future projects

21/01/2021

Risavika LNG front month reached 30.20 EUR/MWh sideways to last week. European gas prices remained supported by tightened supply and cold weather outlook. However, the weather forecast for the rest of the January and beginning of February shows higher than

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