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Selected News Headlines 2022/Q1

HEADLINES SELECTED BY INTERCARGO (10/01/2021 – 16/01/2022)

New guide can help curb pilot transfer incidents

A guide to maritime pilot transfer safety has been updated amid industry concerns about poorly rigged ladders causing severe injuries or fatalities. The ‘Shipping Industry Guidance on Pilot Transfer Arrangements’, produced by the International Chamber of Shipping (ICS) in partnership with the International Maritime Pilots’ Association (IMPA), features a new section with the IMO’s guidance on combination embarkation platform arrangements. (ShipInsight: click here)

Ghana to fine vessels with unvaccinated crew

Ghana is set to fine vessels that have unvaccinated crew or passengers onboard warn P&I Club Gard. (Seatrade Maritime News: click here)

Overdue crew levels at record lows as more seafarers are vaccinated

Data from the Neptune Declaration Crew Change Indicator shows 3.7% of seafarers were still working beyond their contracts in the past month, which is the lowest level since the tally was first published in May 2021 (Lloyd’s List: click here)

How 2023’s carbon rules could be a ‘game changer’ for shipping contracts

Upcoming IMO and EU rules could reshape charter, commodities deals and spark a new breed of disputes (Tradewinds: click here)

Australia: Entering vessels must carry compliant Biofouling Management Plan and Record Book from June 15

As of June 15, 2022, Australia will require all vessels entering, or intending to enter, Australian territorial waters on any voyage that commenced outside Australian territorial waters to carry a compliant Biofouling Management Plan and associated Record Book. (Safety4Sea: click here)

Singapore ranked world’s leading maritime city

The 2022 edition of the LMC report was launched on 13 January at an event hosted by the Singapore Maritime Foundation (SMF), providing fresh insights into which global hubs offer the best infrastructure, technology, finance, and world-class talent, to help the maritime community connect and prosper. (Offshore Energy: click here)

Indonesia allows 37 coal ships to leave as export ban eased

Indonesia said on Thursday it would allow 37 vessels loaded with coal to depart, in the strongest sign yet that the world’s biggest thermal coal exporter is relaxing its ban on shipments. (Reuters: click here)

Indonesia lifts coal export ban, but strict conditions apply

Vessels with coal from mines delinquent in meeting domestic quotas remain stuck for the time being (Tradewinds: click here)

China Dec coal imports fall, 2021 imports highest since 2013

China’s coal imports fell in December, slipping from November’s 11-month high, as domestic coal miners boosted output to record levels and utilities slowed the pace of replenishing inventories (Hellenic Shipping News: click here)

New global supply chain index shows pressures at historic high

The Federal Reserve Bank of New York’s barometer gives a bird’s eye view of disruptions, and recent data suggests pressures are moderating (Lloyd’s List: click here)

Dry bulk market plummets as Brazil’s rainy season hampers iron ore exports

The dry bulk spot market posted a one-week slump on Friday as torrential rains kept a lid on Brazilian iron ore exports, dragging capesize spot rates. (Tradewinds: click here)

Dry market report – Week 2

Capesize: The Capesize market endured a somewhat traditional post-holiday Q1 drop as the 5TC descended -7760 over the week to settle at $12,407… Panamax: The decline in the Panamax market showed no signs of abating this week with further substantial corrections in both basins… Ultramax/Supramax: Another week in which sentiment remained negative overall. However, there was a change in direction from the US Gulf which saw a slight improvement in rates… Handy: Another week of reductions on the BHSI with pressure continuing in the Atlantic basin… (Baltic Exchange: click here)

 

14.01.2022
07.01.2022
WEEKLY CHANGES
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
1,764
2,289
-525.0
-22.9%
1,303 – 5,650
BRENT ($/bbl)
85.0
81.8
+3.2
+3.9%
WTI ($/bbl)
82.4
78.9
+3.5
+4.4%
MGO ROTTERDAM ($/mt)
749.0
697.0
+52.0
+7.5%
MGO  FUJAIRAH ($/mt)
812.5
788.0
+24.5
+3.1%
MGO SINGAPORE ($/mt)
738.0
704.5
+33.5
+4.8%
VLSFO ROTTERDAM ($/mt)
618.0
580.5
+37.5
+6.5%
VLSFO FUJAIRAH ($/mt)
670.5
637.0
+33.5
+5.3%
VLSFO SINGAPORE ($/mt)
677.5
640.5
+37.0
+5.8%
IFO 380 ROTTERDAM ($/mt)
471.0
458.0
+13.0
+2.8%
IFO 380 FUJAIRAH ($/mt)
501.0
483.5
+17.5
+3.6%
IFO 380 SINGAPORE  ($/mt)
480.5
469.0
+11.5
+2.5%
LSMGO ROTTERDAM, MAX 0.1% SULFUR DISTILLATE ($/mt)
734.5
690.0
+44.5
+6.4%
LSMGO SINGAPORE, MAX 0.1% SULFUR DISTILLATE ($/mt)
737.0
702.5
+34.5
+4.9%
EUR-USD
1.14
1.14
+0.01
+0.5%
GBP-USD
1.37
1.36
+0.01
+0.6%
USD-JPY
114.24
115.61
-1.37
-1.2%
USD-KRW
1,190.00
1,198.00
-8.00
-0.7%
Sources: KPI Bridge Oil, Tradingeconomics.com, Nasdaq.com, ShipandBunker.com, Exchangerates.org.uk, Poundsterlinglive.com
20 December 2021 - 10 January 2022

HEADLINES SELECTED BY INTERCARGO (20/12/2021 – 10/01/2022)

South Korea Sulphur Emission Control Area effective from Jan 2022
As of 1st January 2022, all vessels navigating in Korean ports shall not consume fuel oil with a Sulphur content exceeding 0.5% save for vessels in the SOx Emission Control Areas where the limit of 0.1% applies. (Safety4Sea: click here)

Omicron outbreak sees Tianjin enter partial lockdown
A breakout of the omicron strain of Covid-19 over the weekend has seen the port city of Tianjin near Beijing enter partial lockdown. (Splash 247: click here)

The transportation of tomorrow will address climate change
As the largest source of greenhouse gas (GHG) emissions in the United States, the transportation industry will play an enormous role in efforts to reduce emissions in the face of climate change. (Reuters: click here)

Poseidon Principles Signatories Demonstrate Progress In Climate Alignment Of Ship Finance Portfolios Despite Headwinds From Covid-19
11 out of 23 ship finance portfolios are aligned with the IMO’s decarbonization target. In 2020, only 20% of reporting Signatories were aligned with this goal. (Hellenic Shipping News: click here)

Indonesia Holds Talks On Coal Export Ban
Indonesia is yet to reach a decision on lifting its coal export ban as authorities discussed overcoming logistic issues that have slowed efforts to distribute coal to domestic power plants, a mining group executive said on Sunday. (gCaptain: click here)

Indonesian government still vague on the possibility of lifting coal export ban
Rounds of talks between Indonesian government officials and the country’s coal mining sector over the weekend failed to lift the ban on coal exports that was implemented on 1 January. (Tradewinds: click here)

How Indonesia, the world’s top thermal coal exporter, hit a supply crunch
Indonesia, the world’s biggest thermal coal exporter, sent shockwaves through global energy markets this week by suspending exports of the fuel in January due to critically low coal supplies at domestic power plants. (Hellenic Shipping News: click here)

Price volatility will continue to mark iron ore trade
The way prices of the world’s second largest seaborne traded commodity, iron ore, behaved during the just ended year will make everyone concerned wary about the 2022 demand and price forecasts for the commodity by global research agencies. (Hellenic Shipping News: click here)

‘Tis the season (to review dry bulk)
Alpha, Delta, Omicron… the year that is now coming to an end has us wondering whether we will indeed exhaust all the letters of the Greek alphabet in naming new variants of the infectious disease. Well, we would certainly hope not. (Hellenic Shipping News: click here)

Dry market report– Week 1
Capesize: The Capesize Baltic index returned from year-end holidays this week and immediately saw activity coming from the usual West Australia iron ore flow…Panamax: Following an uncharacteristically buoyant festive period, the Panamax market commenced the year in true bullish mode…Ultramax/Supramax: After the long break a rather subdued week with many areas seeing tonnage oversupply…Handy: We begin 2022 with the BHSI’s negative trend from last year continuing… (Baltic Exchange: click here)

07.01.2022
31.12.2021
WEEKLY CHANGES
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
2,289
n/a
1,303 – 5,650
BRENT ($/bbl)
81.8
79.1
+2.7
+3.4%
WTI ($/bbl)
78.9
76.5
+2.4
+3.1%
MGO ROTTERDAM ($/mt)
697.0
682.0
+15.0
+2.2%
MGO  FUJAIRAH ($/mt)
788.0
772.0
+16.0
+2.1%
MGO SINGAPORE ($/mt)
704.5
679.0
+25.5
+3.8%
VLSFO ROTTERDAM ($/mt)
580.5
570.5
+10.0
+1.8%
VLSFO FUJAIRAH ($/mt)
637.0
631.5
+5.5
+0.9%
VLSFO SINGAPORE ($/mt)
640.5
648.5
-8.0
-1.2%
IFO 380 ROTTERDAM ($/mt)
458.0
447.0
+11.0
+2.5%
IFO 380 FUJAIRAH ($/mt)
483.5
471.5
+12.0
+2.5%
IFO 380 SINGAPORE  ($/mt)
469.0
461.5
+7.5
+1.6%
LSMGO ROTTERDAM, MAX 0.1% SULFUR DISTILLATE ($/mt)
690.0
668.5
+21.5
+3.2%
LSMGO SINGAPORE, MAX 0.1% SULFUR DISTILLATE ($/mt)
702.5
674.0
+28.5
+4.2%
EUR-USD
1.14
1.14
0.00
-0.1%
GBP-USD
1.36
1.35
+0.01
+0.4%
USD-JPY
115.61
115.10
+0.51
+0.4%
USD-KRW
1,198.00
1,189.00
+9.00
+0.8%
Sources: KPI Bridge Oil, Tradingeconomics.com, Nasdaq.com, ShipandBunker.com, Exchangerates.org.uk, Poundsterlinglive.com