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June 11, 2021 / 5:25 PM The Baltic exchange’s main sea freight index jumped more than 7% on Thursday, propelled by strong gains across vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 188 points, or 7.6%, at 2,669.

The capesize index rose by 411 points, or 16.5%, to 2,899, marking its biggest one-day percentage rise since Feb. 17.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, rose by $3,407 to $24,039.

Iron ore advanced on Thursday as benchmark steel futures in Shanghai rose for a second straight session, but gains were capped as top steel maker China reiterated its goal to rein in commodity inflation.

The panamax index gained 139 points, or 4.5%, at 3,204, its highest since September 2010.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, went up by $1,254 to $28,836.

The supramax index rose by 44 points to 2,552, the highest as per Refinitiv Eikon data going back to 2017. 

Source: Reuters

June 10, 2021 / 12:50 PM The well was drilled using the Stena DrillMAX vessel, encountering 230ft of net pay, including newly identified, high quality hydrocarbon bearing reservoirs below the original Longtail-1 discovery.

Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said: “Longtail-3, combined with our recent discovery at Uaru-2, has the potential to increase our resource estimate within the Stabroek block, demonstrating further growth of this world-class resource and our high-potential development opportunities offshore Guyana.

“We will continue to leverage our core competitive advantages in our ongoing exploration campaign, delivering substantial value to the Guyanese people, our partners and shareholders.”

ExxonMobil deployed two additional drillships in the first quarter of 2021 — DrillMAX and the Noble Sam Croft — to enable further exploration and evaluation, while continuing development drilling activities offshore Guyana.

As the company advances its 15-well campaign in the Stabroek block, DrillMAX will move to Whiptail-1, while the Noble Sam Croft supports development drilling for Liza Phase 2.

In other drilling activity in the Stabroek Block, the Mako-2 evaluation well confirmed the quality, thickness and areal extent of the reservoir.

When integrated with the previously announced discovery at Uaru-2, the data supports a potential fifth floating production storage and offloading vessel in the area east of the Liza complex.

The Koebi-1 exploration well in the Stabroek block has shown evidence of non-commercial hydrocarbons.

 

ExxonMobil is an operator and holds 45% interest in the Stabroek Block. Hess holds 30% and CNOOC has 25%.

June 8, 2021 / 2:20 PM Trafigura, ABS, RINA, Lloyd’s Register Fuel Oil Bunker Analysis Service, the Liberian Registry and MAN Energy Solutions are all part of a joint project to test biofuel blends (B30) derived from advanced second-generation feedstock on board a d’Amico LR1 product tanker already in EEDI Phase 2.

The project aims to calculate possible CO2 emissions reduction savings through a ‘lifecycle strategy’, using a well-to-wheel analysis, from raw material acquisition to its burning in ship operations, to compare the performance of biofuels with traditional fossil fuels.

In addition, the project will assess the stability and degradation of the biofuel in relation to storage time and NOx emissions to measure the effects and improvements on EEXI and CII indexes adopted as short-term measures by IMO.

The tests will be undertaken on d’Amico’s vessels Cielo Bianco and Cielo di Rotterdam. Fuel will be supplied by bunkering supply company TFG Marine in the Amsterdam-Rotterdam-Antwerp (ARA) region.

d’Amico Group believes “the combined strategic vision and technical capabilities of charterers, OEMs, shipowners, fuel suppliers and regulatory bodies will allow us to better exploit, study and scout all options for the decarbonisation of shipping.”

The pre-trial phase of the project began in March 2021 when details of the nature and composition of the biofuel blends were made available and protocols relating to fuel testing, inspections, NOx measurement and the sea trials were established. It was also necessary to prepare the risk assessment, the MOC, to adopt the swap procedures and to develop a consistent crew training programme.

The second phase will see trials on board the vessels and is scheduled later this month in accordance with the planned trade routes of the ships. The trial phase will monitor the behaviour of the main engine, the diesel generators and the boilers in burning the biofuel blend, to evaluate operation, performance, NOx and fuel storage capability.

d’Amico Group chief operating officer, product tankers business unit, Flemming Carlsen said “We are pleased to support and co-operate with industry partners and our client Trafigura in this trial, with the objective to help drive the development of a commercially and environmentally sustainable future fuel solution for the shipping industry.”

Trafigura head of distillate and fuel oil trading Jamie Torrance noted that the commodity giant also has a joint venture marine fuel supply business with Frontline and Golden Ocean and will take an active role in the d’Amico-led project to test the B30 biofuel blend.

From an engine manufacturer’s perspective, MAN director, new technology 2-stroke promotion Kjeld Aabo said the MAN-B&W 2-stroke engines are designed to operate on biofuels.

“Separate biofuel specifications and guidance for fuel treatment on board is followed to make the transition from VLSFO to VLSFU and B30 as smooth as possible” he said.

Post-trial, the reported emissions will be processed and analysed with a particular focus on CO2 and NOx and their effects on the EEXI and CII, according to the existing draft guidelines.

 

The project is planned to end in mid-July 2021.

 

Via: d'Amico-Group

June 9, 2021 / 2:50 PM TAIPEI - Analysts say a rare burst of anger from Malaysia over the flight of Chinese air force planes near its airspace and a coast guard vessel spotted in a disputed waterway indicates Beijing has crossed a line with Kuala Lumpur in its slow maritime expansion. 

Malaysia’s Ministry of Foreign Affairs said in a June 1 statement it would summon the Chinese ambassador over 16 People’s Liberation Army Air Force planes that flew over a Malaysian “maritime zone.” Malaysia’s air force scrambled its own jets to push China’s planes out. 

Days later, a Malaysian Maritime Enforcement Agency official said a Chinese coast guard ship had been seen 156 kilometers from shore, according to the Borneo Post domestic news website. 

Malaysia normally keeps quiet or protests out of public view when the militarily stronger China passes ships into waters Kuala Lumpur sees as its own. Aircraft sightings are less common. It “bends over backwards to accommodate” China because of their deep economic relationship, said Oh Ei Sun, senior fellow with the Singapore Institute of International Affairs.  

China has been Malaysia’s top trading partner for the past 12 years and a source of investment in domestic infrastructure. 

Steady coast guard presence 

But Malaysian officials have long simmered privately as Chinese coast guard ships frequent waters in their exclusive economic zone north of Borneo, said Alexander Vuving, a professor at the Daniel K. Inouye Asia-Pacific Center for Security Studies in Hawaii. The coast guard has kept a regular presence there since 2013, he estimates. 

Malaysia drills for natural gas in those waters, which are part of the 3.5 million-square-kilometer South China Sea. China says 90% of the sea, including the tract that its coast guard patrols, falls under its flag.  

The two Asian nations entered into a standoff in November after a Chinese coast guard ship stationed itself near Luconia Shoals north of Borneo, the same tract where the vessel appeared this month. Malaysia says those waters belong to a maritime exclusive economic zone.

Malaysian statements June 8 about the Chinese coast guard show the frequency of those vessels is “getting a bit too much,” Oh said.  

Domestic media outlets quoted the maritime enforcement agency official saying his agency and the Malaysian navy were “monitoring the situation closely.” 

Malaysia cannot do much against China militarily because Chinese forces are stronger, analysts agree. "What can they do?" said Shariman Lockman, senior foreign policy and security studies analyst with the Institute of Strategic and International Studies in Malaysia. This month’s tiffs will mark a “really bad patch” in relations, he said. 

“Those Chinese ships are always there,” Lockman said. “They come and go but they have a permanent presence at Luconia Shoals. Obviously, this is an irritant in the relationship. It is not appreciated by the Malaysian government.” 

Exercises with a U.S. carrier group

China is probably giving Malaysia a “stress test” after it joined the United States, Beijing’s rival superpower, for military air exercises in April, Oh said. The USS Theodore Roosevelt Carrier Strike Group carried out the exercises in the South China Sea alongside Malaysia’s air force. 

“This is the Chinese simultaneously signaling their unhappiness to Malaysia and also flexing muscle to the U.S.,” Oh said. 

China hopes to take more control over the wider sea bit by bit, Vuving said. “I think it’s another slice in the salami,” he said. “China’s end goal in the South China Sea is to control the water and the skies, so every day they advance a little.” 

Brunei, the Philippines, Taiwan and Vietnam claim all or parts of the same sea as well. They prize the waterway for its undersea fuel reserves and rich fishing grounds. China has alarmed the others by landfilling tiny islets over the past decade for military installations.  

Vietnam and the Philippines speak out against China when its ships, planes or oil rigs overlap their offshore economic zones. 

The United States has no claim in the South China Sea but counts Malaysia, the Philippines and Taiwan as allies. U.S. officials regularly pan China over its expansion in the waterway, sparking angry rebuttals from Beijing. The United States passed navy ships through the sea 10 times in 2019 and another 10 times last year. 

Source: www.voanews.com

June 7, 2021 / 2:00 PM The speed of a container ship that blocked the Suez Canal in March was controlled by the Egyptian waterway’s operator before it ran aground, the vessel’s insurer said on Thursday. (Jun 3)

The statement from UK Club came after the head of the Suez Canal Authority (SCA) said the ship was sailing too fast when it became grounded, but that the canal bore no responsibility.

The Ever Given, one of the world’s largest container ships, is still being held in the canal while both sides continue compensation talks. It became jammed in high winds on Mar 23, halting traffic in both directions for several days and disrupting global trade.

The SCA initially demanded US$916 million in compensation from Japanese owner Shoei Kisen, but has since said it would be willing to accept US$550 million, including a US$200 million deposit to secure the ship’s release.

While UK Club said the Ever Given’s owners and insurers “fully acknowledge that the SCA is entitled to compensation for their legitimate claims arising out of this incident”, it added it was concerned by allegations made against the ship and its master.

“It is important to clarify that whilst the master is ultimately responsible for the vessel, navigation in the Canal transit within a convoy is controlled by the Suez Canal pilots and SCA vessel traffic management services,” it said.

“Such controls include the speed of the transit and the availability of escort tugs.”

The Ever Given’s owners and insurers have disputed the vessel’s detention and the compensation claim, and their lawyers have said the SCA was at fault for allowing the ship to enter the waterway and for not providing suitable tugs.

SCA Chairman Osama Rabie told Reuters last week that the Ever Given was moving at 25km per hour rather than the appropriate 8km to 9km per hour, that its rudder was not aligned, and that it could have chosen not to enter the canal.

 

Source: Reuters

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