World Maritime Day Message Must Extend Beyond the Boundaries of Shipping, says INTERCARGO | Jobship

Never has the theme of this year’s World Maritime Day – ‘New technologies for greener shipping’ – been so in tune with the focus of the ship-owning community, says INTERCARGO. The future is uncertain. But one certainty we do have is that reducing emissions is, and will continue to be, the single most important global issue we face.

In 2022, more than at any other time, we need to ensure that the messages coming out of World Maritime Day extend beyond the boundaries of the shipping industry and that our shipowners, operators, and seafarers receive the support they need to play their part in the greener future to which we all aspire.

The dry bulk sector is arguably the most efficient cargo carriage mode on earth, but our members, and those operating in other sectors cannot achieve the IMO’s ambition alone. Environmental excellence requires collaboration. If we are to see a future of zero-emission shipping, on this World Maritime Day our message must reach outside the ship-owning community with a call for assistance from a wide spectrum of stakeholders.

To achieve truly greener shipping we need a drastic and urgently needed acceleration in the commercial development of the required technologies, propulsion systems, fuels, and related infrastructure; we need tangible plans in place to achieve this; and we need mechanisms to fund this transition.

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Joint Development of AI-Powered Automatic Draft Survey Application

Kawasaki Kisen Kaisha, Ltd. (“K” LINE), TIS Inc. (“TIS”), and Miotsukushi Analytics Inc. (“Miotsukushi”) are pleased to announce that we have jointly developed a draft survey application. The application is designed to use artificial intelligence (AI) to recognize the water surface and the draft mark from the image captured with a smartphone and to display the accurate draft level with the impact of waves removed on the screen to help accurately measure the draft*1. At the end of July, the three companies jointly filed a patent application for this newly developed application

The draft is measured to calculate the weight of cargo loaded onto dry bulk carriers. Today, it is done by crew members and surveyors using the naked eye. It is possible to survey the draft with the human eye. However, it is done at the anchorage, which in some ports may be susceptible to waves. There have been cases where draft measurements even by experienced maritime professionals display a greater margin of error than expected.

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WTI price surge curbs US oil flows to Europe, Asia | Marex

A sudden surge in U.S. West Texas Intermediate crude prices that pulled Brent higher has shut off arbitrage routes for crude from the U.S. to Europe and Asia and is preventing oil from the Atlantic Basin from heading east, traders said.

The WTI price surge, driven by OPEC+ supply cuts led by Saudi Arabia and falling U.S. shale oil production, is altering global trade flows by keeping U.S. oil in the country and driving up demand and prices for other oil imported by Europe and Asia.

U.S. WTI crude futures CLc1 jumped more than $1 a barrel on Tuesday, pulling up Brent LCOc1 as well and widening prompt month spreads for both contracts in backwardation.

The backwardation – where front-month prices are higher than those in future months – indicates tight supply.

Brent’s strength also widened its premium to Middle East benchmark Dubai which hit a six-month high of $2.74 a barrel on Tuesday, LSEG data showed.

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Winter LNG demand pops up from China; Japan, South Korea remain quiet | Sailor Job

The Asian LNG market has started to see demand for winter popping up from China as the fourth quarter approaches, while Japanese and South Korean buyers are taking a wait-and-see stance, market sources said in the week started Sept. 11.

Sources said the market still has enough supply to meet demand at the moment while the supply might tighten in the coming months.

Unipec, a trading arm of Chinese national oil company Sinopec, has issued a tender to buy up to 25 LNG cargoes from October 2023 to December 2024, out of which, 13 cargoes are to be delivered in the fourth quarter, trading sources said.

“The 2023 cargoes are a lot, so probably for winter preparation,” said a Singapore-based trader. “The 2024 cargoes are likely for trading.”

China typically boosts LNG imports in the fourth quarter. The country imported 14.626 million mt of LNG in the third quarter of 2022, which jumped to 17.957 million mt in the fourth quarter of 2022, up 22.8% from the third quarter, according to S&P Global Commodity Insights data.

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Global container freight still stalled | Merchant Navy Jobs

Global industrial production and containerised freight flows remained in the doldrums at the start of the third quarter, confounding predictions earlier in the year for a strong rebound.

Manufacturers and distributors in North America and Europe were struggling to reduce excess inventories after the post-pandemic rotation from goods to services spending.

Rising interest rates and a cost-of-living squeeze have also dampened expenditure on expensive long-lived durable items.

Global industrial output was up by less than 1% in the second quarter of 2023 from the same period in 2022, according to the Netherlands Bureau for Economic Policy Analysis (CPB).

Such slow growth has been associated in the past with cycle-ending recessions or pronounced mid-cycle slowdowns (“World trade monitor”, CPB, August 25).

The volume of world trade was actually down by almost 2% compared with the same period a year earlier, a retreat that has always been associated in the past with outright recession.

As a result, global growth is entirely dependent on the services sector as consumers boost spending on travel, tourism and other personal services in reaction to the lockdowns of 2020-2022.

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Asia Fuel Oil-HSFO rebounds; Saudi extends oil cuts to year-end | Sailor Job

Asia’s spot market for high sulphur fuel oil (HSFO) firmed on Wednesday, a day after Saudi Arabia and Russia said they would extend voluntary oil cuts to the end of the year.

Saudi Arabia’s crude supply cuts usually have a bullish impact on the HSFO market as the cuts are typically on heavy crude grades that produce more fuel oil in refining.

The 380-cst HSFO cash differential rose to a premium of $9.25 a metric ton, while October crack firmed to a discount of $9.23 a barrel.

Meanwhile, very low sulphur fuel oil (VLSFO) also rebounded amid firmer biding, though the risk of downside remains on expectations of higher supplies.

The Singapore 0.5% VLSFO cash differential climbed to a premium of $4.09 a metric ton, while the October crack spread held steady LFO05SGDUBCMc1 to a premium of $7.42 a barrel.

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The prospect of strong El Niño weighs on U.S. gas prices | Shipboard Jobs

Rapidly forming El Niño conditions over the central and eastern Pacific Ocean have increased the probability of a strong episode this winter that would likely raise temperatures and cut gas consumption in the United States.

Sea surface temperatures in the most critical region of the ocean have warmed rapidly and have been almost +1.3°C above the long-term seasonal average so far in August having started the year -0.7°C below average in January.

The speed and strength of the warming has significantly increased the probability El Niño will prevail this winter and that it could be a strong rather than a weak one.

In its latest outlook, published on August 28, the U.S. Climate Prediction Centre put the probability of El Niño occurring between December and February at more than 95% and says most models show it will be strong.

El Niño is characterised by sea surface temperatures persistently +0.5°C or more above average and a strong episode occurs when temperatures are persistently +1.5°C or more above average.

The strength of El Niño matters because a weak or moderate episode is likely to be dominated by other factors influencing the weather and have little or no observable impact on temperatures and heating demand.

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