Shipping lenders’ climate risk exposure | All Types of Marine Jobs

Lenders to shipping are increasingly considering climate performance when setting loan margins, a study has found. However, their focus remains on the corporate level rather than the asset level, potentially limiting their ability to mitigate transition risks.

The Lower margins are tied to companies’ climate performance rather than to low-carbon assets study by Marie Fricaudet, Sophia Parker, Nadia Ameli, and Tristan Smith, published in Cell Reports Sustainability, examines the lending practices of shipping debt providers. The researchers found that banks, particularly those signed up to the Poseidon Principles, have begun to price in the climate score of shipowners they lend to. This shift is largely attributed to the Paris Agreement and growing pressure for decarbonisation within the shipping sector.

However, despite the increasing importance of climate performance, the study highlights that lenders are not differentiating their margins based on a ship’s carbon intensity. This suggests that while they are considering climate factors at the corporate level, they are not yet fully addressing the transition risks associated with individual assets.

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Maritime leaders’ confidence on the rise amidst increased geopolitical risk | Sea Job Hunt

Data from the ICS Barometer Report 2023-2024 – launched today – has demonstrated the positive impact that improved clarity from governmental bodies such as the International Maritime Organization (IMO) have had on the sector. The comprehensive survey of over 100 global maritime industry leaders over a three-year period analyses year-on-year shifts in sentiment on pivotal issues influencing operations. It has tracked steadily rising confidence among maritime leaders in their ability to cope with challenging operating conditions.

Areas of concern for respondents include the recent increase in geopolitical instability (which is seen as a risk multiplier as it impacts other factors), malicious physical attacks and cyber-attacks (by state and non-state actors), as well as updates to global and/or regional regulatory environments and availability of fuels and infrastructure driving decarbonisation.

Emanuele Grimaldi, Chairman of the International Chamber of Shipping, comments: “We are in a period of profound transformation—marked by decarbonisation, heightened security risks, and evolving regulations. What this invaluable data driven perspective shows is that policy and clarity are key. This report tracks our industry’s progress through recent gains in confidence, while also noting key pressure points — such as the availability of public funding for green initiatives and the impact of market-based measures — which continue to require greater collaborative effort across industry leaders, government bodies, and international partners to address.”

Protectionism was also seen as a growing risk, driven by geopolitical instability, national energy security concerns, global and regional economic crises, and government-led manufacturing incentives favouring local production. Given the impacts on trade relationships and routes, this year’s ICS Barometer Report features a special focus on reshoring, nearshoring, friendshoring and offshoring — assessing the perceived impact on shipping’s current operations, as well as the factors likely to influence decision-makers to shift their own operations.

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Asia spot LNG prices down on muted demand, cooler weather | Cruise Ship Jobs

Asian spot liquefied natural gas (LNG) prices fell this week on signals of weak economic growth in China while above-average temperatures across China, Japan and South Korea are coming to an end, which would reduce cooling demand.

The average LNG price for October delivery into north-east Asia LNG-AS was at $13.40 per million British thermal units (mmBtu), industry sources estimated, down from $14.00/mmBtu last week

“Poor industrial data from China put red flags on the industrial gas demand for the coming period, signalling weaker economic growth,” said Klaas Dozeman, market analyst at Brainchild Commodity Intelligence

“In addition, the warmest weather seems to come to an end in the coming weeks as temperatures start to sink on seasonal effects. This might decrease the cooling demand over the coming period,” he said

Dozeman said that while geopolitical tensions are still ongoing in gas sensitive markets, the risks did not materialize any disruptions so far

In Japan. Major power utilities reported combined LNG storage levels of 183 million tonnes (Mt) for Sept. 1, down 11.2% week-on-week but 6.4% higher than at the end of August 2023 However, levels are 9.4% lower than the five-year average of 2.02 Mt for the end of August from 2019-23. said Masanori Odaka, senior analyst at Rystad Energy.

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MOL Announces Naming Ceremony For LNG-Powered Ferry Sunflower Pirka

Mitsui O.S.K. Lines, Ltd. today announced that on September 4, the naming and launching ceremony was held for the LNG-fueled ferry Sunflower Pirka, under construction at Naikai Zosen Corporation by MOL and MOL Group company MOL Sunflower Ltd.  The LNG-fueled tugboat Ishin, operated by MOL Group company Nihon Tug-Boat Co., Ltd., assisted with towing operations during the ferry launch. MOL will proactively adopt LNG, a low-carbon fuel that can be used immediately, and lead the world toward realizing a low-carbon/decarbonized society.

With the new building ferry, the Sunflower Kurenai and Sunflower Murasaki already in service on the Osaka-Beppu route since 2023, and the sister ship Sunflower Kamuy, which is scheduled to enter service in early 2025 as the first ship on the Oarai-Tomakomai route, the MOL Group will operate a fleet of 4 LNG-fueled ferries on East-West routes in Japan. Boasting Japan’s largest service route network and the most LNG-fueled ferries in operation, the group offers stable logistics and passenger services. MOL Sunflower operates 10 ferries and 5 RORO vessels on 6 routes, giving the company Japan’s largest ferry fleet and most extensive route network and reliable service for logistics and passengers.

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Ports begin screening for Mpox | Maritime Union Of India

 WHO alert

On 14 August 2024 the World Health Organization (WHO) declared the mpox (monkeypox) outbreak in parts of Africa a public health emergency of international concern (PHEIC) for the second time in two years. This is the highest level of alert the WHO can issue and underlines the organisation’s concerns about the rapid spread of the disease. Its decision was prompted by a significant increase in mpox cases in the Democratic Republic of Congo (DRC) and several neighbouring countries, including the emergence of a new strain of the virus which may cause a higher percentage of patients to become seriously ill or die compared to the global mpox outbreak in 2022. However, the WHO also emphasises that mpox “is not the new Covid-19” and the risk to the general public in countries outside the DCR and neighbouring countries remains moderate

Situation report

According to the WHO’S 2022-24 Mpox (Monkeypox) Outbreak: Global Trends report as of 28 August 2024, only a few African countries in addition to the DRC have so far reported mpoх cases of the new virus strain. Outside the African region, the number of reported cases remains low and primarily relate to individuals with travel histories to countries in Africa where mpox is circulating. However, as the situation may change quickly, we recommend ship operators to stay alert to the situation and follow the evolution of the ongoing outbreak

Travel advice

At the time of writing. WHO’s recommendation to its member states is to “refrain from implementing travel-related health measures specific for mpox, such as entry or exit screening, or requirements for testing or vaccination”. However, we are aware that some port authorities have started to implement stricter health and epidemiological measures to prevent the disease from spreading via international vessels. Current examples are Singapore, India, Bangladesh, Argentina, Uruguay and Venezuela, and others may follow.

In order to avoid unnecessary delays when entering a port or conducting crew changes, ship operators and their masters should make frequent checks with local sources of information. e.g. vessel’s agent and/or Gard’s correspondents, to obtain the most up to date travel and port entry requirements available at any given time.

Crew information

It is also important to keep ship personnel informed about mpox through risk communication. eg, by displaying posters, videos, and message boards. Promotion of personal protective measures and risk-reducing behaviour is important, particularly before shoreside visits or crew changes. Key messages should include information about

Symptoms: Common symptoms of mpox include a rash lasting for two to four weeks, which may be started with or followed by fever, headache, muscle aches, back pain, low energy and swollen lymph nodes. The rash looks like blisters and can affect the face, palms of the hands, soles of the feet, groin, genital and/or anal regions, mouth, throat or the eyes. The number of sores can range from one to several thousand

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US imports of Chinese used cooking oil set for new record, future uncertain | Maritime Crew

U.S. imports of used cooking oil (UCO) from China are set to hit a record in the months ahead, even as regulatory uncertainty casts doubts over longer-term prospects of a trade that boomed last year, according to market participants.

U.S. demand for UCO, a feedstock for biofuels like renewable diesel, has surged as federal and state governments launched incentives to support the industry as they aim to decarbonize transportation. That sparked such a frenzied rush to build new renewable diesel plants that U.S. capacity more than doubled from 2021 to 282,000 barrels per day in 2023. according to government data.

The rapid surge flipped the U.S. from a net exporter of UCO until 2021, to a net importer since 2022. U.S. imports surpassed 1.36 million metric tons (mt) last year. up from about 400,000 mt in 2022, the data showed.

“Demand for UCO from U.S. renewable diesel producers has grown much faster than domestic supply,” said Duane Dunlap, owner of renewables consultancy DNS Enterprises.

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U.S. and UK Are Sidelining Fleet Auxiliary Ships Because of Crew Shortages | Rig Jobs

Both the Royal Navy’s Royal Fleet Auxiliary and the U.S. Navy’s Military Sealift Command are sidelining some of their ships because of crew shortages, according to new reports. Both organizations have had serious recruitment and retention issues for years, and the decision to stack tonnage has been long in coming.

Not enough mariners, not enough leave

Military Sealift Command is the civilian-crewed auxiliary force for the U.S. Navy, and its vessels keep the rest of the fleet running. MSC dry stores ships and fleet oilers provide ammunition and fuel to keep surface combatants in the fight, and an array of special-purpose auxiliaries – submarine trackers, surveillance ships, salvage tugs and other specialized vessels – serve non-combat needs that would be expensive to fulfill otherwise.

Among U.S. merchant mariners, MSC is known for good pay and long contracts. Because of a persistent personnel shortage, a four-month scheduled hitch can turn into eight months or more while the mariner awaits the assignment of his or her relief. Due to the Pentagon’s vacation accrual policies, the limited leave that is available may be partly unpaid.

These conditions have been common knowledge for decades, but in a tight market, skilled mariners have many options in  commercial maritime and may select a private employer with a more family-oriented rotation schedule. According to USNI, MSC’s roster has thinned, and it now has about 1.3 mariners for every seagoing billet – too few to provide consistent rotations for the 4,500 crewmembers who are on board at any given time.

To improve this ratio, MSC is seeking approval for a plan to sideline all 12 of its actively serving expeditionary fast transports (EPFs), along with two civilian-crewed sea base ships, two Lewis & Clark-class dry cargo replenishment ships and one fleet oiler, according to USNI. By cutting as many as 700 seagoing billets, MSC could boost its mariner-to-billet ratio from 1.3 to 1.5 and improve quality of life for its seagoing personnel.

Some of the sidelined vessels are among MSC’s newest and best-known ships. The expeditionary fast transports are high-speed intratheater fast ferries, built in aluminum for light weight and fitted with a ramp for vehicle loading. They have a capacity of 600 tonnes, a top speed of up to 45 knots and a 26-member civilian crew, and are commonly used for goodwill port calls and relief missions.

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