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yara green ammonia

UMAS: Cost of IMO 2050 Target Could Reach $1.4 Trillion

Published Sep 23, 2022 7:13 PM by The Maritime Executive

The international shipping industry requires a staggering $1.4 trillion in capital expenditure to achieve a 50 percent cut in emissions by 2050, according to a new report by the UK maritime consultancy UMAS. Funding has been identified as one of the major challenges in decarbonizing shipping, and the Climate Action in Shipping report suggests the industry must find ways to raise $1-1.4 trillion in capital in order to meet International Maritime Organization (IMO) 2050 decarbonization goals. The majority of the...

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busan

U.S. Carrier Calls in Busan Amidst Heightened Tensions With N. Korea

Published Sep 23, 2022 7:10 PM by The Maritime Executive

The nuclear-powered carrier USS Ronald Reagan is in South Korea for joint military drills amidst rising tensions in the Korean peninsula due to threats from North Korea. The U.S Navy announced that Ronald Reagan and Carrier Strike Group 5 warships USS Chancellorsville and USS Barry docked at a naval base in the southern port city of Busan, the first visit to Busan in nearly five years and the first to South Korea in nearly four years. The visit comes barely...

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floating hydrogen production platform

First Offshore Floating Hydrogen Production Pilot Begins Tests

Published Sep 23, 2022 6:10 PM by The Maritime Executive

The concept of developing hydrogen offshore linked to wind farms is taking a step forward with the first test unit having been dedicated in France. The Sealhyfe platform was installed on a Wavegem wave energy platform and is now preparing for tests alongside a pier in the port of Saint-Nazaire, France before it is moved to a position off the Atlantic coast for the second phase of the tests. The platform was dedicated by Lhyfe, a French company focusing on...

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containers

Why Shippers Can Renegotiate Some Long-Term Contracts But Not Others

Published Sep 23, 2022 5:58 PM by The Maritime Executive

After a year of highly profitable freight rates, the container shipping business appears to be normalizing. In the past week, the overall SCFI (Shanghai Containerized Freight Index) spot rate index for shipments out of China declined by 9.7 percent compared to the peak recorded early this year. It is the third week in a row that SCFI index has been falling on major trade routes. The situation is also similar for the other indices, particularly Drewry’s World Container Index (WCI)....

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MORE STORIES BY CATEGORY

Offshore

csov

Marco Polo Targets Offshore Wind Market with Newbuild CSOV

Singapore’s Marco Polo Marine wants to capitalize on the fast expanding Asia-Pacific offshore wind energy market after unveiling plans to build, own and operate a new commissioning service operation vessel (CSOV). The company announced that construction of the $60 million vessel is expected to be completed in the first quarter of 2024 and will be financed through existing resources and borrowings from financial institutions. The vessel will be the first CSOV to be designed in Asia.  The decision to invest...

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Shipbuilding

abg shipyard

Indian Shipyard Exec Arrested in $2.8B Bank Fraud Case

The former head of Indian shipbuilder ABG Shipyard has been arrested on charges of engaging in a record-setting bank fraud scam.  Rishi Agarwal, the former chairman and managing director of ABG, stands accused of borrowing $2.8 billion for corporate purposes, then disbursing the money to affiliated companies for personal gain. An audit performed by Ernst & Young found evidence of a long-running fraudulent scheme from 2012-17 involving "diversion of funds, misappropriation and criminal breach of trust." It is the largest...

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Environment

yara green ammonia

UMAS: Cost of IMO 2050 Target Could Reach $1.4 Trillion

The international shipping industry requires a staggering $1.4 trillion in capital expenditure to achieve a 50 percent cut in emissions by 2050, according to a new report by the UK maritime consultancy UMAS. Funding has been identified as one of the major challenges in decarbonizing shipping, and the Climate Action in Shipping report suggests the industry must find ways to raise $1-1.4 trillion in capital in order to meet International Maritime Organization (IMO) 2050 decarbonization goals. The majority of the...

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Business

containers

Why Shippers Can Renegotiate Some Long-Term Contracts But Not Others

After a year of highly profitable freight rates, the container shipping business appears to be normalizing. In the past week, the overall SCFI (Shanghai Containerized Freight Index) spot rate index for shipments out of China declined by 9.7 percent compared to the peak recorded early this year. It is the third week in a row that SCFI index has been falling on major trade routes. The situation is also similar for the other indices, particularly Drewry’s World Container Index (WCI)....

Continue Reading...