Norway plans to step up spending on looking for oil and gas in the northern Barents Sea close to its border with Russia, the country’s 2019 budget showed on Monday. The government has proposed to allocate an extra 50 million Norwegian crowns ($6.04 million) to conduct a so-called 3D survey over a...
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Synergy Group Launches Nine-Language Helpline To Reduce Seafarer Suicides And Boost Wellness At Sea
Synergy Group has launched a new counselling service aimed at improving mental health support for sea and shore-based maritime personnel. iCALL is a free psychological helpline for the worldwide maritime community available 24/7 in nine different languages via phone, email and the chat-based nULTA...
OPEC Takes a Backward View of the Future
The Organization of the Petroleum Exporting Countries has seen the future and — you may want to sit down for this — it involves more cars. Just not as many cars as it was expecting. In its latest World Oil Outlook, published last month, the oil exporters’ club foresees 1.98 billion passenger...
https://www.hellenicshippingnews.com/opec-takes-a-backward-view-of-the-future/
As energy markets face a turbulent future, what role will OPEC play?
The biggest foe faced by the Organisation of the Petroleum Exporting Countries is, and has almost always been, the market − the forces against which it is locked in a continuous and ultimately futile tussle. Yet Opec was set up in 1960 to help promote its members’ interests against a more defined...
Norway expects LNG supply to mean fall in gas export price until 2021
Norway expects its gas export price to fall by more than a quarter by 2021 as increasing global liquefied natural gas (LNG) supplies outstrip growth in European demand. Norway’s 2019 fiscal budget on Monday showed it expects the average price for Norwegian gas to fall to 2.05 crowns/standard cubic...
Continuing warranty of seaworthiness
The Association is aware that, from time to time, Members have been offered contractual terms with counterparties that require the shipowner to provide a continuing warranty of seaworthiness for the entire duration of the voyage. Should this situation arise, the Club would urge Members to exercise...
https://www.hellenicshippingnews.com/continuing-warranty-of-seaworthiness/
Compliance with IMO 2020 rule to be high despite concerns – consultant
Compliance with the International Maritime Organization’s global sulfur limit for marine fuels will likely settle around 90% in the initial years after 2020 as most shipowners switch to 0.5% sulfur bunker fuels to meet the rule, a bunker industry veteran and senior partner at 2020 Marine Energy...
Glencore, Tohoku Electric set coal contract price at $109.77/T: source
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $109.77 per tonne for supplies of thermal coal from Australia for the year through September 2019, according to a source with direct knowledge of the matter. The agreed price, which serves as an industry benchmark for...
Retrofits – the approach to innovative technology and new equipment
A ship’s life cycle ends with it being dismantled and recycled. Up to 95 % of a ship’s weight is made up of steel, which can be sold and reused. A modern recycling process, which also includes the recycling of other materials, can be very efficient and is a positive step towards a greener shipping...
Atlantic Panamax grains freight hits near 4-year high on bunkers
Panamax grains cargo freight rates from the East Coast of South America have reached near four-year highs and are set to go even higher in mid-October as bunker fuel prices continue to soar, market sources said. IFO 380 CST was assessed up $10 to $532/mt in Santos on Thursday, up 22% since...