Hellenic Q3 Core Profit Falls 15%
Hellenic Petroleum's core profit fell 15% in the third quarter on lower refining margins, Greece's biggest oil refiner said on Tuesday.Adjusted for oil inventory holdings, earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 201 million euros ($222.91 million), down from 237 million euros in the same period last year.The figure was at the high end of analysts' forecasts from a Reuters poll.Hellenic, which exports more than half of its output…
CSA 2020 Applauds DFDS on EGCS Drive
The international organization to promote Exhaust Gas Cleaning Systems (EGCS), Clean Shipping Alliance (CSA) 2020 has congratulated Danish ferry operator DFDS A/S for ten years of successful scrubber operation, with EGCS onboard the 37,939gt roro Ficaria Seaways achieving more than 50, 000 running hours since 2009.Ficaria Seaways, one of the first ro-ro vessels to be fitted with an Alfa Laval PureSOx system, operates inside the stringent European Sulfur Emission Control Area (SECA)…
Frontline buys 10 Tankers from Trafigura
Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide
Neste Launches IMO 2020 Compliant Fuel
Finland-based refiner Neste Corporation will begin to sell a low-sulfur marine fuel in northwest Europe in the fourth quarter of 2019.From January 1, 2020, the International Maritime Organization (IMO) will enforce a 0.5% global sulfur cap on fuel content for areas currently with 3.5% limit.In these areas, all vessels will be required to use fuel with a maximum sulfur content of 0.5%, unless they use exhaust gas cleaning systems.Neste helps…
Spliethoff Gets Green Loan From ING, EIB
Dutch banking group ING and the European Investment Bank said they will provide a EUR 110 million ($123 million) loan to Dutch ship management firm Spliethoff’s Bevrachtingskantoor B.V. for retrofitting vessels with exhaust gas cleaning systems.According to a European Commission press release, Spliethoff will use the loan to retrofit 42 of its vessels with exhaust gas cleaning systems and ballast water management systems.The loan is part of the ING and EIB EUR300mln Green Shipping partnership signed in 2018…
Study Prompts Investments in LNG as Marine Fuel
A new study by the consulting group SEA/LNG reveals “a strong investment case” for LNG as a marine fuel in the container shipping market.The study was commissioned from the independent simulation and analytics company Opsiana in order to provide shipowners and operators in analyzing investment opportunities, said a press release from SEA\LNG.Peter Keller, Chairman, SEA\LNG, said: “We commissioned this study from independent simulation and…
Scrubber Manufacturers Slams Singapore Open-Loop Scrubbers Ban
Exhaust Gas Cleaning Systems Association (EGCSA) has attacked Singapore's restrictions on open-loop versions of the systems as "disappointing" and "politically motivated."The scrubber manufacturing industry body said in a press release: "The recent announcement by the outgoing CEO of the Maritime and Port Authority of Singapore (MPA) banning the discharge of process water from open loop scrubbers for vessels visiting Singapore came without…
Maritime Rule Change Stirs Fears of Diesel Shortage: Kemp
The International Maritime Organization (IMO) has so far resisted pressure to soften or postpone the implementation of new regulations requiring ships to use bunker fuels with a lower sulphur content from the start of 2020.That has prompted warnings from some analysts that the regulations will squeeze the availability of low-sulphur diesel and jet kerosene required by trucks, trains, aircraft, farmers and industry, resulting in big price increases.The regulations and any associated rise in fuel prices will occur in the run up to the next U.S.
Hapag-Lloyd on 2020 Low Sulphur Fuel
LSF2020 refers to the new “Low Sulfur Fuel” regulations, which will come into effect on 1 January 2020.These regulations are the biggest of a series of steps by the International Maritime Organisation (IMO) to reduce marine pollution (MARPOL) in response to the threat of climate change.The LSF2020 emission regulations mean ships will have to significantly reduce emissions on the high seas as well as in coastal areas. This change does not only concern Hapag-Lloyd but it challenges the entire shipping industry.
Total, CMA CGM Prepare for New Environmental Regulations
Total, the world’s fourth-ranked international oil and gas company, and CMA CGM, a leading worldwide shipping group, have signed a three-year memorandum of understanding. The two partners will be combining their expertise to prepare for stricter fuel regulations in the shipping industry and further reduce the sector’s footprint by developing solutions that make container ships ever more environmentally-friendly. - Fuel oil with a sulfur content of 0.5%.
Bunker Industry Mulls Implications of IMO’s Global Cap
The International Bunker Industry Association (IBIA) annual convention is taking place this week (7-11 November) in Gibraltar. It brings many of IBIA’s members together to discuss one of the hottest topics around - the decision taken at the 70th meeting of the IMO’s Marine Environment Protection Committee to implement the 0.50% global sulphur cap in 2020. IBIA, which has over 880 members from over 91 countries, was a co-sponsor to a proposal to MEPC 70 along with the World Shipping Council, BIMCO, CLIA and ICS and many member states.
Yara Marine to Deliver 6 Scrubbers for LPG Carriers
Yara Marine Technologies (former Green Tech Marine) – a world leading scrubber supplier – has won a contract to deliver 6 exhaust gas cleaning systems (“scrubbers”) to an undisclosed ship-owner in 2015. The vessels are currently under construction at Hyundai Mipo Dockyard in Korea, and will be supplied to the owner in 2016. The vessels will be trading mainly in the North European ECAs (North Sea and Baltics). By using the Green Tech Marine® scrubbers…
