WSC presents fund plan
The World Shipping Council, which represents the container and vehicle transport sectors, has refined its proposals to the International Maritime Organization for a financial mechanism that it believes will create price equality and drive the adoption of green fuels. The group joins others that are lining up with their competing proposals ahead of the next MEPC session, 82 which is scheduled to run from September 30 to October 4.
Experts expect a contentious session as the IMO looks to review the draft framework for decarbonization efforts and supporting research. The last session in March set the groundwork for the agenda which promises to confront key issues on the path to decarbonization as well as other key issues including new Emission Control Areas.
Industry groups and members are also targeting key elements of the decarbonization effort. For example, calls are increasing for revisions to address the shortcomings in the Carbon Intensity Index (CII).
Burned cruise boat spirit of Norfolk
The burned-out harbor cruise boat Spirit of Norfolk will be cleaned out and will be sunk off the Gulf Coast of Florida as an artificial reef.
Spirit of Norfolk has been sold to Okaloosa County, Florida along with a second decommissioned vessel – the tug Skippin Sue – for a total of $740,000. Together, the two vessels will be sunk off Fort Walton Beach, where they will be a fish habitat and a dive attraction.
Panama canal continues progress
After experiencing one of the worst droughts in its history, Panama highlights it is continuing to move in the right direction restoring capacity at the Panama Canal. The Panama Canal Authority reports it will add back further slots for daily transits in the coming weeks bringing it close to previous levels and a nearly full operating depth.
At the end of July, the Panama Canal Authority increased the total number of transits to 34 per day. Speaking this week with Reuters, Deputy Administrator Ilya Espino highlighted that they will add one additional slot next week, bringing as of August 5 the total to 35 daily transits. Then in September, another slot will be added to bring the total to 36.
Abandoned cargo ship suspected of oil smuggling grounds
Officials in the Philippines are dealing with a mystery as a decrepit old cargo ship was found aground on the shores of Bataan, west of the entrance to Manila Bay. While there is some concern about an oil leak from the grounded ship, the Philippine Coast Guard emphasized its focus remains on the primary causalities, the sunken tanker Terranova and the second tanker Jason Bradley which grounded.
One Australian research vessel is racking up
On August 23 1969, the coastal freighter MV Noongah departed Newcastle bound for Townsville with a cargo of steel and 26 crew. The 71-meter ship had been a regular sight along the eastern seaboard for a decade as it hauled cargo between cities up and down the coast.
Two days later, the vessel disappeared in the night beneath ten-metre waves, lashed by a violent storm. Tragically, only five of the 26 crew would be rescued during one of the largest searches for survivors in post-war Australian maritime history. As for the MV Noongah, its resting place would remain a mystery.
U.S. coast guard takes over cleanup of $3mn yacht
A 74-foot sailing yacht has gone hard aground on a reef off the coast of Puerto Rico, and the U.S. Coast Guard has taken control of the response in order to prevent pollution.
At about 1950 hours on July 21, the catamaran sailing yacht Obsession went hard aground on a reef off Flamenco Beach, a long stretch of white sand on Culebra Island. The crew made a distress call over VHF and alerted the crew that they were taking on water. Air Station Borinquen dispatched a SAR helicopter to deliver two dewatering pumps to help them keep afloat.
Ship strike on shark captured first time
Ship strike incidents are widely believed to be a contributing factor in the declining numbers of many shark species. But until now, there has never been any video evidence of what happens when a ship strikes a shark, or any other large marine creature.
Now, researchers at the Oregon State University (OSU) have offered a first-hand glimpse of an actual event of a basking shark experiencing a boat strike. The researchers have released rare footage of about six minutes in which a shark was struck by a boat. The sequence and the change in the shark’s behavior may help scientists understand the impact that sharks and marine mammals experience in the event of strikes.
Tanker shares – Scorpio and Ardmore set the pace
Scorpio Tankers finished July at just under $77 per share and Ardmore Shipping, which has seen an astounding 54 percent growth since the beginning of this year bringing its price to a little under $22 per share.
Among the analysts, and indeed, by company managements, there is a feeling that hires for MR tankers may be impacted by normal seasonality- albeit at historically strong levels. Jefferies’ analyst team led by Omar Nokta, buttressing an end-July “Buy” recommendation on ASC, wrote that: “we anticipate a sequentially softer quarter, though strong nonetheless” after noting that company management, on its earnings call, had “guided to a softer, though still historically strong 3Q.”
Supply chain bottlenecks ease
Freight forwarder Dimerco, reports that the Purchase Managers’ Index, was steady at 50.9, with a value of over 50 points indicating growth. However, S&P’s Global Market Intelligence, reported that June output slowed, “but still marked the second strongest month over the past year.” Even so S&P’s Global PMI Composite Output Index decreased to 52.9 in June from 53.7 in May.