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April 1, 2023

Image Source: TORM

Oaktree Capital Management has terminated the sale of its 5 million Class A common shares in TORM plc, a leading tanker company, just one day after the sale was announced. TORM had previously announced a secondary offering of up to 5.75 million shares held by Njord Holdings, which owns approximately 65% of TORM’s Class A common shares. The sale was terminated after OCM Njord Holdings determined that current market conditions were not favorable for the offering.

TORM’s stock had initially crashed more than 12%, but after the termination announcement, the stock gained more than 9% in after-hours trading.

Image Source: CMB.TECH

The Port of Antwerp-Bruges now hosts the world’s first hydrogen dual-fuel straddle carrier, launched by Antwerp Terminal Services (ATS). After a two-year development phase, the straddle carrier, which runs on a mix of hydrogen and diesel fuel, will be tested at the Noordzee Terminal. The technology aims to replace 70% of diesel consumption with hydrogen, eventually reaching 100%.

This project is part of the Green Straddle Carrier Program, where terminal operators are exploring various pathways to reduce carbon emissions, including hydrogen, biofuel, hybrid battery/diesel, and full electrification.

Image Source: Monjasa

A pirate attack on the Monjasa Reformer tanker in the Gulf of Guinea led to the kidnapping of some crew members. The ship was later found by the French navy near Sao Tome and Principe, with pirates abandoning the vessel and taking hostages. The rescued crew members are reported to be in good health, but the exact number of those kidnapped remains undisclosed. Monjasa is working closely with local authorities to ensure the safe return of the missing crew members.

Image Source: DP World

DP World has started developing a new edible oil terminal at the Port of Berbera, Somaliland. This facility aims to lower supply chain costs and create local jobs. With an initial storage capacity of 18,000 tons, the terminal will serve vessels with a draught of up to 16 meters. The development follows the recent opening of the Berbera Economic Zone (BEZ) and is part of DP World’s strategy to transform Berbera into an integrated maritime, logistics, and industrial trade hub for the Horn of Africa.

Image Source: Odfjell Drilling

Odfjell Drilling has signed two letters of intent with an undisclosed North Sea operator for the Deepsea Atlantic rig. The combined deals have an estimated value of $290 million and a firm duration of 23 months. The agreement also includes four priced one-well options and three optional periods of around one year each. The awards are contingent on license and governmental approval, with work expected to start after the completion of the special periodic survey planned for the first half of 2024.

Image Source: David Wallace — Flickr

Maersk Oil Trading (MOT) has announced the completion of its first biofuel bunker delivery in the Mediterranean at Algeciras. The Maersk Ganges, with a capacity of 5,400 TEU, lifted an unspecified amount of fuel, marking a significant step towards a more sustainable future in the shipping industry. Mikkel Kannegaard, Head of Maersk Oil Trading, emphasized that this achievement is an important milestone in compliance with the Carbon Intensity Indicator (CII).

The use of biofuel for bunkering has grown considerably in recent years, as it allows for net-emissions reduction without requiring ship modifications.

Image Source: Michael Dwyer — AP

Maryland Governor Wes Moore announced a new goal to increase the state’s offshore wind capacity to 8.5 GW, more than quadrupling the previous 2 GW target. This initiative aims to help Maryland achieve 100% clean energy by 2035. The administration is working to establish new lease areas and strengthen the offshore wind supply chain.

Furthermore, the Maryland Department of Commerce has created a dedicated position to support industry growth, investment attraction, and workforce development. The Maryland Energy Administration will focus on delivering grants to companies forming key connections in the offshore wind supply chain.

Valero Energy Corp is seeking permission from the US Treasury Department to import Venezuelan crude, following the approval granted to Chevron Corp in November. The Biden administration has eased some US sanctions on Venezuela, leading to further pressure from energy firms. Venezuelan oil resumed flowing to the US in January under a license granted to Chevron. Refiners, including Valero, have bought cargoes from Chevron. Valero is requesting an exemption to purchase crude from PDVSA, Venezuela’s state-run oil company. The US is unlikely to ease Venezuela sanctions until President Nicolas Maduro makes political concessions to Venezuela’s opposition.

Valero was a top receiver of Venezuela’s crude through long-term supply contracts. Chevron’s resumption of Venezuelan crude imports has not led to an increase in the country’s overall exports this year.

You can read yesterday’s issue of ‘Currents’ here.

Disclaimer: ‘Currents’ is an online shipping news service by Earl’s Rock Trading (Pvt) Ltd that reports on the latest developments and trends in the maritime industry. We do not take any responsibility for the accuracy or completeness of the information provided in our news stories or for any opinions expressed by the people quoted in them. Our aim is to provide our readers with up-to-date news and insights from reliable sources. However, we do not endorse or take any responsibility for any actions taken by our readers based on the information provided in our news articles. We also want to make it clear that we do not own any of the images used in our news stories, unless stated otherwise. All images belong to their respective owners, and we use them solely for illustrative purposes. If you are the owner of any image used in our news stories and want it to be removed or credited, please contact us, and we will take the necessary action.