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Oil Industry in Turmoil: Unsubstantiated Gossip Leads to Major Weekly Decline

Oil prices plummeted on Friday due to economic challenges in China and reduced tensions over the Israel/Hamas conflict. Brent dropped to $77.33/barrel, while West Texas Intermediate fell to $72.28/barrel, marking a 7% weekly decline. Saxo Bank noted the largest loss since November, attributing it to rumors driving market volatility. OPEC+ maintaining its policy and U.S. refinery outages could further impact prices. WTI’s spread went into contango, signaling weakening near-term demand. TotalEnergies and BP refineries resumed operations after outages.

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Australian Livestock Sets Sail for Red Sea on Second Voyage

A ship carrying 16,000 sheep and cows diverted from the Red Sea due to security concerns off Yemen is now stranded at an Australian port during a heatwave, as efforts are made to unload some animals into quarantine. Meanwhile, another vessel with tens of thousands of animals from Australia is en route to Jordan, with plans to divert to the Gulf if necessary. The situation has sparked debate among politicians and animal rights groups about the ethics of live animal exports.

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Sailing into the Future: America’s Cup Pioneers Carbon-Free Shipping Tech

The adaptation and commercialization of the original wingsail design for merchant ships by French tech startup AYRO since 2018 presents a promising opportunity to revolutionize wind-assisted propulsion in modern shipping, aiming to significantly reduce environmental impact by cutting down on fossil fuel consumption and carbon emissions. AYRO’s innovative approach involves deploying multiple smaller wings on heavier steel ships, paving the way for a hybrid-assisted solution crucial for achieving carbon neutrality in the shipping industry by 2050, as emphasized in the 2023 IMO Strategy.

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EU Decides Against Imposing Fresh Import Restrictions on Russia in Upcoming Sanctions

The European Commission is readying a 13th package of sanctions on Russia, with no new import bans expected. The aim is for swift approval to mark the second anniversary of Russia’s invasion of Ukraine on Feb. 24. Despite some EU countries’ calls for additional bans, the Commission hopes to avoid prolonged debate and secure unanimous approval. Once passed, a 14th set of measures, potentially including new import bans, will swiftly follow.

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Ulsan Makes Waves with Inaugural Ship-To-Ship Methanol Bunkering Event

Ane Maersk has made history by receiving green methanol from bunkership Golden Sunny Hana at the Ulsan Port anchorage. The Korean Ministry of Oceans and Fisheries and Ulsan Port Authority have successfully completed the world’s first ship-to-ship bunkering of green methanol to the 16,000 TEU container ship at Ulsan Port, South Korea. The Ministry of Oceans and Fisheries is committed to upgrading related systems and working with the private sector to secure the economics of sustainable marine fuel supply.

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Smooth Sailing Ahead: Aker Arctic Appoints Mika Hovilainen as Interim CEO

A Finnish engineering company, Aker Arctic, has named Mika Hovilainen as interim managing director and CEO after the departure of longtime CEO Reko-Antti Suojanen. Suojanen, who spent 19 years at Aker Arctic, announced in December he would leave to explore new opportunities. Hovilainen, who joined in 2006, expressed confidence in leading the company and is committed to building on its legacy of innovation and success. A global search for a permanent CEO is underway.

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LPD 29 Aces Builder’s Trials: Richard M. McCool Jr. Leads the Way!

The U.S. Navy’s new amphibious transport dock ship, Richard M. McCool Jr., has successfully completed builder’s sea trials in the Gulf of Mexico, with Ingalls Shipbuilding’s Ship Program Manager Davianne Stokes praising the hard work of the shipbuilders. This San Antonio-class vessel underwent rigorous testing to ensure all systems are in top-notch condition for its upcoming delivery in the spring. Ingalls Shipbuilding is currently constructing three LPDs, including the first Flight II LPD, Harrisburg, and Pittsburgh, signaling an exciting phase in the evolution of amphibious transport dock ships.

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China’s Methanol-Powered Bulkers: Foremost Group Makes a Splash with Four New Orders

Foremost Group is venturing into the use of methanol as a bunker fuel by ordering four dual-fuelled bulkers from CSSC Chengxi Shipyard in China, with delivery planned between 2027 and 2028. This move aligns with the growing interest in methanol as a marine fuel, as evidenced by Comerge Shipping’s recent order for methanol-fuelled ships. However, a key challenge will be ensuring an adequate supply of green methanol to meet the needs of these new vessels.

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Carnival Operations Navigate Red Sea Tensions Amid Colorful Flag Impact

Cruise operator Carnival has expressed concerns over potential impacts on their operations due to the recent attacks on ships in the Red Sea by the Iran-backed Houthis, joining a growing list of affected companies. The instability in the region has already caused a nearly 2% drop in the company’s U.S.-listed shares, and the disruption of key trade routes between Asia and Europe has raised shipping and insurance costs. Military strikes have been unsuccessful in halting the attacks, leading to cancellations by Carnival’s peers, Royal Caribbean Group and MSC Cruises.

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Boluda Towage Sets Sail into Egyptian Waters

In January 2024, Boluda Towage began towage operations at the Egyptian Abu Qir’s container terminal, deploying three tugs. Vicente Boluda Fos, President of Boluda Corporación Marítima, expressed, “Abu Qir is a thriving port, aligning perfectly with our division’s ambitions. Our expansion into Egypt and the Middle East represents a significant move in bolstering global activities. We take pride in meeting the port authority and container terminal’s demands and will be supported by an onshore team in Abu Qir.” Boluda Towage’s initial towage fleet in Abu Qir comprises three tugs, each boasting a 75-tonne bollard pull and firefighting capabilities. The tractor tugs VB Amon and VB Horus were procured from Sanmar Shipyards, while the Ramparts 2500-W ASD tug VB Ahmose was acquired from Med Marine Shipyards.

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