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Dry bulk FFA: panamax in bearish territory

Price action in the Panamax index has now entered bearish territory on the daily chart. However, the longer-term picture would suggest we have been in a technical range for the last 7 months with range support at USD 9,856.

The May futures remain neutral to bearish below the USD 12,755. Upside moves that close above this level would have short term bullish implications. However, the EMA’s would remain in bearish territory. The Q3 futures look overbought from a technical perspective. The big question are we still on leg 4, or have we already started leg 5.

Japan shipowners to seek alternatives to fossil fuels

The Japanese shipping industry will seek alternatives to the fossil fuels used currently to meet the International Maritime Organization’s newly set target to halve greenhouse gas emissions by 2050, according to industry and government officials.

The IMO’s Marine Environment Protection Committee adopted a strategy on Friday requiring the shipping industry to reduce its total GHG emissions by 50percent from 2008 levels by 2050, as well as cutting carbon dioxide emissions “per transport work” by at least 40percent by 2030.

Expanded Panama canal feels benign impact of oil and gas exports to Asia

Even by the harshest of gauging parameters, the Panama Canal is nothing short of an engineering marvel and testament to human ingenuity. Currently in its 104th year of serving as a man-made marine shortcut between the Atlantic and Pacific oceans, this fascinating inter-oceanic artery operates through a system of dual-lane lock complexes. Those privileged enough to have traveled on the waterway, as your correspondent recently did, would notice the locks – including the iconic Miraflores and Pedro Miguel locks – serve as water lifts to raise or lower ships from the Pacific or Atlantic Oceans, depending on their North or Southbound routes, either side of the Isthmus of Panama, to the artificial Gatun Lake 27 meters above sea level; the Canal’s connecting water body for transit.

Singapore 500 ppm sulfur gasoil sees higher premiums

Tightening supply of 500 ppm sulfur gasoil from ongoing refinery maintenance is pushing up premiums on the grade, market sources quoted as saying on Wednesday. The FOB Singapore 500 ppm sulfur gasoil cash differential rose steadily from minus 31 cents/b last Monday to be assessed at minus 7 cents/b Tuesday — a year-to-date high since S&P Global Platts moved its benchmark to 10 ppm sulfur gasoil from 500 ppm sulfur gasoil on January 1. It was last higher on December 29 at 41 cents/b. Market sources attributed the strength to a cap in supply from Northeast Asian refineries because of ongoing turnarounds.

 

Rio Tinto’s Australian q1 iron ore exports up

Mining giant Rio Tinto’s Australian iron ore exports rose 5percent year on year in the January-March quarter to 80.3 million mt, maintaining its 2018 shipment guidance. The exports, however, were down 11percent from the October-December period. The miner’s production of the steel-making ingredient was 83.1 million mt for the three months, up 8percent year on year but 5percent down from the preceding quarter.

Switch to LNG for shipping fuel not enough to meet strict carbon regulations

Switching to liquefied natural gas (LNG) to fuel ocean-going vessels may not be enough for shippers to comply with long-term emissions regulations and they will have to find additional ways of reducing emissions, JBC Energy said last Tuesday. The International Maritime Organization (IMO) on Friday reached an agreement to cut carbon dioxide (CO2) emissions by at least 50 percent by 2050 compared with 2008 levels. Shipping accounts for 2.2 percent of world CO2 emissions, according to the IMO, the United Nations agency responsible for regulating the shipping industry. According to JBC’s calculations a switch to LNG-fuelled shipping, which has a CO2 emission factor about 27 percent lower than the fuel oil that currently powers the vast majority of ships, “will not by itself be enough.”

South Carolina Ports up 4pc to a record 199,659 teu in March

South Carolina Ports Authority container volume increased four per cent year on year to an all-time high of 199,659 TEU in March. Year-on-year container throughput is up, with the port handling 1.6 million TEU during the first three quarters of its 2018 fiscal year.

“The record volumes achieved by our port in March reflect seasonally strong volume in all segments combined with the further deployment of big container ships to the US east coast,” said SCPA president and CEO Jim Newsome. SCPA moved a record 113,663 containers in March. The port has handled 909,614 pier containers since July, an increase of two per cent year on year. March also marked a record month for finished vehicles, with 28,391 vehicles moving across the docks of the Columbus Street Terminal. Overall in the non-container cargo segment, the port handled 80,683 breakbulk tons last month.

Australian PWCS coal terminals’ vessel queue rises

Australia’s Port Waratah Coal Services’ two terminals at Newcastle port in eastern Australia had eleven ships waiting offshore Sunday, up from six ships a week ago, to load coal to be shipped out of Australia, the Hunter Valley Coal Chain Coordinator reported last Sunday.

The queue for the PWCS terminals was expected to be fewer than five vessels at end-April as well as end-May, the coal chain coordinator said. The PWCS terminals shipped out 1.67 million mt of coal in the week ended Sunday, down 826,100 mt from a week earlier, and the month-to-date exports totaled 4.45 million mt, the report showed. Coal producers had forecast April coal arrivals at the PWCS terminals to be 8.9 million mt, and at 9.8 million mt for May.

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