Editor’s selection: Industry unites on green shortcut, Venezuela’s tanker boost and Berge’s Bulk’s ‘Marshall Plan’

TOP STORY

Thirty major players from all corners of the maritime industry launched an initiative seeking to improve vessels’ operational efficiency as the most readily available shortcut to decarbonisation. The ambition statement, “Taking Action on Operational Efficiency”, is co-signed by firms such as Cargill, Euronav and Chevron and includes calls for a new kind of tailor-made charterparty clause.

IN THE NEWS

Eastern Bulk wind-down | Bulker operator Eastern Bulk Carriers is to be wound down in the near future as the Tidemand family moves away from owning and trading vessels, TradeWinds has learnt. This will lead to redundancies, as employees learned at meetings held at the operator’s office in Lysaker, Oslo, on Thursday.

Capturing the carbon market | An exciting new market in shipping CO₂ captured from industries still burning fossil fuels is set to “blow up” by the end of this decade, according to a leading shipowner. Jerry Kalogiratos, CEO of Capital Product Partners, said the carbon capture and storage market would be a key shipping trade as the world decarbonises, alongside ammonia.

FFA shake-up | Some of the world’s biggest freight derivatives traders are claiming success in pushing the Baltic Exchange to address “fundamental issues” they have about the integrity of its indices. Recent exchanges and meetings between the Baltic and the leaders of the recently formed Independent FFA Association have been “a really great positive move”, said one trader, although they will continue to press for improvements and more transparency.

Tanker market boost | The US has lifted sanctions on Venezuela’s oil exports for six months in a potential boost for mainstream tanker markets. The move followed a deal between the government and opposition parties ahead of the presidential elections next year. The suspension of sanctions will continue only if “Venezuela meets its commitments under the electoral road map”, the US said.

Feeder woes | MPC Container Ships is continuing to offload vessels amid worsening prospects for the feeder market. The Oslo-listed tonnage provider is selling three German-built vessels for an en-bloc price of $21.7m, according to broking sources.

TEN celebrates | Tsakos Energy Navigation is celebrating 30 years as a public company. Nikolas Tsakos’ listed vehicle has stood the test of time, but not without some major roadblocks along the way, as reported by Joe Brady in his weekly Streetwise shipping finance column.

IN-DEPTH

A new stage of the G7-led price cap strategy is aimed at forcing Vladimir Putin to build a “costly alternative ecosystem” of tankers to haul Russian oil, according to a senior US official. Eric Van Nostrand, the Treasury’s acting assistant secretary for economic policy, said the G7 is starting a new phase in its efforts to restrict Russian fossil fuel revenues, 10 months on from the launch of the oil price cap.

COMMENT

In this week’s Wavelength column, Terry Macalister looks at a move by Iran to try to eradicate references by the International Maritime Organization to “dark shipping” and how this ramps up pressure on the United Nations’ ship safety body ahead of a key IMO Assembly gathering in December.

INTERVIEW

Climate champion James Marshall of Berge Bulk has used his own name for the Singapore company’s strategy to decarbonise his fleet. The bulker owner’s chief executive set out the four pillars of what he dubs the “Marshall Plan”. He explains his emissions-reduction strategy to Gary Dixon.

AND FINALLY...

Rebranding a company is always a major undertaking. There is the new logo to design, the website to redesign, stationery and business cards to print, press releases to draft, and, of course, holding the obligatory rebranding party where the big boss explains to clients what it all means. Broking giant SSY picked Singapore as the venue for its party to launch its rebranding from Simpson Spence Young — a name that reflects the three founding partners who established the company back in 1880.