First up, an exclusive from Paul Peachey highlights how complicated it can be to navigate the Russia sanctions regime.
His research found that more than a third of crude loadings last month at a port at the centre of US warnings about oil price cap-busting involved Western shipping and insurance companies, according to a review of data. Eleven of 31 shipments since 19 March from the eastern Pacific port of Kozmino were covered by six protection and indemnity clubs based in Europe and the US despite data suggesting that crude sold from the port had breached the price cap.
Next up, was law firm Ince the last casualty of the Sovcomflot litigation that was once its biggest money-spinner? Some veterans blame such big-ticket cases plus a flawed growth model for the firm’s woes — not the Gordon Dadds merger. This week, Bob Rust took a deeper look into the fabled firm’s demise.
Norway’s Thor Dahl Management is looking to a Clarksons Project Finance private placement to firm up an order for hydrogen-powered shortsea vessels from India’s Cochin Shipyard. The man behind the order is new shipowner Henning Torp, a former Thorvald Klaveness executive who has led Thor Dahl for seven years and became its principal in January in a management buyout.
Meanwhile, great minds think alike, it seems, as both Seatankers Management — John Fredriksen’s private investment company — and Belgium’s Euronav made separate investment moves in the suezmax market, placing orders for two ships each.
This week’s Streetwise newsletter takes a look at finance man Chris Weyers’ departure from Stifel after 11 years and how his new employer may benefit.
And our Green Seas environment newsletter explores reactions to the European Parliament’s decision to require maritime to buy carbon credits, starting in 2024. The body voted in favour of including shipping in the European Union Emission Trading System (EU ETS) earlier this week. The deal obliges shipowners and operators to buy rights for 40% of verified emissions reported in the previous year in 2025. In 2026, the percentage rises to 70% and from 2027, all emissions will be covered.
MSC Mediterranean Shipping Company “will live with” the EU ETS, but shippers will have to pay higher costs, chief executive Soren Toft told TradeWinds on the sidelines of a bunker conference in Genoa on Thursday.
And finally, who will win the race to replace IMO’s Kitack Lim? Three of the leading candidates to be IMO secretary-general talked to TradeWinds about their values and vision for the UN’s specialised shipping agency.
- Flipping frenzy: MR values keep on rising as Bahri leads the way on sales
- Tina Revsbech leaves Fednav for family after three years
- Tanker and bulker values have further to climb, says Tufton Oceanic
- Ofac official sees no widespread evasion of oil price caps
- Hafnia makes it $116m from 2023 sales as LR1s continue to depart