Indian Ocean Memorandum Of Understanding On The PSC
The Indian Ocean Memorandum of Understanding (IOMOU) on port State control (PSC) in the Indian Ocean region was finalized on the basis of the first preparatory meeting held in India in October 1997 and the second meeting in June 1998 in South Africa. The port State control system aims to verify whether foreign flagged ships calling at a port of a State comply with applicable International Maritime Conventions.
Reducing underwater noise from commercial shipping
Concern has been raised that a significant portion of the underwater noise generated by human activity may be related to commercial shipping. The international community recognizes that underwater-radiated noise from commercial ships may have both short and long-term negative consequences on marine life, especially marine mammals.
World's Largest Containership Ever Alot Delivered in China
Chinese shipbuilders have handed over the 24,000 TEU capacity “Ever Alot” to Taiwanese shipping company Evergreen Marine.
HMM to Invest 11.5 Billion Dollars Over Five Years for Expansion
Within the next five years, HMM Co Ltd will invest $11.46 billion to drastically increase its shipping capacity. It coincides with the global port congestion caused by the COVID-19 pandemic and the Russia-Ukraine conflict as well as the Shanghai lockdowns disrupting supply chains.
Cameron says we can’t engineer out the toxicity of ammonia
Ammonia is at the top of the list of the potential shipping fuels of the future, being a zero-carbon solution that can become economically viable.
The shipping industry has already built extensive experience in transporting and handling ammonia onboard vessels, and we are seeing major strides being made in designing ammonia-ready engines.
Clarksons sees mixed signals across shipping markets
The container and dry bulk sectors are the most vulnerable to risks from the world economy but uncertainties prevail in other sectors too.
Chinese yard newbuildings orders down 40% in first 10 months
Newbuilding orders at Chinese yards are down nearly 40% year-on-year to the end of October, and output from existing orders has also declined.
Korean Tanker Boarded by Pirates for the Second Time in Gulf of Guinea
South Korean officials and security operations monitoring the Gulf of Guinea are confirming that a South Korean-owned product tanker was boarded by pirates near Cote d'Ivoire and later released. The incident, which served as a reminder that piracy continues to be a danger in the region, was the second time that the same product tanker had been boarded in 2022.
“If China Sneezes, Shipping Will Catch a Cold”: A Saying More Timely Than Ever
With China’s economy slowdown and the COVID-related measures in flux, shipping and more importantly the dry bulk segment is under pressure. In its latest weekly report, shipbroker Allied Shipbroking said that “as China announced last week a series of wide-ranging relaxations on its zero-Covid restrictions, markets worldwide began to price what these shifts could mean for the global economy, inflation as well as what it will mean for the world’s second-largest economy itself.
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