ClassNK gives nod to first ammonia floating storage

ClassNK has issued an approval in principle (AiP) for an ammonia floating storage and regasification barge (A-FSRB) jointly developed by NYK Line, Nihon Shipyard Co (NSY), and IHI Corp (IHI). This is the world’s first AiP for A-FSRBs handling ammonia as cargo. The A-FSRB jointly developed by NYK Line, NSY, and IHI is an offshore

Gas crisis puts LNG cargo trade concentrated in major traders’ hands

Increasing LNG cargo prices have squeezed out dozens of smaller traders, concentrating the business in the hands of a handful of international energy majors and top global trading houses. This grip is not expected to ease until 2026 when more liquefied natural gas (LNG) starts to materialise and lower prices, adding to supply worries for

Mitsubishi Shipbuilding acquires approval in principle (AIP) from France’s classification society

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has acquired Approval in Principle (AIP) from the French classification society Bureau Veritas (BV) for a spherical cargo tank system for liquefied CO2 (LCO2) carriers. A presentation ceremony was held on June 7 at the Metropolitan Expo exhibition center in Athens, Greece, venue

Atlantic LNG ramps up LNG cargo deliveries to Europe

In order to cashin on the higher prices and to assist in the growing energy insecurity in Europe, Atlantic LNG has increased shipping more than 40% of all its cargoes that region. The company has ramped up cargoes to Europe with some of the rest going to Caribbean and Latin American markets and Asia. The

Port of Virginia comes up with carbon-neutral plan for 2040

The Port of Virginia expects to meet all of its operational electricity needs from clean-energy resources by 2024. The port is moving forward with its goal of becoming completely carbon-neutral by 2040. The port is already sourcing some electricity for its on-terminal cargo operations from renewable sources. The port is already using electric equipment in

Refiners in Asia pin hopes on US SPR release

Asian refiners cheered US President Joe Biden’s decision to release 1 million b/d of oil from the US’ strategic petroleum reserves as the release may lead to more light sweet US crude exports to the Far East, while spot crude price differentials across the globe could fall should US refineries cut back on feedstock imports.

Singapore bunkers supported by cargo, barge tightness

Singapore bunker prices have risen strongly in recent weeks on the back of firm crude benchmark prices, and are further buoyed by strong spot demand and tighter availabilities of cargoes and barges. The premium of delivered very-low sulphur fuel oil (VLSFO) bunkers over the cargo market has averaged $23.26/t so far this year, triple more

Ports of LA and Shanghai join forces to create green shipping corridor

The Port of Los Angeles (LA) has agreed to work with the Port of Shanghai to form a transpacific green shipping corridor as part of an effort to reduce emissions from one of the busiest cargo routes. Convened by the two ports and C40 Cities, the partnership will seek to develop a plan by the

Designated ‘net-zero’ lanes could push the shipping industry to clean up its act

The world’s ever growing global economy runs on shipping– this means that supplies from food to building materials. Some of the items and materials we order online (including from huge companies like Amazon) from overseas often make it to our doorsteps thanks to shipping lanes and canals that connect the world. Shipping canals all over

NYK conducts successful biofuel trial on vessel transporting Tata Steel cargo

The bulk carrier, Frontier Sky, which is owned by NYK and operated by Tata NYK Shipping Pte. Ltd, has conducted a trial use of biofuel to transport cargo provided by Tata Steel, the major steel manufacturer in India. This was the third successful trial use of biofuel by an NYK vessel, highlighted a release. Biofuels