Last month, President Biden signed into law the Ocean Shipping Reform Act of 2022 on the grounds of the need to reign in the international container shipping industry which is accused of contributing to U.S. inflation through increased freight rates. At the same time the sponsors are responding to lobbying by U.S. exporters who have been struggling to access container capacity at what they consider to be a reasonable price.
On May 27, Iran’s paramilitary Revolutionary Guard launched helicopter raids in the Strait of Hormuz to detain two loaded Greek oil tankers, Delta Poseidon and Prudent Warrior. Greece accused the Iranian government of piracy and called for the immediate release of both vessels.
The economic crisis currently impacting Sri Lanka is sad to witness but has been brewing for some time. The port of Colombo, strategically positioned between the southern tip of India and the northern entrance to the Straits of Malacca was until recently a relatively stable trading hub, bustling with activity, for vessels trading back and forth between Europe and the Far East. Anyone who has visited will attest to the fact that Ceylon as it was previously known was about as close to a prosperous tropical paradise as you could get – anyone else remember swimming in the pool at the historic Mount Lavinia Hotel? Following the granting of a bloody independence to India in 1947, Ceylon followed in 1948 which in stark contrast was an entirely peaceful transition. Not until 1972 was the name Sri Lanka adopted as the country sought to shake off its colonial legacy.
The Russian invasion of Ukraine has resulted in a laser focus on policies that have resulted in Europe being heavily dependent on supplies of Russian oil and gas. Around 50% of Russia’s oil exports are destined for Europe according to recent International Energy Agency estimates which amounts to about 25% of the continent’s overall demand. This is equivalent to a VLCC from Russia each day.
The Russian invasion of Ukraine on February 24 has prompted many of us to think back to our school history lessons and the significance of the Dardanelles to the Allied powers in World War 1, not overlooking the ill-fated battle of Gallipoli.
The world’s first ammonia fuel-ready vessel, the Suezmax tanker Kriti Future was delivered earlier this month to her Greek owners Avin International. Although conventionally fueled, for the time being, the vessel complies with the ABS Ammonia Ready Level 1 requirements, indicating it is designed to be converted to run on ammonia when the time is right.
The first Chinese domestically built ice breaker, Xue Long 2 (Snow Dragon 2) was delivered in 2019 and made her maiden voyage to Antarctica the same year. She is Polar Class 3 and therefore capable of breaking 1.5m thick ice in polar areas. An earlier ice breaker was purchased from Ukraine and modified to China’s requirements.
As 2021 draws to a close, we are left to reflect on a year which has seen British Columbia subjected to record breaking summer heat and autumn rainfall. The summer heat domes are concluded to have cost around 600 lives, mostly seniors living alone in inadequately ventilated homes plus the razing of the northern town of Lytton which was almost entirely burnt to the ground.
Top brass representing maritime states, the world’s major shipping companies, and industry associations have been in Glasgow earlier this month to attend a single-day joint shipping industry association organized decarbonization conference during the United Nation Framework Convention on Climate Change Conference (COP26).
The world is currently rattled by rising energy prices. There is panic over the rising price of natural gas, in North America, Asia and Europe, but also the fact that crude oil has edged over US$80 per tonne for the first time since 2014. Added to this is the impact on global coal prices as China wrestles with major industrial power outages as a consequence of the country’s ban on Australian coal imports and is forced to comb the world for supply alternatives.
