Commodities (Business & Shipping)

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FSO Safer to Be Offloaded via a United Nations Very Large Crude Carrier (VLCC) | High Seas Treaty​

Mar 10, 2023


11:11

In this episode, Sal Mercogliano - maritime historian at Campbell University and former merchant mariner - discusses the United Nation's purchase of a Very Large Crude Carrier (VLCC) supertanker to offload the decaying FSO (Floating Storage and Offload) Safer off the coast of Yemen, which has been abandoned since 2015 due to war in region. Questions involve who will operate the new UN tanker, what registry will it operate under, how the operation will be conducted and what is the ultimate plan for the vessel after the operation. The UN also secured a new High Seas Treaty on biodiversity that now heads to countries for ratification.

- UN Plan for the FSO Safer Tanker Stop the Red Sea Catastrophe https://www.un.org/StopRedSeaSpill
- UN Secures Euronav Tanker to Offload Oil from Decaying ‘FSO Safer’ in Red Sea https://gcaptain.com/un-secures-euron...
- UN buys Euronav VLCC as operation to move oil from decaying FSO gets moving https://splash247.com/un-buys-euronav...
- UN Buys Euronav Tanker to Replace Failing FSO Safer in Yemen https://www.maritime-executive.com/ar...
- Nations Secure U.N. Global High Seas Biodiversity Pact https://gcaptain.com/nations-secure-u...
 

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TAIPEI – Taiwanese shipping giant Evergreen Marine has done it again.

After making headlines for rewarding employees last December with massive year-end bonuses worth up to 52 months’ pay, it will next give its workers mid-year bonuses worth another 10 to 11 months of salary for their 2022 performance.

 

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Global trade in diesel and other refined petroleum products is evolving exactly as predicted. European Union and G-7 sanctions targeting Russian exports are forcing product tankers to sail longer voyages and sucking more ships into the “shadow fleet,” reducing effective transport supply in Western trades.

What comes next for already tight transport supply is also completely predictable.

 

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Tensions in long-running contract talks at West Coast ports are worsening, with employers accusing unionized dockworkers of slowing cargo handling at the ports of Los Angeles and Long Beach, the nation’s busiest gateway for imported consumer goods.

The sharp rhetoric marks a shift from a longstanding agreement to maintain public silence on issues around the negotiations, which began last spring. The two sides appear to be no closer to bridging the gap on their disagreements, pointing to the possibility of deeper disruptions to U.S. trade flows.

 

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Diesel prices at the pump have fallen to their lowest in over a year. That’s good news for consumers, but the decline in prices for the fuel suggests a gloomy outlook when it comes to the U.S. economy.

“Diesel fuel is ubiquitous in our economy,” says Brian Milne, product manager, editor, and analyst at DTN. It’s a “critical component in industrial production and…supply-chain dynamics.”

Weaker demand, however, has led to lower diesel prices. U.S. government data show diesel demand in the first 10 weeks of this year down 12.6% from the comparable period in 2022, says Milne, with the steep drop in demand due to slowing growth in parts of the economy, especially for heavy industry and construction. This slowdown is further pressured by higher interest rates and the recent bank failures increasing expectations for a recession, he says.

On March 22, U.S. retail diesel prices averaged $4.279 a gallon, down from $5.04 a year ago, according to AAA.

Diesel has been dropping “far longer than gasoline…so while the price of gasoline has been occasionally rising, diesel, for the entirety of 2023 has been in decline” — a trend that could continue “until diesel eventually falls below $4 per gallon in the weeks ahead,” says Patrick De Haan, head of petroleum analysis at GasBuddy.
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Towboat Queen City Looses 12 Barges with 8 Going Over the Dam | One Barge Loaded with Methanol​

Mar 29, 2023


In this episode, Sal Mercogliano - maritime historian at Campbell University (@campbelledu) and former merchant mariner - discusses the barges that broke loose on the Ohio River and one striking the Kentucky-Indiana Railroad bridge and the three hitting the Ohio Fall Dam; one of the barges was loaded with 1,400 tons of Methanol. 10:42

- Ohio River Disaster As Barge Hauling 1,400 Tons Of Methanol Smashes Into Dam https://www.zerohedge.com/markets/ohi...
- Louisville Army Corps of Engineers https://twitter.com/LouisvilleUSACE
- Marine Traffic - Louisville, KY https://www.marinetraffic.com/en/ais/...
- WLKY - Several barges loose on Ohio River in Louisville, 1 carrying methanol is sinking https://www.wlky.com/article/barges-l...
- Emergency Response Guide 2020 https://www.phmsa.dot.gov/sites/phmsa...
 
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