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Russian fuel oil arrivals offshore Greece jumped to record levels in April, as sanctions on Moscow drive traders to find new ways to export Russian oil via ship-to-ship (STS) loadings, Refinitiv Eikon data showed and sources said.Trading Russian crude and oil products remains legal for now as the European Union is yet to fully agree on a proposed embargo, but banking and other financial sanctions on Russia following its invasion of Ukraine on Feb. 24 has made it increasingly more difficult to do so.In April, shipments of Russian fuel oil with Greece as a destination reached nearly 0.9 million tonnes, about double March levels and could reach new records in May, according to Refinitiv data.
Corvus Energy, supplier of battery energy storage systems (BESS) for marine applications, announced plans to open a new factory in the state of Washington to help meet demand for marine BESS in the Americas as the marine industry accelerates its adoption of decarbonization technology to meet global emissions reduction targets.The manufacturing facility—located just north of Seattle in the Port of Bellingham—will have an annual capacity of 200 MWh of stored energy capacity as forecasts predict a huge increase in demand as decarbonization pushes forward—estimating a $800 million market for maritime energy storage systems in 2030.
Marine robotics technology specialist, Greensea, has promoted Chelsea Allen to Vice President of Operations in response to the company's ongoing growth and subsequent strategic management and operational needs.Ben Kinnaman, Founder and CEO at Greensea, welcomes the promotion: "The ocean robotics industry has entered a period of rapid change, and we need to have the best leaders positioned to take full advantage of these changes. Chelsea is a natural leader. As the organization grows and as we add new companies to the Greensea family, I trust that Chelsea is the leader Greensea needs to guide our organization.
The Baltic Exchange's main sea freight index rose on Thursday, due to higher rates for all vessels.The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 100 points, or 3.1%, at 3,289 points, the highest since December 9.The capesize index gained 221 points, or 5.31%, to 4,385 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,837 at $36,368.Strong demand for vessels in the far East, with increased activity in both West Australia and Indonesia, is impacting "nearby laycans out of South Africa which see limited amount of tonnage available
Braemar signed a seven-year contract with the UK’s Ministry of Defence (MOD) to provide global shipbroking services across all commercial maritime sectors. Under the contract, Braemar will provide the MOD with access to its S&P, chartering and research departments across Braemar’s 14 global offices. The seven-year contract encompasses all aspects of S&P, as well as spot and period chartering for routine and emergency response requirements globally.