China to launch first marine biofuel export quota in 2025
China plans to issue its first export quotas for marine bunker fuel blended with biodiesel, aiming to support domestic biofuel producers affected by EU anti-dumping duties. Industry sources and consultancy JLC reported that the government was considering a quota of 500,000 tons, which could be allocated to state oil companies PetroChina, Sinopec and CNOOC. The mixed fuel, called B24, is composed of 24% biodiesel and 76% low-sulfur fuel oil, which is different from the low-sulfur fuel oil conventionally exported from China. The quotas are expected to be rolled out in late 2024 or early 2025. The move addresses challenges faced by Chinese biodiesel refiners, whose exports fell sharply after the EU imposed steep tariffs in August. State-owned refineries could use carbon credit incentives to promote the adoption of low-carbon marine fuels for ships on routes between China and the EU. The program also supports the Chinese port of Zhoushan in promoting biofuel sales, in line with global trends in major…
IMO chief urges action against Houthis Red Sea attack
Armed men stand on the beach on December 5, 2023, as the Galaxy Leader merchant ship, which was seized by Yemen's Houthi rebels last month, is anchored off the coast of Salif, Yemen. Reuters/Khaled Abdullah As the Houthi armed maritime threat continues to escalate, International Maritime Organization (IMO) Secretary-General Arsenio Dominguez concluded a diplomatic visit to major Red Sea countries. The crisis began with the hijacking of the MV Galaxy Leader in November 2023 and has now been the subject of more than a hundred drone and missile attacks on ships in the region, severely affecting global trade and seafarer safety. The attacks, reportedly triggered by the ongoing Israel-Hamas conflict, have resulted in four deaths, two sinkings and extensive ship damage, prompting many shipping lines to reroute around the Cape of Good Hope, a costly and time-consuming route detour route. Also read: Houthi attack latest: East-West trade braces for rising freight costs in 2024 Dominguez, whose diplomatic mission includes high-level…
Global shipping faces turmoil: choke point disruption
The shipping industry is navigating dangerous waters, with critical shipping chokepoints facing unprecedented pressure, threatening global trade, food security and energy supplies. The United Nations Conference on Trade and Development (UNCTAD) "2024 Maritime Transport Review" pointed out that the stability of global supply chains is being undermined by geopolitical tensions, climate change and regional conflicts. Also read: Global shipping headaches – droughts and rocket fires Although maritime trade volume will grow by 2.4% in 2023, totaling 12.29 billion tons, the outlook for 2024 is fragile, with growth of only 2% expected. Disruptions at key chokepoints such as the Panama Canal, Suez Canal, Red Sea and Black Sea have led to higher shipping costs, longer transit times and strained logistics networks, putting recovery efforts at risk. Chokepoint disruptions and rising costs The Panama and Suez Canals, vital arteries for global trade, are under intense pressure. By mid-2024, traffic for both had dropped by more than 50%. The Panama Canal is facing…
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