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Whilst the meeting was dominated by discussions on the revised strategy on GHG emissions the 80th session of the IMO’s Marine Environment Protection Committee (MEPC 80) also managed to address several other matters related to the protection of the marine environment – including progress on ballast water management, designation of a PSSA in the NW Mediterranean, and guidelines on life cycle GHG intensity of marine fuels.
This week has seen freight rates for both clean and dirty Handies in the Black Sea and Mediterranean surge to record levels, showing some of same extreme volatility that the VLCCs saw just a month ago, albeit not for the exact same reasons. The weekly tanker market report by Gibson Shipbrokers.
Hope for resumed activity in the oil tanker business is growing as the rebellion in Libya appears to be near a conclusion. Tanker shipping has been hurt by the lack of cargoes out of Libya for half a year now. Oil majors and oil service companies are right now getting back to Libya to assess the conditions of the facilities. It is hoped that the oil production can restart soon, opening up for renewed fixing of tankers to lift Libyan oil exports. Without Libyan oil exports, there is no hope for improvements in the tanker rates in the Mediterranean.
