Page 5 - Al-Rashed Newsletter August 2021

SHIPPING WORLD

Maersk brings carbon neutral shipping era closer with €5.95 billion
order for greener ships
AP Møller Maersk, the world’s largest container shipping company, is
advancing on its decarbonisation strategy after ordering eight container
vessels that it says will be able to operate on carbon-neutral e-methanol fuel.
The container ships, each with a capacity of up to 16,000 twenty-foot
equivalent units (TEU), are being built by Hyundai Heavy Industries and will
cost the Danish shipping giant a total of $7 billion (€5.95 billion).
The agreement includes an option to purchase a further four vessels in 2025.

World's first crewless, zero emissions cargo ship will set sail in Norway
A Norwegian company has created what it calls the world's first zero-
emission, autonomous cargo ship.
If all goes to plan, the ship will make its first journey between two Norwegian
towns before the end of the year, with a reduced crew on board to test the
autonomous systems. Eventually, all movements will be monitored from
three onshore data control centers.
It's not the first autonomous ship -- an autonomous ferry launched in Finland
in 2018 -- but it is the first fully electric container ship, say its makers.
Developed by chemical company Yara International, the Yara Birkeland was
designed to reduce emissions of nitrogen oxides, which are toxic pollutants
and greenhouse gases, and carbon dioxide, as well as moving freight away
from roads to the sea.

Shipping group Hapag-Lloyd earns more in 6 months than in previous
10 years
One of the world’s largest shipping companies has reported first-half profits
far in excess of those made over the past decade as a whole, illuminating
how disruption to global supply chains is powering bumper profits for carriers.
Hapag-Lloyd’s net profit for the six months to June jumped tenfold over the
previous year to €2.7bn as freight rates surged due to rampant demand for
goods, bottlenecks at ports and a shortage of empty containers. That
compares to a total net profit of €977m in the previous 10 years.

Container shipping rates between U.S. and China exceed $20,000,
hitting a record
Container shipping rates from China to the United States have scaled fresh
highs above $20,000 per 40-foot box as rising retailer orders ahead of the
DID YOU KNOW? peak U.S. shopping season add strain to global supply chains.

The first person convicted of The acceleration in Delta-variant Covid-19 outbreaks in several counties has
speeding was going eight mph slowed global container turnaround rates.
The world wastes about 1 billion
metric tons of food each year. Typhoons off China’s busy southern coast in late July and this week have
Your nostrils work one at a time. also contributed to the crisis gripping the world’s most important method for
moving everything from gym equipment and furniture to car parts and
electronics. The rate surge is the latest reflection of disruptions since Covid-
19 slammed the brakes on the global economy in early 2020 and triggered
huge changes to the flows of goods and healthcare equipment around the
world

Source: euronews.com, cnn.com, ft.com, cnbc.com