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Around the world in 1 minute on 6th September 2023

Around the world in 1 minute on 6th September 2023

APM Terminals Lazaro Cardenas Embarks on $140 Million Expansion

APM Terminals Lazaro Cardenas is investing $140 million in the second phase of its expansion project. This major undertaking will boost the capacity of the first semi-automated port in Latin America by one million TEUs (containers) and establish it as a pivotal hub for shipping throughout the Americas.

Finnish Cargo Ship Runs Aground After Captain Falls Asleep

In a recent incident, a Finnish cargo vessel ran aground in the Åland archipelago, located off Finland’s southwest coast. The ship, registered in Finland and measuring 50 meters in length, was transporting a load of wood from an Åland island to the mainland port town of Naantali.

World’s Largest LNG Carrier Design Approved by ABS

Hudong-Zhonghua (HZ) Shipyard has received approval in principle (AIP) from the American Bureau of Shipping (ABS) for its groundbreaking liquefied natural gas (LNG) carrier design. This vessel boasts the world’s largest cargo tank capacity, with 271,000 cubic meters.

The design incorporates flexible dual-fuel propulsion and an air lubrication system to enhance sustainability. By combining an efficient hull design with the use of low-carbon fuel, the vessel is expected to significantly reduce its overall carbon footprint, according to ABS.

Positive Prospects for Tanker Shipping Market

The outlook for the tanker shipping market is promising. It is anticipated that the crude tanker market will experience cargo volume growth of 2.0% to 3.0% in 2023 and 3.5% to 4.5% in 2024. As shipping distances increase, tonne miles are forecasted to grow by 5.0% to 6.0% in 2023 and 5.5% to 6.5% in 2024.

In the product tanker market, cargo volume growth is expected to range from 3.0% to 4.0% for both 2023 and 2024. Tonne miles are projected to increase by 5.5% to 6.5% in 2023 and 5.0% to 6.0% in 2024.

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