A leading shipping analyst has drastically cut its 2018 ocean carrier profitability forecast from $5bn to “breakeven at best”. In a new research note published this morning, Drewry claims “carriers’ lack of control has come back to bite them this year”. A surge in oil prices destroyed their profitability in the first quarter, which followed a return to the black last year with around $7bn of net profit.
Posted on - 2018-06-18Antarctica is shedding ice at an accelerating rate.
Satellites monitoring the state of the White Continent indicate some 200 billion tonnes a year are now being lost to the ocean as a result of melting. This is pushing up global sea levels by 0.6mm annually - a three-fold increase since 2012 when the last such assessment was undertaken.
Posted on - 2018-06-14ADB has released its 2018 Pacific Energy Update. According to its website:
"ADB continues to help build resilient, low-carbon countries in the Pacific region, while increasing access to clean, reliable power. ADB works across the Asia and Pacific region to strengthen communities and improve lives by supporting governments, businesses, and infrastructure to operate more effectively. Clean energy is an essential resource for driving low-carbon economic growth and for enhancing the quality of life for people in the region. The Pacific Energy Update 2018 describes ADB’s work in the energy sector and highlights how technical assistance and energy sector projects are helping to build resilient, low-carbon economies, while increasing access to clean, reliable power in the Pacific.
In 2017, ADB continued its support of the sector with $87 million of renewable energy investment projects approved across four countries. ADB also approved a $750 million Renewable Energy Investment Facility to expedite a series of projects in the 11 smaller ADB Pacific developing member countries. Across the region, ADB’s energy portfolio of active projects is $426 million with a project pipeline to 2021 of over $1 billion. ADB is working with governments, donor partners, and the private sector to improve the quality and availability of clean, affordable, and sustainable power."
It has to be noted however, that ADB continues to confuse the terms Energy and Electricity. Despite repeated studies showing transport to be the biggest Energy sub-sector user of fossil fuels and the biggest emitting sector, all the projects ADB refers to bar one are targeting only the electricity sector.
Posted on - 2018-06-14