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☆ Scientists want to pump carbon into a hole at the bottom of the ocean in a $60 million pilot project to help stop climate change
▼ + stars: | 2024-06-26 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +7 min

Across the planet, basalt rock deposits on the sea floor have the potential to trap carbon dioxide, removing the heat-trapping gas from our atmosphere. First, the scientists need about $60 million to test a prototype at sea. Basalt rock is highly reactive, full of metals that readily grab CO2 and chemically combine with it to form carbonate minerals. AdvertisementSolid Carbon scientists say carbon rock is stuck on the sea floor for thousands of years. They also argue that in the ocean, there's plenty of room to scale up and little risk of disgruntled neighbors fighting the project.

Persons: Martin Scherwath, it's, David Goldberg, who's, Scherwath, Goldberg, that's Organizations: Service, Business, Ocean Networks, Ocean Networks Canada, Columbia University, National Academies of Science, Engineering Locations: Cascadia, Vancouver, That's, Canada, Iceland, Paris, Elliott Bay, Seattle

☆ Ocean Network Express: We're aiming for a 70% cut in CO2 per ton-mile by 2030 from 2008
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOcean Network Express: We're aiming for a 70% cut in CO2 per ton-mile by 2030 from 2008Jeremy Nixon, global CEO of the line shipping company, discusses the need to decarbonize the shipping industry and plan for supply chain disruptions.

Persons: Jeremy Nixon Organizations: Ocean Network

☆ Shipping industry grapples with ways to cut cargo fires at sea
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 22 (Reuters) - Global shipping companies are exploring ways to boost safety in transporting cargoes as risks grow from fires erupting inside containers or in cars at sea, officials said on Wednesday. Shipping transports around 90% of world trade onboard different vessels including container and Ro-Ro ships with trade routes getting busier. "The main root cause for cargo fires on container ships is the integrity of dangerous goods throughout the supply chain. Therefore it is a problem that can only be improved through industry wide solutions," Maersk's Aslak Ross said separately in a statement. Reporting by Jonathan Saul Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Some ocean shipping rates collapsing, but real price relief is months away
▼ + stars: | 2023-01-09 | by ( Lisa Baertlein | ) www.reuters.com time to read: +4 min

They're not interested in playing the (spot) market" by shopping for lower rates, shipping expert John McCown said. The chief executive of container shipping company Ocean Network Express, Jeremy Nixon, said in December that short-term spot rates were "bottoming out." Meanwhile, long-term contract rates finished 2022 about 20% lower than the pandemic peak of more than $8,000 per container, according to maritime consultancy Drewry, which expects contract rates to halve in 2023. Several factors could support longer-term contract rates, including upheaval from China's COVID outbreak, war in Ukraine, and high labor costs. Steve Schult, vice president for almond farming cooperative Blue Diamond Growers, bets contract rates will not revisit pre-COVID levels.

☆ U.S. Container Imports Are Plummeting to Close the Year
▼ + stars: | 2022-12-15 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Big U.S. ports are reporting steep declines in inbound container volumes for November, signaling a downturn in goods imports is accelerating and adding to concerns over a deeper slowdown in 2023. The ports also handled about 98,000 fewer inbound boxes last month than in November 2019 and imports have been below prepandemic levels since September. Port of Los Angeles Executive Director Gene Seroka said the U.S. is seeing a slowing of imports. They also diverted goods to Gulf Coast and East Coast ports due to fears of a work slowdown as West Coast dockworkers negotiate a new multiyear labor agreement. The downturn is reaching East Coast ports, which have seen relatively strong trade as companies shipped around California’s congested gateways.

☆ Manufacturing orders from China down 40% in unrelenting demand collapse
▼ + stars: | 2022-12-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. HLS expects most carriers to extend their West Coast rates until December 14, holding at $1,300-$1,400 per forty-foot equivalent containers (FEU). The 2M Alliance of Maersk and MSC has suspended almost half of its U.S. West Coast services for December. is also impacting Vietnam, which has been booming as a manufacturing hub as more trade moved away from China. Canceled ocean sailings bound for Vietnam are up 50% for December.

Mr. Skou said the strategy should help insulate Maersk from the boom-and-bust cycles of the container industry. “Our strategy is not to gain market share in ocean,” Mr. Skou said. “When the customers themselves suffer from the effects of economic decline, volume can’t be conjured out of the thin air,” Mr. Skou said. He said the company is trying with its logistics investments “to break away from the cyclicality of the shipping industry and the commoditized nature of traditional container shipping. “We are well on the way towards a significant market position in the logistics industry,” Mr. Skou said.

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