#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Innovation: "Sails" tested for energy-efficient cargo shipping - A new wind-power project which would see cargo ships using sails to aid in propulsion could cut fuel costs by 30% and revolutionize maritime shipping, according to newspaper Asahi. The project, run by stakeholders from the private sector and academia, aims to develop a next-generation cargo ship with fiber-reinforced plastic sails to aid propulsion. Research group leader, Kazuyuki Ouchi said "The plan is to use the wind that had been a barrier to navigation until now as an energy source and to turn it into a power that can change the concept of ships."
Dry Bulk Market: Bulk rates slump in January- The Baltic Dry Index (BDI), a measure of the cost of transporting raw materials such as metals, grains and fossil fuels by sea, fell 13% last week, adding to the general decline in the market which has seen the index fall 48% since the start of the New Year.
Fuel: Alternative fuels for shipping explored - Liquefied Natural Gas (LNG) is expected to become the main alternative fuel for shipping in the short-term, but hybrid propulsion solutions which include batteries or other energy storage technologies will provide significant alternatives over time according to research by DNV GL.
For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 5). In addition to coverage on Afloat.ie's dedicated Ports & Shipping News section.
