Shipping is a curious industry. It is a marketplace where massive deals concerning the movement of millions of barrels of oil on behemoth ships can be made over a third pint of Peroni at the local pub. Entertaining clients can be just as important as providing them with a great service.
It is a small world, where faces are remembered, grudges are engraved in stone and favors are easily called upon. It is personal and as such it requires you to wear your best “game face” at all times. And every two years, you can give your trusty business mask the ultimate test at the biggest and fanciest shipping masquerade – Posidonia week in sunny Athens.
“Posidonia” has become a special word for shipping people over the years and for good reason. It is a massive event, with two sides to it.
The first is a biennial international shipping exhibition, which started back in 1969 under the patronage of Greek shipowners and has grown dramatically since. This year it attracted 22,000 people with 1,800 exhibitors from 90 countries.
The other side is the fancy late night parties, mostly concentrated in the seaside town of Vouliagmeni, just south of Athens, which is perfect for this as it boasts amazing, sleek venues and locales.
Suited, booted, armed with business cards and aspirin, thousands of shipping professionals from around the globe attend these parties. They throw back a few drinks, shake some hands, slap some backs and, quoting Jay Z, re-introduce themselves. And that is where the game face masks really come into play.
When you navigate through a busy 5-star hotel seaside terrace splashed in the evening sun, you can see the masquerade in all its glory.
Here are some shipbrokers, usually wearing the faces of wolves and foxes. They emit an image of vigor, cunning and confidence, all the things that clients would expect from their brokers. You can usually find them in groups around their principals, like chartering managers from oil majors, commodity trading houses or shipowner companies.
Principals themselves are often comfortable under the masks of bears and lions. Powerful, somewhat calm and, well, important.
However, if you get to know these people, ask them the right questions, you may sometimes see the strain, gritted teeth, nervous eyes and sad smiles beneath the masks.
Some of that is usual stuff. Like a young broker, who has to switch his markets along with changes in the company, losing some accounts that he worked so hard for, unsure if he has enough energy to do it all over again.
Or an owner’s freight trader, who recently missed a big spike in his market, costing his company a few million dollars and under his bear mask hiding the fear that he cannot afford any more mistakes.
Another shipbroker, who after getting a big principal’s job suddenly found that people who wouldn’t shake his hand before are now throwing rose petals at his feet, standing in line to be his new best friend.
Even a charterer, who understands that shipbrokers that treat him like a king, send him cases of wine, get him the best football game seats, still make much more money than he does and would never call him again if he left the industry.
Still, some things were unique at Posidonia 2016. There is a lot of pain and uncertainty in the shipping market. The dry bulk sector in particular is going through probably its worst depression in three decades.
The oversupply of tonnage and limping commodity demand are steadily squeezing the life out of it. So, it is often hard for shipowners involved in this business to stay positive or come up with good reasons for optimism as there are so few to be found.
That’s why, leaning on a bar, in a sea of wolves and foxes, some of them can’t help but wonder if they will have this job in two years’ time when the next Posidonia event comes along.
Yes, there is a view that the situation may get better by then as the investment in tonnage goes down, giving hope to slowing vessel supply, but such opinions have often been wrong before.
Things are not so rosy in tankers either. The crude oil glut that made this market a superstar in 2014 and 2015 is shrinking. At the same time, there is a flotilla of newbuilding vessels due to hit the water in the next two years, boosting supply and thus pressuring freight rates down again.
And all this reflects on Posidonia guests too.
As veterans of the event told me, there were far fewer parties this year where the bar would be open past midnight. Many of the guests, including some top brokers, shipowners and charterers had to share rooms in order to afford staying at the top Vouliagmeni hotels where all the action was.
However, the beauty of shipping is that despite downturns, troubles and bad omens, the show still goes on. Simply because there are so many truly dedicated people who love, live and breathe this business.
That’s why I could see so many of them at the Posidonia parties, taking a step away from a bar to send that charterparty from their smartphone, share a rumor on a fixture they just heard from a client or just check their stem programs or position lists. For them, a game face mask is second skin, even if the makeup may be flaking sometimes.
And so there I was too, on a Thursday night, at the final big party of this over-the-top Posidonia week. With some effort I squeezed through a thick crowd of men in suits and ladies in fancy cocktail dresses.
The gorgeous Balux Café in Vouliagmeni is so packed that it required precise powers of agility not to spill my gin and tonic over someone’s tie or to inadvertently shove a fellow guest into a massive seaside pool.
I finally make it to the other side in an attempt to cool off in the warm Mediterranean breeze. I am out of business cards, my meeting schedule is complete and my plane leaves for London tomorrow.
And as I finally relaxed and took a final sip, I could feel the mask slipping from my own face.
By Alex Younevitch, Managing editor
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
For most people, embracing style can be really overwhelming. The bodycon dress might look fabulous but what about comfort? This type of dress clasp all the body and sometimes it becomes really hard to take a fine breath! In fact, the satin cloths that look super lustrous and voguish, but only the person who is wearing that knows how uneasiness feels like. Moreover, these types of clothing can not be worn on all occasions. You literally have to pick the right piece of outfit according to a specific occasion keeping the ambiance of the situation in mind. This is simply the reason, why ladies always complain that they have nothing to wear. To save people from this fashion crisis, sport wears emerges to be the ultimate lifesaver and in this connection, the mention must be made of Chicago Cubs Shirts.
This exclusive range of sportswear apparel is now currently flooding the market with exceptionally designed shirts that can be worn by people of all ages, gender and fashion taste. They are affordable and comfortable at the same time. Chicago Cubs Shirts adopt the classic sport design with exceptionally hemmed collar shapes that are sober and fashionable at the same time. The trend of sportswear can never be old and apart from sports lovers, people who worship fashion are now greatly turning their heads towards the contemplation of sporty shirts. Although they have a very simple design, they look highly versatile on everyone.
Whether you are partying, enjoying social gathering, attending boring lectures, going on a date, traveling or just chilling at your couch with a cozy blanket, Chicago Cubs Shirts can be worn at any time and any situation. The material of the cloth is extremely comfortable and they are breathable. The shirts keep you from over sweating and at the same time, it allows you to look super cool in a sober manner. To know more please visit the websitehttps://www.sportsworldchicago.com/Chicago_Cubs_Shirts/
In 2021, the makeup of renewables has also changed drastically. Technologies such as solar and wind are no longer novel, as is the idea of blending vegetable oils into road fuels or switching to electric-based vehicles. Such ideas are now entrenched and are not considered enough to shift the world into a carbon neutral future. The new wave of renewables focus on converting by-products from other carbon-intensive industries into usable fuels. Research into such technologies has been pioneered in universities and start-ups over the past two decades, but the impetus of global climate goals is now seeing an incredible amount of money being poured into them as oil & gas giants seek to rebalance their portfolios away from pure hydrocarbons with a goal of balancing their total carbon emissions in aggregate to zero.
Traditionally, the European players have led this drive. Which is unsurprising, since the EU has been the most driven in this acceleration. But even the US giants are following suit. In the past year, Chevron has poured an incredible amount of cash and effort in pioneering renewables. Its motives might be less than altruistic, shareholders across America have been particularly vocal about driving this transformation but the net results will be positive for all.
Chevron’s recent efforts have focused on biomethane, through a partnership with global waste solutions company Brightmark. The joint venture Brightmark RNG Holdings operations focused on convert cow manure to renewable natural gas, which are then converted into fuel for long-haul trucks, the very kind that criss-cross the vast highways of the US delivering goods from coast to coast. Launched in October 2020, the joint venture was extended and expanded in August, now encompassing 38 biomethane plants in seven US states, with first production set to begin later in 2021. The targeting of livestock waste is particularly crucial: methane emissions from farms is the second-largest contributor to climate change emissions globally. The technology to capture methane from manure (as well as landfills and other waste sites) has existed for years, but has only recently been commercialised to convert methane emissions from decomposition to useful products.
This is an arena that another supermajor – BP – has also made a recent significant investment in. BP signed a 15-year agreement with CleanBay Renewables to purchase the latter’s renewable natural gas (RNG) to be mixed and sold into select US state markets. Beginning with California, which has one of the strictest fuel standards in the US and provides incentives under the Low Carbon Fuel Standard to reduce carbon intensity – CleanBay’s RNG is derived not from cows, but from poultry. Chicken manure, feathers and bedding are all converted into RNG using anaerobic digesters, providing a carbon intensity that is said to be 95% less than the lifecycle greenhouse gas emissions of pure fossil fuels and non-conversion of poultry waste matter. BP also has an agreement with Gevo Inc in Iowa to purchase RNG produced from cow manure, also for sale in California.
But road fuels aren’t the only avenue for large-scale embracing of renewables. It could take to the air, literally. After all, the global commercial airline fleet currently stands at over 25,000 aircraft and is expected to grow to over 35,000 by 2030. All those planes will burn a lot of fuel. With the airline industry embracing the idea of AAF (or Alternative Aviation Fuels), developments into renewable jet fuels have been striking, from traditional bio-sources such as palm or soybean oil to advanced organic matter conversion from agricultural waste and manure. Chevron, again, has signed a landmark deal to advance the commercialisation. Together with Delta Airlines and Google, Chevron will be producing a batch of sustainable aviation fuel at its El Segundo refinery in California. Delta will then use the fuel, with Google providing a cloud-based framework to analyse the data. That data will then allow for a transparent analysis into carbon emissions from the use of sustainable aviation fuel, as benchmark for others to follow. The analysis should be able to confirm whether or not the International Air Transport Association (IATA)’s estimates that renewable jet fuel can reduce lifecycle carbon intensity by up to 80%. And to strengthen the measure, Delta has pledged to replace 10% of its jet fuel with sustainable aviation fuel by 2030.
In a parallel, but no less pioneering lane, France’s TotalEnergies has announced that it is developing a 100% renewable fuel for use in motorsports, using bioethanol sourced from residues produced by the French wine industry (among others) at its Feyzin refinery in Lyon. This, it believes, will reduce the racing sports’ carbon emissions by an immediate 65%. The fuel, named Excellium Racing 100, is set to debut at the next season of the FIA World Endurance Championship, which includes the iconic 24 Hours of Le Mans 2022 race.
But Chevron isn’t done yet. It is also falling back on the long-standing use of vegetable oils blended into US transport fuels by signing a wide-ranging agreement with commodity giant Bunge. Called a ‘farmer-to-fuelling station’ solution, Bunge’s soybean processing facilities in Louisiana and Illinois will be the source of meal and oil that will be converted by Chevron into diesel and jet fuel. With an investment of US$600 million, Chevron will assist Bunge in doubling the combined capacity of both plants by 2024, in line with anticipated increases in the US biofuels blending mandates.
Even ExxonMobil, one of the most reticent of the supermajors to embrace renewables wholesale, is getting in on the action. Its Imperial Oil subsidiary in Canada has announced plans to commercialise renewable diesel at a new facility near Edmonton using plant-based feedstock and hydrogen. The venture does only target the Canadian market – where political will to drive renewable adoption is far higher than in the US – but similar moves have already been adopted by other refiners for the US market, including major investments by Phillips 66 and Valero.
Ultimately, these recent moves are driven out of necessity. This is the way the industry is moving and anyone stubborn enough to ignore it will be left behind. Combined with other major investments driven by European supermajors over the past five years, this wider and wider adoption of renewable can only be better for the planet and, eventually, individual bottom lines. The renewables ball is rolling fast and is only gaining momentum.
End of Article
Follow us for weekly updates!
I have been looking for a fast way to get followers for my insta page for a long time and recently I have found it. Now I buy instagram followers for my profile every week and my page is very popular