Circular plastics
In a dramatic maritime incident on Monday (19), the Red Sea became the site of a perilous confrontation involving Houthi forces and a British vessel
The Houthi group claimed responsibility for the attack on the British merchant ship Rubymar, resulting in its sinking in the Gulf of Aden, as reported by Sky News Arabia.
According to Yahya Saria, a military representative of the Houthi movement, the crew of the Rubymar was safely evacuated during the operation. This development unfolds against a backdrop of escalating tension in the region, marked by intensified clashes between the Houthis and international forces.
Additionally, a video circulating on social media purportedly depicts the moment of the Rubymar’s sinking, though the authenticity of the footage remains unconfirmed pending independent verification. Circular plastics
Confirming the attack on the Rubymar, the United States Central Command (CENTCOM) specified that the British ship was struck by a missile. CENTCOM further noted that the crew was safely evacuated and transported to the nearest port by a commercial vessel providing assistance, accompanied by a US-led coalition naval vessel.
The incident did not conclude with the Rubymar’s sinking. The Houthis also claimed responsibility for shooting down a US reconnaissance drone, underscoring the complexity and peril of the conflict in the Red Sea region.
Crude Oil Prices Trend
Crude Oil Prices Trend by Polyestertime
University to share in £100 million funding to lead major science and technology hub to reduce plastic waste
The University’s Centre for Enzyme Innovation (CEI) will lead the Preventing Plastic Pollution with Engineering Biology (P3EB) Mission Hub to support the transition towards a circular plastics economy in the UK.
The University of Portsmouth is to share in £100 million of funding, it has been announced by the Department for Science, Innovation & Technology (DSIT) today (9 February).
The money will be given to six new ‘Engineering Biology Mission Hubs’ and 22 ‘Mission Award’ projects across the country, that will look to build on Engineering Biology’s enormous potential to address global challenges, drive economic growth, and increase national resilience. Circular plastics
The University’s Centre for Enzyme Innovation (CEI) will lead the Preventing Plastic Pollution with Engineering Biology (P3EB) Mission Hub, which also includes Bangor University, University of Cambridge, University of Edinburgh, Imperial College London, University of Manchester, and University College London. The P3EB Mission Hub will receive £11.2 million from the “UKRI Technology Missions Fund” over the next 5 years, with £3.5 million supporting the CEI in Portsmouth.
The P3EB Mission Hub is a pioneering initiative aimed at transforming end-of-life plastic waste using cutting-edge engineering biology technologies. Working in partnership, the CEI will use its transformative enzyme technology to impart value into plastic waste, incentivising its recovery and retention, and so reducing the amount destined for landfill, for incineration, or being discarded into our environment. Circular plastics
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Caprolactam Prices In Europe Have Remained Stable, Reflecting sluggish downstream Demand
In recent weeks of February 2024, the price of Caprolactam in the European market has remained within a steady price range, even as feedstock prices for Benzene and Naphtha have risen. Meanwhile, the global energy market is grappling with uncertainties stemming from geopolitical conflicts, weather-related disruptions, and evolving economic conditions. Ongoing geopolitical tensions in the Middle East are contributing to fluctuations in oil futures. Circular plastics
The price of Crude oil appreciated by 4% during the week ending 16th February 2024, this marks a significant increase from the beginning of the week, when the international benchmark was trading at approximately $78 per barrel. However, it’s noteworthy that these prices are similar to the levels observed when the Yemeni Houthis started attacking ships in the Red Sea. Redirecting vessels from the Suez Canal to the Cape of Good Hope extends the journey between Asia and Europe by more than a week.
The rise in crude oil prices has not impacted the Caprolactam market, as weak demand from downstream industries has led to a decrease in fresh orders and reduced operational rates of Caprolactam production across Europe. Downstream manufacturers’ purchasing activity for Caprolactam has continued to decline sharply, as companies report reduced production needs and ongoing efforts to streamline inventory. Circular plastics
On the demand side, the downstream textile and automotive sectors did not perform well in the German market. The downstream Polyamide 6 market remained stagnant and showed little movement in the domestic German market.
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French Firm Forms JV With Dallas Recycler to Service Automotive and Other Industries
Part of Forvia Group, the largest supplier to the automotive industry in France, Materi’act’s JV with PCR Recycling aims to accelerate the development and delivery of recycled compounds.
At a Glance
- Deal is expected to help spark demand in North America for use of recycled plastics in automotive and other industries
- Compounds with up to 85% CO2 reduction will be offered by 2030
- Applications include a range of automotive products such as instrument and door panels
France’s Materi’act is setting up a joint venture in Dallas, TX, with PCR Recycling to accelerate the development and delivery of recycled compounds for sustainable automotive parts with up to 85% CO2 reduction by 2030. Materi’act is part of the Forvia group, France’s first- and the world’s seventh-largest automotive technology supplier. Tier I Faurecia is a sister company. Circular plastics
The mission of the joint venture — Materi’act Dallas — is to secure a local, long-term feedstock of post-consumer recycled plastics and to produce recycled polymers to meet the growing needs of the automotive industry in North America. The newly formed company will collect feedstocks and recycle, refine, formulate, and compound the recycled polymers to meet carmakers’ stringent requirements.
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Owens Corning assesses fiberglass alternatives
Owens Corning, a leading American company, is currently assessing its fiberglass reinforcements business for potential strategic shifts, including the possibility of divestment or a spin-off of its Glass Reinforcements division.
The Glass Reinforcements division, nestled within its Composites segment, is responsible for the manufacturing and distribution of glass fibers utilized for reinforcing plastic materials. With operations spanning 18 plants across 11 countries and boasting a revenue of approximately $1.3 billion, this division primarily serves sectors such as wind energy, infrastructure, transportation, and industrial components. Circular plastics
It’s important to note that certain products, such as non-wovens derived from glass fibers and WearDeck—a high-density polyethylene composite for exterior building applications, which does not contain wood—are excluded from this strategic evaluation.
To navigate this potential transformation, Owens Corning has engaged Morgan Stanley & Co. as its financial advisor. Their role involves conducting a comprehensive review of strategic alternatives, which may encompass a sale of assets or the spin-off of the division. However, the company has not specified a definitive timeline for these actions, indicating a deliberate and thorough approach to this process.