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Maritime

"China's Chancay Mega Port in Peru Strengthens Its Economic Grip in South America"

China's investment in the $3.5 billion Chancay mega port in Peru signifies its growing influence in South America, as it becomes the first port controlled by China in the region. The deep water port, part of China's Belt and Road Initiative, is expected to enhance trade ties and provide a dire...

Maritime

"OPEC May Need Deeper Production Cuts to Sustain Oil Prices, Says Mercuria CEO"

 The CEO of commodities trader Mercuria Energy Group, Marco Dunand, suggested that OPEC might need to consider further production cuts to maintain current oil prices, given challenges such as stuttering demand growth and high U.S. output. Despite previous underestimations of U.S. oil productio...

Maritime

ECB Policymakers Maintain Caution Despite Inflation Confidence

European Central Bank (ECB) policymakers, while confident that inflation had returned to target, expressed caution and emphasized the need for steady policy and high borrowing costs during their December meeting, according to the meeting's accounts. The ECB, maintaining interest rates unchange...

Maritime

"Crude Prices Expected to Average $75-$85 per Barrel in 2024, Says Al Rajhi Capital

Financial services firm Al Rajhi Capital predicts that crude oil prices will average between $75 and $85 per barrel in 2024. The oil market is anticipated to remain stable throughout the year, with the Organization of the Petroleum Exporting Countries (OPEC) playing a proact...

Maritime

"China's Aluminium Imports Surge 28% in 2023 Amid Strong Domestic Demand

China's imports of aluminium increased by 28% in 2023, reaching 3.06 million metric tons, according to customs data. Robust domestic demand, particularly in the solar and auto sectors, coupled with higher prices, drove the surge in imports. China's primary aluminium consumpt...

Maritime

"US LNG Exports Diverted Around Cape of Good Hope Amid Canal Restrictions and Red Sea Tensions"

The proportion of US LNG exports taking the longer route around the Cape of Good Hope has increased in January due to drought-related restrictions at the Panama Canal and heightened tensions in the Red Sea. Of the total exports in the month, around 280,000 mt passed through the Panama Canal, 5...

Maritime

Retailers Shift Container Traffic Back to US West Coast Amid Supply Chain Disruptions"

 Retailers and forwarders are redirecting some container traffic from US Gulf and East Coast ports back to West Coast gateways to avoid supply chain disruption. Challenges such as low water levels in the Panama Canal and the de facto closure of the Suez Canal due to Houthi militant attacks are...

Maritime

"Ukrainian Maritime Grain Exports Expected to Decline 20% in January Amid Red Sea Crisis"

Ukrainian maritime grain exports are projected to decrease by approximately 20% in January due to the Red Sea crisis and New Year holidays, according to a senior Ukrainian government official. This setback follows a record-high export of food in December, raising concerns amidst ongoing tensio...

Maritime

Baltic Dry Bulk Index Ends Losing Streak as Larger Vessel Rates Rise

The Baltic Exchange's dry bulk sea freight index broke an eight-day losing streak, surging 3.8% to 1,357 points. This increase was driven by higher rates in capesize, panamax, and supramax shipping vessels. Capesize rates rose by 6.9%, with average daily earnings reaching $15...

Maritime

"Red Sea Route Shifts Drive Global Bunker Fuel Demand Surge"

The re-routing of ships around Africa to avoid Houthi militia attacks in the Red Sea has led to significant changes in refueling patterns. Ships are diverting to ports such as Mauritius, South Africa, and the Canary Islands, causing congestion and boosting demand for bunker f...

Maritime

China's Export Container Shipping Prices Rise in December 2023

China's export container shipping prices saw a 2.3% month-on-month increase in December 2023, as per data from the Shanghai Shipping Exchange. The average China Containerized Freight Index (CCFI) reached 874.88 last month. The growth was led by a 6.8% month-on-month increase in the Europe serv...

Maritime

Container Shipping Faces Rough Q4 as Red Sea Disruptions Impact Results

Container shipping stocks, such as Zim (NYSE: ZIM), gained attention from retail traders due to Red Sea disruptions, altering the supply-demand balance. Despite this, the impact on carrier financials is expected in Q1 2024, and Q4 2023 results, to be released soon, are anticipated ...

Maritime

Red Sea Shipping Disruption: Commercial Vessels Divert Amidst Rising Tensions

Following US-led airstrikes and heightened tensions in the region, major shipping bodies advised operators to avoid the Red Sea for up to 72 hours. Commercial shipping through the Bab al-Mandab Strait significantly dropped on January 12, with only 20 ships entering compared to the usual averag...

Maritime

Weekly Shipping Market Overview: Varied Movements Across Vessel Classes

The LR2 segment experienced a decline in the MEG, with the 75Kt MEG/Japan TC1 index dropping, and the 90kt MEG/UK-Continent TC20 sliding. LR1s in the MEG remained resilient, with the 55kt MEG/Japan TC5 index holding steady. MRs in the MEG saw a resurgence, while UK-Continent MRs stabilized aft...

Maritime

Record High Marine Fuel Sales in Singapore Driven by Biofuels and Increased Container Throughput

Marine fuel sales at Singapore, the world's leading bunkering hub, achieved a record high in 2023, reaching 51.82 million metric tons, surpassing the previous peak in 2017. The surge was propelled by a boost in container throughput, setting a new record at 39.01 million 20-foot equ...

Maritime

Port Terminal Services

Port of Tanjung Pelepas Expands Capacity with Purchase of 48 Electric Rubber Tyre Gantry Cranes

The Port of Tanjung Pelepas (PTP), in a joint venture with MMC Group and APM Terminals, has signed an agreement with Mitsui E&S Co., Ltd. to acquire 48 electric rubber tyre gantry cranes by Q3 2025. This strategic move reflects PTP's commitment to enhancing capacity and effic...

Maritime

Exploring the Future of Cellular Technologies (5G) in Maritime: A Comprehensive Report by Valour Consultancy

: Valour Consultancy's latest report delves into the relatively unexplored realm of cellular technologies (5G) in the maritime connectivity market. By the end of 2023, approximately 50,000 commercial vessels are expected to be equipped with cellular capabilities. The research...

Maritime

Nakilat Expands LNG and LPG Fleet with Six New Vessels

Nakilat, a prominent player in LNG shipping, has initiated a strategic expansion by ordering six vessels from Hyundai Samho Heavy Industries in South Korea. The order includes two state-of-the-art LNG carriers with a capacity of 174,000 cubic meters each and four modern Very...

Maritime

Singapore Onshore Residual Fuel Oil Inventories Reach Nine-Month High

According to data from Enterprise Singapore, residual fuel oil inventories in Singapore rose to nearly nine-month highs, reaching 23.02 million barrels in the week ending January 10, marking a 3.1% increase week-on-week. The inventory build was driven by a surge in total imp...

Maritime

Global Dry Bulk Shipping Faces Challenges as Baltic Exchange Index Continues Decline

The Baltic Exchange's dry bulk sea freight index experienced its fourth consecutive session of decline, with panamax rates reaching a five-month low. The overall index, encompassing capesize, panamax, and supramax vessels, dropped 6.6% to its lowest level since November. The ...