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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 ...

Maritime

Oil Tanker Linked to Iran-U.S. Crisis Boarded in Gulf of Oman Amid Rising Tensions

An oil tanker previously involved in a dispute between Iran and the United States, once known as the Suez Rajan, was reportedly boarded by "unauthorized" individuals in military uniforms in the Gulf of Oman. The incident adds to the heightened tensions in the Middle East, wi...

Maritime

Iron Ore Futures Slide for Fifth Straight Session Amid Weaker Steel Market

Iron ore futures, particularly the Singapore benchmark and China's Dalian Commodity Exchange, have declined for a fifth consecutive session, reaching their lowest levels in nearly three weeks. The demand outlook is clouded by a weaker steel market and a lack of fresh stimulu...

Maritime

Houthi Rebels Claim Responsibility for Unprecedented Attack on US Warship in the Red Sea

Yemen's Houthi rebels have admitted to orchestrating a major drone and missile attack on a US warship in the Red Sea, marking the first direct assault on American naval forces by the group. The US military's Central Command successfully thwarted the "complex attack," involvi...

Maritime

Asia's VLSFO Cash Premium Hits Six-Month Lows on Supply Pressure

The cash premium for very low sulphur fuel oil (VLSFO) in Asia dropped to nearly six-month lows, reaching $1.50 a metric ton in Singapore on Wednesday. Supply pressure, coupled with subdued downstream bunker demand, contributed to the decline. Steady volumes of blend componen...

Maritime

EIA Forecasts Stable Crude Oil Prices Through 2025 Amid Balanced Global Supply and Demand

The U.S. Energy Information Administration (EIA) anticipates that average annual crude oil prices in 2024 and 2025 will closely align with the 2023 average, reflecting a balanced global supply and demand for petroleum liquids. Projections indicate an average Brent crude oil p...

Maritime

Indian Refiners Seek Increased Saudi Crude Imports as Kingdom Slashes Prices

Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL), two major state refiners in India, are reportedly aiming to boost their imports of Saudi crude oil in February. This move comes in response to Saudi Arabia's reduction of the official selling price for its key export gra...

Maritime

Surging Freight Costs Close Economic Window for U.S. Gulf Coast Oil to Asia

The economic viability of importing oil from the U.S. Gulf Coast to Asia has diminished due to a significant increase in supertanker chartering costs on the route. The cost of chartering a Very Large Crude Carrier (VLCC) for U.S. to Asia shipments has surged from $8 million t...

Maritime

Transition to 2024 Worldscale Flat Rates Drives Up Tanker Market, with VLCC Fixture Leading the Way

The shift to the updated 2024 Worldscale flat rates is underway in the West of Suez region, impacting the dirty tanker market. Sinochem's announcement of the first Very Large Crude Carrier (VLCC) fixture under the new rates for a West Africa-Far East voyage reflects the ongoi...

Maritime

Dry Bulk Sea Freight Index Hits Two-Month Low Amidst Seasonal Slump

The Baltic Exchange's dry bulk sea freight index experienced its third consecutive decline, reaching its lowest level in nearly two months. The drop, attributed to seasonally slow demand preceding the Chinese New Year, particularly affects capesize, panamax, and supramax vess...

Maritime

Global Food Supply Chain Disrupted as Panama Canal Drought Impacts Shipping Routes

A severe drought in Panama, attributed to the El Niño climate pattern, has led to record-low precipitation and depleted water levels in the Panama Canal, a critical maritime trade route. The Panama Canal Authority (ACP) has imposed restrictions on the number of vessels passi...

Maritime

China Issues Unchanged Refined Fuel Export Quotas for 2024, Aligning with Market Expectations

China has released its initial refined fuel export quotas for 2024, maintaining a volume of 19 million metric tons, consistent with the previous year. State-owned companies Sinopec and CNPC received the majority, accounting for nearly 70% of the total, with Zhejiang Petrochemical Corp being th...

Maritime

"Asia's Thermal Coal Trade Surge in 2023 Fueled by China's Stockpiling, Vietnam's Soaring Imports"

The Resources and Energy Quarterly report reveals that Asia's thermal coal trade is poised to surpass 2022 levels by 17%, primarily driven by China's record coal stockpiling amid energy security concerns. Chinese coal inventories have tripled, and despite a stated output red...

Maritime

Delayed Planting in Brazil Boosts Prospects for Strong US Soybean Exports in Q1 2024

The delayed soybean planting in Brazil for the marketing year 2023-24 is expected to boost US soybean exports in the first quarter of 2024. Weather-related challenges, including El Niño impacts, have led to planting delays in key Brazilian soybean-producing regions, providin...

Maritime

Shipping Companies Continue to Divert Vessels from Suez Canal Due to Security Concerns

Major shipping companies, including Hapag-Lloyd, Mitsui O.S.K. Lines, and Nippon Yusen, are continuing to divert their vessels around the Suez Canal due to security reasons, following disruptions caused by Yemen's Houthi militant group. While some companies like Maersk and CMA CGM are planning...

Maritime

Shipping Stocks Outperform S&P 500 in 2023: Top Performers Revealed

Despite the absence of the predicted recession, shipping stocks had a robust year in 2023, outperforming the S&P 500. Dorian LPG secured the top spot with a remarkable 184% surge in adjusted share price. Frontline, Overseas Shipholding Group, Euroseas, and Matson also featured among the top pe...

Maritime

Concerns Arise Over Mislabeling of Used Cooking Oil for Biofuels in Europe

 report by T&E reveals that approximately 80% of used cooking oil (UCO) feedstock imported by the European Union (EU) in 2022 is suspected to be "mislabelled" virgin palm oil. The study highlights the risk of fraud in the UCO market, where virgin oils are allegedly misrepresented as 'used' to ...

Maritime

Asia's Fuel Oil Refining Margins Rise in 2023, but Supply Pressures Loom for 2024

Data from LSEG reveals that fuel oil refining margins in Asia saw a yearly increase in 2023, supported by a broader recovery in refined fuels demand and a downward trend in crude oil prices. Front-month cracks for 0.5% very low sulphur fuel oil (VLSFO) and 380-cst high sulph...

Maritime

"Uncertainties and Challenges: Navigating EU Emissions Trading System in Container Shipping"

 The article discusses the impact of the EU Emissions Trading System (ETS) on container shipping, revealing complexities in surcharge values and methodologies adopted by carriers. As the shipping industry enters the ETS phase-in period in 2024, discrepancies in emissions surcharges amo...

Maritime

Navigating Ship Recycling: The Case for Hong Kong Convention as the Exclusive Regulation

This article explores the significance of the Hong Kong International Convention (HKC) in ship recycling, emphasizing its role as a comprehensive and globally recognized regulation for environmental and safety considerations. The analysis critically assesses HKC in comparison to other regulati...

Maritime

Severe Drought at Panama Canal Disrupts Global Food Supply Chain

A severe drought at the Panama Canal, attributed to the El Nino climate pattern, has led to record-low water levels, impacting global food supply chains. The Panama Canal Authority's restrictions on daily transits have caused delays in U.S. grain exports to Asia, forcing ships to take longer r...

Maritime

Maersk Container Ship Loses Boxes Overboard During Storm Pia, Debris Washes Ashore

Debris, including containers and various items, has washed up on Denmark's North Sea shoreline after a Maersk container ship lost boxes overboard during Storm Pia just before Christmas. Maersk is investigating the incident, and authorities have issued warnings about the containers and debris f...

Maritime

European LNG Imports in December Reach 94% of November's Peak Level

As of December 27, Europe's delivered imports of LNG reached 10.36 million metric tons, representing approximately 94% of the November level, which was the highest since May. The December volumes were primarily destined for countries such as France, the UK, Turkey, the Nethe...

Maritime

Oil Product Stockpiles Decline at UAE's Fujairah Port, Impacting Fuel Oil Market

Stockpiles of oil products at the UAE’s Port of Fujairah decreased by 7.7% in the week ending Dec. 25, reaching a total volume of 17.336 million barrels. The decline was noted across various distillate categories: light distillates fell 7.8%, middle distillates rose 4.1%, and heavy distillates...

Maritime

India Deploys Missile Destroyers in Arabian Sea Following Drone Attack on Tanker

India has deployed missile destroyers in response to a drone attack on the Liberia-flagged tanker Chem Pluto in the Arabian Sea. The incident has raised concerns about potential disruptions in the region, leading to a possible increase in war risk premiums for shipping. Charterers are already ...

Maritime

India Deploys Missile Destroyers in Arabian Sea Following Drone Attack on Tanker

India has deployed missile destroyers in the Arabian Sea after a drone attacked a chemicals tanker off its west coast. Market participants warn that stable war risk premiums in the Persian Gulf and the Arabian Sea could rise if the area of attacks widens. Charterers are alrea...

Maritime

: Asia's Fuel Oil Market Sees Stability Amidst Thin Activity

Cash premiums and refining margins for fuel oil in Asia remained relatively unchanged with limited activity. The cash premium for 0.5% very low sulphur fuel oil and the cash premium for 380-cst high sulphur fuel oil saw marginal movements. Onshore inventories in Singapore exp...

Maritime

U.S. Struggles to Garner International Support for Red Sea Maritime Force

U.S. President Joe Biden's initiative to form a maritime force in response to Houthi attacks on Red Sea shipping faces challenges as European allies, including Italy and Spain, distance themselves from Operation Prosperity Guardian. While the force aims to ensure the flow of commerc...

Maritime

China Aims to Lead Global Shift to Cleaner Shipping with Ambitious 2025 Goal

China has announced ambitious plans to produce over half of the world's ships powered by cleaner fuels by 2025, according to guidelines published by the Ministry of Industry and Information Technology. While specific numbers were not provided, the guidelines emphasize the con...

Maritime

VLCC Freight Rates Experience Decline Amidst Holiday Slowdown and Global Tonnage Surplus

Freight rates for Very Large Crude Carrier (VLCC) voyages from West Africa have dropped to near late October levels due to factors such as ample tonnage lists, reduced Persian Gulf exports, and a seasonal slowdown during the Christmas holidays. Platts reported a decrease in r...

Maritime

Global Shipping Chaos Escalates as Red Sea Attacks Disrupt Suez Canal Routes

The logistics industry is grappling with a major shipping upheaval as militant attacks in the Red Sea force companies like Basic Fun, a toymaker for Walmart, to reroute cargo away from the Suez Canal. This crucial trade route, used by one-third of global container ship cargo,...

Maritime

China Increases 2024 Fuel Oil Import Limit to 20 Million MT

China has raised its fuel oil import limit for 2024 to 20 million metric tons, up from 19.2 million metric tons in 2023, as per a Ministry of Commerce policy document. A total of 208 companies are permitted to apply for fuel oil import quotas within this annual limit, an incr...

Maritime

Samsung Heavy Industries Yet to Begin Production for Majority of Arctic LNG Carriers

Samsung Heavy Industries has not commenced the production of blocks and equipment for 10 out of the 15 Arctic LNG carriers contracted with Zvezda, the Russian shipyard responsible for assembling the carriers. While Samsung has been delivering components for five ships, it is ...

Maritime

Drewry Report: Port Equity Index, Stock Performance, and Industry Developments

The Drewry Port Equity Index witnessed a modest YTD growth of 1.6% until December 18, 2023, contrasting the S&P 500's impressive 23.5% surge. Global Terminal Operators (GTOs) stocks rose by 6.6%, while Regional Terminal Operators (RTOs) saw a 4.9

Maritime

US Military Shoots Down Over 12 Houthi Drones Targeting Red Sea Shipping

The US military reported intercepting more than 12 drone missiles launched by Yemen-based Houthi rebels at ships in the Red Sea. The Pentagon's Central Command stated that the attack included 12 drones, three anti-ship ballistic missiles, and two land-attack missiles over a 10-hour period. The...

Maritime

Asia's Fuel Oil Market Holds Steady Amid Red Sea Tensions

The fuel oil market in Asia remained rangebound with thin premiums, and refining cracks softened, reflecting bearish pressure due to ample regional supplies. Singapore's cash premium for 0.5% very low sulfur fuel oil stood at $5.25 per metric ton, while cracks fell to premium...

Maritime

InterManager Reflects on 2023 Achievements and Anticipates Challenges in 2024

As 2023 concludes, InterManager, representing major ship managers, highlights successes amidst geopolitical unrest impacting global shipping. The safety of seafarers remains a top priority amid challenges such as the Red Sea attacks. The launch of the EU-ETS on January 1st ad...

Maritime

Shanghai Shipping Exchange Adjusts Rules Amidst Red Sea Crisis Impact

Shanghai's International Energy Exchange (INE) has modified trading requirements for its container shipping index due to a surge in prices following Red Sea vessel attacks. The April container shipping index European line futures jumped 20%, reaching 1,744.9 index points, with a 78% increase s...

Maritime

Maersk Plans Return to Red Sea Routes, Shipping Stocks React

Denmark's Maersk, a major global shipping company, announces plans to resume container vessel journeys through the Suez Canal and the Red Sea, signaling a potential return to the disrupted route. The decision follows the Yemeni Houthi group's attacks that led to a halt in Red...

Maritime

Red Sea Logistics Crisis Threatens Global Economy at Year-End

Ongoing attacks by Yemeni rebels in the Red Sea have led to a logistical crisis, disrupting a vital trade route between Asia and Europe. Major shipping companies, including HMM, have suspended operations, forcing vessels to take longer detours. This has caused a surge in global freight rates, ...

Maritime

Shipping Companies Resume Suez Canal Routes Amidst Security Concerns

France's CMA CGM, following Maersk's lead, announced plans to increase vessel traffic through the Suez Canal after a hiatus due to security concerns linked to Houthi attacks in the Red Sea. Global shipping giants, including Hapag-Lloyd, diverted routes via southern Africa, causing disruptions ...

Maritime

Greek Shipping Companies Honored at AMVER Awards for Exemplary Seamanship

The Greek AMVER Awards, held in December, recognized over 192 Greek shipping companies and 2,057 ships for their active participation in the Automated Mutual Aid for Ship Rescue (AMVER) program. The event, organized by the International Propeller Club of the United States and...

Maritime

Dry Bulk Shipping Market Analysis: December Trends and Outlook

The third week of December reveals a weakening sentiment in the large vessel segment of the freight market, particularly for Capesize and Panamax vessels. Despite a decline in market rates, optimism surrounds a robust month-end due to a decreasing number of ballasters in the ...

Maritime

Maersk Implements Extra Charges for Container Transport Amidst Suez Canal Rerouting

Maersk, one of the world's largest shipping companies, has announced additional charges for container transport from Asia following its decision to reroute ships away from the Suez Canal. The company's vessels will take the longer journey around Africa due to multiple attacks in the southern R...

Maritime

Hapag-Lloyd Implements Surcharges Amid Red Sea Shipping Concerns

German shipping company Hapag-Lloyd has announced surcharges for cargo traveling to and from the Middle East due to recent attacks on merchant ships in the Red Sea. The "peak seasonal surcharge" applies to containers from Asia and Oceania to the Red Sea region, while containe...

Maritime

US Gulf Coast LNG Freight Rates Hit Lowest Levels Since August Amidst Weak Demand

LNG freight rates originating from the US Gulf Coast have reached their lowest levels since August due to a combination of factors, including a lack of demand and an increasing number of vessels in the spot market. Platts reports that as of December 20, the USGC LNG freight rate to Northwest E...

Maritime

Global Retailers Face Heightened Risks as Red Sea Shipping Disruptions Impact Suez Canal

Global retailers in the apparel, household staples, and white goods sectors are confronted with increased risks due to disruptions in freight movement caused by attacks on ships in the lower Red Sea by Iran-backed Yemeni militants. Some shipping companies are contemplating lo...

Maritime

Constantine Logothetis Leads Further Investment in SulNOx for Global Expansion

Constantine Logothetis has spearheaded a new investment round in UK-listed fuel additives group SulNOx, joined by Nistadgruppen AS and a group of investors. The £1.8 million infusion will fuel SulNOx's research and development efforts, facilitate key hires, and meet global de...

Maritime

Re-routing of Ships Around Red Sea Disruptions: Impact on Shipping Costs and Global Trade

Fitch Ratings reports that the decision to re-route ships away from the Suez Canal due to attacks in the Red Sea imposes additional costs on shipping companies. Container shipping is expected to experience significant freight rate increases, followed by bulk carriers, while l...

Maritime

Dry Bulk Shipping Rates Decline for Third Consecutive Week Amidst Geopolitical Challenges

The Baltic Exchange's dry bulk sea freight index saw a marginal uptick on Friday but marked its third consecutive weekly decline, hovering near multi-week lows. The overall index, considering capesize, panamax, and supramax vessels, rose slightly, yet recorded a 10.8% weekly ...

Maritime

Challenges Faced by Shipping Companies Rerouting around the Cape of Good Hope Amid Houthi Threats

Shipping companies opting for the longer route around the Cape of Good Hope to avoid Houthi attacks in the Red Sea encounter significant challenges. African ports, including major ones like Durban, Cape Town, and Ngqura, face issues of red tape, congestion, and inadequate facilities, making re...

Maritime

Hapag-Lloyd Implements Surcharges in Response to Red Sea Security Concerns

Hapag-Lloyd, a major shipping company, has announced surcharges for cargo traveling to and from the Middle East due to a series of attacks on merchant ships in the Red Sea. The company will apply a "peak seasonal surcharge" for containers moving from Asia and Oceania to the R...

Maritime

Panama Canal Authority Observes No Notable Increase in Traffic Amid Red Sea Tensions

The Panama Canal Authority states that it has not witnessed a significant surge in traffic linked to the Red Sea situation, where Houthi attacks are compelling vessels to alter routes or disable transponders. The Suez Canal, handling around 12% of global trade, is experiencing disruptions, pot...

Maritime

Retailers Brace for Supply Chain Disruptions as Suez Canal Attacks Threaten Global Trade Routes

As Iran-backed Yemeni militants target ships in the lower Red Sea, global retailers, including industry giants like Walmart, H&M, and Target, face increased risks of disruptions in freight movement through the crucial Suez Canal trade route. Some shipping companies are consid...

Maritime

Maersk Imposes Additional Charges on Asia Container Transport Amidst Suez Canal Disruption

Maersk, a major global shipping company, announces extra charges on container transport from Asia as it reroutes ships away from the Suez Canal due to multiple attacks in the southern Red Sea and Gulf of Aden. Opting for the longer journey around Africa via the Cape of Good H...

Maritime

Depressed LNG Freight Rates from US Gulf Coast Reflects Weak Demand and Global Shipping Challenges

LNG freight rates from the US Gulf Coast to Northwest Europe and Japan/Korea have hit their lowest levels since August, as per assessments by Platts. The rates, at $1.27/MMBtu and $2.77/MMBtu respectively on Dec. 20, reflect a lack of demand and an increased number of vessels...

Maritime

Investment Boost for SulNOx as Logothetis Leads Further Funding Round

Constantine Logothetis, a major investor, has spearheaded a new funding round for UK-listed fuel additives group SulNOx. With an additional investment of £1.8 million, the funds will be allocated for research and development, hiring key personnel, and meeting global demand fo...

Maritime

Red Sea Shipping Disruptions: Impact on Global Trade and Energy Markets

Recent attacks by Yemen's Houthi group on commercial ships at the southern end of the Red Sea have led several shipping companies and LNG tankers to avoid the traditional East-West trade route. The attacks have made reaching the Suez Canal more perilous, affecting about 12% of world shipping t...

Maritime

Baltic Dry Index Sees Weekly Decline Amid Lingering Shipping Challenges"

The Baltic Exchange's dry bulk sea freight index edged up slightly, but marked its third consecutive weekly decline as shipping rates for capesize, panamax, and supramax vessels hovered near multi-week lows. The overall index rose by 0.3%, with the capesize segment experiencing its first incre...

Maritime

Red Sea Disruptions: Shipping Companies Face Costs Amid Suez Canal Rerouting

Following recent attacks in the Red Sea, shipping companies rerouting around Africa to avoid the Suez Canal are incurring additional costs. Fitch Ratings notes that while this poses financial challenges, potential disruptions could lead to increased freight rates, particularly for container sh...

Maritime

Houthi Attacks Force Shipping Companies to Navigate Challenges Around the Cape of Good Hope

Shipping companies are opting to sail around the Cape of Good Hope to evade Houthi attacks in the Red Sea, resulting in longer routes and logistical challenges. The attacks, attributed to Iranian-backed militants, have disrupted global trade through the Suez Canal, prompting ...

Maritime

Russian Energy Exports Surpass OPEC+ Pledges, Straining Commitments

Russian energy exports have exceeded the commitments made by Moscow in the latest OPEC+ meeting. The four-week average of fuel exports reached 2.4 million barrels per day (bpd), the highest since September, with a weekly export flow topping 3 million bpd. This contradicts the OPEC+ pledge to e...

Maritime

Challenges and Opportunities in Ukrainian Corn Exports for 2024

Ukraine's corn exporters anticipate a consistent stream of exports in 2024, leveraging new routes via the Danube and the Black Sea corridor. While the opening of the marine corridor has eased financial pressures on farmers, logistical challenges, crowded port terminals, and a...

Maritime

Dalian Iron Ore Futures Rally on Tight Inventories and Chinese Demand Optimism

Dalian iron ore futures experienced their strongest performance in two weeks on Thursday, driven by tight inventories and optimistic expectations of robust Chinese demand. The most-traded May iron ore on China's Dalian Commodity Exchange rose 3.5%, closing at 948.5 yuan per m...

Maritime

Shipping Companies and Ports Face Volatility Amid Red Sea Disruptions; Analysts Cautiously Monitor Situations

The rise in Houthi attacks in the Red Sea has brought increased attention to the share prices of shipping companies and port operators. Although the shares of Shipping Corporation of India and Great Eastern Shipping Company rebounded after a correction, analysts remain cautious. The ongoing di...

Maritime

Container Prices Surge Amid Red Sea Attacks, Expected to Normalize in Coming Months

Container prices have experienced a 10% surge in Rotterdam and Hamburg, reaching $1,310-$1,350 per 40-foot-high cube unit due to attacks on merchant ships in the Red Sea by Yemeni militants. As major shipping companies alter routes, container scarcity has led to the price hik...

Maritime

Stability in Asia's Fuel Oil Market Despite Ongoing Red Sea Disruptions

Cash premiums for fuel oil in Asia remained relatively stable in Thursday's trade, with the cash premium for 0.5% very low sulfur fuel oil closing at $6.50 per metric ton, and the cash premium for 380-cst high sulfur fuel oil closing at $4.75 per metric ton. Cracks for both t...

Maritime

U.S.-Led Coalition Tightens Restrictions on Russian Oil Exports with Price Cap Changes and Sanctions

The U.S.-led coalition enforcing a $60 per barrel price cap on Russian oil shipments in response to the Ukraine invasion has announced stricter compliance measures. The Treasury Department revealed changes that will compel Western maritime service providers to obtain declarations from counterp...

Maritime

Dry Bulk Shipping Faces Continued Decline Amidst Capesize Weakness

The Baltic Exchange's dry bulk sea freight index experienced its seventh consecutive decline, primarily driven by weakened rates for capesize shipping vessels. The overall index, considering capesize, panamax, and supramax vessels, dropped by 2.9%. Capesize vessels, specializ...

Maritime

Geopolitical Tensions Shift LNG Traders to Favor Inter-Basin Trading

Escalating attacks on ships in the Red Sea by Houthi militants have prompted LNG traders to prioritize inter-basin trading over transactions between regions. Heightened global tensions, coupled with uncertainties in the Panama and Suez canals, have hindered the redirection of...

Maritime

Shipping Companies Reroute Vessels as Houthi Attacks Disrupt Red Sea Trade

Germany's Hapag-Lloyd and Hong Kong's OOCL have announced plans to avoid the Red Sea due to ongoing attacks by Yemen's Houthi group on vessels, disrupting global trade. The Iran-aligned Houthis claim their actions are in response to Israel's war in Gaza. Hapag-Lloyd intends t...

Maritime

Russian Oil Exports to China Surge to 2 Million Barrels Per Day

Nikolai Tokarev, the head of Russian oil pipeline monopoly Transneft, revealed that oil shipments to China reached approximately 100 million metric tons (2 million barrels per day) in 2023. This substantial increase underscores Russia's successful redirection of oil flows awa...

Maritime

East of Suez Fuel Availability Update Amidst Security Concerns

This fuel availability report provides insights into the bunker fuel market across key regions, focusing on the impact of escalating security threats in the Red Sea. Singapore experiences improved VLSFO availability, benefiting from average bunker demand and growing fuel inve...

Maritime

Ocean Network Express Suspends Red Sea Navigation Amid Escalating Security Threats

Ocean Network Express (ONE), a major Japanese container conglomerate, has announced the suspension of navigation through the Suez Canal and the Red Sea due to escalating security threats. As a temporary safety measure, ONE will reroute its vessels via the Cape of Good Hope or temporarily pause...

Maritime

Shipping Giants Alter Routes as Houthi Attacks Escalate in Red Sea

Belgian shipowner Compagnie Maritime Belge and Euronav, along with major tanker owner Frontline, have decided to halt vessel transits via the Red Sea due to a series of Houthi attacks on commercial ships. The precautionary measures are in response to heightened safety concern...

Maritime

Asia's Fuel Oil Market Trends and Global Developments

The Asian fuel oil market maintained stability with single-digit premiums on Wednesday, although the overall market structure weakened compared to the previous day. Notable changes include a dip in the cash premium for 0.5% VLSFO and a slight increase in 380-cst HSFO. Front-m...

Maritime

Houthi Attacks Prompt Shipping Diversions, Impacting Suez Canal Traffic

Recent attacks by Yemen's Houthi group on commercial ships in the southern Red Sea have led several shipping companies to divert vessels, avoiding the Suez Canal. The Houthi attacks, aimed at supporting Palestinians amid the Israel-Hamas conflict, have increased costs and tim...

Maritime

Greece Advises Vessels to Avoid Yemeni Waters Amid Houthi Attacks

Greece has issued a shipping ministry advisory urging commercial vessels to steer clear of Yemeni waters in light of recent attacks by the Iran-aligned Houthi militant group. Greek ship-owners, who control a significant portion of global commercial vessels, are advised to kee...

Maritime

Declining Capesize Rates Drive Baltic Exchange's Dry Bulk Index Down

The Baltic Exchange's dry bulk sea freight index has witnessed a sixth consecutive session decline, primarily influenced by decreasing rates for capesize shipping vessels. The overall index, factoring in various vessel types, dropped 3.1%, with the capesize segment experiencing a notable 5.4

Maritime

"Security Concerns Propel Surge in Clean Tanker Freight Premiums Amidst Rising Risks in Persian Gulf Shipping"

The insertion of the Cape of Good Hope option for Persian Gulf-Europe routes, driven by deep security concerns and a tight supply of tankers, has led to a rapid surge in clean tanker freight premiums. Despite limited exercise of this option, the mere inclusion has propelled f...

Maritime

Uncertainty Grips Shipping Industry Amidst Formation of US-Led Coalition in Red Sea

Shipping companies operating in the Red Sea are facing uncertainty as the United States assembles an international navy coalition to counter armed attacks. Initiated in response to increased Houthi militant attacks supporting Hamas, details about the coalition's composition, rules ...

Maritime

Brazil Achieves Record Soybean Exports, Surpassing 100 Million Metric Tons in 2023

Brazil, the world's leading soybean exporter, has set a new record by exporting over 100 million metric tons of soybeans within a year for the first time. The milestone, driven by a record harvest of approximately 155 million metric tons, surpasses Brazil's previous record of...

Maritime

Saudi Arabia's Crude Oil Exports Reach Four-Month High in October

Saudi Arabia's crude oil exports surged to their highest level in four months, reaching 6.30 million barrels per day (bpd) in October, a 9.6% increase from September, according to data from the Joint Organizations Data Initiative (JODI). Meanwhile, crude oil production slight...

Maritime

European LNG Imports Dip Amidst Milder Weather and Depressed Demand

Europe's liquefied natural gas (LNG) imports for December reached 7.04 million metric tons by December 18, representing 64% of the November level, with France, the UK, and Turkey leading in volumes. The US supplied 51% of the total, while Russia and Algeria contributed 13% and 7%, respectively...

Maritime

International Maritime Initiatives Launched to Safeguard Red Sea Shipping Amidst Houthi Attacks

The World Shipping Council (WSC) has welcomed the launch of Operation Prosperity Guardian, a multinational security initiative aimed at protecting seafarers and defending the freedom of navigation in the Red Sea. Led by the US Department of Defense under Task Force 153 of the...

Maritime

Asia Fuel Oil Prices Strengthen Slightly on Derivatives Support

Benchmark prices for very low sulphur fuel oil (VLSFO) and high sulphur fuel oil (HSFO) in Asia experienced a slight increase on Tuesday, driven by support in the derivatives market. The cash premium for 0.5% VLSFO rose to $7.84 per metric ton, and margins for 0.5% VLSFO clos...

Maritime

London Marine Insurance Market Expands Red Sea High-Risk Zone Amid Surge in Attacks

London's marine insurance market, represented by the Joint War Committee (JWC), has broadened the high-risk zone in the Red Sea due to an increase in attacks on commercial ships. The zone now extends to 18 degrees north from the previous 15 degrees north, reflecting the heightened missile rang...

Maritime

IMO Secretary-General Condemns Attacks on Shipping in Red Sea Area, Urges Global Cooperation

IMO Secretary-General Kitack Lim has issued a strong condemnation of attacks on international shipping in the Red Sea area. Emphasizing the importance of protecting seafarers, ships, and cargoes, Lim expressed the IMO's commitment to ensuring the safety and security of global...

Maritime

Dry Bulk Sea Freight Index Declines Amid Red Sea Disruptions, Potential for Upside

The Baltic Exchange's dry bulk sea freight index recorded its fifth consecutive decline, reaching its lowest point since Nov. 24. The drop is attributed to seasonally lower trading activity and reduced demand for dry bulk tonnage due to steep export volumes. However, shipping...

Maritime

LNG Carriers Diverting from Suez Canal Due to Houthi Attacks, Impacting Global Markets

Recent attacks by Houthi rebels in the Bab al-Mandab Strait and the Red Sea have prompted at least three LNG carriers, including one from the Freeport LNG terminal in Texas, to divert from the Suez Canal, opting for longer routes. While disruptions at the Suez Canal are currently manageable, s...

Maritime

Red Sea Shipping Disruptions: Traders Adjust Routes Amid Houthi Attacks

Recent attacks by Yemen's Iran-aligned Houthis on ships in the Red Sea have led to disruptions in international commerce. A U.S.-led international force is patrolling waters near Yemen, prompting major shippers like Hapag Lloyd, MSC, and Maersk, along with oil companies BP an...

Maritime

Russia Accelerates Oil Export Cuts in December, Potentially by 50,000 Barrels Per Day

Russia has announced plans to deepen its oil export cuts in December, potentially exceeding the initially agreed 300,000 barrels per day (bpd) reduction. The move comes in response to a joint call by Saudi Arabia and Russia for all OPEC+ members to support output cuts amid ef...

Maritime

Fujairah Bunker Fuel Sales Hit Five-Month Lows; Red Sea Attacks Heighten Shipping Cautions

In November, marine bunker fuel sales at Fujairah port, UAE, reached five-month lows, recording a 6.7

Maritime

Asian VLSFO Premiums Firm on Strong January Bids; HSFO Softens Slightly

Asia's very low sulphur fuel oil (VLSFO) cash premiums strengthened on Monday, driven by robust bids for January-loading cargoes, while high sulphur fuel oil (HSFO) experienced a slight weakening. The Singapore 0.5% VLSFO cash premium rose to $6.41 per metric ton, accompanied...

Maritime

Performance Shipping Inc. Achieves Significant Debt Reduction Through Voluntary Prepayment

Performance Shipping Inc., a global shipping company focused on tanker vessels, has announced the voluntary prepayment of its existing loans with Piraeus Bank S.A., totaling approximately US$44.8 million. The prepayment, coupled with the recent strategic sale of M/T P. Kikuma...

Maritime

Addressing Port Congestion in the US Supply Chain: A Call to Action

Bryn Heimbeck, President and Co-Founder of Trade Tech, highlights the challenges facing the US supply chain, particularly in dealing with port congestion. He emphasizes the need for proactive measures, citing factors such as the influx of new vessels, declining freight rates, and the impact of...

Maritime

Norwegian-Owned Vessel Attacked in Red Sea; U.S. Officials Attribute Strike to Houthi-Controlled Territory

A Norwegian-owned vessel, M/V Swan Atlantic, was attacked in the Red Sea on Monday, with U.S. officials attributing the strike to Houthi-controlled territory in Yemen. The attack is part of a series targeting ships in the region since the beginning of the Gaza war. Although t...

Maritime

Asian Refiners Explore Alternatives Amid Red Sea Shipping Risks

Asian refiners, including those in Thailand, Indonesia, and South Korea, are considering alternative shipping routes, such as the Cape of Good Hope, for Mediterranean and North African crude grades due to security concerns in the Red Sea. Attacks by Houthi militants in Yemen ...

Maritime

European Shipping Stocks Surge as Firms Avoid Suez Canal Amid Red Sea Attacks

Shipping stocks in Europe experienced significant gains as A.P. Moller-Maersk and other major freight companies suspended journeys through the Suez Canal due to recent attacks on vessels in the Red Sea by Houthi militants in Yemen. Traders anticipate that a prolonged disrupti...

Maritime

Oil Tanker Industry Faces Challenges as Cape of Good Hope Route Gains Popularity

The global oil tanker industry is increasingly considering the longer route via the Cape of Good Hope to Europe from the Persian Gulf and Red Sea, as a series of attacks in the Red Sea prompt concerns about security. Several market participants, including Maersk Tankers, are ...

Maritime

Baltic Exchange's Dry Bulk Index Slips to Three-Week Low Amid Capesize Decline

The Baltic Exchange's dry bulk sea freight index reached a three-week low, driven by a significant drop in rates for larger capesize shipping vessels. The overall index, considering capesize, panamax, and supramax vessels, fell 2.6%, marking a 60-point decline at 2,288. Capesize index recorded...

Maritime

Russia Suspends Two-Thirds of Urals Oil Loadings from Sea Ports Due to Storm and Maintenance

Russia has suspended approximately two-thirds of its Urals oil loadings from sea ports, including major export ports like Primorsk in the Baltic and Novorossiisk in the Black Sea. The suspension, attributed to a storm and scheduled maintenance, is expected to last from December 13 to 18. Ust-L...

Maritime

China's Evolving Role in Commodity Markets: A More Price-Sensitive Buyer

China, the world's largest importer of natural resources, is undergoing a shift in its commodity demand patterns, displaying increased price sensitivity and a willingness to influence prices. This shift is evident in its crude oil imports, which peaked in August but tapered o...

Maritime

"Aether Fuels Secures $8.5 Million in Pre-Series A Financing for Sustainable Aviation and Shipping Fuels"

Climate technology company Aether Fuels has announced $8.5 million in pre-Series A financing through convertible notes, with participation from investors including JetBlue Ventures, TechEnergy Ventures, Doral Energy Tech Ventures, Foothill Ventures, and existing investor Xora...

Maritime

"Singapore and Japan Strengthen Ties with Green and Digital Shipping Partnership"

Singapore and Japan have deepened their bilateral ties with a new memorandum of cooperation aimed at promoting digital and green practices in the shipping industry. The Green and Digital Shipping Corridor initiative will involve Singapore's Maritime and Port Authority collaborating with six of...

Maritime

Asia's Dominance in Global Oil Demand Growth: Focus on Jet Fuel and Regional Dynamics

Analysts and trade sources predict that Asia, led by South Asian demand, will drive the bulk of global oil demand growth in 2024. Despite economic headwinds affecting China, strong economic growth in South Asia is expected to surpass China's demand for oil. The surge in demand, particularly fo...

Maritime

"DNV Updates Shore Power Class Notation for Tankers Amid Rising Regulatory Demands"

DNV has released updated Shore Power class notation rules, effective from July 1, 2023, offering guidance for tanker owners seeking to utilize shore power during berths. Developed in collaboration with industry organizations, the rules address safety needs specific to tankers...

Maritime

Major Shipping Companies Suspend Red Sea Operations Amid Yemeni Houthi Missile Attacks

Two of the world's largest shipping companies, AP Moeller Maersk and Hapag-Lloyd, have suspended their operations in the Red Sea following missile attacks by Yemeni Houthi rebels. The attacks, targeting commercial vessels, have escalated amid the Israel-Gaza conflict. Maersk, the world's large...

Maritime

Panama Canal Increases Daily Transits to Address Drought Challenges

The Panama Canal has announced an increase in daily transits from 22 to 24 starting in January, aiming to benefit its customers. The decision is a response to the unusually low water levels in Gatun Lake caused by El Niño-induced drought. Initially implementing restrictions d...

Maritime

Weekly Maritime Market Overview: Freight Rates and Trends Across Vessel Classes

The latest maritime market report provides insights into the freight rates and activities across various vessel classes. Highlights include the positive trend in LR2 and LR1 classes in the Middle East Gulf, MR market fluctuations influenced by the U.S. Gulf, stability in Hand...

Maritime

Major Freight Firms Avoid Suez Canal Amid Rising Houthi Attacks in Red Sea

Two leading freight companies, MSC Mediterranean Shipping Co and CMA CGM, are diverting ships away from the Suez Canal due to increased Houthi militant attacks on commercial vessels in the Red Sea. The attacks, a response to the Gaza conflict, have raised war risk insurance p...

Maritime

AtoB@C Shipping Welcomes Electramar, the First of Twelve Energy-Efficient Hybrid Vessels

AtoB@C Shipping has taken delivery of Electramar, marking the initial vessel in a series of twelve highly energy-efficient plug-in hybrid ships. These vessels aim to reduce CO2 emissions by up to 50% compared to the current generation of ships, incorporating shore power conne...

Maritime

Argentina Reopens Agricultural Export Registrations Following Brief Ban

The government of Argentina has reopened agricultural export registrations after a temporary ban imposed on December 12. The bioeconomy secretariat announced the decision, stating that the registration of Affidavits of Foreign Sales (DJVE) for agricultural products is now ope...

Maritime

India Resumes Venezuelan Oil Imports, Expanding Refining Capabilities

India's Oil Minister, Hardeep Singh Puri, announced that India will purchase Venezuelan oil as several refineries in the country have the capability to process heavy crude oil. Major Indian refiners, including Reliance Industries, Indian Oil Corp, and HPCL-Mittal Energy, have already secured c...

Maritime

Rhine River Shipping Disrupted by Rising Water Levels in South Germany

Parts of the Rhine River in southern Germany remain closed to shipping due to increased water levels caused by heavy rain and melting snow. The closure, centered around Maxau and Speyer, has been in effect since Tuesday, impacting the transport of commodities such as minerals...

Maritime

Subcontinent Ship Recycling Markets Face Year-End Challenges Amid Regulatory Shifts

As 2023 approaches its end, the subcontinent ship recycling markets are experiencing a subdued conclusion, contrary to earlier expectations of a robust finish. Limited deals are being closed in both container and dry bulk sectors, with owners seemingly holding back to assess ...

Maritime

Asia's Fuel Oil Market Sees Stable Cash Differentials Amid Limited Catalysts

Cash differentials for Asia's fuel oil experienced minimal changes on Friday, with the spot market remaining stable due to a lack of fresh drivers, according to industry sources. Thin premiums were observed, with 0.5% very low sulfur fuel oil showing a slight decline at $6.40...

Maritime

Houthi Attacks on Red Sea Shipping Pose Global Supply Chain Threat

Ongoing missile and drone attacks by Houthi militia on merchant ships in the Red Sea and Gulf of Aden raise concerns of a potential global supply chain crisis, warn industry analysts. The recent attack on the 'Maersk Gibraltar' follows a series of incidents, prompting fears o...

Maritime

Maersk Tankers Offer Cape of Good Hope Reroute Option Amidst Red Sea Security Concerns

Maersk Tankers, a major global tanker company, has reportedly provided the option to reroute oil shipments via the Cape of Good Hope due to escalating security issues in the Red Sea. The decision comes in response to recent attacks by Yemen's Houthis on ships, protesting Isra...

Maritime

Panama Canal Faces Sharp Decline in November Transits Amidst Drought Crisis

In November, the Panama Canal recorded a significant 2222

Maritime

Baltic Exchange's Dry Bulk Sea Freight Index Records Second Consecutive Weekly Decline

The Baltic Exchange's dry bulk sea freight index, encompassing capesize, panamax, and supramax vessels, experienced a 2.6% drop, totaling 63 points at 2,348, marking a 5.4 decrease for the week. Capesize vessels, transporting large cargo like iron o...

Maritime

Singapore's Fuel Oil Inventories Surge to Nearly Three-Month Highs

Residual fuel oil inventories at Singapore, a key trading hub, rebounded to nearly three-month highs as net imports recovered, according to official data. Onshore fuel oil stocks rose by 14.4% to 21.57 million barrels in the week ending December 13. The recovery in net fuel o...

Maritime

Singapore's Fuel Oil Inventories Reach Three-Month Highs Amid Increased Imports

Singapore, a key trading hub, witnessed a significant rebound in residual fuel oil inventories, reaching nearly three-month highs. According to data from Enterprise Singapore, onshore fuel oil stocks rose by 14.4% to 21.57 million barrels (3.40 million metric tons) in the week ending December ...

Maritime

Bureau Veritas Grants Approval in Principle to ERMA FIRST's BLUE CONNECT Shore Power Solution

Bureau Veritas has awarded an Approval in Principle (AiP) to ERMA FIRST for its BLUE CONNECT system, a high-voltage alternative maritime power solution designed to be housed in a 40ft container. The system enables ships to connect with various shore power systems, both extern...

Maritime

Bernhard Schulte Orders First CO2 Tanker for Pioneering Northern Lights Project

Bernhard Schulte has expanded its fleet portfolio with the order of its first CO2 tanker, slated for delivery in 2026. The vessel, to be constructed at Dalian Shipbuilding Offshore (DSOC), will incorporate innovative technologies aimed at significantly reducing its carbon foo...

Maritime

Veson Nautical Acquires Shipfix to Strengthen Maritime Data Solutions

Veson Nautical, a global leader in maritime freight management solutions, has acquired Shipfix, a collaborative data platform driven by advanced AI tools. This marks Veson's second acquisition this year, aiming to enhance its ability to provide quality, contextual data to the maritime industry...

Maritime

Asia's Fuel Oil Market Update: Steady Premiums, Rising Singapore Inventories, and Bunker Sales Data

Asia's spot fuel oil market remained stable with minimal trading activity, and cash premiums for 0.5% VLSFO and 380-cst HSFO held steady. Onshore fuel oil inventories in Singapore reached nearly three-month highs, driven by increased net fuel oil imports. Malaysia, Brazil, an...

Maritime

Global Bunker Market Trends: Downward Price Shifts, LNG Bunkering Insights, and Iran's Maritime Fleet Strength

In Week 50, the MABUX global bunker indices continued their steady downward trend, with various fuel categories experiencing price drops. The Scrubber Spread (SS) decreased, nearing the $100.00 breakeven mark. European gas storages operate at 94

Maritime

Strategies to Navigate Oversupply: Container Lines Prepare for 2024 Challenges

Philip Damas, Managing Director of Drewry Shipping Consultants, anticipates oversupply challenges in the container shipping industry in 2024. Strategies to minimize losses include an increase in blank sailings, industrial use of canceled sailings affecting departure predictab...

Maritime

Optimistic Outlook for 2024: Container Shipping Industry Anticipates Growth, Reveals Global Survey

Container xChange, a prominent online container logistics platform, conducted a survey with 1200 supply chain professionals worldwide, revealing a positive outlook for the global container shipping industry in 2024. A significant 74% of respondents expressed optimism, with 20...

Maritime

Dry Bulk Sea Freight Index Slips for Second Consecutive Session Amid Weaker Rates

The Baltic Exchange's dry bulk sea freight index, encompassing capesize, panamax, and supramax vessels, declined by 1.1% to 2,411 points, marking the second consecutive session of lower rates. Capesize vessels, transporting substantial cargoes like iron ore, experienced a 0.7...

Maritime

Performance Shipping Inc. Completes Sale of Aframax Tanker M/T P. Kikuma

Performance Shipping Inc., a global shipping company specializing in tanker vessels, has successfully completed the previously announced sale of the 2007-built Aframax tanker vessel M/T P. Kikuma for $39.3 million. The delivery of the vessel to its new owners marks a strategi...

Maritime

Newbuilding Orders Show Mixed Activity in Shipping Market

The global shipbuilding market experienced varied activity over the past week, with newbuilding orders added at a slower pace compared to previous weeks. Shipbroker Allied Shipbroking highlighted a boost in dry bulk deals, making it one of the busiest weeks for bulker contrac...

Maritime

Scorpio Tankers Inc. Provides Q4 2023 TCE Revenue Updates and Debt Repayment Commitments

Scorpio Tankers Inc. has shared updates on its fourth quarter of 2023 Daily Time Charter Equivalent (TCE) Revenues and recent debt and lease activities. In Q4 2023, the company provided a summary of the estimated average daily TCE revenue and the duration of contracted voyage...

Maritime

U.S. Crude Inventories Unexpectedly Drop by 4.3 Million Barrels

According to the U.S. Energy Information Administration (EIA), U.S. crude inventories experienced an unexpected decline of 4.3 million barrels in the week ending December 8, surpassing analysts' expectations for a 650,000 barrel drop. Gasoline stocks rose by 408,000 barrels t...

Maritime

Asia's Spot Cash Differentials Rise Amid Strong January Buying Interest

In Asia, spot cash differentials have shifted to a premium for the first time in a month, driven by robust January buying interest and a scarcity of lower-priced sellers in the open market. The steeper backwardation in the swaps market contributed to these gains, although a b...

Maritime

OECD Unemployment Trends in October 2023: Stability Amid Regional Variances

The OECD unemployment rate remained stable at 4.9% in October 2023, continuing below 5.0% since July 2022. Despite this overall stability, the number of unemployed persons in the OECD reached 33.4 million, marking the highest level in 2023. Notably, the youth unemployment rat...

Maritime

: Fitch Ratings Maintains Neutral Outlook for China in 2024 Amid Challenges

Fitch Ratings announced a neutral outlook for China in 2024, citing headwinds from subdued external demand, challenges in the property sector, and local government debt. The forecast anticipates a moderation in mainland China's GDP growth to 4.6%, down from just over 5% in 20...

Maritime

Asia's Spot Fuel Oil Market Holds Steady Amid Limited Drivers

As of Wednesday, the spot fuel oil market in Asia remained rangebound, with cash differentials holding steady in single-digit premiums. Spot trade continued for 380-cst high sulphur fuel oil (HSFO), with cash premiums in the range of $4 to $5 per metric ton over Singapore quo...

Maritime

Severe Drought in Panama Alters Shipping Routes, Impacting U.S. Fuel Trade

The oil tanker Cururo is taking an extended route from Houston to Chile, circumventing the Panama Canal due to a severe drought affecting Panama. The alternative journey, spanning over 10,000 nautical miles and taking 32 days, contrasts with the typical 23-day, 5,000-mile route through the can...

Maritime

: Baltic Exchange's Dry Bulk Sea Freight Index Hits Two-Week Low as Rates Decline Across Vessel Segments

The Baltic Exchange's dry bulk sea freight index, encompassing capesize, panamax, and supramax vessels, experienced a 4.4% drop to reach its lowest level since November 28. The capesize index saw a significant 6.2

Maritime

APM Terminals Drives Digital Innovation with Expanded API Data Feeds and Price Freeze

APM Terminals, a global port operator, reports a remarkable 36% YoY growth in its real-time API data feeds, propelling its commitment to digitalization. The company has now added data sources for two additional terminals, APM Terminals Pecém in Brazil and Aqaba Container Terminal i...

Maritime

"Concordia Maritime's Independent Bid Committee Recommends Stena Sessan's Acquisition Offer"

The Independent Bid Committee of Concordia Maritime has unanimously recommended that shareholders accept the acquisition offer from Stena Sessan. Stena Sessan's public offer is to acquire all class B shares in Concordia Maritime not already held for SEK 9.80 per share in cash...

Maritime

MAN Energy Solutions and Alfa Laval Partner to Develop Methanol Fuel-Supply Solution

MAN Energy Solutions has entered into an agreement with Alfa Laval to develop a methanol fuel-supply solution for MAN four-stroke engines and its fuel-injection technology. This collaboration aims to make retrofitting to methanol operation possible for the first four-stroke engine types by 202...

Maritime

X-Press Feeders to Fuel European Fleet with Green Methanol in 2024

Singapore-based container shipper X-Press Feeders plans to use green methanol bunker for part of its fleet in Europe starting in the second quarter of 2024. The move aligns with the European Union's extension of its Emissions Trading System (ETS) to cover CO2 emissions for ships enteri...

Maritime

"Wärtsilä to Provide Integrated Hybrid Propulsion Solution for Aasen Shipping's New Self-Discharging Cargo Vessels"

Wärtsilä has secured an order to supply an integrated hybrid propulsion solution for three new self-discharging cargo vessels being constructed at the Royal Bodewes shipyard in the Netherlands for Norwegian shipowner Aasen Shipping. The vessels will feature the recently launc...

Maritime

ABB and Wallenius Marine Unveil First OVERSEA Fleet Support Center for Sustainable Shipping

 ABB and Wallenius Marine have inaugurated the first OVERSEA Fleet Support Center in Stockholm, Sweden, marking a significant advancement in their collaborative efforts to enhance environmental, technical, and voyage performance in the maritime industry. Leveraging ABB's ship technologies and ...

Maritime

Alfa Laval and WinGD Forge Partnership for Ammonia-Fueled Engine Testing"

Alfa Laval and Swiss engine designer WinGD have joined forces to advance the development of ammonia as a future fuel for marine vessels. Alfa Laval will provide two customized ammonia fuel supply systems for testing WinGD's ammonia-fueled engine at the Engine Research and In...

Maritime

Bunker Market Update: Singapore Faces Tight VLSFO Supply, China Shows Signs of Improvement

Maritime

Pleiades Shipping Agents Celebrate One Year of Success with Marinfloc’s Innovative Environmental Systems"

Pleiades Shipping Agents' vessels, MTs ARDAS I, ALFIOS I, and ARACTHOS I, mark their first anniversary of service equipped with Marinfloc's Combined Bilge and Main Engine EGR bleed-off water treatment system. Delivered by DH Shipbuilding in 2022–2023, these vessels have demonstrated the effect...

Maritime

Asia's VLSFO Market Softens Amid Increased Arbitrage Supplies, Stable HSFO Trading

The Very Low Sulphur Fuel Oil (VLSFO) market in Asia experienced a softening on Tuesday due to the anticipation of additional arbitrage supplies arriving at the Singapore hub. The cash premium for Singapore's 0.5% VLSFO eased, while high sulphur fuel oil (HSFO) remained stab...

Maritime

Houthis Attack Norwegian Tanker in Protest Against Israel, Contradicting Vessel's Purpose"

Yemen's Houthi rebels claimed responsibility for targeting the Norwegian tanker STRINDA, alleging it was en route to an Israeli terminal. The attack, part of their protest against Israel's actions, contradicts the tanker owner's statement that it was carrying palm oil to Italy for biofuels. Th...

Maritime

RightShip Launches Tiered Subscription Model for RightFLEET, Empowering Ship Owners with ESG Insights

RightShip, a prominent global digital maritime platform focused on environmental, social, and governance (ESG) aspects, introduces three new subscription tiers for ship owners and managers: RightFLEET Starter, RightFLEET Lite, and RightFLEET Enterprise. The RightFLEET service is designed to op...

Maritime

Potential Threat to Tanker Shipping: Venezuela-Guyana Tensions and the Impact on Oil Exports

Tensions between Venezuela and Guyana pose a potential threat to tanker shipping, particularly impacting the oil-rich Essequibo region. With Guyana's growing crude exports and projections to double by 2025, an invasion by Venezuela could lead to reduced oil production, reimposed sanctions on V...

Maritime

Baltic Dry Index Rises on Capesize Strength, Panamax Decline

The Baltic Exchange's dry bulk sea freight index increased for the second consecutive session, driven by higher capesize rates. The overall index, factoring in capesize, panamax, and supramax vessels, rose by 1.7% to 2,551 points. Capesize rates surged by 4.4%, contributing t...

Maritime

Navigating the Future: Transformative Opportunities in Marine Insurance through Data and Green Shipping"

The International Union of Marine Insurance emphasizes the pivotal role of data in revolutionizing marine insurance, citing the transmission of 500 million signals daily as a valuable resource for green shipping. The key stakes for marine insurers include meeting client expec...

Maritime

"India Expected to Retain Position as World's Fastest-Growing Major Economy in 2024, Driven by Urbanization and Industrialization"

The International Monetary Fund (IMF) forecasts India to maintain its status as the world's fastest-growing major economy in 2024, with a real GDP growth of over 6% in both 2023 and 2024. This growth is attributed to the rapid take-off phase of urbanization and industrialization. India's econo...

Maritime

Global Trade Expected to Contract by 5% in 2023, UN Trade Body Predicts Pessimistic Outlook for 2024

The United Nations Conference on Trade and Development (UNCTAD) anticipates a 5% contraction in global trade for 2023 compared to the previous year, projecting total commerce to be around $30.7 trillion. While goods trade is expected to contract by nearly $2 trillion (8%), s...

Maritime

Mixed Trends in Asia's Middle Distillates Market with Falling Margins, Firm Cash Differentials, and Regrade Amid Limited Spot Activity

The beginning of the week saw mixed trends in Asia's middle distillates markets, characterized by falling margins but firm cash differentials and regrade amid thin spot activity. Spot market differentials for end-December to January loading parcels were slightly supported, c...

Maritime

OPEC Hosts Youth Event at COP28 to Advocate for Fossil Fuels Amid Climate Summit Tensions

OPEC organized an event, "Special Day – OPEC and the youth," on the sidelines of the COP28 negotiations in Dubai, aiming to persuade young people to support fossil fuels, a contentious issue at the climate summit. The event featured a presentation at the OPEC pavilion on the...

Maritime

Chinese Refiners Scale Back Saudi Aramco Crude Nominations for January Amid Elevated Prices"

Chinese refiners have reportedly reduced their demand for crude oil from Saudi Aramco for January, marking the lowest nomination volume in five months. Approximately 40 million barrels were nominated for January loading, down from about 46 million in December. The decline in ...

Maritime

India's Thermal Power Plants Experience Significant Recovery in Coal Stocks, Alleviating Earlier Shortages

India's domestic thermal power plants have witnessed a notable improvement in coal stocks, reaching 27 million tonnes as of December 9, marking a recovery from the year's low of 18.5 million tonnes recorded about a month ago. Approximately 20 coal-based power plants had repo...

Maritime

Chinese Refiners Cut Saudi Aramco Crude Nominations to Five-Month Low Due to High Prices"

Chinese refiners have reportedly reduced their demand for Saudi Aramco's crude oil in January to the lowest level in five months. The decrease in nominations, from approximately 46 million barrels in December to around 40 million barrels in January, is attributed to higher-th...

Maritime

"India's Thermal Power Plants Witness Improved Coal Stocks, Recovering from Yearly Low"

Coal stocks at India's domestic thermal power plants have rebounded to 27 million tonnes (MT) as of December 9, indicating a recovery from the yearly low of 18.5 MT approximately a month ago. Approximately 20 domestic coal-based power plants had previously reported critical s...

Maritime

China Spurs Rare Rally in U.S. Wheat Prices with Unprecedented Buying Streak"

After hitting three-year lows, U.S. wheat prices have experienced an exceptional rally, primarily driven by increased purchases from China seeking competitive prices. The most-active CBOT wheat settled higher for an eighth consecutive session, marking a rare occurrence since...

Maritime

China's Wheat Buying Spree Drives U.S. Prices to Three-Year Highs"

U.S. wheat prices have surged to three-year highs as China, attracted by competitive prices, entered the market to make rare purchases. The most-active CBOT wheat settled higher for an eighth consecutive session, marking the longest winning streak since April 1986. The surge,...

Maritime

"Keppel and AM Green Join Forces to Explore Biogenic Carbon-Based Sustainable Fuels"

Keppel Corporation, through its Infrastructure Division, has signed an MOU with AM Green, a company owned by the founders of Greenko Group, to explore opportunities for producing biogenic carbon-based sustainable fuels. The collaboration aims to develop projects in Southeast ...

Maritime

"MISC Upbeat on LNG Outlook Despite Rising Asset Prices"

MISC Bhd, a major player in the liquefied natural gas (LNG) sector, maintains a positive outlook on LNG, believing that clients are willing to offer favorable rates despite increased asset prices. RHB Research notes that MISC's gas segment, with 31 LNG carriers, remains a key...

Maritime

Diverging Trends in Asian Thermal Coal Prices: Strong Demand Drives High-Grade Rally

Asian seaborne thermal coal prices exhibit divergent trends, with high-quality coal witnessing a rally fueled by robust demand from Japan and South Korea, while lower grades stagnate due to lackluster imports by China and India. The Newcastle Index for premium coal from Austr...

Maritime

ABS CEO Emphasizes Safety as a Driving Force for Sustainable Shipping at COP28

ABS Chairman and CEO Christopher J. Wiernicki highlighted the crucial role of safety in steering the shipping industry towards sustainability at COP28. Stressing safety as a non-negotiable boundary for transitioning to new fuels and technologies, Wiernicki emphasized the nee...

Maritime

"Divergence in Asian Seaborne Thermal Coal Prices Driven by Demand Dynamics

Prices of seaborne thermal coal in Asia are diverging, with strong demand from Japan and South Korea propelling high-quality fuel coal prices higher, while lackluster imports by China and India are keeping lower-grade coal prices stagnant. The Newcastle Index, linked to high...

Maritime

ABS CEO Emphasizes Safety as Pivotal for Sustainable Shipping at COP28

ABS Chairman and CEO, Christopher J. Wiernicki, highlighted the critical role of safety in driving the maritime industry towards sustainability at COP28. Wiernicki stressed the need for safety as a non-negotiable boundary condition during the transition to alternative fuels a...

Maritime

Wärtsilä to Expand Swedish BioLNG Plant's Capacity to 45 Tons per Day

Technology group Wärtsilä has secured a contract to extend a Swedish bioLNG plant, owned by Tekniska Verken, increasing bioLNG production from 20 to 45 tons per day. The project involves supplying, installing, and commissioning biogas upgrading and liquefaction units, utilizing Wärtsilä's pate...

Maritime

Chinese Independent Refineries Hesitate to Utilize Advance Crude Import Quotas for 2024"

The Chinese government has permitted independent refineries to use their 2024 crude oil import quotas in advance to address tightness in the allocation for 2023. However, few refineries are interested in applying for the advance quotas, citing late permission and already fin...

Maritime

Shippers Diverting Routes Due to Increased Attacks in Red Sea and Gulf of Aden

Shippers are rerouting vessels to avoid the Red Sea and Gulf of Aden due to a surge in attacks, causing delays and increased emissions. The risk escalated after the Israel-Hamas conflict, with Iranian-backed Houthis targeting various commercial ships. Some shippers are opting...

Maritime

Dynagas LNG Partners Reports Q3 2023 Results and Highlights Strong Contracted Revenue Backlog

.Dynagas LNG Partners, a liquefied natural gas (LNG) carrier operator, has released its financial results for the three and nine months ended September 30, 2023. Despite challenges, the company reported a net income of $1.4 million for Q3 2023 and $...

Maritime

EU Emissions Trading Scheme Poses Billion-Dollar Challenges for Shipping Industry

The International Transport Intermediaries Club (ITIC) warns that the European Union's (EU) new Emissions Trading Scheme (ETS) could cost the shipping industry billions, creating tensions between shipowners and charterers. The extended EU ETS, effective from January 1, 2024,...

Maritime

"Drought-Induced Canal Congestion Challenges U.S. Grain Exporters, Raises Costs

U.S. grain exporters navigating through the Panama Canal face significant delays and increased freight costs due to severe drought conditions, limiting canal transits and causing a bottleneck in one of the world's crucial trade routes. The peak season for U.S. crop exports i...

Maritime

Shaping the Future of Shipping: Global Collaboration and Commitment Towards Net Zero

The Shaping the Future of Shipping summit, held as part of the COP28 presidency programme, brought together over 300 leaders from 60 organizations across the world. The event aimed to discuss and strategize tangible solutions to achieve the International Maritime Organizatio...

Maritime

Novorossiisk Port Faces Disruptions in December Oil Loadings After Weather-Related Delays

Oil loadings from Russia's Black Sea port, Novorossiisk, in December have been revised down to 1.72 million tonnes from the initial plan of 2.14 million tonnes. The downsizing is attributed to disruptions caused by severe weather in November, leading to postponed exports. Sto...

Maritime

"India's Record Coal Production Amidst Hydro Shortfall Highlights Energy Security Challenges"

India, facing a significant drop in hydroelectric generation due to below-average monsoon rains, produced a record amount of electricity from coal in October. Despite substantial growth in wind and solar capacity, coal continues to play a crucial role in meeting the country's rising electricit...

Maritime

"Fujairah's Fuel Oil Inventories Dip 1% in November; Middle Distillate Stocks Surge"

Fujairah's fuel oil inventories experienced a The dry bulk market's unprecedented rally, driven by robust indices and strong performances in various segments, signifies a bullish trend. Factors such as increased thermal coal imports by China, the lifting of Australia's ban, a...

Maritime

PIL and DP World Join Forces for Green Shipping Solutions at COP26

Singapore-based Pacific International Lines (PIL) and Dubai's DP World have entered a collaboration to develop sustainable solutions for decarbonizing global shipping supply chains. The agreement, announced at the UN Climate Change Conference, involves trials of shipments using biofuel blends ...

Maritime

"Legal Ruling in 'Afra Oak' Case Highlights Distinction Between Navigation and Employment Orders

In the case of the M/T "AFRA OAK," a London Arbitral Tribunal rejected Owners' claim for an unsafe port, ruling that anchoring in Indonesian territorial waters could have been avoided with good seamanship. The case involved a dispute between Owners and Charterers, with the ve...

Maritime

"Legal Ruling in 'Afra Oak' Case Highlights Distinction Between Navigation and Employment Orders

In the case of the M/T "AFRA OAK," a London Arbitral Tribunal rejected Owners' claim for an unsafe port, ruling that anchoring in Indonesian territorial waters could have been avoided with good seamanship. The case involved a dispute between Owners and Charterers, with the ve...

Maritime

"Container Lines May Raise Rates by Up to $450/TEU to Cover Decarbonization Costs"

A study by consultancy UMAS suggests that container lines may need to increase freight rates by up to $450 per twenty-foot equivalent unit (TEU) on deep-sea trade routes to offset the additional expenses associated with decarbonizing maritime operations. The transition to low...

Maritime

China Takes Lead in Green Shipping Technologies to Achieve Net-Zero Emissions

As part of the International Maritime Organization's goal for net-zero emissions in shipping by 2050, China, a major shipping nation, is making rapid strides in green technologies. Chinese shipbuilding companies, exemplified by the China State Shipbuilding Corporation, showca...

Maritime

Tanker Owners Reap Profits as U.S. Crude Exports Soar to Record Highs

Amidst the COP 28 climate summit, the U.S., despite advocating for decarbonization, is set to become the world's top producer and exporter of natural gas, refined products, and liquefied petroleum gas. The country achieved its highest-ever monthly crude oil production in Sept...

Maritime

Maritime Shipping Market Report - December Update

This comprehensive report provides insights into the current state of the maritime shipping market across various vessel classes. Highlights include the resurgence of activity in the Middle East Gulf, optimistic trends in freight rates, and fluctuations in different size cate...

Maritime

Geopolitical Tensions Threaten Key Maritime Chokepoints

The Malacca Strait, vital for global trade, faces challenges with increased piracy and potential disruptions during times of conflict. Rising tensions in the Gulf of Aden and European waters add complexity. Concerns include the impact on shipping patterns, strategic chokepoin...

Maritime

BIMCO Introduces New Emission Trading Scheme (ETS) Clauses to Navigate Evolving Regulatory Landscape

As the shipping industry grapples with increased regulations from the International Maritime Organization (IMO) and the European Union (EU), BIMCO has unveiled a set of Emission Trading Scheme (ETS) clauses. These clauses, adopted for both ship management agreements and voyag...

Maritime

December Freight Market Analysis: Mixed Trends in Crude Oil Rates, Contrasting Outlooks in Vessel Supply and Demand

The beginning of December presents a fluctuating outlook for crude oil freight rates, notably in the VLCC category. While concerns arise from an increase in vessel supply, the Aframax segment stands out with promising demand growth. In the 'Dirty' segment, VLCC and Suezmax rates show signs of ...

Maritime

Sea Cargo Charter Aligns Reporting Ambition with IMO Goals and Expands Membership Scope

The Sea Cargo Charter (SCC) is adapting its reporting trajectory in response to the International Maritime Organization’s (IMO) revised greenhouse gas (GHG) strategy. This move aligns SCC's goals with the IMO's ambition to achieve net-zero GHG emissions in the shipping sector...

Maritime

Dry Bulk Market Witnesses Unprecedented Rally, Reaching Highest Levels in Over a Year"

The dry bulk market has experienced an extraordinary rally, marking eight consecutive increases, with the Baltic Dry Index reaching its highest point since May 2022. Shipbroker Xclusiv reports significant uptrends in Panamax, Supramax, and Handysize indices, reaching their pe...

Maritime

Baltic Dry Index Snaps Four-Week Winning Streak as Rates Decline Across Larger Vessel Segments

The Baltic Exchange's dry bulk sea freight index, which encompasses rates for capesize, panamax, and supramax shipping vessels, ended its four-week winning streak with a decline. The overall index was down 0.5% at 2,483 points, marking a 22

Maritime

Report Reveals Initial Cost Challenges and Pathways for Zero Emission Container Vessels, Urges Early Mover Action

A recent report unveiled at COP28 delves into the annualized total costs of zero-emission container vessels, highlighting initial cost disparities with conventional fossil fuels. Titled 'Cost of zero emission container freight shipping: A study on selected deep-sea and short-...

Maritime

Mixed Fortunes in the Shipping Industry: Dry Bulk Orders Decline, Tanker Contracts Surge, and S&P Market Reflects Varied Activity

The shipping industry displays divergent trends as dry bulk orders decline, tanker contracts surge, and the second-hand market experiences mixed activity. Dry bulk contracting, particularly in the Supra/Ultramax sectors, witnesses a sharp YoY drop, while tanker orders exceed ...

Maritime

"Container Shipping Faces Challenging Dynamics: Volumes Decline, Freight Rates Plummet, and Costs Remain High"

Container shipping is grappling with a complex set of challenges, including a nearly 2% YoY decline in volumes and plummeting freight rates, which reached 2019 levels in September and are expected to continue falling. Despite efforts to control supply growth, the fleet has grown 5% compared to...

Maritime

"Mixed Signals in Dry Bulk Shipping: Capesize and Panamax Surge, Demand Growth Unstable"

In the initial week of December, the Capesize and Panamax freight markets witnessed a remarkable surge, reaching the highest levels in the past year, signaling unexpected positive sentiment. Capesize rates from Brazil to North China rose by 50%, and Panamax rates from the Con...

Maritime

Product Tanker Market Surges Amid Shifting Trade Dynamics and Market Valuation Peaks

The product tanker market is experiencing a notable upswing driven by changing trade conditions. European refiners, grappling with diesel inventory challenges due to the ban on Russian oil products, coupled with reduced production, have led to declining diesel stocks, hitting...

Maritime

"BIMCO Introduces New Emission Trading Scheme (ETS) Clauses to Navigate Evolving Industry Regulations"

The shipping industry is navigating a surge in regulatory changes, especially from the International Maritime Organization (IMO) and the European Union (EU), alongside an escalating need for decarbonization. BIMCO, in response, has unveiled a set of Emission Trading Scheme (E...

Maritime

"Mixed Signals in Crude Oil Freight Rates: VLCCs and Suezmax Show Momentum, Aframax Faces Downward Pressure"

The first week of December has seen a mixed outlook for crude oil freight rates. While VLCCs and Suezmax show signs of steady momentum, Aframax rates continue to face downward pressure. VLCC MEG-China rates held around 67 WS, indicating a steady trend. Suezmax rates for West ...

Maritime

"India Confirmed as Second-Largest Global Coal Importer Amid Robust Seaborne Trade"

India has solidified its position as the world's second-largest seaborne importer of coal after China, accounting for 17.9% of the global market in 2023. According to shipbroker Banchero Costa, global coal trade has rebounded to pre-COVID levels, with seaborne coal loadings i...

Maritime

U.S. Natural Gas Storage Reaches Highest Levels Since 2020 as Winter Heating Season Begins"

The Lower 48 United States is entering the winter heating season with the highest natural gas storage levels since 2020. Estimates indicate that working natural gas in storage reached 3,776 billion cubic feet (Bcf) at the end of the natural gas injection season. This surplus is attributed in p...

Maritime

Asian LNG Prices Surge to Two-Year Highs Amid Panama Canal Congestion

Congestion at the Panama Canal has led to a surge in liquefied natural gas (LNG) prices in Asia, reaching the steepest premium over European prices in two years. Long wait times at the canal, caused by a severe drought affecting crucial reservoirs, have increased shipping costs for various com...

Maritime

OPEC+ Crude Production Dips in November; China, Russia, and Ongoing Challenges Impact Output

According to the latest Platts survey, OPEC+ crude production declined by 110,000 b/d in November, totaling 42.6 million b/d. The report indicates a drop in output from OPEC's 13 members, primarily attributed to decreased Iraqi production. Meanwhile, non-OPEC allies, led by R...

Maritime

Iron Ore Futures Surge Amid Positive Signals from China and Economic Stimulus Speculation

Iron ore futures experienced a notable surge driven by multiple factors, including robust export data from China, speculation of potential economic stimulus measures, and sustained strong demand. The most-traded May iron ore on China’s Dalian Commodity Exchange closed 2.4% higher, marking its ...

Maritime

Deltamarin Secures Design Contract for Wallenius Wilhelmsen's Eco-Friendly PCTCs

Deltamarin has inked a design contract with China Merchants Jinling Shipyard for the comprehensive design and engineering of Wallenius Wilhelmsen's advanced Pure Car & Truck Carriers (PCTCs). The 'Shaper Class' vessels, ordered by Wallenius Wilhelmsen, are environmentally focused, boasting a c...

Maritime

GTT and China State Shipbuilding Corporation (CSSC) Forge Strategic Partnership for LNG Shipping Innovation"

GTT, a leader in membrane containment systems for liquefied gases, has signed a strategic cooperation agreement with China State Shipbuilding Corporation Limited (CSSC). The collaboration spans ship design, construction, cryogenic containment technologies for LNG shipping, LN...

Maritime

"Teck and Oldendorff Carriers Collaborate to Cut Emissions Using Innovative Wind Propulsion"

Teck Resources Limited and Oldendorff Carriers GmbH & Co. KG have joined forces to reduce CO2 emissions in their supply chain. The initiative involves outfitting the vessel Dietrich Oldendorf, which transports Teck's steelmaking coal from the Port of Vancouver, with a Flettne...

Maritime

China's Soybean Imports in November Miss Expectations Amid Customs Delays"

China imported 7.92 million metric tons of soybeans in November, a 7.8% increase from the previous year but falling short of traders' expectations. Slower clearing of cargoes at customs, attributed to delays in issuing import licenses, contributed to the lower-than-anticipated figures. The ext...

Maritime

EU Empowers Member States to Restrict Gas Imports from Russia and Belarus"

The European Union is reportedly set to grant its member states the authority to block gas imports from Russia and Belarus. A draft legal text from Brussels allows member states to limit access to gas infrastructure for companies from these countries, citing the protection of...

Maritime

2030 Shipping Pact for People and Nature (SPPaN)

Amidst COP28 discussions, the "2030 Shipping Pact for People and Nature (SPPaN)" takes center stage, addressing pollution, biodiversity loss, and the climate crisis in shipping. The report, "Navigating the Future: Bridging Shipping, Biodiversity, and Decarbonization," lays the foundation for t...

Maritime

Bunker Availability Challenges Across North and Latin American Ports

Bunker availability challenges are reported across various North and Latin American ports. In Houston, tight prompt availability and potential weekend delays are noted, with lead times of up to six days for VLSFO and LSMGO. Bolivar Roads experiences normal availability with a lead time of five...

Maritime

Asia's Fuel Oil Premiums Rise on European Inventory Decline

Cash premiums for 0.5% very low sulfur fuel oil (VLSFO) and high sulfur fuel oil (HSFO) in Asia increased as European inventories declined. The Singapore 0.5% VLSFO premium rose to $8.70 per metric ton from $8.52. The balance-Dec/Jan timespread for VLSFO widened to $7.50 per ...

Maritime

November 2023 U.S. Container Imports Decline, Impact of Panama Drought Emerges

U.S. container import volumes for November 2023 dropped by 9.0% from October, with East and Gulf Coast ports experiencing significant declines. Imports from China also decreased by 11.7%, contributing to an overall reduction in global supply chain performance. The Panama drou...

Maritime

Drewry's World Container Index Rises 6% to $1,461 Amid Global Shipping Trends

Drewry's World Container Index increased by 6% this week, reaching $1,461 per 40ft container. While the index has dropped by 32% compared to the same week last year, it is now 3% higher than the average pre-pandemic rates of 2019. The year-to-date average is $1,677 per 40ft container, signific...

Maritime

Global Freight Rates Show Mixed Trends Amid Capacity Adjustments

The Freightos Baltic Global index rose 6% in November to $1,156/FEU, reflecting successful capacity tightening efforts by carriers. Transpacific rates to the West Coast increased moderately to $1,613/FEU, marking a 20% rise from 2019. East Coast rates reached $2,362/FEU, up 7% from October but...

Maritime

Escalating Maritime Security Risks in Red Sea Could Impact Insurance Costs

Recent attacks on commercial ships in the Red Sea and Bab el-Mandeb area have heightened maritime security risks, potentially leading to increased insurance costs. The attacks, linked to the Israel-Hamas conflict and supported by Iranian-backed Houthis in Yemen, pose threats to a vital oil tra...

Maritime

Baltic Exchange's Dry Bulk Sea Freight Index Sees Weekly Decline Across Vessel Segments

The Baltic Exchange's dry bulk sea freight index experienced a setback after a four-week winning streak, with an overall decline of 12 points (0.5%) at 2,483. The capesize index rose 1.3%, but the week saw a substantial 22% drop in the overall index. Iron ore futures surged, supported by str...

Maritime

Asian Refiners Unfazed by OPEC+ Commitment; Middle Eastern Suppliers Prioritize Far East Stability

Asian refiners display resilience to OPEC and its allies' renewed commitment to limit crude production and exports through early 2024. Major Middle Eastern suppliers, including Saudi Arabia and Russia, have pledged voluntary production cuts, but Middle Eastern producers maint...

Maritime

ndia's Finished Steel Imports from China Hit Four-Year High; Industry Seeks Safeguards

India's imports of finished steel from China have surged to a four-year high in the first seven months of the fiscal year, reaching 1.1 million metric tons, a 47.3% YoY increase, according to provisional government data. China, the world's leading steel producer, primarily exported cold-rolled...

Maritime

Asian Refiners Unfazed by OPEC+ Production Cuts as Middle East Prioritizes Stable Supplies to the East

Despite OPEC and its allies committing to fresh crude production and export limits in early 2024, Asian refiners, particularly in South Korea, Japan, Taiwan, and China, remain unaffected. Major Middle Eastern suppliers like Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC) ...

Maritime

Malaysian Palm Oil Futures Hit Nearly Four-Week Low Amid Weak Demand and Global Pressures

Malaysian palm oil futures experienced a second consecutive decline, reaching their lowest point in almost four weeks. The February delivery contract dropped 1.34% to 3,822 ringgit, influenced by the sluggish performance of competing vegetable oils and subdued demand. Despite...

Maritime

Adani International Container Terminal Sets National Record, Handling 300,000 TEUs in November

Adani International Container Terminal, a joint venture at Adani Ports and SEZ in Mundra, achieved a significant milestone by handling 300,431 TEUs (twenty-foot equivalent units) across 97 vessels in November 2023. This accomplishment breaks the company's own record of 298,63...

Maritime

BIS Softens Stance on Inflation, Urges Caution Amid Global Economic Shifts"

The Bank for International Settlements (BIS) has adjusted its strict approach to inflation, acknowledging recent improvements but emphasizing that challenges persist for central banks. Global economic data suggests a shift away from multi-decade inflation highs caused by the post-C...

Maritime

Global Economic Outlook and Risks Across Key Regions: Scenarios and Challenges Ahead

Russian liquefied natural gas (LNG) shipments to Europe surged to a monthly peak of 1.75 million metric tons, marking a record high, as reported by Kommersant based on data from Kpler. This increase in LNG exports to Europe comes as Russia aims to bolster its production of super-cooled gas for...

Maritime

"Russian LNG Supplies to Europe Hit Monthly Record Amid Shifting Global Markets"

Russian liquefied natural gas (LNG) shipments to Europe surged to a monthly peak of 1.75 million metric tons, marking a record high, as reported by Kommersant based on data from Kpler. This increase in LNG exports to Europe comes as Russia aims to bolster its production of super-cooled gas for...

Maritime

Oil Markets Unsettled by OPEC+ Decision and Compliance Concerns; Asian Refiners Adjust Strategies

Middle Eastern oil benchmarks, including Oman, Dubai, and Murban, experienced a significant decline on Monday due to market uncertainties surrounding the latest OPEC+ decision. Doubts over the compliance of voluntary cuts and fears of a supply surplus contributed to a six-month low...

Maritime

Evolving Energy Landscape: The Rise of Natural Gas, Decline of Coal, and the Challenges Ahead"

In August 2023, the United States experienced a historic shift in its power generation, with over 50% of electricity demand met by natural gas. This increase in gas share was influenced by a drop in natural gas prices, coal plant retirements, low wind and hydropower output, and heightened cool...

Maritime

Evolving Energy Landscape: The Rise of Natural Gas, Decline of Coal, and the Challenges Ahead

In August 2023, the United States experienced a historic shift in its power generation, with over 50% of electricity demand met by natural gas. This increase in gas share was influenced by a drop in natural gas prices, coal plant retirements, low wind and hydropower output, and heightened co...

Maritime

: Speculators Maintain Massive Short Positions on U.S. Corn and Wheat Amid Contract Lows

U.S. corn and wheat futures have recently hit contract lows, reflecting a significant decline from record or near-record highs set last year. However, speculators continue to maintain enormous short positions, suggesting an expectation of further downside to prices. Money man...

Maritime

Indian Expatriate Ajith PJ Honored with Academic Doctorate for Pioneering Research in Energy Efficiency of Offshore Support Vessels

In a landmark event at the 21st convocation of the University of Petroleum & Energy Studies, Dehradun, Indian expatriate Ajith PJ was awarded an academic doctorate for his groundbreaking research on "Measuring Energy Efficiency of Offshore Support Vessels in the UAE for devel...

Maritime

Asian Refiners Unfazed by OPEC+ Commitments as Middle Eastern Suppliers Prioritize Stable Term Contracts

Asian refiners remain largely unaffected by OPEC and its allies' renewed commitment to production and export limits, as major Middle Eastern suppliers prioritize stable term contractual volumes for their customers in the Far East. Saudi Arabia and Russia, among others, have p...

Maritime

: Iron Ore Prices Diverge as Singapore Contracts Rise Despite China's Domestic Futures Decline

Iron ore spot prices witnessed a divergence as Singapore-traded contracts recorded gains, reaching an 18-month high, while China's domestic futures posted a decline. The front-month Singapore contract closed at $132.60 per metric ton, up 1% for the week, signaling potential c...

Maritime

Blue Ocean Alliance Unveils Revolutionary Sterntube-Less Ship Design

Thordon Bearings and Wärtsilä have collaborated to launch the Blue Ocean Alliance, an initiative focused on developing and promoting a groundbreaking sterntube-less ship concept. This innovative ship design eliminates the need for oil-lubricated sterntube seals and bearings, potentially saving...

Maritime

V.Group and Aither Form Strategic Partnership for Seamless Carbon Credit Trading in Shipping

V.Group, a prominent ship management and marine services company, has joined forces with Aither, a provider of carbon trading solutions, to establish a strategic partnership focused on facilitating the seamless trading of carbon credits for the EU Emissions Trading System ...

Maritime

Smartship Partnership Achieves Breakthrough in Digitalization for Sustainable Shipping

A collaborative effort between ship management company Laskaridis Shipping, digital technology provider METIS Cyberspace Technology, and classification society Bureau Veritas (BV) has resulted in significant advancements in digitalization for sustainable shipping. The partner...

Maritime

Kongsberg Maritime Secures Contract for Low-Emission Tankers with Sirius Rederi

Kongsberg Maritime has been awarded a contract to supply design, engineering, and equipment for two MGO/Biofuel and methanol-ready chemical tankers for Swedish operator Sirius Rederi AB. These 15,000dwt vessels, featuring Kongsberg Maritime equipment, are designed for low emi...

Maritime

Russian Diesel Exports Surge After Lifted Ban, Redirected to Brazil and Global Markets

Seaborne diesel and gasoil exports from Russian ports witnessed an 8.5% increase in November, reaching around 2.8 million metric tons. The surge followed the lifting of an export ban imposed in September due to a domestic shortage, coupled with ...

Maritime

Maersk Announces $500 Million Investment to Boost Southeast Asia's Supply Chain Infrastructure

A.P. Moller-Maersk (Maersk) has unveiled plans for a substantial investment exceeding $500 million over three years to enhance its supply chain infrastructure in Southeast Asia. Focused on its Logistics & Services sector, the investment will also extend to Ocean and Terminals infrastructure, c...

Maritime

Asia's HSFO Market Strengthens Amidst Active Trading

Asia's 380-cst high sulphur fuel oil (HSFO) market showed increased strength with robust trading activity. Trafigura and Shell emerged as primary sellers, with PetroChina and Rex Commodities being notable buyers. Singapore's 380-cst HSFO cash differential rose to a premium of...

Maritime

Pakistan Joins International Efforts for Safe Ship Recycling

Pakistan, represented by Vice Admiral (Retd.) Iftikhar Ahmad Rao, Maritime Minister and Special Assistant to the Prime Minister on Maritime Affairs, has officially become a party to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Shi...

Maritime

Baltic Dry Bulk Index Hits 18-Month High Amidst Rising Shipping Rates

The Baltic Exchange's dry bulk sea freight index has surged for an eighth consecutive session, reaching a one-and-a-half-year high as rates increased across various vessel segments. The overall index, encompassing capesize, panamax, and supramax vessels, rose by 4.8% to 3,346...

Maritime

Pakistan Joins International Efforts for Safe Ship Recycling

Pakistan, represented by Vice Admiral (Retd.) Iftikhar Ahmad Rao, Maritime Minister and Special Assistant to the Prime Minister on Maritime Affairs, has officially become a party to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Shi...

Maritime

Transformative Shift to Electrofuels: Sustainable First Mover Initiatives (SFMIs) in Port Development

The maritime industry is poised for a revolutionary change with the adoption of electrofuels, and ports play a crucial role in this transition. Sustainable First Mover Initiatives (SFMIs) have emerged as a concept to guide this shift, aligning with the 1.5°C Paris Agreement t...

Maritime

Sustainable First Mover Initiatives (SFMIs): A Tool for Inclusive Port Development in the Transition to Electrofuels

The shift to electrofuels is set to transform the global fuel market, particularly in the maritime industry. Recognizing the pivotal role of ports in this transition, a new concept called Sustainable First Mover Initiatives (SFMIs) has been introduced. SFMIs are designed to a...

Maritime

China's Economic Stimulus and Global Factors Propel Dry Bulk Market to 18-Month High

The dry bulk market has surged to its highest level in 18 months, driven by China's efforts to revitalize its economy and real estate sector. The Baltic Capesize Index (BCI) increased by approximately 78% in November, reaching the highest level since late October 2022. China'...

Maritime

Novorossiisk Port Suspends Oil Loadings Amid Storm; Indian Refiners Resume Venezuelan Oil Purchases

Oil loadings from Russia's Black Sea port of Novorossiisk have been suspended due to a resumed storm, affecting scheduled crude exports. The port failed to ship about 1.2 million metric tons of the initially planned 2.34 million tons of crude for November. Meanwhile, in the P...

Maritime

AD Ports Group Forms Joint Venture with Kazakhstan Railways to Boost Regional Logistics

AD Ports Group has signed an agreement with Kazakhstan Temir Zholy JSC (Kazakhstan Railways) to establish a joint venture aimed at enhancing rail connectivity, maritime shipping services, and operations in Kazakhstan's ports. The joint venture, with 51% ownership by AD Ports ...

Maritime

China's Economic Boost Drives Dry Bulk Market to 18-Month High

The dry bulk market has surged to its highest level in 18 months, with China's economic rejuvenation efforts, particularly in the real estate sector, playing a crucial role. The Baltic Capesize Index (BCI) saw a remarkable 78% increase in November, attributed to China's liqui...

Maritime

Safe Bulkers Authorizes Stock Repurchase Program

Safe Bulkers, Inc., a global marine drybulk transportation services provider, has announced the authorization of a stock repurchase program. The program allows the company to purchase up to 5,000,000 shares of its common stock, representing approximately 4.5% of outstanding s...

Maritime

Surge in Dark Ship-to-Ship Transfers Raises Concerns Amid Rising Oil Prices

The third quarter witnessed a significant increase in dark ship-to-ship transfers (STS), with 792 operations globally, up from 615 in the previous quarter. These clandestine transfers, involving turning off transponders, are suspected to be linked to Russia, Iran, and Venezue...

Maritime

Weekly Tanker Market Overview - December 1, 2023

This week's tanker market report highlights a decline in rates for various tanker segments, including VLCC, Suezmax, Aframax, and MR. The MEG/Japan TC1 index dropped significantly, indicating weakening rates, while LR1 and LR2 segments in the MEG managed to hold stable. MR ra...

Maritime

ICS Greek Branch Annual Forum 2023:

The 18th Annual Forum of the Institute of Chartered Shipbrokers (ICS) Greek Branch, titled "Shipping 2024: Sailing with Wisdom," was successfully held at the Eugenides Foundation. The event, attended both in person and online, featured notable speakers discussing various aspects of the shippin...

Maritime

Tanker Ordering Surges in 2023, But Supply-Demand Imbalance Persists

Tanker ordering activity has increased significantly in 2023, with the Aframax/LR2 segment leading the way, according to shipbroker Gibson. While the Handy/MR and Suezmax categories have also seen robust investment, the LR1/Panamaxes and VLCCs face a stark gap between orders ...

Maritime

German Finance Minister Defends Budget Amid Constitutional Court Ruling

German Finance Minister Christian Lindner has defended the supplementary budget for 2023, which suspends Germany's cap on borrowing this year due to a constitutional court ruling that annulled the government's spending plans. The ruling impacts the reallocation of €60 billion...

Maritime

Greece's Credit Rating Upgraded to Investment Grade by Fitch

Global ratings agency Fitch has upgraded Greece's Long-Term Foreign-Currency Issuer Default Rating to 'BBB-' from 'BB+' with a stable outlook, marking an elevation to investment-grade status. The move follows a similar upgrade by S&P Global Ratings in October, making Greece's...

Maritime

: Global Monetary Tightening Nears End as Central Banks Exhibit Caution

In November, major developed central banks saw a slowdown in rate hikes, with only the Reserve Bank of Australia implementing a 25 bps increase. Among central banks overseeing heavily traded currencies, those in the United States, New Zealand, Sweden, Norway, and Britain opted to maintain unch...

Maritime

Global Trade Faces Modest Rebound in 2024 Amidst Weak Demand and Supply Shocks

Global merchandise trade is anticipated to grow by 2.5% in 2024, trailing behind global GDP growth. The modest uptick is attributed more to a low comparative base than a robust recovery in global demand. Limited demand potential for goods in North America, South America, and Europe...

Maritime

OPEC+ Struggles to Impress Markets With Additional Crude Output Cuts Amid Global Demand Concerns

OPEC+ has decided on an additional crude output cut of about 2.2 million barrels per day for early 2024, indicating concerns about the strength of global demand for crude. However, the market response has been subdued, with Brent crude futures closing slightly lower at $82.85...

Maritime

Global Aluminum Producer Offers Reduced Premiums to Japanese Buyers for Q1 2024 Shipments

A major global aluminum producer has proposed a premium of $95 per metric ton for January-March primary metal shipments to Japanese buyers. This figure is 2% lower than the premium for the current quarter, marking a downward trend. Japan, being Asia's largest aluminum importe...

Maritime

Market Outlook for 2024: Oil Prices, European Natural Gas, and Gold Predictions

Oil Market: The oil market is anticipated to be largely balanced in the first half of 2024 if Saudi Arabia extends its additional voluntary supply cut through the end of the first quarter. Brent is expected to remain above $8...

Maritime

"U.S. LNG Exports in November Reach Second-Highest Monthly Record"

U.S. liquefied natural gas (LNG) exports reached the second-highest monthly production level on record in November, with 7.99 million metric tons. The U.S. remains the world's largest LNG exporter, and November's volumes were just below the record set in April. The focus of U...

Maritime

Venezuela's Oil Exports Hold Steady in November Despite Easing Sanctions

Venezuela's oil exports in November remained nearly unchanged at 651,000 barrels per day (bpd), despite a temporary easing of U.S. sanctions. The lifting of sanctions allowed spot sales to trading houses, primarily bound for China, and negotiations for cargo sales to India th...

Maritime

"Chinese Ports Experience Robust Growth in Cargo and Container Throughput"

Chinese ports witnessed substantial growth in cargo and container throughput from January to October 2023, with a year-on-year increase of 8.5% in cargo volume and 4.9% in container throughput. The twelve major ports in China played a pivotal role in these impressive figures. Meanwhile, the Ni...

Maritime

ICS Greek Branch 18th Annual Forum: Navigating Shipping Challenges with Wisdom

The Institute of Chartered Shipbrokers (ICS) Greek Branch hosted its 18th Annual Forum under the theme "SHIPPING 2024: SAILING WITH WISDOM." The physical event at the Eugenides Foundation, along with a global online broadcast, attracted hundreds of industry professionals. The forum covered a w...

Maritime

Severe Storms Disrupt Crude Oil Shipments at Russia's Novorossiisk Port

Severe storms in the Black Sea region have led to significant disruptions in crude oil shipments at Russia's Black Sea port of Novorossiisk. Initial estimates suggest that approximately 1.2 million metric tons out of the scheduled 2.34 million tons of crude for export and tra...

Maritime

Russia's Crude Oil Exports to India Plummet Amid Rising Freight Rates, Tighter Sanctions Compliance, and Payment Dispute

Russia's crude oil exports to India have sharply declined to below 1 million barrels per day (b/d) in November, marking the lowest in 13 months. Preliminary data attributes the drop to factors such as increased freight rates, stricter sanctions compliance, and a reported disa...

Maritime

IMO Presents Latest Efforts to Reduce Ship Emissions at UN Climate Change Conference

The International Maritime Organization (IMO) has shared its recent initiatives aimed at reducing greenhouse gas (GHG) emissions from ships at the United Nations Climate Change conference (COP 28) in Dubai. The presentation included an overview of the 2023 IMO GHG Strategy, which commits to ac...

Maritime

"Sustainable First Mover Initiatives: A New Paradigm for Shipping and Port Communities"

The transition to electrofuels is poised to reshape the global fuel market, offering new opportunities, particularly for developing countries. Ports, serving as crucial hubs for transport and energy systems, will play a pivotal role in this transition. The concept of Sustaina...

Maritime

"China Faces Tightened Supply of Low Sulfur Fuel Oil, Eyes Increased Imports Amid Production Cuts"

China anticipates a continued tight supply of low sulfur fuel oil (LSFO) into December as domestic refineries reduce production volumes. The doubling of green corridor initiatives and increased stakeholder involvement may prompt market players to source more LSFO imports to r...

Maritime

"Global Maritime Forum's Annual Report: Green Shipping Corridors Double, Face Emerging Challenges"

The Global Maritime Forum's second Annual Progress Report on Green Shipping Corridors reveals a doubling of initiatives from 21 to 44 in the past year, showcasing increased maturity and stakeholder involvement. As part of COP28, the report highlights progress in existing corr...

Maritime

Maritime Shipping Rates Report: Mixed Trends Across Vessel Types and Regions

In the third quarter of the year, instances of shadowy oil transfers at sea, involving tankers turning off transponders to conceal their locations, increased globally, particularly linked to Russia, Iran, and Venezuela – nations facing Western sanctions. Dark ship-to-ship transfers reached a r...

Maritime

Rising Dark Ship-to-Ship Transfers Challenge Western Sanctions on Oil Producers

In the third quarter of the year, instances of shadowy oil transfers at sea, involving tankers turning off transponders to conceal their locations, increased globally, particularly linked to Russia, Iran, and Venezuela – nations facing Western sanctions. Dark ship-to-ship transfers reached a r...

Maritime

Cepsa and C2X Unveil Plans for Green Methanol Production Plant

Cepsa, owned by Mubadala and Carlyle, and C2X, majority owned by A.P. Moller Holding with Maersk as minority owner, have announced plans for a green methanol production plant in Spain. The project aims to achieve an annual production capacity of 300,000 tonnes of green metha...

Maritime

European H2PORTS Project Showcases World's First Hydrogen-Powered ReachStacker and Tractor Unit

The European H2PORTS project, led by the Fundación Valenciaport, organized a public demonstration for the world's first hydrogen-powered ReachStacker and a 4x4 tractor unit. The hydrogen ReachStacker, using a fuel cell from Nuvera, operates with zero emissions and stores hydrogen in high-press...

Maritime

Baltic Dry Index Marks Best Week Since February on Surging Freight Rates

The Baltic Exchange's dry bulk sea freight index has recorded its best week since late February, rising for the fourth consecutive week. The overall index, encompassing capesize, panamax, and supramax vessels, surged by 52% for the week, reaching 3,192 points. The capesize segment saw its best...

Maritime

: IMO and European Commission Launch Second Phase of Global Maritime Technology Cooperation Centres Network

 The International Maritime Organization (IMO) and the European Commission (EC) have commenced Phase II of the Global Maritime Technology Cooperation Centres Network (GMN) project. With a €10 million budget over four years, the initiative aims to strengthen the capabilities of regional Marit...

Maritime

: Middle Eastern Oil Benchmarks Drop as OPEC+ Output Cuts Disappoint Market

: Dubai and Murban, key Middle Eastern oil benchmarks, witnessed a drop in spot premiums following OPEC+'s announcement of voluntary output cuts totaling 2.2 million barrels per day for early 2024. Led by Saudi Arabia, the move aimed to counter concer...

Maritime

: India's Russian Oil Imports Rebound in November Amid Plant Resumptions

 India's Russian oil imports increased by 9% to 1.73 million barrels per day (bpd) in November, rebounding from planned maintenance shutdowns as refineries came back online. The boost in purchases follows a period of reduced imports from Russia due to geopolitical reasons. Despite the increase...

Maritime

: Delayed Operations in Key States Lead to 10.7% YoY Drop in India's Sugar Production

Sugar production in India, the world's second-largest producer, has seen a 10.7% year-on-year decline since the start of the current season on October 1. The delay in sugar cane crushing operations in key states like Maharashtra and Karnataka, beginning on November 1 due to disputes with far...

Maritime

Indian Refiners Seize Opportunity with Renewed Venezuelan Crude Imports Amid Eased Sanctions

Indian refiners have resumed crude oil shipments from Venezuela after the recent easing of sanctions, marking a return to the market and creating a potential competition with Chinese independent refiners. The easing of sanctions allows US oil companies to explore investments in Venezuela, and ...

Maritime

Mixed Sentiments in Crude Oil Freight Rates: Glimpses of Recovery Amid Challenges

The sentiment for crude oil freight rates experienced a downturn in November, especially towards the month-end, with overall weaker trends. Notably, the Very Large Crude Carrier (VLCC) segment displayed a glimmer of optimism due to a decrease in supply below the annual averag...

Maritime

Workshop Charts Green Inland Vessels Transition in Kochi, Kerala

The Ministry of Ports, Shipping, and Waterways (MoPSW), in collaboration with the World Bank and Cochin Shipyard Limited (CSL), organized a groundbreaking workshop in Kochi, Kerala, focused on the transition to green inland vessels. State government representatives, stakehol...

Maritime

Brazil to Join OPEC+ in January Without Production Quotas

 Brazil is set to join the OPEC+ group in January, according to Petrobras CEO Jean Paul Prates. While Brazil's inclusion raises questions about participation in production caps, Prates clarified that there would be no quotas for Brazil, emphasizing the country's commitment to not accept produc...

Maritime

OPEC Report Highlights Strong Global Oil Demand and Market Fundamentals

Despite recent declines in oil prices driven by financial market speculators, OPEC's latest report underscores robust global economic growth, healthy oil market fundamentals, and strong demand. The report notes positive indicators such as increasing Chinese crude imports, Asi...

Maritime

Russia's Urals Crude Trades at $72.84 per Barrel in November, Above West's Price Cap

Russia's Urals crude oil blend traded at an average of $72.84 per barrel in November, down from October but still above the price cap set by the EU, G7 countries, and Australia. Despite efforts to curb Russia's oil sales, Urals has consistently traded above the $60 per barrel...

Maritime

: Saudi Arabia May Cut Arab Light Crude Prices to Asia Amid Ample Supply and Soft Demand

Saudi Arabia, the leading oil exporter, is considering trimming the price for its flagship Arab Light crude to Asia for the first time in seven months. Despite an extension of voluntary supply cuts by OPEC+, Saudi Aramco might reduce the January official selling price (OSP) for Arab Light by a...

Maritime

Dalian Iron Ore Futures Face Weekly Loss Amid Beijing's Price Regulation Efforts

Dalian iron ore futures are poised for their first weekly loss in seven as Beijing intervenes to regulate prices, despite a gain on Friday fueled by positive factory data. The move follows warnings from China about strengthening supervision in the iron ore futures market to ...

Maritime

Maybank Singapore Pioneers $100 Million Sustainability-Linked Islamic Facility for AET in the Shipping Industry

Maybank Singapore has extended a groundbreaking US$100 million sustainability-linked Islamic revolving credit facility (RCF-i) to AET, a global leader in maritime transportation. This marks the first facility of its kind in the Southeast Asian shipping industry, showcasing Ma...

Maritime

Procureship Partners with BASSnet™ to Enhance Maritime Procurement Efficiency

Procureship, a leading e-procurement platform for marine buyers and suppliers, has joined forces with BASSnet™, a global provider of ERP maritime solutions. As a valued eCommerce partner in BASSnet Fleet Management Systems, Procureship will offer seamless procurement processes, leveraging mach...

Maritime

TORM Increases Share Capital Following Delivery of MR Product Tanker

TORM plc has raised its share capital by 696,429 A-shares (equivalent to USD 6,964.29) following the delivery of the first of four MR product tanker vessels acquired in Q3 2023. The capital increase, totaling USD 28.00 per A-share, is a result of the settlement of a USD 19.5 ...

Maritime

Columbia Shipmanagement Introduces World-First Digital Self-Assessment Tool for SIRE 2.0

Columbia Shipmanagement (CSM) is set to enhance operational efficiency on its vessels with a world-first digital Self-Assessment Tool for the new SIRE 2.0 ship inspection program. Developed by Kaiko Systems, the tool enables seafarers to prioritize daily tasks through rank-specific questionnai...

Maritime

"India's Russian Oil Imports Surge in November as Refineries Resume Operations"

India's imports of Russian oil rebounded in November, reaching 1.73 million barrels per day (bpd) according to data from ship-tracking firms Kpler and Vortexa. The increase is attributed to several Indian refineries resuming operations after planned maintenance and rising fu...

Maritime

Indian Refiners Resuming Venezuelan Crude Purchases as Sanctions Ease, Challenging Chinese Dominance"

Indian refiners are returning to the Venezuelan crude market after a three-year suspension, seizing the opportunity created by the easing of US sanctions in late October. Shipping fixtures indicate that India is set to load cargoes for November and December, with about 20,000...

Maritime

Bunker Market Update: Mixed Demand Across Americas Ports, Weather Disruptions in Gulf Coast"

Bunker demand has generally decreased across major bunkering ports in the Americas, with some exceptions. Houston has experienced increased inquiries for all grades, while tight availability of Very Low Sulphur Fuel Oil (VLSFO) and Low Sulphur Marine Gas Oil (LSMGO) at the b...

Maritime

"Nord Cereales Confirms December Wheat Shipments to China Despite Market Speculations"

Nord Cereales, the operator of the grain terminal at Dunkirk in France, will proceed with loading wheat for China in December as planned, unaffected by reported delays in shipments by other Chinese buyers. The firm's CEO, Joel Ratel, stated that vessels scheduled for loading...

Maritime

"Ship Recycling Markets Grapple with Year-End Slump and Caution Amid Economic Uncertainty"

As the year approaches its end, ship recycling markets face challenges with limited activity and new sales. Despite expectations, steel prices in India have decreased by around 3,000 rupees (USD 35/LDT), and caution prevails among buyers. In Pakistan, positive news of adheren...

Maritime

"Asia's HSFO Market Softens Despite Positive Sentiment, Weather Conditions Awaited"

Asia's high-sulphur fuel oil (HSFO) market experienced a softening on Friday, with the cash differential for 380-cst HSFO dropping to a premium of 20 cents a metric ton from the previous day's 70 cents. The cash premium for 180-cst HSFO also traded lower at $1.92 per ton. De...

Maritime

: "U.S. Imposes Further Sanctions on Russian Oil Over Price Cap Violations

The United States has imposed additional sanctions targeting three entities and three oil tankers for violating the $60-per-barrel price cap on Russian oil. The U.S. Treasury Department accuses the entities of utilizing Western maritime services while transporting Russian cru...

Maritime

"Drewry's World Container Index Holds Steady, Reflecting Stable Freight Rates"

The Drewry World Container Index (WCI) remained stable at $1,382 per 40ft container this week, marking a 40decrease compared to the same week last year. The current composite index is 3% lower than the average pre-pandemic rates in 2019. With an average of $1,682 per...

Maritime

: Global Shipping CEOs Unite at COP28, Calling for Regulatory Action on Green Fuel Transition"

CEOs of major global shipping lines have issued a joint declaration at COP28, urging the International Maritime Organization (IMO) to establish regulatory conditions for the transition to green fuels. The unprecedented action calls for an end date for new fossil fuel-only vessel builds, a GHG ...

Maritime

"Role of Ship Financiers in Shipping's Transition to Zero Emission Fuels: Study Reveals Challenges and Opportunities"

A research paper from the UCL Energy Institute explores the role ship financiers can play in the shipping industry's transition to zero-emission fuels. The study categorizes financiers into different roles, with most expressing an ambition to support incumbent shipowners in the transition. How...

Maritime

Baltic Dry Index Soars in Best Week Since February on Strong Dry Bulk Shipping Demand

The Baltic Exchange's dry bulk sea freight index experienced its best week since late February, surging 52% as rates for capesize, panamax, and supramax vessels reached multi-month peaks. The overall index rose 8.7%, with capesize rates jumping 10.8% and panamax rates increa...

Maritime

Global Container Volume Forecast and Regional Dynamics in Shipping

The fuel oil market experiences significant shifts as a severe storm disrupts Black Sea oil exports, impacting Russian and Kazakh shipments. The 380-cst high sulphur fuel oil cash differential flips from discount to premium, raising concerns about Russian fuel oil loadings. Despite adverse wea...

Maritime

ClassNK Introduces Mandatory Cybersecurity Guidelines for Maritime Industry

ClassNK has unveiled "Guidelines for Cyber Resilience of On-board Systems and Equipment," aligning with the new IACS Unified Requirements (UR) E27 for on-board systems and equipment. These guidelines mark a significant step as the first instance of cybersecurity becoming ma...

Maritime

Russia-India Oil Trade Faces Hurdles with Non-Dollar Payments

Russia's crucial oil trade with India encounters challenges as the latter insists on paying for Russian oil in its national currency, the rupee, instead of the U.S. dollar. This shift, in response to Western sanctions, initially strained the deal as Russian oil suppliers resi...

Maritime

OPEC+ Agrees to Nearly 2 Million bpd Output Cuts, but Skepticism Lingers

Oil prices experience fluctuations as OPEC+ producers agree to output cuts approaching 2 million barrels per day (bpd) for early next year. Brent crude sees a modest rise, while U.S. WTI crude faces a decline. The agreement involves Saudi Arabia extending a voluntary 1 millio...

Maritime

Turbulent Weather and Market Dynamics Shape Fuel Oil Landscape

The fuel oil market experiences significant shifts as a severe storm disrupts Black Sea oil exports, impacting Russian and Kazakh shipments. The 380-cst high sulphur fuel oil cash differential flips from discount to premium, raising concerns about Russian fuel oil loadings. Despite adverse wea...

Maritime

India's Finished Steel Imports from China Hit Four-Year High; Concerns Rise

India's finished steel imports from China surged to a four-year high in the first seven months of the fiscal year, reaching 1.1 million metric tons, a 47.3% increase year-on-year. China, the world's top steel producer, mainly exported cold-rolled coil or sheets to India. The ...

Maritime

"Oil Prices Fluctuate as OPEC+ Nears 2 Million bpd Output Cuts for 2024"

Oil prices experienced volatility as OPEC+ producers approached an agreement on output cuts nearing 2 million barrels per day for early 2024. Initially rising by over 1%, Brent crude futures showed a marginal increase, while U.S. West Texas Intermediate crude futures fell. The virtual meeting ...

Maritime

UAE Showcases Maritime Excellence in Bid for IMO Council Re-election

The United Arab Emirates (UAE) is positioning itself for re-election to the International Maritime Organization (IMO) Council, category B, highlighting its significant contributions to the global maritime sector. With a rich maritime history and a strategic location at shippi...

Maritime

Port of Long Beach Initiates $1.567 Billion Project for Pier B On-Dock Rail Support Facility

The Port of Long Beach is set to begin bidding in early 2024 for its Pier B On-Dock Rail Support Facility, a groundbreaking $1.567 billion initiative aimed at modernizing and expanding the existing rail yard. The project, anticipated to conclude in 2032, involves adding over 130,000 feet of ra...

Maritime

Union Pacific to Open New Sustainable Intermodal Terminal in Phoenix"

Union Pacific Railroad is set to open a new international intermodal terminal in Phoenix during Q1 2024, providing shippers in Arizona with a sustainable rail option connecting Los Angeles Basin ports. The downtown rail yard facility will initially offer drayage support through Duncan & Son Li...

Maritime

"Port of Long Beach Greenlights $1.567 Billion On-Dock Rail Support Facility"

After more than 15 years of planning, the Port of Long Beach is set to begin construction on its $1.567 billion Pier B On-Dock Rail Support Facility. The state-of-the-art facility, expected to be completed in 2032, will more than double the size of the existing rail yard and triple the on-dock...

Maritime

Port of Los Angeles Awards Community Investment Grants to Maritime Education Programs

The Los Angeles Board of Harbor Commissioners has approved the first large category grants under the Port of Los Angeles’ Community Investment Grants Program for FY 2023/24 to two local maritime educational programs – EXP and the Los Angeles Maritime Institute (LAMI). The gra...

Maritime

"Severe Black Sea Storms Disrupt Russian and Kazakh Oil Exports"

Adverse weather conditions in the Black Sea have led to disruptions in oil exports, affecting up to 2 million barrels per day from Kazakhstan and Russia. Russia's Ministry of Transport maintains navigation restrictions at key Black Sea ports until weather conditions improve. ...

Maritime

"EU Ports Urge Immediate Assessment of ETS Impact to Prevent Cargo Diversion"

FEPORT, ETA, EMPA, and ECASBA, representing EU port stakeholders, express concerns about the potential risks of cargo diversion due to the EU ETS for shipping. The organizations call for an immediate assessment of the impact of the ETS on EU ports to address the risk of shipping lines choosing...

Maritime

RadiantFleet Unveils Integrated Chat Functionality for Maritime Operations"

RadiantFleet, a maritime software provider, has introduced a Chat Functionality feature to enhance communication and collaboration within fleet management. This real-time communication tool is seamlessly integrated into the platform, allowing ship managers, crew members, and ...

Maritime

Public Vote to Decide Names for New Ferries on Little Minch Routes"

Caledonian Maritime Assets Limited (CMAL) has initiated a public vote to choose names for two new ferries serving the Little Minch routes. The names are inspired by the landscape and history of Harris and North Uist. Voters can choose one name from each group, with the two most popular names g...

Maritime

"BW LPG Signs Joint Venture, Investment Agreements, and LPG Terminal Development Deal in India"

BW LPG Limited has entered into multiple agreements, including a joint venture (JV) with Confidence Petroleum India Limited, an investment in Confidence, and an investment for the development and operation of an LPG onshore import terminal in India. The JV, named "BW Confiden...

Maritime

MAN Energy Solutions Releases Paper on Decarbonization Technologies in Merchant Shipping at COP28

MAN Energy Solutions has published a paper titled 'Decarbonization technologies in merchant shipping' in conjunction with COP28. The paper evaluates energy-saving devices for greenhouse-gas compliance and propulsion technologies for their abatement potential and cost-effectiv...

Maritime

: : "Golden Island Diesel Oil Trading Becomes First Singapore Bunker Supplier to Go 100% Digital with ZeroNorth's eBDN Solution"

Golden Island Diesel Oil Trading has achieved a significant milestone by becoming the first marine fuel supplier in Singapore to adopt a 100% digital approach in using Electronic Bunker Delivery Notes (eBDN). The company has partnered with technology firm ZeroNorth to implement its eBDN soluti...

Maritime

Frontline Reports Q3 2023 Results, Declares Dividend, and Announces Euronav Acquisition"

Frontline plc has released its unaudited results for the nine months ending September 30, 2023. The highlights include a profit of $107.7 million for Q3 2023, an announced cash dividend of $0.30 per share, and reported revenues of $377.1 million. Additionally, Frontline has e...

Maritime

Tototheo Maritime Expands into Land Enterprise Market, Integrating Starlink for Robust Connectivity Solutions

Tototheo Maritime, known for its innovative maritime technology services, is expanding its services into the land-based enterprise market. The company will offer comprehensive fixed and mobility connectivity solutions, utilizing Starlink technology to provide reliable communi...

Maritime

Vale and Oldendorff Carriers Commence First Biofuel Voyage on Bulk Vessel

Vale and Oldendorff Carriers have initiated their first biofuel trial on a bulk vessel. The Hinrich Oldendorff, laden with iron ore, is consuming a blend of 24% used cooking oil and fuel oil on its voyage from Brazil to Asia. The biofuel, compliant with EU RED and ISCC certif...

Maritime

"Severe Storm Disrupts Russian Oil Exports; Singapore Bunker Market Sees Shifts"

A severe storm in the Black Sea disrupts up to 2 million bpd of oil exports from Kazakhstan and Russia, impacting the 380-cst HSFO market. The cash differential for 380-cst HSFO in Singapore flips from a discount to a premium amid the weather conditions and expectations of China's recovery. As...

Maritime

"Global Bunker Indices Experience Modest Decline as LNG Bunker Fuel Prices Rise"

During Week 48, the MABUX global bunker indices saw a modest decline, with the 380 HSFO index, VLSFO index, and MGO index all experiencing decreases. The Global Scrubber Spread (SS) showed a moderate decrease, but the market remains relatively stable. Europe's natural gas dem...

Maritime

Long-Term Contracted Ocean Freight Rates Decline Amid Global Economic Uncertainty

A collaborative training project, funded by the International Maritime Organization (IMO) and Lloyd’s Register Foundation, aims to equip seafarers with the skills required to operate zero or near-zero emission ships. The project, announced at the UN Climate Change Conferenc...

Maritime

Ocean Freight Carriers Face Grim Outlook as Xeneta Shipping Index Continues Decline

Long-term contracted ocean freight rates have fallen for the second consecutive month, experiencing a year-on-year decline of 1.3%, reflecting the ongoing impact of the Coronavirus on the global economy. The XSI® Public Indices report from Xeneta reveals a 1.8 decrea...

Maritime

"Baltic Dry Bulk Index Surges to 18-Month High, Doubles in November

The Baltic Exchange's dry bulk sea freight index has recorded its sixth consecutive session of gains, more than doubling in November and reaching an 18-month peak. The overall index, incorporating capesize, panamax, and supramax shipping vessels, rose by 8.9% to 2,937 points....

Maritime

Navigating the Coating Challenges of Future Fuels in Maritime: A Perspective on Operational Efficiency and Sustainability

The maritime industry faces a significant transition towards alternative fuels, with green hydrogen and methanol among the contenders. However, concerns about the increased costs and challenges associated with these fuels are emerging. Nippon Paint Marine, with over 140 years of experience, em...

Maritime

China's Economic Boost and Global Logistics Challenges Drive Dry Bulk Market to 18-Month High

The dry bulk market has experienced a significant surge, reaching its highest level in 18 months, attributed to various factors. Shipbroker Xclusiv reports a 78% increase in the Baltic Capesize Index (BCI) in November, with the Panamax sector soaring 43% since early November....

Maritime

Navigating Uncertainty: The Complex Landscape of Global Shipping and Newbuilding Orders"

The dry bulk market has experienced a significant surge, reaching its highest level in 18 months, attributed to various factors. Shipbroker Xclusiv reports a 78% increase in the Baltic Capesize Index (BCI) in November, with the Panamax sector soaring 43% since early Novembe...

Maritime

Maersk Expands Direct Far East Coverage to Pakistan with Inclusion of Karachi in Rotation

Maersk has enhanced its services for Pakistan's importers and exporters by adding Karachi to its rotation, providing direct coverage of Far East markets with approximately 30 %  faster transist times.  The Managing director of Pakistan Hasan Faraz, emphasized the company's co...

Maritime

President Droupadi Murmu Celebrates Boita Bandana Ceremony, Highlights Maritime Heritage

President Droupadi Murmu attended the vibrant Boita Bandana ceremony organized by the Paradip Port Authority on Kartika Purnima, witnessing a reenactment of Odisha's maritime history. The event, commemorating the state's rich maritime past, saw traditional sailors and their w...

Maritime

Dronamics and Qatar Airways Cargo Forge Historic Interline Agreement for Global Cargo Drone Services

Dronamics, recognized as the world's first cargo drone airline with a European operating license, has entered into a groundbreaking interline agreement with Qatar Airways Cargo, the largest international cargo carrier globally. This pioneering partnership facilitates the expansion of delivery ...

Maritime

India's LNG Imports and Production Show Steady Growth Despite Cost Reduction

India's liquefied natural gas (LNG) imports in October surged by 18.2% YoY, reaching 2.34 billion cubic meters (1.71 million tonnes). From April to October, LNG imports rose by 13.4%, totaling 17.75 bcm (13 million tonnes). Despite the increased volume, India spent...

Maritime

Indian Engineering Exports Surge in Key Markets Despite Global Challenges

In October, India's engineering exports experienced positive growth in 18 crucial markets, including the UK, US, and UAE. The Engineering Exports Promotion Council (EEPC) reported a 7.2% YoY increase, reaching USD 8,094.20 million. Notable gains were observed in exports to th...

Maritime

Gujarat Chief Minister Leads Delegation to Japan to Promote Vibrant Gujarat Global Summit 2024

A high-level delegation led by Gujarat Chief Minister Bhupendra Patel arrived in Tokyo to promote the upcoming Vibrant Gujarat Global Summit 2024. The summit, scheduled for January 10-12, 2024, serves as a platform for exploring investment opportunities and establishing partn...

Maritime

Middle Eastern Crude Benchmarks Decline Amidst OPEC+ Uncertainty and Supply Disruptions

Middle Eastern crude benchmarks, including Oman, Dubai, and Murban, experienced a continued fall in prices amid subdued spot trades. Oman crude's spot premium flipped to a discount of 78 cents a barrel against Dubai quotes, down from the previous day's premium of $1.05. The v...

Maritime

Fuel Oil Market Updates: VLSFO Premium Hits Two-Month Low, HSFO Rebounds

The cash premium for 0.5% very low sulphur fuel oil (VLSFO) in Asia declined to a two-month low, reaching $12.23 per metric ton, with cracks at $10.46 a barrel. In contrast, high sulphur fuel oil (HSFO) experienced a rebound as discounts narrowed to 25 cents a ton, and cracks...

Maritime

Urgent Call for Action: International Chamber of Shipping Condemns Attacks on Commercial Ships in Southern Red Sea

The International Chamber of Shipping (ICS) strongly condemns recent attacks on commercial ships transiting the southern Red Sea and the Gulf of Aden by paramilitary forces in Yemen. Emphasizing the breaches of international law and maritime norms, ICS urges an immediate halt...

Maritime

Navigating Challenges: Panama Canal Restrictions and Potential US East Coast Labor Disruption Impact Shipping Routes

Rising draft and transit constraints at the Panama Canal, exacerbated by severe drought, and potential labor disruptions on the US East Coast could redirect cargo through US Pacific Coast gateways in 2024. The canal's new measures and upcoming US East Coast longshoreman contr...

Maritime

Decarbonizing Dry Bulk Shipping Faces Challenges in Ship Design

Ship design, especially for bulk carriers, poses unique challenges in the decarbonization process, as discussed in an INTERCARGO forum in Athens. The event highlighted the difficulties in adapting existing vessels for sustainability, particularly in the dry bulk sector, which...

Maritime

Dry Bulk Shipping Rates Soar to 18-Month High

The Baltic Exchange's dry bulk sea freight index reached an 18-month peak, rising for the fifth consecutive session. The overall index, incorporating capesize, panamax, and supramax vessel rates, surged 12.8% to 2,696, its highest since May 2022. Capesize rates hit a near two...

Maritime

Dry Bulk Shipping Industry Outlook and Projections

The dry bulk shipping industry anticipates cargo demand growth between 2.5-3.5% in 2023, with a gradual slowdown to 1-2% in 2025. Iron ore shipments are projected to increase, driven by steel demand, while coal shipments may decline due to the global shift away from coal. Chi...

Maritime

U.S. Third-Quarter GDP Growth Revised Up to 5.2%, but Signs of Slowdown Emerge

The U.S. economy expanded at a faster pace than initially reported in the third quarter, growing at a 5.2% annualized rate, according to the Commerce Department. However, recent data suggests a loss of momentum, with slowing consumer spending and a less robust labor market. W...

Maritime

China's Manufacturing Contraction Persists, Raises Calls for Stimulus

China's manufacturing activity is expected to show a second consecutive monthly contraction in November, per a Reuters poll. While the official Purchasing Managers' Index (PMI) is predicted to improve slightly, it is likely to remain below the 50-point threshold, indicating c...

Maritime

OECD's Economic Outlook and Policy Recommendations

The OECD's latest Economic Outlook projects global GDP growth, anticipating a slowdown in 2024 before a slight improvement in 2025. The report emphasizes the challenges of low growth and elevated inflation, with recommendations for continued policies targeting inflation reduction, global trade...

Maritime

JERA Secures LNG Cargoes for Japan's

Japan's JERA has secured three LNG cargoes for the country's "Strategic Buffer LNG" (SBL) framework over December 2023 to February 2024. The SBL initiative, aimed at enhancing LNG security during peak winter demand, will involve a minimum of one LNG cargo per month. JERA, the...

Maritime

U.S. Crude and Fuel Inventories Rise Despite Increased Refinery Output

According to the Energy Information Administration (EIA), U.S. crude oil, gasoline, and distillate inventories experienced increases in the latest week as refiners boosted output amid relatively weak fuel demand. Crude inventories rose by 1.6 million barrels, contrasting with analysts' expecta...

Maritime

OPEC+ Holds Talks on 2024 Oil Policy, No Delay Expected

OPEC+ is currently engaged in discussions on its 2024 oil policy, and as of now, no delay is anticipated for the meeting scheduled for Thursday, according to two sources from the producer group. The talks, described as tough, involve negotiations over output quotas for Africa...

Maritime

Russia Forecasts Third Consecutive Bumper Wheat Harvest in 2024

Agritel, the agriculture analytics arm of Argus, predicts that Russia's wheat production could reach 90 million tons in the 2024-2025 harvest season, marking a third consecutive bumper harvest. The estimate, based on a favorable autumn sowing campaign, suggests that the record production witne...

Maritime

Chinese Government Interventions and Weak Manufacturing Data Impact Iron Ore Futures

Dalian iron ore futures recorded a fifth consecutive decline, responding to continuous Chinese government interventions and discouraging manufacturing data. The most-traded January iron ore on China’s Dalian Commodity Exchange closed down 0.5%, while the Singapore Exchange’s ...

Maritime

Black Sea Storm Disrupts Russian and Kazakh Oil Exports, Limits Navigation

Severe weather conditions in the Black Sea have led to restrictions at Russian seaports, disrupting up to 2 million barrels per day of oil exports from Kazakhstan and Russia. The storm has caused navigation restrictions, and the Russian transport ministry stated that the restrictions would con...

Maritime

Pilbara Clean Fuels Collaborates with Oceania and RINA for Low-Carbon LNG Production and Bunkering Concept

Pilbara Clean Fuels (PCF) is advancing a concept for a mid-scale, low-carbon footprint LNG plant at Port Hedland in Western Australia, aimed at providing LNG fuel for dry-bulk iron ore carriers. The project includes Weather Cover as part of its marine insurance suite, providing up to eight day...

Maritime

NorthStandard Introduces Groundbreaking Weather Cover in Marine Insurance

NorthStandard's Strike & Delay class has introduced Weather Cover as part of its marine insurance suite, providing shipowners and charterers with the first-ever insurance protection against the risks posed by adverse weather conditions. This innovative marine insurance produc...

Maritime

WinGD Introduces Variable Compression Ratio Technology in Partnership with NYK Line

Swiss marine power company WinGD is set to implement its groundbreaking Variable Compression Ratio (VCR) technology on two new dual-fuel LNG-powered vessels for NYK Line. The technology, developed in collaboration with Mitsui E&S DU, allows dynamic optimization of combustion ...

Maritime

Euronav NV Announces Dividend, Mandatory Takeover Offer, and Future Strategy

Euronav NV, a leading tanker company, has provided a business and dividend update following recent board and management changes. The Supervisory Board has approved a dividend distribution of USD 0.57 per share for Q3 2023, reflecting positive market conditions in the large cr...

Maritime

V.Group and Aither Forge Strategic Partnership for Seamless Carbon Credit Trading in Maritime Industry

V.Group, a prominent ship management and marine services company, has entered into a strategic partnership with Aither, a provider of carbon trading solutions. The collaboration aims to facilitate the seamless trading of carbon credits for the EU Emissions Trading System (ETS) scheme, ...

Maritime

Navigating Decarbonization Challenges in Dry Bulk Shipping: Insights from INTERCARGO Forum

At a forum in Athens titled 'Solutions for Sustainable Dry Bulk Shipping,' INTERCARGO discussed the unique challenges faced by the dry bulk carrier sector in decarbonizing existing vessels. Chairman Dimitris Fafalios highlighted the itinerant nature of dry bulk carriers, serv...

Maritime

Global Tanker Market Outlook: Growth Predictions, Economic Factors, and Market Dynamics

The forecast for the crude tanker market suggests moderate cargo volume growth by the end of 2023, with tonne miles expected to increase significantly. Anticipated growth in 2024 and 2025 is influenced by rising sailing distances. Factors such as global oil supply dynamics, p...

Maritime

Challenges Loom for Global Shipping in 2024: Panama Canal Restrictions and Labor Strife

Escalating drought conditions at the Panama Canal, leading to draft and transit limitations, are set to divert cargo through US Pacific Coast gateways in 2024. The Canal's announcement of reduced daily transit allowances due to water shortages poses challenges, prompting ca...

Maritime

Baltic Dry Bulk Index Hits 18-Month Peak Amidst Rising Freight Rates

The Baltic Exchange's dry bulk sea freight index achieved an 18-month peak, marking its fifth consecutive session of gains. The overall index, considering capesize, panamax, and supramax vessels, surged 12.8% to 2,696, the highest since May 2022. Capesize vessels, particula...

Maritime

Severe Weather Disrupts Grain Loading at Azov Port, Impacts Black Sea Shipping

The port of Azov, hit by heavy rain since November 24, is facing disruptions as flooding prevents the loading of grain onto coaster vessels. Some stock damage is anticipated as rainwater enters warehouses. The closure of the Kerch Strait until November 30, coupled with inspec...

Maritime

Global Shipping Container Pool Expected to Contract Amid Economic and Geopolitical Challenges

Shipping industry analysts predict a decline in the global pool of shipping containers for both 2023 and 2024. Factors such as high inflation rates, geopolitical instability, and surplus container sales are contributing to this contraction. The container pool is expected to ...

Maritime

India Explores Russian Coking Coal as Australia's Supply Drops

 In response to a decline in coking coal shipments from Australia, India, the world's second-largest crude steel producer, is increasing imports from Russia. Australian coking coal prices surged by 50%, prompting India to diversify its imports. Despite past challenges due to sanctions, improve...

Maritime

Delfin Midstream Secures Long-Term LNG Supply Agreement with Gunvor

Delfin Midstream Inc. has signed a long-term liquefied natural gas (LNG) supply agreement with global commodity trader Gunvor. The agreement stipulates that Delfin's LNG plant in Louisiana will supply between 500,000 to 1 million tonnes of LNG per annum to Gunvor on a free-on...

Maritime

Cabinet Approval Expected for International Container Transhipment Port at Great Nicobar Island

The Union Cabinet is expected to grant approval for the development of the International Container Transhipment Port (ICTP) at Galathea Bay, Great Nicobar Island, by the end of the year. The project, with an estimated cost of Rs 44,000 crore, will be implemented in four phases, with the first ...

Maritime

: Tankers International Partners with Baltic Exchange to Enhance VLCC Fixture App

Tankers International, the leading shipping pool for Very Large Crude Carriers (VLCCs), has announced a partnership with the Baltic Exchange to enhance data sharing and market insights for its VLCC Fixture app. Paid subscribers will gain access to Baltic Exchange benchmark...

Maritime

Taiwan Flour Millers’ Association Seeks 109,325 Metric Tons of Milling Wheat in International Tender

The Taiwan Flour Millers’ Association has initiated an international tender to purchase up to 109,325 metric tons of grade 1 milling wheat, with a focus on sourcing from the United States. The tender, with a deadline for price offers set for November 30, targets various wheat...

Maritime

Diana Shipping Secures Time Charter for Capesize Vessel

Diana Shipping Inc. has entered into a time charter contract with Kawasaki Kisen Kaisha, Ltd. for its Capesize dry bulk vessel, the m/v New Orleans. The gross charter rate is set at US$20,000 per day, with the charter expected to commence on December 7, 2023, and continue until a maximum date ...

Maritime

Sluggish Ship Recycling Market Faces Challenges Despite Hopes for Improvement

The ship recycling market continues to face a sluggish pace with little activity and limited hope for a change in the pattern for the remainder of the year. The post-Diwali boom anticipated in the Indian market did not materialize, leading to concerns about the domestic steel...

Maritime

Euro Zone Bank Lending to Businesses Drops for the First Time Since 2015

The European Central Bank (ECB) reported that bank lending to businesses in the euro zone contracted by 0.3% in October compared to the previous year, marking the first decline since 2015. This comes as the 20-nation currency bloc faces economic challenges, likely entering a recession amid a s...

Maritime

Foreign Businesses De-risk from China Amid Geopolitical Concerns and Economic Slowdown

The CEO of Florida-based furniture company Industry West, Jordan England, reflects a growing trend as foreign investors, concerned about geopolitical tensions and a slowing Chinese economy, are diversifying away from China. De-risking strategies have accelerated, impacting Ch...

Maritime

Greece Repays 5.3 Billion Euros of Euro Zone Loans Ahead of Schedule

Greece is set to make an early repayment of 5.3 billion euros ($5.8 billion) to euro zone countries on December 15, ahead of the scheduled maturity in 2024 and 2025. Finance ministry officials expressed the intention to repeat this early repayment in 2024. This move follows G...

Maritime

Asia's Jet Fuel Prices Reach Five-Year High Against Gasoil Amidst Strong Demand

Jet fuel prices in Asia surged to their highest level against gasoil in five years, reaching an 85 cents per barrel premium at the market's close, according to LSEG data. The increased demand for jet fuel, driven by winter heating and aviation needs, contributed to the wideni...

Maritime

Middle Eastern Oil Benchmarks Decline Amidst Output Policy Uncertainty

Middle Eastern benchmarks Oman and Murban experienced continued losses as the month-end approached and anticipation grew regarding major oil producers' forthcoming output policies. Spot premiums for Oman and Murban dropped to $1.05 and $1.09 per barrel over Dubai quotes, resp...

Maritime

OPEC+ Meeting: Potential Changes to Oil Output Limits in 2024

OPEC and its allies, including Russia, are set to meet online to discuss potential adjustments to the existing agreement that restricts oil supply until 2024. The meeting, initially scheduled for November 26, was delayed due to disagreements, particularly concerning output levels for African p...

Maritime

Speculators Increase Short Positions in U.S. Grain Futures Amid Global Surpluses

Speculators are building significant short positions in U.S. grain futures, including wheat and corn, driven by ample global supplies. In the week ended November 21, money managers' gross short positions across various wheat and corn futures and options reached the highest level since May 2019...

Maritime

Seaborne Iron Ore Prices Expected to Reach $150/ton in H1 2024 Amid Chinese Demand Boost

Analysts anticipate seaborne iron ore prices to rise to $150 per ton in the first half of 2024, up from earlier estimates of $130 per ton, driven by increased demand in China following recent economic stimulus measures. China, a major global iron ore consumer, has implemented...

Maritime

"Genco Expands Fleet with Modern Capesize Vessels and Announces Sale of Genco Commodus"

Genco Shipping & Trading Limited has acquired two modern, fuel-efficient Capesize vessels, Genco Reliance and Genco Ranger, as part of its fleet renewal strategy. The company aims to enhance its average fleet age and capitalize on favorable industry fundamentals. Simultaneous...

Maritime

"India Turns to Russia for Coking Coal Amid Supply Challenges and Rising Prices"

India, facing disruptions in coking coal supplies from Australia and surging prices, is set to increase imports from Russia. Australian coking coal prices surged 50% last month, prompting India to explore alternatives and diversify its import sources. Despite previous challenges due to economi...

Maritime

Severe Flooding Disrupts Grain Shipments in Azov Port, Impacting Black Sea Trade

Heavy rain and storms have led to severe flooding at the port of Azov, disrupting grain shipments in the Black Sea region. The Kerch Strait closure, coupled with inspection delays, has further compounded setbacks, causing significant delays for traders. Some terminals have reported damage, and...

Maritime

"Navigating the Risks of Shipping Battery Energy Storage Systems (BESS)"

Gard, a leading marine insurance provider, addresses the rising queries about the safe transport of Battery Energy Storage Systems (BESS) on ships. As BESS, especially those equipped with lithium-ion batteries, is classified as dangerous cargo, the International Maritime Dangerous Goods (IMDG)...

Maritime

EU Agreement to Open Ship Recycling Opportunities for Non-OECD Yards

A newly reached agreement within the EU on waste shipments is poised to facilitate the inclusion of non-OECD ship recycling yards on an EU-approved list. This move, expected to be ratified by year-end, would allow the export of hazardous waste, including that from EU-flagged ships, to non-OECD...

Maritime

Tight VLSFO Supply in Key Asian Ports; Singapore and Zhoushan Face Constraints

Key Asian ports, including Singapore and Zhoushan, are grappling with tight Very Low Sulphur Fuel Oil (VLSFO) supply, causing recommended lead times of up to 18 days. Singapore is particularly affected, with loading delays in oil terminals contributing to bunker delivery vessel hold-ups. VLSFO...

Maritime

Tankers International Partners with Baltic Exchange to Enhance VLCC Fixture App Data

Tankers International, the leading shipping pool for Very Large Crude Carriers (VLCCs), has announced a strategic partnership with the Baltic Exchange to bolster data sharing and market insights within its VLCC Fixture app. Subscribers to the paid app will gain access to Baltic Exchange benchm...

Maritime

Mitsubishi Heavy Industries Unveils 'EXCOOL': Japan's Liquefied CO2 Transportation Demonstration Test Ship

Mitsubishi Heavy Industries held a christening and handover ceremony for the liquefied CO2 transportation demonstration test ship, named "EXCOOL," at its Shimonoseki Shipyard. The vessel, completed on November 28, 2023, will transport liquefied CO2 for various CCUS projects c...

Maritime

"Asia's Fuel Oil Markets: HSFO Strengthens on China's Import Resumption, VLSFO Faces Downtrend"

Asia's high sulphur fuel oil (HSFO) market showed strength as spot discounts for 380-cst HSFO narrowed and margins edged higher on Tuesday. Market optimism is fueled by expectations of increased Chinese purchases following the issuance of fresh import quotas. China had scaled back HSFO imports...

Maritime

Challenges Persist in Subcontinent Ship Recycling Markets Amidst Low Pricing

The subcontinent ship recycling markets are grappling with stagnant pricing, remaining in the low 500s/LDT, and even dropping below for certain units. Despite the approach of the year-end, there is little incentive for owners or cash buyers to engage in significant transactio...

Maritime

ISWAN Annual Review: Continued High Demand for Seafarer Support Amid Ongoing Challenges

The International Seafarers’ Welfare and Assistance Network (ISWAN) reports sustained high demand for its services during the last financial year, despite the easing of exceptional stresses caused by the COVID-19 pandemic. The annual review highlights that life remains challe...

Maritime

Power Loss Halts LNG Shipments from Australia Pacific LNG, More Delays Expected

Shipments of liquefied natural gas (LNG) from Australia Pacific LNG (APLNG) have been suspended after a loaded tanker, the Cesi Qingdao, lost power at the Curtis Island facility. Operator ConocoPhillips and co-owner Origin Energy revealed that two LNG cargoes have been delayed, with expectatio...

Maritime

Baltic Exchange's Dry Bulk Index Surges to 18-Month High on Capesize Strength

The Baltic Exchange's dry bulk sea freight index has experienced a fourth consecutive session of gains, reaching its highest level in one-and-a-half years. The surge is primarily driven by a substantial rise in the capesize segment, with the overall index gaining 5.8% to 2,391 points. The cape...

Maritime

"Allcargo Gati Launches State-of-the-Art Surface Transhipment Centre and Distribution Warehouse in Bengaluru"

Allcargo Gati Limited has inaugurated a cutting-edge Surface Transhipment Centre and Distribution Warehouse (STCDW) at Mayasandra, on the outskirts of Bengaluru, Karnataka. Spanning 3.5 lakh sq. ft., the facility includes a Grade A warehouse of 1.5 lakh sq. ft. and 70 truck b...

Maritime

AD Ports Expands Caspian Oil Transport with Specialized Tankers

AD Ports Group, in collaboration with KMTF – Caspian Integrated Maritime Solutions, has acquired two specialized oil tankers, Liwa and Taraz, designed for the shallow draft of the Caspian Sea. The $35 million vessels feature inert gas systems f...

Maritime

APEDA Marks National Cashew Day with Global Shipment, Highlights India's Role in Cashew Industry

: India, the world's second-largest producer and exporter of cashew nuts, celebrated National Cashew Day on November 23, 2023, with the Agricultural and Processed Food Products Development Authority (APEDA) playing a pivotal role. APEDA facilitated the shipment of cashew nuts...

Maritime

: APM Terminals Pecém Achieves Record-Breaking Container Volume and Drives Growth in Fruit Exports

The Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, conducted a site visit to the proposed International Container Transhipment Port (ICTP) at Galathea Bay, Great Nicobar Island. The mega port project, with an estimated cost of ₹44,000 Crores, has achieved significa...

Maritime

"Indian Minister Reviews Progress of Mega Port Project in Great Nicobar Island"

The Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, conducted a site visit to the proposed International Container Transhipment Port (ICTP) at Galathea Bay, Great Nicobar Island. The mega port project, with an estimated cost of ₹44,000 Crores, has ...

Maritime

Cargill Ocean Transportation Expands Presence in India with New Pune Office"

Cargill Ocean Transportation has inaugurated a new office in Pune, India, as part of its strategy to enhance its footprint in the country and strengthen ties with the Indian maritime industry. The Pune office, alongside locations in Bengaluru and Varna (Bulgaria), will be a c...

Maritime

India Sees Substantial Growth in Exports to Nordic Regions, Explores Collaborative Opportunities

India's Union Minister of Commerce and Industry, Mr. Piyush Goyal, highlighted a significant increase in India's exports to the Nordic region, with a growth rate exceeding 39% from 2018-19 to 2022-23. Notably, exports to Finland and Norway experienced remarkable growth rates...

Maritime

"Maersk Sets World Record for Highest Container Load on Single Ship"

Maersk Line, a Danish shipping company, has achieved a world record by loading 19,038 TEU (twenty-foot equivalent units) on its second-generation Triple-E vessel, the Mumbai Maersk. Departing from Tanjung Pelepas Port in Malaysia, the ship is en route to Europe, surpassing th...

Maritime

"Government Nears Approval for $6 Billion International Container Transshipment Port in Great Nicobar Island"

The Indian government is on track to secure cabinet approval for the ambitious International Container Transshipment Port (ICTP) at Galathea Bay, Great Nicobar Island, with an estimated cost of Rs 44,000 crore. The project, set to be developed in four phases, is expected to receive the green l...

Maritime

Syama Prasad Mookerjee Port in Kolkata Embarks on Ambitious Expansion Plan through PPP Projects"

The Syama Prasad Mookerjee Port in Kolkata, formerly known as Kolkata Port Trust, is set to enhance its cargo handling capacity and mechanization efforts through a series of public-private partnership (PPP) projects. With three ongoing projects focused on liquid cargo, contai...

Maritime

Rs 76,000 Crore Vadhavan Container Port Project in Maharashtra Nearing Approval

The proposed Vadhavan container port project in Maharashtra, estimated at Rs 76,000 crore, is expected to receive all necessary approvals, including environmental clearances, by mid-January. Helmed by Jawaharlal Nehru Port Trust (JNPT), the project aims to enhance India's mar...

Maritime

"India Advances Construction of $5 Billion International Container Transshipment Port"

India's government is making progress in the development of the International Container Transshipment Port (ICTP) at Galathea Bay, Great Nicobar Island, as part of its Amrit Kaal Vision 2047 maritime development initiative. Envisioned as a strategic project with an estimated ...

Maritime

Murban Crude Hits Six-Month Low Amid Anticipated Supply Increase

Murban, the Middle Eastern benchmark light sour crude from the UAE, reached a six-month low on Monday, with its spot premium dropping to $1.34 a barrel over Dubai quotes. This decline is attributed to expectations of increased Murban supplies in the first two months of 2024. UAE's ADNOC announ...

Maritime

"Dutch and British Gas Prices Dip Amid Milder Weather Forecasts and High Storage Levels"

Dutch and British gas prices experienced a decline on Monday morning, influenced by forecasts indicating milder temperatures from mid-December and well-filled gas storages. The Dutch December contract dropped to 43.90 euros per megawatt hour (MWh), while the Dutch January con...

Maritime

Asia's Middle Distillates Market Faces Thin Activity, China's Export Volumes in Focus"

The middle distillates market in Asia experienced limited spot market activity, but a notable spot deal for 10 ppm sulfur gasoil emerged after three weeks. There are mixed expectations on China's export volumes for December, with estimates varying between 450,000 and 600,000 ...

Maritime

China's NDRC Conducts Survey on Commodity Price Indices to Ensure Market Health"

China's National Development and Reform Commission (NDRC) announced on Monday that it has conducted a survey on the price indices of various commodities, including steel, iron ore, lithium, and palm oil. The initiative, led by the pricing monitoring center of the NDRC, is aim...

Maritime

Caution Grips Singapore Iron Ore Futures Amid Chinese Market Supervision Warnings

Singapore iron ore futures faced a retreat on Monday as caution spread after China, the world's leading consumer, issued warnings about enhancing market supervision. The benchmark December iron ore contract on the Singapore Exchange dropped by 0.64% to $133 per metric ton. Ch...

Maritime

"Descartes Integrates Hapag-Lloyd Spot Rates into Global Price Management Solution"

Descartes Systems Group has announced the integration of Hapag-Lloyd spot rate offers and 30-day short-term rates into its Global Price Management™ (GPM) solution. This collaboration enables Dachser, a major global forwarder, to streamline ocean shipment booking processes by accessing real-tim...

Maritime

China Boosts Iron Ore Concentrate Capacity by 50 Million Tons to Meet Steel Production Goals

China has successfully added 50 million metric tons of iron ore concentrate capacity in 2022, according to Luo Tiejun, vice chairman of the state-backed China Iron and Steel Association (CISA). This move is part of China's strategic plan to increase domestic iron ore supply...

Maritime

Danish Company Green Instruments Partners with Hudong-Zhonghua Shipbuilding to Enhance Shipboard Fire Safety

Danish firm Green Instruments has secured a significant agreement with Hudong-Zhonghua Shipbuilding to supply advanced oil mist detectors for new ships, part of China's largest shipbuilding group, CSSC. The detectors are designed to identify oil mist and vapors on ships, trig...

Maritime

"Severe Weather Hampers Russia's Novorossiisk Black Sea Terminal, Disrupting Oil Exports

Adverse weather conditions in the Black Sea region have severely constrained Russia's oil and products exports from the Novorossiisk terminal. Heavy storms since Friday have disrupted logistics, causing substantial delays in loadings and impacting the overall operations of ...

Maritime

rewry Container Port Throughput Indices: Insights and Trends for November 2023"

The Drewry Container Port Throughput Indices provide a comprehensive view of global port activities, encompassing over 340 ports and representing 80% of global volumes. In November 2023, the Global Container Port Throughput Index experienced a 1.9% increase due to a rise in volumes, particular...

Maritime

IEC Telecom Launches OptiShield, a Comprehensive Cybersecurity Solution for Maritime Industry

IEC Telecom has unveiled OptiShield, a cutting-edge cybersecurity solution tailored for the maritime industry. In response to the rising number of cyber attacks on vessels and ports, OptiShield integrates advanced software with a dedicated remote IT team, ensuring robust pr...

Maritime

Russia Faces Challenges in Oil Trade Routes as India Insists on Non-Dollar Payments

The dominance of the U.S. dollar in international oil trade is facing challenges, particularly in Russia's lucrative oil trade routes. India, Russia's largest buyer of seaborne oil, insisted on paying in rupees, creating difficulties due to the currency's limited convertib...

Maritime

MAN Energy Solutions to Introduce Dual-Fuel Methanol Engine by 2026

MAN Energy Solutions has announced plans to launch a dual-fuel version of its MAN 175D high-speed engine, capable of operating on methanol, by the end of 2026. The new variant, designated MAN 175DF-M, will be available for both newbuild and retrofit applications. The engine h...

Maritime

Asia's VLSFO Market Weakens as China Issues Additional Fuel Oil Import Quotas

The very low sulphur fuel oil (VLSFO) market in Asia faced further weakening as Singapore's 0.5% VLSFO cash premium and refining crack both declined, with the cash premium falling nearly 25% to below $17 a metric ton. Simultaneously, China issued an additional 3 million metri...

Maritime

South Korean Shipbuilders Pursue Overseas Expansion Amid Strong Global Demand

South Korean shipbuilders are actively seeking overseas production bases through mergers and acquisitions to meet the surging demand for their services worldwide. Hanwha Ocean Co. is establishing a holding company in the US to acquire shipyards in North America, allocating $3...

Maritime

China's Robust Thermal Coal Imports Drive Prices Up, Impacting Global Markets

In November, China is set to witness its second-highest monthly thermal coal imports this year, reaching around 29.21 million metric tons. The surge is attributed to increased arrivals from Indonesia, the world's leading thermal coal exporter, with estimates of 18.03 millio...

Maritime

Yemeni Houthis Seize Japanese Cargo Ship in Red Sea: Geopolitical Ramifications Unfold

On November 19, Yemeni Houthi rebels seized the Japanese-operated cargo ship "Galaxy Leader" in the Red Sea, raising Palestinian and Yemeni flags. Owned by Ray Car Carriers, a unit of Tel Aviv-incorporated Ray Shipping, the vessel is linked to Israeli businessperson Abraham U...

Maritime

Baltic Exchange's Dry Bulk Sea Freight Index Reaches 18-Month High on Increased Demand

The Baltic Exchange's dry bulk sea freight index has climbed to its highest level in 18 months, marking a third consecutive session of gains. The surge is attributed to heightened demand for larger shipping vessels, with the overall index rising 7.5% to 2,259, a peak not seen since June 2022. ...

Maritime

Container Lines Face Risk of Lower 2024 Contract Rates Amid Falling Spot Rates

MSC Mediterranean Shipping Company has successfully completed the first phase of its proposed investment in HHLA (Hamburger Hafen und Logistik Aktiengesellschaft), operator of the port of Hamburg. The joint venture partners, MSC and the City of Hamburg, now control over 86 percent of HHLA's sh...

Maritime

MSC Progresses in Bid to Acquire Stake in HHLA, Boosting Hamburg Port

 MSC Mediterranean Shipping Company has successfully completed the first phase of its proposed investment in HHLA (Hamburger Hafen und Logistik Aktiengesellschaft), operator of the port of Hamburg. The joint venture partners, MSC and the City of Hamburg, now control over 86 percent of HHLA's s...

Maritime

MSC Progresses in Bid to Acquire Stake in HHLA, Boosting Hamburg Port

MSC Mediterranean Shipping Company has successfully completed the first phase of its proposed investment in HHLA (Hamburger Hafen und Logistik Aktiengesellschaft), operator of the port of Hamburg. The joint venture partners, MSC and the City of Hamburg, now control over 86...

Maritime

Nurturing Sustainable Practices: UNCTAD's Port Endeavor Game at the Forefront

UNCTAD's TrainForTrade program, led by Chief Mark Assaf, showcased the Port Endeavor game at the World Ports Conference in Abu Dhabi. The game, designed to accelerate the adoption of UN Sustainable Development Goals (SDGs) in the maritime supply chain, engages port profess...

Maritime

OPEC's 2024 Crude Oil Supply Strategy: Anticipation and Challenges

Market participants in the tanker industry are closely watching for OPEC's 2024 crude oil supply strategy. While there is an expectation for increased production, uncertainties surround the actual volumes as major OPEC producers discuss their quotas. Countries like Nigeria, Angola, and the UAE...

Maritime

Three Gorges Dam Shipping Throughput Reaches Record 160 Million Tonnes

The shipping throughput of the Three Gorges Dam, the world's largest hydropower project, has reached a record 160 million tonnes, surpassing previous years' levels, according to the Ministry of Transport. The dam's ship locks contributed 156 million tonnes, while the dam's ...

Maritime

Vale's Port of Tubarão Welcomes Maiden Voyage of Berge Olympus with WindWings

The Port of Tubarão in Vitória, Brazil, received the maiden voyage of the Berge Olympus, a Newcastlemax bulk carrier equipped with innovative WindWings. Developed by Berge Bulk, each of the four large, rigid wings, known as BARTech WindWings, utilizes wind energy to reduce ...

Maritime

Copenhagen's Container Terminal Enhances Connectivity with Additional Weekly Ship Call

Starting from November 16th, Copenhagen Malmö Port's (CMP) container terminal is receiving an extra container ship call each week, doubling the weekly service. This development connects Copenhagen with major German hub ports—Hamburg twice a week and Bremerhaven/Wilhelmshave...

Maritime

Mombasa Port Thrives: Container Traffic and Efficiency Soar Despite Global Challenges

Mombasa, Kenya's main seaport, experienced a notable increase in container traffic, handling 1.32 million twenty-foot equivalent units (TEUs) in the first ten months of 2023, marking a 10.2% rise from the same period in 2022. The Kenya Ports Authority (KPA) attributed this...

Maritime

Climate Protest Disrupts Australia's Largest Coal Export Port

A climate change protest staged by the activist group Rising Tide disrupted operations at Australia's largest coal export port, the Port of Newcastle. Around 1,500 protesters, including 300 in the shipping channel, implemented a 30-hour blockade, halting all shipping movem...

Maritime

South Africa's Ports and Rail Infrastructure Crisis: A Growing Economic Menace

South Africa is facing a severe crisis in its ports and rail infrastructure, leading to massive congestion, delays, and substantial economic losses. Transnet, the government-owned entity responsible for cargo rail and ports, explained that backlogs and delays have cost at ...

Maritime

EU Ports Raise Concerns Over ETS Impact, Urge Immediate Study

Members of the Federation of European Private Port Companies (FEPORT) expressed their concerns during a General Assembly meeting in Antwerp regarding the potential risks posed by the upcoming entry into force of the EU Emissions Trading System (ETS) for shipping in ...

Maritime

Maritime Energy Shipping Market Analysis: LNG and LPG Stocks Performance

The analysis of LNG and LPG shipping stocks reveals diverse trends in the maritime energy sector. LNG shipping equities face challenges, with declining share prices attributed to softer spot rates and lackluster demand. However, notable developments include Nakilat's positive 2Q23 results and ...

Maritime

: Weekly Dry Bulk Market Analysis - Positive Momentum Across Segments

The dry bulk market witnessed positive momentum across various segments during the week. In the Capesize sector, the Pacific market initially faced subdued activity, leading to a slight decline in rates on C5. However, a notable recovery occurred later in the week, driven ...

Maritime

Ukraine Seeks Increased Air Defenses to Protect Grain Export Routes

 Ukrainian President Volodymyr Zelenskiy has highlighted the country's need for additional air defenses to safeguard its grain export routes and regions bordering Russia. This comes after Russia conducted a significant drone attack on Ukraine. Zelenskiy mentioned plans to receive foreign partn...

Maritime

UAE to Increase Murban Crude Exports in Early 2024, Adding Pressure to Global Prices

The United Arab Emirates (UAE) plans to boost exports of Abu Dhabi's flagship Murban crude in early 2024 as part of a new OPEC+ mandate. Increased output of light sweet crude grades from various countries, coupled with refinery maintenance in Abu Dhabi, is expected to impact global price bench...

Maritime

Unidentified Armed Individuals Seize Tanker Carrying Phosphoric Acid in Gulf of Aden

 A chemical tanker named Central Park, managed by Zodiac Maritime Ltd, was seized by unidentified armed individuals in the Gulf of Aden. The incident, suspected to be an act of piracy, occurred approximately 54 nautical miles off the coast of Somalia. The vessel is carrying a full cargo of pho...

Maritime

Greek Shipping Firms Minerva Marine, Thenamaris, and TMS Tankers Stop Transporting Russian Oil to Avoid U.S. Sanctions

Three major Greek shipping companies, namely Minerva Marine, Thenamaris, and TMS Tankers, have ceased transporting Russian oil in recent weeks to evade U.S. sanctions, according to sources reported by Reuters. This move is considered a setback for Russia as it reduces the n...

Maritime

China's Export Container Shipping Index Rises

In the week ending November 24, China's export container shipping index increased, with the average China Containerized Freight Index (CCFI) rising by 0.5 percent from the previous week to 876.74, according to the Shanghai Shipping Exchange. The sub-index for the Korea serv...

Maritime

Vadhavan Port in Maharashtra Expected to Receive All Clearances by Mid-January

India's proposed ₹76,000-crore greenfield port at Vadhavan in Palghar, Maharashtra, is anticipated to have all necessary clearances in place by mid-January. The environmental clearances have recently been received, and public hearings in the Dahanu area of Maharashtra are e...

Maritime

JSW Infrastructure Wins Bid for Keni Port Development in Karnataka

JSW Infrastructure has secured the bid for the development of Keni Port in Karnataka with a projected investment of ₹4,119 crore. The initial capacity of the all-weather, deep-water greenfield port is set at 30 million tonnes per annum. The port is strategically located between Mormugao and Ne...

Maritime

India's Tuticorin Port Plans 500-Acre Green Hydrogen Hub

The VO Chidambaranar Port Authority in Tuticorin, Tamil Nadu, has allocated 500 acres for a green hydrogen hub and signed an MoU with NGEL for a green hydrogen production facility. A proposal for infrastructure development for green hydrogen projects has been submitted to M...

Maritime

India's Galathea Bay Transshipment Port Set for Construction in 2024

ndia's Shipping Ministry aims to commence construction of the international transshipment port at Galathea Bay, Great Nicobar island, in the Bay of Bengal, in the coming year. Estimated at ₹44,000 crore, the port will be developed in four phases on a public-private partnership basis, with a to...

Maritime

Adani ICD Starts Operations In Borkhedi

Adani Logistics Launches Inland Container Depot in Nagpur Adani Logistics Limited inaugurated its Inland Container Depot (ICD) in Borkhedi, located 35km from Nagpur. This marks the third operational ICD in the city, ...

Maritime

The centre is assessing the feasibility of developing a Bulk Cargo transshipment hub in Atlanta Bay near Diglipur in Andaman and Nicobar Islands.

This is in addition to the Rs 44,000 crore Galathea bay project near the Southern tip of the Great Nicobar Island for which bids are expected to be called next year.“Currently a jetty with 5 metre (m) draft is serving for berthing of inter-island vessels of 4...

Maritime

Sri Lanka Shippers’ Council and Ports Authority Collaborate to Boost Shipping Industry

The Sri Lanka Shippers’ Council (SLSC) has partnered with the Sri Lanka Ports Authority (SLPA) to address critical issues and enhance Sri Lanka's imports and exports. The collaboration focuses on digitalization, Single Window, and the Ports Community System (PCS). T...

Maritime

MSC Advances Investment in HHLA, Port of Hamburg Operator

MSC Mediterranean Shipping Company progresses in its proposed investment in HHLA (Hamburger Hafen und Logistik Aktiengesellschaft), the operator of the port of Hamburg. The first phase of the tender offer process has been completed, with more than 4.4 million A shares tende...

Maritime

India Advances International Container Transshipment Port (ICTP) Project at Great Nicobar Island

India's government progresses in the construction of the proposed International Container Transshipment Port (ICTP) at Galathea Bay, Great Nicobar Island. The estimated $5 billion project is a significant part of India's Amrit Kaal Vision 2047, aimed at fostering maritime d...

Maritime

Panamax Market Surges to 11-Month High as Global Demand Boosts Rates

The panamax market experiences a robust rally, reaching its highest point in 11 months, with the Baltic Panamax Index (BPI) hitting 1,874 points. Strong demand for panamaxes is noted on North Atlantic and Pacific routes, particularly the Skaw-Gibraltar Transatlantic round v...

Maritime

New Board of Directors Appointed for HEMEXPO, Advancing Greek Marine Equipment Industry

HEMEXPO, a prominent association supporting Greek marine equipment manufacturers, has announced its newly appointed Board of Directors following the General Assembly Meeting. The Board, led by President Mrs. Eleni Polychronopoulou, includes re-appointed members Konstantinos Fanouriadis, Athana...

Maritime

Iron Ore Imports into the EU Experience Decline in 2023, Shifts in Suppliers and Ports Noted

Iron ore imports into the European Union (EU) have seen an 11.2% year-on-year decline in January-October 2023, with a significant drop in shipments from Brazil, now surpassed by Canada as the top supplier. Banchero Costa's report highlights the EU's position as the third-la...

Maritime

: Dynamics in LNG and LPG Shipping Stocks: Performance Variances and Strategic Moves

The Drewry LNG Shipping Equity Index faces a 7.5% YTD decline amidst softer LNG shipping spot rates, impacting Nakilat, Flex LNG, and Golar LNG. Meanwhile, Capital Product Partners' acquisition of 11 LNG vessels reflects a bullish outlook on LNG shipping, emphasizing long-term at...

Maritime

Maritime Market Weekly Recap: Capesize and Panamax Rates React to Regional Dynamics, Positive Momentum Persists for Ultramax/Supramax and Handysize Segments

The weekly maritime market overview reveals nuanced trends across different vessel segments. Capesize markets saw fluctuating activity with a decline in the Pacific, followed by a recovery driven by increased demand in the Atlantic. Meanwhile, Panamax rates experienced upwa...

Maritime

Anticipation Grows: OPEC's 2024 Crude Oil Strategy and Global Production Dynamics

As the shipping industry eagerly awaits OPEC's 2024 crude oil supply strategy, market participants are speculating on the potential impacts of production decisions on the tanker market. With a looming increase of 2.375mbd in January, questions arise about OPEC's approach am...

Maritime

Legal Precedence Set: York-Antwerp Rules (YAR) Application Resolved in Shipping Dispute

In the case of Star Axe I LLC v. Royal and Sun Alliance Luxembourg S.A. & Others (Star Antares) [2023] EWHC 2784, the Commercial Court recently addressed a longstanding debate concerning the application of York-Antwerp Rules (YAR) in the context of a general average (GA) adjustment. The crucia...

Maritime

Legal Dispute Resolved: Court Decides on York-Antwerp Rules Applicability in Shipping Case

The Commercial Court recently settled a longstanding debate in the case of Star Axe I LLC v. Royal and Sun Alliance Luxembourg S.A. & Others (Star Antares) [2023] EWHC 2784 regarding the application of York-Antwerp Rules (YAR) in relation to general average (GA) adjustments. The ...

Maritime

Panamax Market Rally and Global Shipping Trends: A Weekly Overview

In the latest weekly report from shipbroker Xclusiv, the Panamax market has witnessed a notable rally, reaching a nearly 11-month high with the Baltic Panamax Index (BPI) hitting 1,874 points. The Skaw-Gibraltar Transatlantic round voyage played a significant role in boosting the B...

Maritime

Deendayal Port: Pioneering Sustainable Rail Electrification for Regional Transformation

The Deendayal Port Authority achieves a significant milestone by completing electrification up to Gandhidham, marked by a successful trial run of an electric locomotive-propelled goods train to Kandla. This transformative project underscores a commitment to sustainable and ...

Maritime

Court Decision Resolves York-Antwerp Rules (YAR) Application in Shipping Dispute

The Commercial Court recently settled a long-debated issue regarding the version of the York-Antwerp Rules (YAR) applicable to general average (GA) adjustments. In the case of Star Axe I LLC v. Royal and Sun Alliance Luxembourg S.A. & Others (Star Antares) [2023] EWHC 2784,...

Maritime

Weekly Decline in Asian Fuel Oil Margins Reflects Supply Outlook Adjustment

Refining margins for fuel oil in Asia experienced a weekly decline following the previous week's surge. The fall in very low sulphur fuel oil (VLSFO) crack, closing at a premium of $13.23 per barrel, was attributed to the market already factoring in a tighter supply outlook...

Maritime

Three Gorges Dam Achieves Record Shipping Throughput, Surpassing Previous Years

The shipping throughput at the Three Gorges Dam, the world's largest hydropower project, reached a record-breaking 160 million tonnes, exceeding previous highs, according to the Ministry of Transport. The increased throughput is attributed to the booming passenger and cargo...

Maritime

PIER71™ Celebrates 5th Anniversary with Maritime Innovation Showcase and Smart Port Challenge Grand Finals

The Maritime and Port Authority of Singapore (MPA) and the National University of Singapore (NUS) marked the 5th anniversary of PIER71™ with the PIER71™ Great Circle 2023 event. The event featured the 7th edition of the Smart Port Challenge Grand Finals, a MarineTech Start-up Innovation Showca...

Maritime

HAROPA PORT and VERSO ENERGY Collaborate on Low-Carbon Hydrogen Production Plant

HAROPA PORT and VERSO ENERGY have entered into an agreement to establish a low-carbon hydrogen production plant on HAROPA PORT land in Grand-Quevilly, France. The project aims to produce hydrogen through water electrolysis, providing a capacity of 350MW and over 50,000 tonn...

Maritime

Vale's Port of Tubarão Welcomes Maiden Voyage of Wind-Assisted Bulk Carrier, Berge Olympus

The Berge Olympus, a Newcastlemax bulk carrier equipped with four large WindWings, made its maiden voyage to Vale's Port of Tubarão in Brazil. Developed by shipowner Berge Bulk, each sail utilizes wind energy to reduce fuel consumption and CO2 emissions. The vessel, part of...

Maritime

"Indian Palm Oil Purchases for December and January Dwindle Amid Rising Price

Indian buyers are reducing palm oil purchases for December and January shipments due to escalating prices and negative margins for refiners after extensive imports in recent months. The move, driven by attempts to clear accumulated stocks, may lead to elevated palm oil inve...

Maritime

India's Crude Oil Imports Rise in October, Rebounding from Previous Four-Month Decline

India experienced a 5.9% month-on-month increase in crude oil imports in October, reaching 18.53 million metric tons, after a four-month decline. The rise is attributed to heightened winter demand and increased industrial activity during the festive season. Additionally, th...

Maritime

India's Crude Oil Imports Rise in October, Rebounding from Previous Four-Month Decline"

South Korea's state-backed Agro-Fisheries & Food Trade Corp. has initiated international tenders to procure approximately 20,000 metric tons of food-quality soybeans without genetically-modified organisms (GMOs). The soybeans, sourced from any global origin, are intended for ...

Maritime

Pakistan LNG Ltd Attracts Bids from Leading Traders for January Delivery Cargo"

Pakistan LNG Ltd has received competitive bids from prominent traders, including OQ Trading, QatarEnergy Trading, Trafigura, and Vitol, for an upcoming cargo of liquefied natural gas (LNG). The state-owned company issued the tender for delivery to Port Qasim, Karachi, from Ja...

Maritime

"Egypt to Provide Essential Aid to Gaza During Four-Day Truce

Egypt has announced plans to deliver 130,000 liters of diesel, four trucks of gas daily, and 200 trucks of aid to Gaza during the upcoming four-day truce starting on Friday. This initiative aims to support humanitarian efforts and address essential needs in the region. The tr...

Maritime

Mongolia Achieves Record Coal Export of 60 Million Tons, Eyes Continued Growth

Mongolia has set a new record for coal exports, reaching 60 million tons this year, according to data from the National Committee for Revival of Border Ports. This significant increase from the previous year's 31.7 million tons underscores the country's status as a major co...

Maritime

South Korea's Feed Leaders Committee Secures 50,000 Tons of Corn in Private Deal

South Korea's Feed Leaders Committee (FLC) has reportedly acquired approximately 50,000 metric tons of animal feed corn in a private transaction without an international tender. The corn, expected to be sourced from South America, likely Brazil, was purchased at an estimate...

Maritime

COFCO Group Makes Historic Direct Import of Canadian Durum Wheat for Flour Processing

China's state-owned COFCO Group has achieved a milestone by directly importing Canadian durum wheat, a departure from its usual import of finished pasta or processed durum wheat flour. COFCO International procured the durum wheat, marking a significant addition to China's i...

Maritime

COFCO Group Makes Historic Direct Import of Canadian Durum Wheat for Flour Processing

The conclusion of November reveals a persistently weak sentiment in the crude oil freight market, countering earlier expectations of a recovery, particularly in the very large crude carrier (VLCC) segment. Challenges in finding a balance between ship availability and fluctu...

Maritime

"Proposed Legislative Changes Could Halt Ukraine's Grain Exports, Warns Traders' Union

The Ukrainian traders' union (UGA) has expressed concern over proposed legislative changes related to grain and oilseed exports, warning that they could lead to a complete halt in Ukraine's crucial grain exports. The bill, which recently passed its first reading in parliament...

Maritime

panamax market surges to 11 month high optimism prevails amidst strong demand and tight tonnage supply

The panamax market has experienced a significant rally, reaching a nearly 11-month high with the Baltic Panamax Index (BPI) hitting 1,874 points and the weighted average of the 5 Time Charter (T/C) routes reaching USD 16,868. Notably, the Skaw-Gibraltar Transatlantic round ...

Maritime

"Court Resolves York-Antwerp Rules Debate in Maritime Dispute"

In the case of Star Axe I LLC vs. Royal and Sun Alliance Luxembourg S.A. & Others, the Commercial Court has resolved a long-debated issue regarding the applicable version of the York-Antwerp Rules (YAR) under the standard Congenbill 1994 form. The court ruled that the Gener...

Maritime

Crude Oil Freight Market Faces Challenges, Seeks Balance Amidst Seasonal Shifts

In the last week of November, the crude oil freight market continued to exhibit weakness in sentiment, struggling to balance ship availability and erratic demand growth. Despite earlier expectations for a recovery in the very large crude carrier (VLCC) segment, the market f...

Maritime

Iron Ore Imports: European Union Sees Decline Amid Global Trade Dynamics"

Iron ore imports into the European Union (EU) have been on a declining trend, with a notable -11.2% year-on-year decrease to 60.3 million tonnes in January-October 2023. Banchero Costa's report reveals that the EU, currently the third-largest global importer of iron ore, fa...

Maritime

Upward Surge: Baltic Dry Index Records Third Weekly Gain with Strong Growth Across Vessel Segments

The Baltic Exchange's dry bulk sea freight index achieved its third consecutive weekly rise, surging by 13.3% to 2,102, with a notable 15.5% gain for the week. Across all vessel segments, including capesize, panamax, and supramax, rates strengthened. The capesize index nota...

Maritime

"Upward Trend Continues: Baltic Dry Index Records Third Weekly Gain Amid Strengthening Shipping Rates"

The Baltic Exchange's dry bulk sea freight index marked its third consecutive weekly increase, rising by 13.3% to 2,102, with a 15.5% gain for the week. All vessel segments, including capesize, panamax, and supramax, experienced strengthened rates. The capesize index surged b...

Maritime

"Strategic Plans Unveiled: India's Vision for a Transshipment Hub in Andaman, Indira Point as a Key Tourism Destination

India's Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, announced plans for the development of a bulk cargo transshipment hub in Atlanta Bay near Diglipur in the Andaman and Nicobar Islands. The feasibility study for transforming it into a major harbor is un...

Maritime

India and Lithuania Explore Maritime Collaboration for Mutual Growth

In a recent meeting between Shantanu Thakur, Minister of State for Ports, Shipping, and Waterways in India, and Ejidijus Meilunas, Vice Minister in the Ministry of Foreign Affairs of Lithuania, both countries expressed a commitment to strengthening maritime bilateral relations. The discussions...

Maritime

India Launches Green Tug Transition Program for Sustainable Port Operations

The Ministry of Shipping in India is set to commence construction of the Galathea Bay International Trans-shipment Port on the Great Nicobar Island. The finalization of the Detailed Project Report signals the imminent invitation of tenders for the project's construction wit...

Maritime

India Launches Green Tug Transition Program for Sustainable Port Operations

The Ministry of Ports, Shipping, and Waterways in India has introduced the Green Tug Transition Programme (GTTP) to progressively replace existing diesel-powered tugs with locally-built zero-emission tugs. The program outlines a five-phase timeline until 2047, requiring all...

Maritime

Dublin Port Celebrates Dockers Legacy with Solidarity Exhibition

Dublin Port Company welcomes 'Solidarity: The Dockers of Dublin Port,' an exhibition curated by The Little Museum of Dublin, to its Substation for a three-month display. The showcase, launched by Lord Mayor of Dublin Daithí de Róiste, unveils never-before-seen photos and of...

Maritime

Zero-Emission Sailing: Netherlands to Launch First Inland Vessel Powered by ZES Technology

n April 2024, the Den Bosch Max Groen, the first inland vessel utilizing ZES (Zero Emission Services) technology, is set to sail emission-free routes between Den Bosch, Maasvlakte, and Moerdijk in the Netherlands. The vessel, equipped with a fixed battery package and standa...

Maritime

India and Lithuania Strengthen Maritime Ties for Mutual Growth

Minister of State for Ports, Shipping, and Waterways, Shri Shantanu Thakur, and Lithuania's Vice Minister of Foreign Affairs, Mr. Ejidijus Meilunas, held a meeting in New Delhi to enhance maritime bilateral relations. The focus was on leveraging India's port infrastructure ...

Maritime

Surge in Indian Coal Imports Boosts Bulker Earnings, Signals Market Shift

In October 2023, coal imports to India reached a 43.5% year-on-year increase, hitting the highest level since May 2022 at 13.8 million metric tons, as reported by Oceanbolt, a Veson Nautical solution. Bulker earnings, particularly for larger vessels like Panamaxes, have str...

Maritime

AD Ports Group's Visionary ICTP Project Paves the Way for New India's Maritime Future

Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, visited the proposed International Container Transhipment Port (ICTP) at Galathea Bay, Great Nicobar Island, marking significant progress in the ambitious project. The ICTP, with an estimated cost o...

Maritime

Digitization and Operational Efficiency Propel Global Ports Towards Sustainable Shipping Practices

Turloch Mooney, Director at S&P Global Market Intelligence, emphasizes the maritime trade industry's focus on better port performance and network efficiency to combat emissions. The report underscores the significance of digitization for sustainable improvements. Key highli...

Maritime

Chartering & Broking

AD Ports Group Charts Success Amid Global Uncertainty with Strategic Diversification and Proactive Geopolitical Navigation

In the wake of complex geopolitical challenges, a whitepaper by AD Ports Group underscores the resilience of port operators that expand their services beyond traditional cargo handling. The report, unveiled after the IAPH World Ports Conference, outlines AD Ports Group's th...

Maritime

Digitization and Efficiency Drive Maritime Industry's Response to Emission Challenges, S&P Global Report Finds

A recent report from Turloch Mooney, Director at S&P Global Market Intelligence, emphasizes the pivotal role of digitization in enhancing port performance and network efficiency to address emissions in the maritime trade industry. The study reveals a decline in container mo...

Maritime

Sarawak Expects Completion of Bintulu Port Takeover by July 2024

The Sarawak Legislative Assembly has been informed that the state government aims to complete the takeover process of Bintulu Port from the federal government by July 2024. Deputy Minister for Infrastructure and Port Development, Datuk Majang Renggi, mentioned that the stat...

Maritime

Kalmar Secures Large Order for Reachstackers from Brazilian Equipment Leasing Provider, Brasmaq

Kalmar, a part of Cargotec, has received a substantial order from Brazilian equipment leasing service provider Brasmaq Portuaria for a total of 21 Kalmar Essential reachstackers. The order, consisting of four machines in Q3 2023 and an additional 17 in Q4 2023, reflects the...

Maritime

Constanta Port in Romania Achieves Record Grain Shipments, Facilitating Ukrainian Exports

Romania's Black Sea port of Constanta has set a record by shipping 29.4 million metric tons of grain in the first ten months of this year, with 40% of the supply coming from Ukraine. Constanta has become a crucial export route for Ukraine, especially since Russia's invasion...

Maritime

Oil Product Stockpiles Surge 12% at UAE's Port of Fujairah, Reaching Six-Week High

Stockpiles of oil products at the Port of Fujairah in the UAE increased by 12% in the week ending November 20, reaching a six-week high, according to data from the Fujairah Oil Industry Zone. The total stockpile reached 18.867 million barrels, down 8.7% since the end of 202...

Maritime

MSC and City of Hamburg Near Majority Control in HHLA Takeover Bid

Major shipping company MSC and the City of Hamburg are on the verge of securing a substantial majority, exceeding 80%, in their bid to take over the Hamburg port logistics company HHLA. The proposed joint venture involves MSC holding a maximum of 49.9%, with the city having 5...

Maritime

Maritime Single Window Project Successfully Concludes with Handover at Port of Lobito, Angola

The Single Window for Facilitation of Trade (SWiFT) project, a strategic partnership between the International Maritime Organization (IMO) and Singapore, has concluded with the handover of a newly developed Maritime Single Window (MSW) platform to the Port of Lobito in Ango...

Maritime

Port of Los Angeles Marks Third Consecutive Month of Cargo Volume Growth

The Port of Los Angeles has reported a 7% increase in cargo volume for October 2023 compared to the same period last year, marking the third consecutive month of growth. The port processed 725,775 Twenty-Foot Equivalent Units (TEUs), reflecting the efforts of terminal opera...

Maritime

Zero Emission Sailing: Netherlands Set to Launch First Inland Vessel with ZES Technology"

In a groundbreaking initiative, the Netherlands is set to launch the Den Bosch Max Groen, the first inland vessel operating entirely on Zero Emission Services (ZES) technology in April 2024. The vessel, prepared for electric sailing during construction, will use standard 20...

Maritime

Solidarity: The Dockers of Dublin Port Exhibition Opens at The Substation

Dublin Port Company welcomes 'Solidarity: The Dockers of Dublin Port' exhibition to The Substation, a new cultural hub. Curated by The Little Museum of Dublin, the showcase explores the rich history of Dublin's dockers, featuring never-before-seen photos and highlighting th...

Maritime

Digitization and Efficiency: Key Strategies to Address Emissions in Maritime Trade, Says S&P Global Market Intelligence

Turloch Mooney, Director at S&P Global Market Intelligence, emphasizes the importance of better port performance and network efficiency as critical levers for the maritime trade industry to tackle emissions. The report highlights a decline in container moves on ocean-going ...

Maritime

India's Ambitious Green Tug Transition Program Sets Aggressive Targets for Carbon-Neutral Port Operations

The Ministry of Ports, Shipping, and Waterways in India has unveiled a comprehensive Green Tug Transition Program (GTTP) aimed at replacing diesel-powered tugs with zero-emission counterparts by 2047. The five-phase plan mandates state-owned ports to progressively adopt gre...

Maritime

Prudential Shipping and Pace Marine Collaborate for Efficient STS Operations at Hambantota International Port

Prudential Shipping, in partnership with Pace Marine, is set to enhance maritime operations at the Hambantota International Port through Ship-to-Ship (STS) transfer operations. STS operations, involving direct cargo transfers between vessels, offer flexibility, reduce conge...

Maritime

Jindal Paradip Port to Invest Rs 3,392 Crore in State-of-the-Art Western Dock Development

Jindal Paradip Port Limited (JPPL) is set to invest Rs 3,392 crore in the development of a cutting-edge Western Dock at Paradip Port. Led by a JSP-led consortium, the 25-million-tonne capacity dry bulk cargo terminal aims to significantly enhance industrial capabilities in ...

Maritime

MSC and Ferrovie dello Stato Italiane Forge Partnership for Intermodal Sea and Rail Transport

MSC Mediterranean Shipping Company and Ferrovie dello Stato Italiane, Italy's state-owned national railway company, are forming a joint venture to enhance intermodal sea and rail transport from Italy's ports, connecting to Europe's railway network. The collaboration aims to...

Maritime

Heavy Rains Disrupt Cargo Evacuation from Mombasa Port to Nairobi

Intense rains in Kenya's coastal region have prompted disruptions in the transportation of cargo from the Port of Mombasa to the inland container depot in Nairobi. The adverse weather conditions, associated with the El Nino phenomenon, have caused wash-aways and landslides ...

Maritime

Durban Port Faces Prolonged Congestion, Shipping Crisis Extends into 2024

Durban, South Africa's container port, is grappling with severe congestion, and port officials anticipate it may take until February 2024 to clear the backlog. The crisis, attributed to years of underinvestment in equipment and maintenance, has led to over 60 vessels waitin...

Maritime

Cyber Vulnerability Likely Cause of DP Australia Network Attack; Union Leverages Outage in Ongoing Labor Dispute

A recently identified cyber vulnerability, known as the "Citrix Bleed bug," is now suspected to be the cause of the computer network attack on DP Australia, a major player servicing four terminals and 40% of cargo activity in Australia. The attack prompted a temporary shutd...

Maritime

EU Emission Trading System (EU ETS) Implementation: Navigating Structural Reforms in the Maritime Industry

The maritime industry is on the brink of a transformative period with the imminent integration of the European Union's Emission Trading System (EU ETS) in 2024. This regulatory overhaul, aimed at a 55% emissions reduction by 2030, signifies more than a mere update; ...

Maritime

Diana Shipping Inc. Secures Time Charter for Ultramax Vessel with Bunge SA

Global shipping company Diana Shipping Inc. has entered into a time charter agreement with Bunge SA for its Ultramax dry bulk vessel, the m/v DSI Andromeda. The charter, spanning from November 24, 2023, to a maximum of April 20, 2025, comes with a gross rate of US$13,500 pe...

Maritime

Thessaloniki Port Users’ Council Engages in Constructive Dialogue for Port Development

The recent videoconference meeting of the Thessaloniki Port Users’ Council, chaired by Thanos Liagkos, Executive Chairman of the Board of Directors of ThPA S.A., focused on fostering productive dialogue within the port community. Attended by representatives from 18 bodies, ...

Maritime

TOP Ships Inc. Secures Long-Term Charter Extensions for VLCC Vessels with Rate Increase

TOP Ships Inc., a prominent international player in the realm of modern and fuel-efficient "ECO" tanker vessels, has recently announced a significant development in its operations. The company has successfully negotiated the extension of time charter employment contracts for two ...

Maritime

Constanta Port Sets Record in Grain Shipments, Faces Challenges Amidst Regional Tensions

Romania's Black Sea port of Constanta achieved a historic milestone by shipping 29.4 million metric tons of grain in the first 10 months of the year. However, challenges loom as Ukraine, a major grain exporter, faces disruptions in transit due to Russian strikes on river po...

Maritime

MSC Unveils World's Largest and Most Sustainable Container Ship, MSC Celestino Maresca

On November 20, 2023, MSC Mediterranean Shipping Company named its newest and record-breaking container ship, the MSC Celestino Maresca, at Italy's Gioia Tauro port. With a capacity exceeding 24,000 TEUs, the vessel is a tribute to Captain Celestino Maresca, highlighting hi...

Maritime

MSC's Santana Service Update: Revised Rotation Adds Port Everglades Call

MSC, one of the world's leading shipping lines, has introduced a rotation adjustment to its Santana service effective from the voyage number 348, initiated by the vessel MSC Benedetta. The revised rotation now includes the addition of Port Everglades in Florida, US, replaci...

Maritime

Antwerp-Bruges Port Collaborates with Milence to Develop Major Electric Truck Charging Hubs

The Port of Antwerp-Bruges has joined forces with Milence, a European electric mobility provider, to establish two significant electric truck charging hubs set to launch in May 2024. The hubs, featuring 30 charging bays initially, will utilize high-performance Combined Char...

Maritime

India Unveils Green Tug Transition Programme for Major Ports: A Roadmap to Zero-Emission Tugs

India's Ministry of Ports, Shipping, and Waterways introduces the Green Tug Transition Programme (GTTP), outlining a comprehensive plan for replacing existing diesel-powered tugs with zero-emission alternatives. The five-phase timeline, spanning until 2047, emphasizes the g...

Maritime

Sailing Toward Sustainability: Combining High-Tech Sails and Optimal Routes to Slash Shipping Emissions

Amid the urgent need to cut carbon emissions from the international shipping sector, researchers propose a unique solution: advanced sails combined with optimal route planning using satellite navigation systems. While sails alone can reduce emissions by 10%, the true potent...

Maritime

Constanta Port Breaks Records with 29.4 Million Metric Tons of Grain Shipments in 10 Months

Romania's Black Sea port of Constanta has achieved a record-breaking 29.4 million metric tons of grain shipments in the first ten months of this year. With 40% of the supply coming from Ukraine, Constanta has become Kyiv's primary alternative export route following Russia's...

Maritime

Kalmar Secures Large Order for Reachstackers from Brazilian Leasing Service Provider Brasmaq

Kalmar, a part of Cargotec, has received a significant order from Brazilian equipment leasing service provider Brasmaq Portuaria. The order comprises 21 Kalmar Essential reachstackers, with the first four scheduled for delivery by the end of Q4 2023 and the remaining 17 in ...

Maritime

Malaysia to Expand Three-Day Cargo Container Release Policy to All Federal Ports

The Ministry of Transport (MOT) in Malaysia has announced plans to extend the existing practice of releasing cargo containers to traders within three days, initially piloted at Port Klang, to all federal ports from the beginning of next year. The move aims to prevent prolon...

Maritime

Port of Long Beach Sees Second Consecutive Monthly Rise in Cargo Volume

The Port of Long Beach experienced a second consecutive monthly increase in cargo volume in October, with 755,150 twenty-foot equivalent units (TEUs) moved, marking a 14.7% rise compared to the same period in 2022. The boost is attributed to preparations for the upcoming ho...

Maritime

Bintulu Port Takeover Set for Completion by July 2024, Says Deputy Minister

The Sarawak Legislative Assembly has been informed that the takeover process of Bintulu Port from the federal government is expected to conclude by July 2024. Deputy Minister for Infrastructure and Port Development, Datuk Majang Renggi, stated that the state government is a...

Maritime

Port of Savannah Reports Surge in Container Ship Calls and Record Cargo Handling

The Port of Savannah's Garden City Terminal experienced a substantial increase with 129 container ship calls in October, marking a 26% rise compared to the same month in 2022. With all berths open for the first time in two and a half years, the terminal handled 449,000 twen...

Maritime

Manzhouli, China's Largest Land Port, Records Surge in Cargo Volume

Manzhouli, China's largest land port located in Inner Mongolia, has experienced a significant increase in cargo volume, handling over 20 million tonnes from January to November 20, a 39.9% YoY increase. The port managed 4,353 China-Europe freight train trips, transporting 4...

Maritime

Successful Completion of Pilot Single Window for Facilitation of Trade at Angola's Port of Lobito

A handover ceremony at the Port of Lobito in Angola marked the completion of the pilot Single Window for Facilitation of Trade (SWiFT) project for the newly developed Maritime Single Window (MSW) platform. Conducted after a successful week-long user acceptance testing sessi...

Maritime

Sarawak to Complete Takeover of Bintulu Port by July 2024

The Sarawak Legislative Assembly has been informed that the takeover process of Bintulu Port from the federal government is set to be finalized by July 2024. Deputy Minister for Infrastructure and Port Development, Datuk Majang Renggi, highlighted that the state government ...

Maritime

Romania's Constanta Port Achieves Record Grain Shipments, With Ukraine Dominating Supply

Romania's Black Sea port of Constanta has set a new record by shipping 29.4 million metric tons of grain in the first 10 months of the year. Ukraine, a major global grain exporter, contributed 40% to this record, using Constanta as a key export route since Russia's invasion...

Maritime

Indian Authorities Seek to Revive Adani Probe on Alleged Coal Import Overvaluation

Indian investigators are pushing to restart a probe into the Adani Group over alleged overvaluation of coal imports. The Directorate of Revenue Intelligence has sought permission from the Supreme Court to collect evidence from Singapore, where Adani has successfully blocked...

Maritime

Iron Ore Futures Rise Amid Optimism for China's Property Market Support

Iron ore futures experienced a third consecutive session of gains, driven by ongoing optimism regarding additional support for China's property market. The most-traded January iron ore on China’s Dalian Commodity Exchange reached its highest level since Nov. 15, reflecting ...

Maritime

Navigating Climate Goals: Sails and Optimal Routing Offer Promising Solution for Shipping Emissions

The international shipping sector, responsible for emissions equivalent to Germany's entire carbon output, faces the urgent need for emission reductions to align with the Paris Agreement's 1.5°C target. Researchers propose an innovative short-term solution—utilizing advance...

Maritime

Dry Bulk Shipping Market Analysis: November 2023

The fourth week of November witnessed stability in larger ship categories, particularly Panamax vessels, while signs of an upturn in the Capesize segment emerged. The surge in demand tonne days for Capesize vessels since mid-October played a pivotal role in creating a robust frei...

Maritime

Surge in Newbuilding Orders Across Shipping Sectors Amid Capacity Concerns

The recent weeks have witnessed a significant increase in newbuilding orders as shipowners rush to secure berths amidst growing concerns of capacity overflow at major shipyards. Wisdom Marine focuses on Handysize vessels in the dry bulk sector, while Sea Pioneer and K Shipb...

Maritime

Baltic Exchange's Sea Freight Index Declines Amid Capesize Losses and Panamax Gains

The Baltic Exchange's main sea freight index experienced a third consecutive session of decline, dropping 2.3% to 1,755 points. Capesize vessels faced a significant loss of 6.6%, reaching a two-week low at 2,415 points, with average daily earnings falling to $20,029. In con...

Maritime

Ship Recycling Market Faces Slow Activity

The ship recycling market experiences sluggish activity during Diwali celebrations, with reports indicating a quieter pace and limited sales in major ship recycling markets. While the Indian recyclers lead in pricing, there is anticipation of increased activity post-Diwali ...

Maritime

: Port of Newcastle Secures Highest Sustainability Rating for Third Consecutive Year

The Port of Newcastle has achieved a remarkable feat, garnering its highest-ever Global Real Estate Sustainability Benchmark (GRESB) score, maintaining a prestigious 5-star rating for three consecutive years. CEO Craig Carmody underscores the port's commitment to environmen...

Maritime

Port of Newcastle Achieves Record Sustainability Rating, Leading in ESG Performance

The Port of Newcastle has attained its highest-ever Global Real Estate Sustainability Benchmark (GRESB) score, maintaining a 5-star rating for the third consecutive year. From a score of 40 in 2019 to an impressive 96 in 2023, the port's commitment to environmental, social,...

Maritime

Transformative Expansion Unveiled: Ghana's Tema Port Project Enters Second Phase

Ghana's President Nana Addo Dankwa Akufo-Addo officially launched the second phase of the Tema Port Expansion Project, a key initiative in the Ghana Ports and Harbours Authority's master plan. The project, led by Meridian Port Services (MPS), introduces 15 cutting-edge gant...

Maritime

Konecranes Secures Contract to Upgrade Oskarshamn Nuclear Power Plant Crane for Safety and Regulatory Compliance

Finnish lifting equipment company Konecranes has successfully secured a contract to upgrade the crucial reactor hall overhead crane at Sweden's Oskarshamn Nuclear Power Plant. The crane is integral to servicing the reactor and managing the removal of spent fuel casks, adher...

Maritime

Transnet Suspends Coal Truck Processing Amid Port Congestion

South African state-owned logistics company Transnet has announced the suspension of processing trucks carrying coal to its Richards Bay terminal due to unprecedented traffic. The company is grappling with inadequate rail and port capacity for transporting bulk minerals, at...

Maritime

Peab Secures Contract for Groundbreaking Kustkajen 2.0 Project in Gothenburg Port's Energy Hub

The Gothenburg Port Authority has enlisted the expertise of Swedish construction company Peab for the first phase of the monumental Kustkajen 2.0 project. This ambitious initiative involves a comprehensive overhaul of the 300-meter-long quay at the heart of the Port of Goth...

Maritime

New Gold Star Service Enhances Auto Shipping from Mexico to Port of Brunswick

The recently launched Gold Star service by Zim is providing a more efficient and secure sea route for automotive manufacturers shipping vehicles from Mexico to the Port of Brunswick in the U.S. The first shipment, delivered via the maiden vessel Sebring, signifies a signifi...

Maritime

AD Ports Group's Strategic Blueprint for Thriving Amidst Global Geopolitical Challenges

In the wake of increasing geopolitical complexities, AD Ports Group has unveiled a groundbreaking whitepaper, "Navigating Geopolitical Shifts: Strategies for Ports in an Uncertain World." The document, presented after the International Association of Ports and Harbors (IAPH) Worl...

Maritime

Wilson Sons Secures Year-Long Contract with BP for Offshore Logistics Support in Brazil

Brazilian port and maritime logistics leader, Wilson Sons, has inked a one-year contract with British Petroleum (BP) to provide logistical support for drilling activities in the Pau Brasil block. The agreement, based at Wilson Sons' Rio Offshore Supply Base in Guanabara Bay...

Maritime

Malaysia Expands Efficient Container Release Policy to Boost Port Competitiveness

The Ministry of Transport in Malaysia announced the expansion of a successful pilot project from Port Klang to all federal ports, implementing a three-day maximum for the release of cargo containers to traders. The move aims to prevent significant losses caused by prolonged...

Maritime

West Bengal Government Reopens Tender for Tajpur Deep Sea Port, Dissolves Adanis Letter of Intent

Chief Minister Mamata Banerjee announced at the Bengal Global Business Summit that the West Bengal government will reopen the tender process for the Rs 25,000-crore Tajpur deep sea port project, dissolving the letter of intent (LoI) previously awarded to Adani Ports. The su...

Maritime

AD Ports Group Champions Strategic Diversification Amid Geopolitical Uncertainty

A recent whitepaper from AD Ports Group emphasizes that ports operators thriving in today's complex geopolitical landscape are those offering a broader range of services beyond cargo and container handling. The report, launched after the International Association of Ports ...

Maritime

Maersk Extends Support to The Ocean Cleanup for Ocean Plastic Collection System Validation

Maersk Supply Service and A.P. Moller–Maersk have pledged continued support to non-profit organization The Ocean Cleanup as it works towards validating a system for collecting plastic from the world's oceans. The collaboration, extending until the end of 2024, involves prov...

Maritime

Fiji Prime Minister Signals Shift in Partnership, Eyes Collaboration with China on Port and Shipyard Project

Fiji's Prime Minister Sitiveni Rabuka announced in parliament that the nation is leaning towards collaborating with China on a significant port modernization and shipyard project. This decision comes after discussions with Chinese President Xi Jinping. Previously, Fiji had ...

Maritime

Durban Port Faces Prolonged Congestion Crisis Until 2024, Impacting Global Trade

South Africa's Durban Port is grappling with severe congestion, with reports indicating that it may take until February 2024 to clear the backlog. With over 60 vessels waiting offshore and importers anticipating delays in receiving merchandise for Christmas, the situation i...

Maritime

Weekly Shipping Market Overview (Capesize, Panamax, Ultramax/Supramax, Handysize): Dynamic Trends and Regional Resurgence

The shipping market experienced dynamic conditions throughout the week across different vessel classes. In the Capesize sector, the Pacific region witnessed positive momentum driven by increased coal shipments, while the Atlantic market saw notable activity from southern Br...

Maritime

Emergency at Old Mundra Port as Fire Engulfs Ship During Loading Process

A fire erupted at Old Mundra Port during ship loading operations, prompting an emergency response. Three fire engines were dispatched to control the flames, resulting in significant damage to the cargo-laden vessel destined for the Gulf. Concerns arose about the incident's ...

Maritime

DP Australia Cyberattack Linked to Citrix Vulnerability, Sparks Union Dispute

A cyber vulnerability in Citrix software, known as the "Citrix Bleed bug," is believed to be the cause of the recent attack on DP Australia's computer network, affecting 40% of the country's cargo activity. While the company swiftly resumed operations after addressing the b...

Maritime

Uncertainty Surrounds Tajpur Deep-Sea Port Project as West Bengal Chief Minister Announces New Tender

West Bengal Chief Minister Mamata Banerjee has announced the launch of a new tender for the development of the Tajpur deep-sea port, a project initially intended for the Adani Group. The absence of the Adani Group from the Bengal Global Business Summit has raised questions ...

Maritime

10th India Tanker Shipping & Trade Summit on February 9, 2024: Uniting Maritime Stakeholders

The 10th India Tanker Shipping & Trade Summit is set to take place on February 9, 2024, at Holiday Inn, Mumbai. A pivotal platform for global maritime stakeholders, the summit will cover discussions on Seaborne Oil, Chemicals & Gas Tanker Trade trends. Industry leaders will...

Maritime

Israeli-Owned Ship Seized by Iran-Backed Houthis in Red Sea Escalates Tensions

The Galaxy Leader, an Israeli-owned ship, was seized by Iran-backed Houthi rebels in the Red Sea as retaliation for the war in Gaza. The Houthis vowed to target Israeli ships until the military operation against Hamas concludes. This incident raises concerns about disruptio...

Maritime

Baltic Exchange's Main Sea Freight Index Dips After Seven-Day Rally Due to Capesize Rates