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Euphoria in dry bulk spot rates

Surging iron ore exports from Brazil and contracting vessel supply in the region will keep Capesize/VLOC vessels in high demand in the Atlantic, supporting the continued surge in freight rates. The Capesize market is witnessing a festive period with spot rates reaching record highs despite growing concerns of a slowdown in the global economy. The recent strength in spot rates is expected to continue over the remaining months of 2019 mainly on account of: a) the upcoming IMO regulations and b) the sharp recovery in Brazil’s iron ore exports. Following ...

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Panama Ship Registry Modernizes Ship Registration

The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present systems used by Panama Maritime Authority’s General Directorate of Merchant Marine (Ship Registry) and General Directorate of Public Property registry of Ships (ownership titles and mortgage registration), to simplify the process of ship registration. The new global system will include innovations adapted to the existing technology and improvements to the registration process. “The integration in a single platform will facilitate the procedure for the user, which is our prime goal,” ...

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Baltic index falls on sluggish capesize demand

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, declined on Thursday for a sixth consecutive session due to lower capesize rates. The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 35 points, or 1.5%, to 2,331. The capesize index dropped 114 points, or 2.4%, to 4,612. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $749 to $34,434. “With less activity, (capesize) levels have softened down 6% week to ...

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Vehicle Carrier Market Insight

With an estimated USD 775 bn worth of exports in 2018, cars represent the world’s number three exported product by value, trailing only crude oil and refined petroleum oils. Given this, one would think the vehicle carrier market is booming however this is not the case… The aggregate number of vessels on the water has remained stable over the past nine years, due mainly to a sensible balance achieved between scrapping and new vessel ordering. However, many owners and larger operators have chosen to order larger designs capable of carrying ...

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INTERTANKO developing practical guide for implementation as IMO 2020 looms

INTERTANKO is developing a practical guide to assist its membership in their preparation and implementation of the International Maritime Organization’s low sulfur mandate, Elfian Harun, environment manager and assistant regional manager Asia-Pacific, INTERTANKO, said. “We are grateful for the contingency measures developed at MEPC [Marine Environment Protection Committee] 74 (May 2019) for unforeseen and unavoidable cases that may occur despite the ship’s best efforts,” said Harun in an e-mailed interview, who was also a speaker at the 35th Annual Asia Pacific Petroleum Conference in Singapore. There are indeed a number ...

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Shipping Companies Have A New Weather Forecast Tool as Spire Announces First Weather Product Spire Forecast

Spire Global, one of the world’s largest space to cloud analytics companies announced the first product from Spire Weather. Spire’s new Maritime Weather product, Spire Forecast will launch today and offer new weather forecasts dedicated to the maritime industry. The product will feature atmospheric and oceanographic weather attributes including, among others, sea surface temperature, ocean currents, wave height, surface wind, and air temperature, all available globally. This move represents Spire’s first weather forecasting product, and how the company will eventually expand this new information into customized solutions for other industry ...

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Singapore high-sulphur fuel oil cash premium rises to record high

Asia’s cash premium for cargoes of mainstay 380-centistoke (cst) high-sulphur fuel oil (HSFO) rose to a fresh record on Thursday, according to Reuters data. The cash premium for 380-cst HSFO in Singapore climbed to $45.75 per tonne above Singapore quotes, up from the previous high of $41.78 per tonne hit on Tuesday. HSFO cash differentials have got a boost in recent weeks from tight regional supplies ahead of a switch to cleaner marine fuels from next year. Starting Jan. 1, 2020, shippers need to comply with new International Maritime Organization ...

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Sovcomflot pioneers financing incorporating Poseidon Principles for LNG vessels

Joint venture companies belonging to Sovcomflot (SCF Group) and NYK Line have signed a new USD 176 million non-recourse credit facility for eight years with three leading international banks: Sumitomo Mitsui Banking Corporation of Japan (through its German subsidiary, SMBC Bank EU AG); Société Générale of France, and Shinsei Bank of Japan. The facility will be used towards refinancing two ice-class LNG carriers servicing the Sakhalin-2 project, Grand Aniva and her sister ship Grand Elena, which are jointly owned and operated by SCF Group and NYK Line. The vessels transport ...

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Argentina soybean meal prices seen competitive to China, but issues remain

Soybean meal prices in Argentina are low enough to arrive in China at competitive levels until the end of 2019, S&P Global Platts assessments showed Wednesday. China and Argentina signed a historic deal Wednesday after 20 years of negotiations that allows the latter to sell the animal feed to China. However, market participants said it was not clear if China will play that card yet, as the country continues negotiations with the US on a wider trade deal. Taking into account Platts’ latest price assessment in the Up River region ...

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UK Ports Bring £9.7 billion of direct value to the UK economy

New figures published today by the ports industry reveal the hidden scale of the industry across the UK. As well as being key trading gateways – handling 95% of UK trade – ports are the foundation of the entire marine economy and are increasingly supporting other types of valuable economic activity, from leisure to fishing, offshore energy and marine aggregates. The research was commissioned by the British Ports Association (BPA) and UK Major Ports Group (UKMPG) via Maritime UK and undertaken by the Centre for Economics & Business Research (CEBR). ...

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Antwerp and Rotterdam Port Authorities ask new European Commission and Parliament to focus on the economic significance of ports

The energy transition and digitisation are the two strategic challenges facing large industrial ports. The European Union can offer port authorities and industrial clusters important incentives to achieve the transition toward the CO2-neutral ports of the future. That is why Antwerp and Rotterdam Port Authorities have taken the initiative to organise a joint event for European policy makers, with contributions from experts from the world of science, industry and logistics. ‘The Added Value of Ports’ event takes place in Brussels on Wednesday, 11 September 2019. Speakers include Henrik Hololei (European ...

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More Needs to be Done to Address Maritime Skills Gap

Global research recently conducted by Lloyd’s Maritime Academy, the experts in life-long learning for maritime professionals, has revealed that over 67% of people surveyed believe that there is a skills gap within the sector with over 20% specifically indicating a gap within technology and IT. The research was conducted last month and featured over 500 responses from professionals around the world and from different sectors of the maritime industry. Ted Bailey, Head of Digital Learning at Lloyd’s Maritime Academy states: “It’s somewhat worrying to see that little progress is being ...

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CMA CGM launches RHINE VALLEY RAIL, a new train service connecting the Port of Rotterdam with the German hinterland

The CMA CGM Group, a world leader in shipping and logistics, is pleased to announce the introduction of RHINE VALLEY RAIL, a new rail service connecting the Port of Rotterdam with the German hinterland. Weekly train connections perfectly aligned with CMA CGM’s deep-sea services Operated in cooperation with TFG, market leader in containerized seaport hinterland transport for German ports, the RHINE VALLEY RAIL service will officially start with its first train departure in Dortmund on October 18th. A total of six departures per week between the Port of Rotterdam and ...

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Fourth Propulsion Revolution: ICS Reaches Beyond the Shipping Community

A packed house of delegates was confronted yesterday with the reality of powering global trade without the use of fossil fuels. At the International Chamber of Shipping’s 2019 Conference – Setting Course for 2050 : Powering Global Trade, more than 30 influential speakers from around the world challenged the shipping community to fully explore the options open to the industry and the decisions it faces – decisions which will have implications beyond the sector’s own boardrooms. Speakers included the Rt. Hon. Nusrat Ghani MP, Parliamentary Under Secretary of State for ...

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Tariff Increases Bring Import Container Front Loading

Shippers responded to the last round of tariff increases on imports from China by front loading containers into U.S. ports in July, the National Retail Federation said. After bottoming out this month, the NRF forecasts container volumes will rise in October and peak in November. July’s volume of 1.96 million twenty-foot equivalent units (TEUs) was 100,000 TEU better than the last forecast estimate for the month and the biggest upside surprise to estimated volumes since January 2019. The Port of New York and New Jersey is one beneficiary of the ...

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