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The Baltic Exchange’s main sea freight index rose for a fourth straight session on Thursday, helped by higher rates for capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 20 points, or 2%, to 1,040 points – its highest so far this month. The capesize index jumped 73 points, or 5.3%, to 1,460. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $609 to $12,112. “After a long ...

Both the newbuilding and secondhand markets were rather active over the past week. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “in tankers this week, Samsung announced contracts for two 158k dwt Suezmaxes for an unnamed owner, with the deliveries expected in 4Q 2025 and February 2026 respectively. CSSC Dalian Shipbuilding announced contracts for two 115k dwt LR2 product tankers for CMES Shipping, with both vessels set in deliver in 2026. It has been reported that Greeks have ordered two 50k dwt MR product tankers at K ...

During the first five months of 2023, demand for Capesize ships increased 5% y/y while supply increased 3% y/y. Nonetheless, spot rate increases remain hesitant, largely due to concerns over China’s fragile economic recovery. Demand growth was supported by a 4% increase in average haul while cargo volumes increased only marginally. Average haul increased due to higher exports from Brazil and Guinea and higher volumes of long-haul Russian coal. Supply rose due to a 2% y/y increase in the Capesize fleet and a 1% increase in fleet productivity. Congestion for ...

In May 2023, U.S. container import volumes increased over April 2023 due to a rise in imports from China and Vietnam; May volumes also kept pace with pre-pandemic 2019 volumes. Port transit times increased, returning to early 2023 levels. The West Coast labor situation appears to be turning sour as recent job actions begin to impact container processing. The June update of the logistics metrics Descartes is tracking shows continued consistency with pre-pandemic import volume seasonality and signs that key challenges to global supply chain performance in 2023, such as ...

Given our already substantial experience in new energy solutions, we are well placed to help customers explore and implement wind-assisted propulsion as the green transformation of shipping moves steadily from words to action. At Deltamarin, we aim to be a maritime industry leader in the transition to net zero. Promoting environmental performance is at the heart of our designs and we are constantly exploring new ways to reduce fuel consumption and CO2 emissions with a strong focus on energy efficiency. Our overriding mission is to create unique solutions based on ...

China exported 1.07 million automobiles in the first quarter of 2023, surpassing Japan for the first time to become the world’s largest automobile exporter. The surging automobile exports drive the development of manufacturing industry of auto carrier ships in China. Statistics released by China Association of Automobile Manufacturers shows that China exported 1.082 million and 2.015 million automobiles in 2020 and 2021 respectively, while the figure reached 3.111 million in 2022. Various measures have been adopted to increase the transport capacity of automobiles. A freight company in Taicang Port, Jiangsu ...

Malaysian palm oil futures fell to a one-week closing low on Thursday as prospects of rising inventories outweighed support from a weaker ringgit. The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange slipped 57 ringgit, or 1.72%, to 3,263 ringgit ($706.74) a tonne, its lowest closing since May 31. The contract is tracking profit-taking in Chicago soyoil futures from Wednesday’s high and rising palm oil supply in both Malaysia and Indonesia, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group. Expectations ...

China’s imports of major commodities presented a mixed picture in May, with strength in crude oil and iron ore being offset by weakness in copper and signs of a peak in coal. The overall performance is suggestive that commodity imports are starting to exhibit the same unevenness that has characterised the recovery in the world’s second-largest economy after Beijing ended its strict zero-COVID policies that had put a straightjacket on growth last year. Crude oil was the stand-out performer in May, with imports rising to the equivalent of 12.11 million ...

The number of vessels due to dock at the Port of Los Angeles and Long Beach is increasing as labor slowdowns at West Coast port terminals have impacted supply chain operations, from trucks to rails and ocean carriers. On Wednesday, six vessels were delayed at the Port of Los Angeles, while two vessels at the Port of Long Beach were at anchor on arrival — unable to interface with the port operations, according to a vessel update announced by the Marine Exchange of Southern California & Vessel Traffic Service, Los ...

The European Commission proposed on Thursday a new ethics body to set standards of conduct across EU institutions whose image has been tarnished by a cash-for-influence scandal that affected the European Parliament at the end of last year. The creation of an ethics body became more urgent after Belgium charged MEPs and others linked to parliament with receiving cash from World Cup host Qatar to influence decisions. The Gulf state has denied wrongdoing. The new body, with representatives from the institutions and five independent experts, will seek to agree common ...

The euro zone economy was in technical recession in the first three months of 2023, data from European statistics agency Eurostat showed on Thursday, after downward revisions of growth in both the first quarter and the final quarter of 2022. Euro zone gross domestic product (GDP) fell by 0.1% in the first quarter compared with the fourth of 2022 and was 1.0% up from a year earlier, Eurostat said in a statement. That compared with flash estimates of growth of 0.1% and 1.3% published on May 16. Economists polled by ...

China hopes that the EU will join the international community in opposing US economic coercion, as China and the EU are both victims of it, Wang Wenbin, a spokesperson for the Chinese Foreign Ministry, told a press conference on Wednesday. The remarks came as the EU has reportedly adopted a new tool to impose tariffs on countries imposing “economic blackmail,” a move that some say is aimed at China’s trade dispute with Lithuanian over the Taiwan question. A report by AFP said that the trade tool is aimed at punishing ...

ZIM Integrated Shipping Services Ltd. announced today that its Levant – Black Sea Express (LBX) service will add a weekly call at the port of Thessaloniki, Greece, staring June 2023. Adding Thessaloniki will complement the existing calls of other ZIM services at Piraeus, providing full coverage of Greece. LBX, operated exclusively by ZIM, provides a reliable and efficient service, well synchronized with ZIM’s mainliners connecting to Asia and the Americas. The new rotation will be as follows: Haifa – Alexandria – Constanta – Varna – Istanbul Ambarli – Thessaloniki – ...

U.S. natural gas futures were little changed on Thursday ahead of a weekly gas storage report expected to show a bigger-than-usual build, overshadowing support from forecasts for warmer weather. Front-month gas futures NGc1 for July delivery on the New York Mercantile Exchange traded flat at $2.33 per million British thermal units at 9:56 a.m. EDT. Data provider Refinitiv forecast the number of cooling degree days (CDDs) in the coming two weeks to rise to 167, above the 30-year normal of 149. CDDs measure the number of degrees a day’s average ...

Corvus Energy, the leading provider of zero-emission solutions for the ocean space, is thrilled to announce the launch of its ground-breaking, inherently gas-safe marine fuel cell product, the Corvus Pelican Fuel Cell System. Designed to transform the maritime industry, the new product represents a significant leap forward in safe, clean, and efficient power generation for marine vessels. The Corvus Pelican Fuel Cell System (FCS) is the result of the H2NOR research project that started in 2021. H2NOR was initiated by Corvus Energy, Toyota and other partners to fast-track the development ...