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Bank of England hints that the first rate cut is drawing nearer

The latest post-meeting statement is slightly dovish The Bank of England has voted 7-2 in favour of keeping rates at 5.25% for another month. No surprises there, but in the limited comments we got from the Bank today, this is a statement that reads more dovish than we suspect many investors might have expected. Admittedly, markets are relatively unmoved on the decision – the probability of an August rate cut has inched up from 40% to 60% in the minutes since. The fact that there wasn’t a larger repricing is ...

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Ukraine and EU extend permit-free regime for freight, PM says

Ukraine and the European Commission have extended a freight liberalisation agreement, allowing Ukrainian cargo permit-free entry to the EU for another year, Ukraine’s prime minister said. Denys Shmyhal said on X that the agreement envisaged the possibility of an automatic extension until the end of 2025. “This is an important step towards integrating #Ukraine into the EU area, increasing Ukrainian exports and European imports, strengthening the economy and stability,” Shmyhal said on X social platform. Ukraine and the European Union signed a free regime agreement on June 29, 2022 and ...

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Baltic index hits more than one-month high on strong capesize demand

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, hit more than a one-month high on Thursday on the back of by higher capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 41 points, or 2.1%, to 1,984, its highest level since May 14. The capesize index rose 152 points, or 5.1%, to 3,079, marking its highest level since May 13. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ...

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Tanker Rates Could Remain Elevated Even After 2030

The tanker market is expected to remain quite healthy and profitable not only in the short to medium term, but also in the long term as well, even after 2030. In its latest weekly report, shipbroker Xclusiv said that “based on the June’s IEA market report, the oil market is precariously balanced on a tightrope. On one side, the global oil supply is surging (rising by 520 kb/d in May to 102.5 mb/d), fuelled by a rise in non-OPEC+ production (plus 1.4 mb/d) that countered OPEC+ reduction (minus 880 kb/d). ...

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Dirty crude oil flows to China

This week’s data underscores the declining trend in VLCC ballast speeds during the summer season, coinciding with a weakening trend in AG-China freight market rates throughout June. Since mid-May, there has been a noticeable strategy among industry players to reduce ballast speeds in the Arabian Gulf, possibly in response to market conditions. As the summer season unfolds, a subdued sentiment grips the freight market, particularly evident in the VLCC MEG-China route. The number of vessels at Ras Tanura has increased approaching the end of June, yet the growth in dirty ...

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Beware a potential flaw in index-linked ocean container shipping contracts, which could cost millions of dollars

Index-linked contracts are becoming increasingly popular in ocean freight container shipping, but some contain a potential flaw that could cost shippers vast sums of money. The problem arises when a shipper uses 40ft equivalent containers (FEU) to transport their goods but the contract with the service provider (carrier or freight forwarder) is linked to a 20ft equivalent container index (TEU). To illustrate the potential magnitude of this issue, if a business is shipping 1 000 FEUs from China to South America and paying rates based on a TEU index, it ...

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Transhipment ports challenged by changes in call patterns amid the Red Sea crisis

Key transhipment ports, such as Singapore, have witnessed a sharp rise in congestion due to the impact of Red Sea carrier service diversions, which have led to fewer vessel calls but larger average exchanges. This has added to yard congestion. Port productivity has also taken a hit in recent months. The time spent by ships waiting before berthing at high-volume ports tracked by Drewry increased 43% between 3Q23 and 2Q24 – to over 400,000 hours. Singapore is in a microcosm of transhipment ports around the world, where changes to carrier ...

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New IMO guidance for managing challenging ballast water quality

At its 81st meeting in March 2024, the IMO MEPC adopted Resolution MEPC.387(81), with interim guidance for ships operating in challenging water quality conditions, and Circular BWM.2/Circ.82, with guidance on the temporary storage of treated sewage and/or grey water in ballast water tanks. This statutory news summarizes these topics, including how to re-approve an amended BWMP. Interim guidance for ships operating in challenging water quality conditions (MEPC.387(81)) The purpose of this guidance is to assist ships to comply with the BWM Convention and the D-2 discharge standard when a type ...

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Asia Fuel Oil-HSFO softens; inventories extend gains for fourth week

Asia’s 380-cst high sulphur fuel oil (HSFO) market weakened on Thursday as a lower-priced trade emerged, while inventories at key storage hub Singapore rose for a fourth consecutive week. Onshore stockpiles have recovered as supplies to Asia rose in the second half of this month, trade sources said, while bunkering demand has been tepid in the week. Cash premium for 380-cst HSFO slipped to about $10 a metric ton on Thursday, while cracks closed near discounts of $5 a barrel. China’s import demand for HSFO also retreated in May and ...

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Mammoet begins assembly of world’s biggest land-based crane

Mammoet, the global leader in engineered heavy lifting and transport, has started assembling the world’s strongest land-based crane, the SK6000, at its Westdorpe facility in the Netherlands. This monumental project marks a new era in heavy lifting technology, offering unprecedented lifting capacity and reach, and opening up new construction methodologies for large projects. The SK6000 ring crane is testament to Mammoet’s commitment to innovation, but also sustainability. The crane will offer full electric operation. This means it enables the transition to cleaner power sources while driving down the carbon impact ...

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Windward and RightShip Partner to Enable ESG Transparency & Comprehensive Risk Management for Chartering Operations

Windward, the leading Maritime AI™ company, and RightShip, the leading Environmental, Social and Governance (ESG) focused digital maritime platform, announced today a partnership to enable cross platform data sharing. The partnership will see Windward’s sanctions insights integrated into RightShip’s platform and vetting workflow. The partnership aims to address the growing challenges faced by the maritime industry, including regulatory compliance, safety concerns related to the “dark fleet,” and ESG pressures by providing comprehensive visibility in both pre and post fixture operations. Rightship’s customers will now have the option to access Windward’s ...

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Day Of The Seafarer: Health Tips To Support Safety At Sea

The Day of the Seafarer (25 June) recognizes the vital contribution made by seafarers from all over the world to the global community. This year, the focus of the day is on safety tips at sea, a critical factor in seafarer wellbeing. MedSea, the maritime arm of International SOS, offers practical measures for organizations to prevent common injuries, illnesses and safety concerns onboard commercial vessels, complemented by data which highlights the diverse health challenges among seafarers. MedSea’s assistance case data from 2023 shows that seafarers suffer from a wide variety ...

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MABUX: Bunker Prices to Keep Rising Momentum Next Week

During Week 25, the MABUX global bunker indices continued their upward trend. The 380 HSFO index saw an increase of 5.90 USD, rising from 544.76 USD/MT to 550.15 USD/MT. The VLSFO index climbed by 3.62 USD, moving from 635.05 USD/MT to 638.67 USD/MT. The MGO index showed the most significant growth, adding 12.79 USD to reach 838.55 USD/MT, up from 825.76 USD/MT last week. As of the current update, the global bunker market maintains a moderate upward trend. MABUX Global Scrubber Spread (SS) – the price difference between 380 HSFO ...

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China May soy imports from US soar; Brazil arrivals drop for first time this year

China’s soybean imports from the U.S. accelerated in May with a 156% surge from a year earlier, data showed on Thursday, while supplies from Brazil shrank for the first time this year amid flooding disruption in the South American country. The world’s biggest soybean buyer imported 1.27 million metric tons of the oilseed from the U.S. last month, compared with 494,103 tons in the same month a year earlier, showed data from the General Administration of Customs. That was still far less than imports from Brazil at 8.8 million tons, ...

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MAN Energy Solutions rejoins SEA-LNG

SEA LNG announced that MAN Energy Solutions (MAN ES) will rejoin its coalition. As a world-leading provider of flexible and powerful propulsion solutions for LNG marine applications, MAN ES caters to the growing demands of the shipping industry for LNG propulsion and equipment across dual fuel LNG-powered ships, LNG carriers, FRSUs, LNG feeder and bunker vessels, as well as for gas supply infrastructure. All MAN ES technology is fully compatible with net-zero biomethane and e-methane. MAN ES’s technical expertise adds to the technical skills and experience of SEA-LNG members, already ...

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