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DCE iron ore futures initially weak and then strong, The main contract I2409 closed at 888 .

SSY PACIFIC CAPESIZE INDEX 13 MAY 2024

SSY ATLANTIC CAPESIZE INDEX 13 MAY 2024

The price for a modern VLCC has been hovering near record levels over the past few months.In its latest weekly report, shipbroker Gibson said that “VLCC asset prices appear to be caught in a paradoxical market scenario. While conventional market sentiment and pricing models would suggest that prices are reaching overheated levels, mirroring the peaks seen in 2008, the underlying supply dynamics seem to justify these increases for now.A key indicator signaling that the secondhand asset market might be overheating is the price differential between the five-year-old benchmark and the ...

The Panama Canal is in talks with U.S. liquefied natural gas (LNG) producers on how to meet increased demand for crossings as water levels recover after a prolonged drought, the canal’s administrator Ricaurte Vasquez told Reuters in an interview. The canal is typically used by U.S. Gulf Coast exporters to send LNG cargoes to Asia via the Pacific Ocean, but from last year low water levels forced cuts to daily crossings, driving many producers to seek more costly or longer alternative routes. In April, LNG transits through the canal’s Neopanamax ...

Capesize Following the UK Bank holiday, Tuesday marked a strong start for the Capesize market with rising rates in both the Pacific and Atlantic regions, driven by increased miner activity and healthy cargo volumes particularly in the Pacific. The C5 index moved up by $0.84 to $11.650. There were significant gains in the North Atlantic with a tightening tonnage list that led to the C8 index climbing by $10,142 to $27,571, and the C9 index also saw a notable increase of $4,125, reaching $49,500. The trend continued into Wednesday, albeit ...

Clean LR2 MEG LR2’s recovered nicely this week. The TC1 rate for 75,000 mt MEG/Japan hopped up 27.2 points to WS230 and the 90,000 mt MEG/UK-Continent TC20 voyage went from $6.02 million to $6.51 million. West of Suez, Mediterranean/East LR2’s weakened for the third week on week. The TC15 index dropped $125,000 to $3.2 million. LR1 In the MEG, LR1 freight followed suit of the lager siblings. The 55,000 mt MEG/Japan index of TC5 went from WS222.5 to WS230.6. The 65,000 mt MEG/UK-Continent of TC8 climbed $221,000 to $5.1 million. ...

Overall, most FBX routes saw increases in both spot prices and forward curve rates. Increased demand in Asia-European trades, coupled with ongoing Red Sea diversions and geopolitical tensions, likely contributed to these rises, although tensions eased towards the end of the month. Futures activity has remained muted so far this month, with selling interests seen earlier in the year receding. It remains to be seen if the recent spikes we have seen across the routes mentioned above bring this back to the market. Meanwhile, volatility in these indices demonstrates again ...

Korean shipbuilders, which have been fiercely competing with Chinese shipbuilders on the global stage, reported sluggish shipbuilding in the first quarter of 2024 compared to 2023. The growing proportion of less-skilled foreign workers on Korean shipbuilding sites is said to be the main factor. Major Korean shipbuilders are faced with the tough task of boosting labor efficiency while preventing safety accidents that fall under the Serious Accidents Punishment Act. According to Clarkson Research, a U.K.-based shipbuilding and shipping market analyst, Korean shipbuilders delivered 2.48 million CGT of newbuildings in the ...

From now on, all combustion equipment – main and auxiliary engines, oil fired boilers and inert gas generators – onboard of vessels, that are subject to Regulation 14 of MARPOL Annex VI and operating in Mediterranean SECA, must consume fuel oil with sulphur content of 0.10% S m/m or less, unless other approved means of SOx emission control are in place. Until now, most of Ultra Low Sulphur Fuel Oil (ULSFO) has been bunkered in the Baltic and the North Sea SECAs, with Rotterdam being a global leading ULSFO supply ...

The project cargo trade, as with many segments of the shipping industry, experienced a boom during the pandemic owing to the constraints on available tonnage to match demand. This development emphasised the importance of careful stowage of multifaceted cargoes, as contracting parties sought to optimise cargo space on vessels. Whilst market conditions may have changed somewhat, correct stowage remains vital to charterers involved in this trade. Strict compliance with the vessel’s cargo securing manual is essential. Contractual and operational background There are customarily three principal contractual players in the carriage ...

Maersk, the world’s second-largest shipping company, has reportedly postponed an order for 15 methanol-powered container ships from a Chinese shipbuilder. The delay is reportedly due to Maersk’s objections to design drawings submitted by the Chinese shipbuilder. Experts say that this means that South Korean technology has proved once again to be better than Chinese technology in high-value vessels. According to shipbuilding and shipping magazine TradeWinds on May 9, Danish shipping company Maersk recently informed Huangpu Wenchong Shipbuilding, a subsidiary of China Shipbuilding and Shipping Corporation (CSSC), that it would postpone ...

Stockpiles of oil products at the UAE’s Port of Fujairah dropped for a third consecutive week as of May 6, with some exports hitting a record high, according to data from the Fujairah Oil Industry Zone and ship-tracking. Total inventories fell 2.5% on the week to 20.270 million barrels as of May 6, a six-week low, the FOIZ data published May 8 showed. Stockpiles have increased 17% since the end of 2023. Exports of products except for fuel oil from Fujairah climbed to 1.3 million barrels in the week started ...

Chinese refiners will lift less Saudi crude oil in June than in May, people with knowledge of the matter said on Friday. The supply cuts come after the world’s top exporter Saudi Aramco hiked official selling prices (OSPs) for most of its crude to Asia to the highest in five months despite weak refining margins. The volume of Saudi crude to be loaded for China is estimated to fall by 5.8 million barrels in June from 45 million barrels in May, the sources said. These include supply cuts of 6.8 ...

Yang Ming Marine Transport Corporation (Yang Ming) held its 392nd Board Meeting on 10th May to approve its Q1 financial report of 2024. The consolidated revenues in Q1 totaled NT$ 43.8 billion (US$ 1.39 billion). The net profit after tax stood at NT$ 9.38 billion (US$ 298.42 million), with an EPS of NT$ 2.69. In Q1 2024, the supply chains of container shipping industry encountered challenges from the Red Sea crisis, leading vessels to divert to the Cape of Good Hope, which absorbed vessel capacity. Meanwhile, demand improved given the ...