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The dry bulk market has been in correction mode for the most part of the past few weeks and the start of 2022 has been no exception. However, this period of lean earnings, could also be a good time to invest more in the segment, as rates are bound to recover after the Chinese holidays next month. In its latest weekly report, shipbroker Intermodal noted that “since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels were ...

The Baltic Exchange’s dry bulk sea freight index fell for a ninth straight session on Wednesday, touching its lowest level in about a year, on weaker demand across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 74 points, or 4.5%, to 1,570, its lowest since February 2021. The capesize index dropped 90 points, or 6.8%, to 1,226, its lowest since mid-February last year. Heavy rains in Brazil led to a decline in iron ore inquiries from the area, while coal routes ...

Do you know exactly how many regulations and laws govern today’s shipping? For an industry that’s about 5,000 years old and moves approximately 90% of the world’s goods, while navigating some of the most challenging environments on international waters, there are bound to be a bunch of rules. In fact, there are so many, it’s almost impossible to give an exact number. Shipping was amongst the very first industries to adopt the widely implemented international safety standards. Because of its inherent global nature, the International Maritime Organization (IMO) has developed ...

Traders have taken advantage of weakening Long Range tankers west of Suez markets to push a large volume of gasoline to West Africa in a short time, with the region heard witnessing low volumes of offshore storage in Lome, Togo. Since Jan. 14, four LR2s have been heard placed on subjects for Amsterdam-Rotterdam-Antwerp to West Africa shipment carrying 90,000 mt of gasoline, while three LR1s have been heard on subjects for the same shipment carrying 60,000 mt. This totals 540,000 mt of gasoline shipment scheduled to load between Jan. 20-Feb. ...

VLSFO bunker supply remains tight in Singapore due to an ongoing shortage of blends, and with lead times standing at 9-11 days out. Similarly, HSFO380 stems require up to 12 days ahead in the port, while LSMGO availability is better in the bunkering hub with a shorter recommended lead time of just 1-2 days. Singapore’s residual fuel oil inventories have grown to 22.34 million bbls on the week, amid a steady inflow of imports in the first two weeks of the year. Fuel oil imports have hovered around 7 million ...

After accelerating sustainability commitments in 2021 and the COP26 climate conference in November, Freightwaves asked industry experts what trends they think will be at the forefront of sustainability in 2022. Tyler Cole, director of carbon intelligence at FreightWaves, said that sustainability commitments will grow the most, and he predicted that alternative low-carbon fuels such as renewable natural gas (RNG), e-fuels, hydrogen and electric vehicles, will “steal headlines” in 2022. These responses have been edited for length and clarity. Alternative fuels and electrification “Freight companies will likely allocate substantial resources to ...

Damen has signed its first contact with ballast water treatment systems producer Erma First. Greek company Erma First will be supplying its oneTANK, which is the world’s smallest ballast water treatment system. oneTANK uses chemical injection methods to clean ships’ ballast water and therefore represents an important expansion of Damen’s ballast water treatment system portfolio. The contract also marks a key milestone in the cooperation between Damen and the Greek maritime supply sector. Damen Green Solutions has a broad selection of ballast water treatment systems in its range. These offer ...

Syria needs to import more than 1.5 million tonnes of wheat a year, with majority from Russia, Interfax news agency reported Syrian economy minister Mohamed Samer al-Khalil as saying. Syria’s crop was hit by low rainfall last year…, adding pressure on an economy already hit by ten years of internal conflict, U.S. sanctions, a lack of funds to finance imports and the COVID-19 pandemic. “Syria has to buy about 1.5 million tonnes of wheat, even more. Of course, Russia plays the main role in this,” the Syrian minister was quoted ...

The newly launched edition of the Bridge Procedures Guide from the International Chamber of Shipping (ICS) reflects the rapid technological advances taking place in the shipping industry. It provides crews with the knowledge and confidence they need to deal with the digital transformation taking place within the world fleet. At the cutting edge of these rapid developments is the bridge, and the new guide will help seafarers keep up with the latest best practice for bridge technologies designed for the digital age. “I’ve seen navigation equipment that I sailed with ...

Maritime industry supplier Norwegian Electric Systems AS (NES) is set to establish a new subsidiary company and open an office in Istanbul, Turkey, to provide even better services to Turkish and other shipyards in southern Europe. NES is a supplier of sustainable energy design and smart control systems for a wide range of vessels for the global marine market. It designs and delivers propulsion systems and smart control systems for vessels, either as stand-alone products or as an integrated solution from bridge to thruster. “We already supply a lot of ...

With the EU rolling back import tariffs on long grain white rice from Myanmar and Cambodia, market participants expect a rise in shipments from Myanmar, although Cambodian exporters were heard skeptical due to continued high freight rates. The tariffs were enforced from Jan. 18, 2019 as a temporary measure to help protect EU farmers from competitively priced long grain rice, with exporters in Cambodia and Myanmar having benefitted from tariff-free status under the EU’s Everything But Arms initiative. However, medium grain, short grain and broken rice — in addition to ...

There is scant downside risk to the Indian economy in the last months of this financial year from the Omicron coronavirus variant, according to economists polled by Reuters who said New Delhi should focus on fiscal prudence in its February budget. Asia’s third-largest economy is in the midst of a resurgence in coronavirus cases driven by the new variant that has forced most states to impose localised restrictions. The January 11-18 poll of over 45 economists forecast 5.0% economic growth this quarter, a sharp downgrade from the 6.0% given in ...

It is still tumbling rates for the VLCC’s, with the switch to ’22 flat rates making the drop even more stark

RightShip, a leading third-party risk assessment and due diligence organisation serving the ship-borne commodities industries, launches an expanded and enhanced toolset for monitoring, measuring, and benchmarking shipping-related greenhouse gas (GHG) emissions. RightShip’s Carbon Accounting Reporting Tool builds on its existing expertise in Carbon Accounting, supplied to charterers as well as freight forwarders for the last five years, by providing companies with a bespoke reporting tool that measures, monitors and benchmarks a company’s GHG emissions over defined periods. This development in reporting technology comes at a time when bulk commodity producers ...

National governments have invested over $25 billion into quantum computing research and over $1 billion in venture capital deals have closed in the past year – more than the past three years combined. Quantum computing promises to disrupt the future of business, science, government, and society itself, but an equitable framework is crucial to address future risks. A new Insight Report released today at the World Economic Forum Annual Meeting 2022 provides a roadmap for these emerging opportunities across public and private sectors. The principles have been co-designed by a ...