Hellenic Shipping News Worldwide Hellenic Shipping News Worldwide, Online Daily Newspaper on Hellenic and International Shipping

The recent OPEC+ decision to cut production targets by 2 mbd from November onwards given concerns about a

Wilson Sons, the largest integrated port-shipping logistics operator in Brazil, is certified by the GHG Protocol with the Golden Seal for the second year running. This program encourages and supports corporations in their efforts to prepare and publish inventories of greenhouse gas (GHG) emissions. This certification is the highest level of recognition for companies that demonstrate transparency in inventories aimed at an agenda to fight climate change, and is granted to organizations that report emission sources verified by independent auditors. In 2021, the company received the same certificate for reporting ...

The Baltic Exchange’s dry bulk sea freight index (.BADI) posted a second straight weekly fall, weighed down by weaker demand for capesize vessels, which slipped to their lowest in nearly three weeks. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, was down 18 points, or about 1%, at 1,819. The main index was down about 1% for the week. The capesize index (.BACI) lost 40 points, or about 1.9%, to 2,071. It was down about 4.4% for the week, its ...

China’s economic recovery is hinging on a number of policies, which in turn could be forged during this week’s congress of the country’s ruling Communist party. In its latest weekly report, shipbroker Allied Shipbroking said that “yesterday marked the start of the long-awaited Chinese Communist party congress. Taking place twice a decade, it is the most important meeting of China’s ruling Communist party and its role is to announce key appointments, including the party leader, as well as outline the direction that will be taken over the next 5-year plan. ...

Digital transformation in the maritime sector has accelerated in recent years, as ship managers, owners and operators understand the benefits new technologies can unlock. Maritime faces an evolving regulatory landscape, rising fuel costs and complex people management, and data-driven insights help improve the speed, accountability and alignment of decisions with business and commercial objectives. Here are 7 key benefits data-driven decision-making can bring maritime organisations: 1. Connecting the dots Data needs to be integrated and shared across the entire vessel ecosystem – from the engine room to the bridge, to ...

Drewry’s composite World Container Index decreased by 3% to $3,383.46 per 40ft container this week Our detailed assessment for Thursday, 20 October 2022 • The composite index decreased by 3% this week, the 34th consecutive weekly decrease, and has dropped by 66% when compared with the same week last year. • The latest Drewry WCI composite index of $3,383 per 40-foot container is now 67% below the peak of $10,377 reached in September 2021. It is 10% lower than the 5-year average of $3,740, indicating a return to more normal ...

Article III r.6 of the Hague-Visby Rules provides that claims against the carrier are time-barred unless suit is brought within 12 months of the date of delivery or the date when the goods should have been delivered. However, does this apply to claims for misdelivery occurring after discharge? This is an important question formerly left unanswered the English Courts which has divided opinions. In an important judgment, the Court has now decided that it does. As a result of a misunderstanding as to who was the carrier, arbitration proceedings were ...

Global freight volumes have begun to fall as overall consumer and business spending slows and the composition rotates from merchandise back to services after the pandemic. Slower growth in freight and manufacturing will ease pressure on supply chains and commodity markets, taking some heat out of inflation, currently running at the fastest rate for 40 years. The slowdown is a necessary part of the rebalancing process after exceptionally rapid growth in merchandise trade and output in the second half of 2020 and throughout 2021. It will eventually dampen consumption of ...

On the lines of the launch of Container Control, a revolutionary, first-of-its-kind technology platform for freight forwarders and NVOCCs worldwide, Container xChange published results of its recent poll to bring to light the burning pain points of container logistic companies and how the product aims to solve them. The poll shows that 60% of freight forwarders, NVOCCs and traders find it difficult to keep a track of pick-up and drop-off of containers, their location and the timestamps thereof. 57% of Freight forwarders point to ‘Containers’ as their biggest challenge in ...

Although the pace has slowed a little bit compared to the last few weeks, both in terms of percentage and absolute point losses

Little market reaction to PM Truss’s resignation The news of UK prime minister Liz Truss’ resignation hasn’t been greeted with much of a reaction in either gilts (government bonds) or sterling. The absence of a sell-off suggests a widespread assumption that the process of finding a new leader – which is expected to take at most a week – won’t deliver any more political uncertainty, on top of what the UK is already suffering. By the same token, we also conclude that gilts assign a low probability to fresh elections. ...

Natural gas prices at major U.S. trading hubs for the upcoming winter are expected to remain higher than in recent years, the Federal Energy Regulatory Commission (FERC) said. Even if domestic gas production grows faster than domestic demand, “forecasts anticipate that continued growth in net exports, including from liquefied natural gas (LNG) export facilities, will place additional pressure on natural gas prices this winter,” the agency said. Freeport LNG, the second-largest U.S. LNG export plant, idled for five months by a fire, must receive full approvals before a planned November ...

Global supply chain woes have eased ahead of the holiday season, according to Flexport founder and co-CEO Ryan Petersen. Ports are less congested, and the cost of shipping goods has fallen significantly this year, Petersen said. The price of shipping a container from Asia to the U.S. is down about 80%. “That’s really happy news for any company that’s sourcing overseas and ultimately for consumers buying those goods,” he told CNBC’s Julia Boorstin. The global supply chain was pummeled with high costs, lengthy delays, crowded ports and shipping container shortages ...

Dutch wholesale prompt prices fell on Friday morning, correcting yesterday’s rise, while British prices were mixed after the resignation of the British Prime Minister. The benchmark front-month Dutch contract was down 7.85 euros at 116.00 euros per megawatt hour (MWh) by 0911 GMT, while the day-ahead contract was 11.60 euros lower at 52.40 euros/MWh. Dutch prices had strengthened on Thursday, after falling for much of the week. “The drop in prices below the 1-year average on Monday was signaling a trend reversal. Yesterday’s evolution was a test of whether the ...

The undersigned associations representing European ports, private port companies and terminal operators and tugowners support an effective and robust maritime EU ETS that enables the green transition of the maritime sector. The three associations recognise and reiterate the need for the shipping sector to reduce emissions. It is for this reason that we support requirements for ships to reduce emissions, alongside requirements for the use and deployment of OPS where it makes sense in ports. In relation to the EU ETS, we have the following three recommendations that should be ...