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Baltic index posts worst day in a month as vessel demand wanes

The Baltic Exchange’s dry bulk sea freight index (.BADI) fell for the sixth consecutive session on Thursday to mark its worst day since mid-September, as rates slipped across all vessel segments. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 55 points, or about 3%, to 1,818. The capesize index (.BACI) fell 105 points, or about 4.8%, to 2,094. Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel making ingredient iron ore used in construction, fell $876 ...

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Records Could be Broken in the S&P Market During 2022

The secondhand vessel market has “caught fire” during the nine-month period of 2022, with thousands of ships changing hands. Tankers and bulkers are the main “culprits”, with ship owners opting for more conventional tonnage. In its latest weekly report, shipbroker Intermodal said that “Sale and Purchase activity during the first three quarters of 2022 has been remarkable. Focusing only on Tankers and Bulkers, such vessels changing hands during the first three quarters of 2022 are reported to be somewhere between 1050-1100 ships, totalling around 85 million dwt”. “More specifically, approx. ...

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Disposal Of Marine Pyrotechnics From The Pleasure Vessel Sector To Change

New arrangements for disposing of redundant marine pyrotechnics, known as flares, are being rolled out by the pleasure vessel industry. This will replace the voluntary and temporary scheme which Her Majesty’s Coastguard has been providing since 2010 from 17 of its stations and the RNLI at its headquarters in Poole, Dorset. The new arrangements, supported by both British Marine and the Royal Yachting Association, will provide a website showing links to businesses offering disposal services across the United Kingdom. On the 31 December 2022, the current HM Coastguard scheme will ...

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PPA Forum encourages efficiency and safety

Pilbara Ports Authority’s (PPA) 2022 Safe Ships-Safe Ports Forum kicked off today, attracting more than 200 delegates from the marine, resources, and logistics sector. The aim of the forum is to improve port efficiency while maintaining safe operations. The two-day, invite only forum, includes a range of presentations and Q&A sessions, with topics ranging from sustainable shipping, training initiatives, technological advances, safety incidents, and best practice shares. Pilbara Ports Authority General Manager Marine Captain Phil Christy opened the event in Perth today and said safe, reliable, and efficient operations are ...

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Supply/demand balance at 2019 level as container volumes fall 4.6% y/y

Since July 2020, the container market has benefitted from a surge in consumption of goods compared to pre-COVID levels, and head-haul and regional trade volumes have followed. Compared to the same period of 2019, container volumes in the second half of 2020 were up 5.7% while full year 2021 volumes were 9.0% higher. Volumes in the first half of 2022 were up 8.3%, also compared with H1 2019. Despite a growing fleet, capacity supply was unable to keep up as port congestion absorbed as much as 14% of the fleet, ...

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VLCC market braces for uncertain winter on shock OPEC+ output cut

Despite signs of improvement in freight rates out of the Persian Gulf, the VLCC market looks headed for an uncertain winter as the larger-than-expected production cut by a coalition of OPEC and other oil producers could spell fewer crude shipments from the Middle East. The 2 million b/day cut by OPEC+ to shore up crude oil prices, compared to the expectations of about 1 million b/day, is expected to weigh on the VLCC market in the seasonally strong winter months, trading participants told S&P Global Commodity Insights. The development comes ...

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Off spec fuels can cost ship operators as much as $50,000 per incident

Lloyd’s Register (LR), in collaboration with marine innovation consultancy Thetius, has published a new report into the market, technology, and regulatory trends of fuel oil bunkering as the industry navigates its way through the decarbonisation and digitalisation challenges of the 21st century. The report, titled ‘Testing Times – The vital role of ship fuel oil testing and quantity verification in an uncertain era’ estimates that in excess of one million metric tons of off-specification or non-compliant fuels are detected each year, costing ship operators between $27,000-$50,000 per incident. Outlining why ...

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Japan buys 94,140 tonnes of food wheat via tenders

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 94,140 tonnes of food-quality wheat from the United States, Canada and Australia in regular tenders that closed on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second most important staple behind rice and buys the majority of the grain for milling via tenders typically issued three times a month. Source: Reuters (Reporting by Fumika Inoue Editing by Mark Potter)

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Shippers eye Index Linked Container Contracts to obtain better ocean freight rates value

In an ocean freight rates market defined by turbulence, with astronomic price hikes giving way to steep declines in spot rates, cargo owners are looking to regain control over unpredictable supply chains. According to the latest customer survey by Oslo-based Xeneta, turning to Index Linked Container Contracts (ILCCs) may be the obvious way forward. Changing strategies? In the in-depth poll of Xeneta users, comprised of leading global shippers, some 76% responded that they would like to use ILCCs to procure more of their capacity. This corresponded exactly with the proportion ...

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Measuring carbon intensity: The first step to emissions reduction and net-zero goals

Everywhere you look right now companies are talking about emissions abatement, reaching net-zero targets, and buying carbon credits to offset their emissions. But how do organizations figure out exactly how much carbon they are reducing or offsetting? This is where carbon intensity comes in. Carbon Intensity is the measure of how much CO2 and the CO2 equivalent of other greenhouse gases are emitted per unit of production, and it is how organizations can assess the total footprint and impact of their operations. So how do organizations go about figuring out ...

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Iran storing around 60 million barrels of oil on state-owned ships: Official

Iran is storing around 60 million barrels of sanctioned oil on board tankers operated and owned by the National Iranian Tanker Company (NITC), a senior official from the firm told The Straits Times. The official, who declined to be named as he was not authorised to speak for the state-owned shipping firm, said Iran is utilising 80 per cent of its fleet for storing oil while the rest of its tankers transport crude from deep-water anchorages in Malaysia to China. NITC is the biggest tanker operator in the Islamic republic. ...

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Biden says prices “too high” as inflation rises before midterms

U.S. President Joe Biden’s hopes that his party would head into the midterm elections with inflation receding were dashed on Thursday when the final report ahead of the November vote showed prices rising more than expected. The report marks potential bad news for Biden and Democrats who are hoping to retain control of Congress and must convince voters deeply concerned about high prices that they are the ones who can help drive inflation down even as it occurred under their watch. The White House, which was slow to recognize the ...

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EU backs lifting of Turkey embargo on Cyprus ships

The European Commission has long been clear that Turkey should end its embargo on Cypriot-flagged ships and planes, said Transport Commissioner Adina Valean. “We are standing by Cyprus on this, and we are using all the opportunities internationally we have to raise this issue. “There are political issues with the overall situation…the European Commission made it clear a long time ago and will continue to do so”. Valean made the comments at the Maritime Cyprus media conference with Transport Minister Yannis Karousos and Shipping Minister Vassilis Demetriades. “Our problem is ...

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MABUX: Bunker Prices on the Rise, But Volatility is Still the Norm

Over the Week 41, MABUX global bunker indices demonstrated firm upward trend. The 380 HSFO index rose by 12.46 USD: from 504.87 USD/MT last week to 517.33 USD/MT. The VLSFO index, in turn, went up by 26.60 USD: from 788.79 USD/MT to 815.39 USD/MT. The MGO Index has registered the most significant growth: plus 73.93 USD (from 1147.42 USD/MT to 1221.35 USD/MT), breaking the mark of 1200 USD again. The Global Scrubber Spread (SS) weekly average – the price differential between 380 HSFO and VLSFO – also continued rising over ...

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IMF fiscal chief underscores need for ‘orderly debt restructuring

Rising debt levels and mounting fiscal pressures underscore the urgency for more “orderly debt restructuring” efforts to put low-income countries on a more sustainable path, the International Monetary Fund’s fiscal chief said. Fiscal Affairs Director Vitor Gaspar told reporters the problems facing low-income countries had been exacerbated by food and energy shocks and climate disasters, and it was critical to frame policies that would avert social unrest. “The rise of extreme poverty and food insecurity that began before the pandemic should be addressed at the global level by a broad ...

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