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Baltic index logs weekly gain on higher rates for smaller vessels

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose for the third straight week on higher rates for the panamax and supramax vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, inched up 6 points, or 0.3%, to 1,948 on Friday. It recorded a weekly gain of 3.6%. The capesize index lost 28 points, or 0.9%, to 2,957. The index lost 1.3% this week. Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes, ...

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Dirty crude oil flows to China

This week’s chart highlights the declining trend in the quarterly volume of dirty oil flows to China for the second quarter of this year, primarily driven by a slowdown in Russian oil exports compared to last year’s record pace. In contrast, Saudi Arabia has maintained a strong pace, with quarterly volumes not falling below last year’s levels. In early March, we noted a strengthening momentum in market rates for the VLCC-AG China route, which did not last. However, this trend may firm up as the quarterly volume of dirty oil ...

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Ardmore Shipping: Leading the charge in energy efficiency technologies

The global push towards sustainability is reshaping industries worldwide, with the maritime sector under significant pressure to reduce its carbon footprint. Ardmore Shipping is leading the charge with its Energy Transition Plan (ETP), a comprehensive roadmap designed to enhance energy efficiency and foster innovation within its tanker fleet. Garry Noonan – Ardmore’s Director, Innovation – shares insights into the company’s multifaceted approach to sustainability. Ardmore’s commitment to energy efficiency is brought to life through the strategic implementation of cutting-edge technologies across its fleet. In 2022 and 2023, Ardmore rolled out ...

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Spot rate growth slows but ocean container shipping market will remain extremely challenging

Ocean freight container shipping spot rates are set to increase further, but there are signs the recent dramatic growth may be slowing. The latest data from Xeneta, the ocean freight rate benchmarking and intelligence platform, indicates spot rates on major trades out of the Far East will increase again on 15 June, but to a less dramatic extent than witnessed in May and early June. Average spot rates from the Far East to US West Coast are set to increase by 4.8% on 15 June to stand at USD 6 ...

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FBX Index June 2024: Pandemic-level disruptions

May saw a major shift in market dynamics as capacity became scarce and freight rates increased at a speed matching those seen amid pandemic disruptions, and this trend continued into the early part of June. Spot rates are rapidly escalating and anecdotally there has been individual carrier requests seen to exceed 10,000 USD/FEU. There are multiple elements to be noted in this development. The first element to notice is that this came as complete surprise not only to the shippers but also to the carriers. When the various carriers were ...

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Flexibility and Future-facing: Ingredients for A Positive Maritime Industry Outlook

GP General Procurement Company Limited (GENPRO) was delighted to welcome trade and logistics expert Dr. Jan Hoffmann as its keynote speaker at the company’s breakfast networking event in Athens during the Posidonia week to discuss key challenges in shipping and trade. Dr. Hoffmann, Head of the Trade Logistics Branch at United Nations Trade and Development (UNCTAD) shared his unique perspective on “Geopolitical Turbulence and Maritime Procurement: Building Resilience in a Complex Environment” at the event, which brought together GenPro members, contracted suppliers, and colleagues, for a morning of networking and ...

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Drewry: World Container Index up 2% Last Week, 202% Compared to Last Year

Drewry’s World Container Index increased 2% to $4,801 per 40ft container this week. Our detailed assessment for Thursday, 13 Jun 2024 The composite index increased 2% to $4,801 per 40ft container this week and has increased 202% when compared with the same week last year. The latest Drewry WCI composite index of $4,801 per 40ft container is 238% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,443 per 40ft container, which is $707 higher than the 10-year average rate of $2,736 (which ...

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Asia Fuel Oil-Markets end week on largely stable note

Fuel oil benchmarks were broadly stable in Asia on Friday, with cash premiums and crack spreads rangebound through the week. The high-sulphur (HSFO) market largely retained support amid a seasonally strong period, though expectations of more upcoming arrivals later this month capped gains. Cracks for 380-cst HSFO were stable between discounts of $6 to $6.50 a barrel this week, while cash premiums held at about $12 a metric ton. Meanwhile, the low-sulphur (VLSFO) market recovered slightly on Friday, though some bearish pressure weighed on sentiment as the wider supply pool ...

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Bidding Announcement of 14738t Bulk Carrier “XIN ZHOU 9”

Entrusted by the transferor (the Sellers), we have scheduled to hold a public bidding online (www.shipbid.net) from 14:00 to 14:30 (Beijing time) on June 21st, 2024. 1. Bidding Object: MV “XIN ZHOU 9”, Bulk Carrier; PoR: Ningbo, China; Inspection Authority: ZC; Trading Area: offshore; LOA: 144.58m; MLB: 21.00m; MLD: 10.80m; DWCC: 14738t @ 8.00m draft; GRT: 9186; NRT: 5144; M/E: Guangzhou Diesel 6G32, 2665kW@600rpm x 1 set; Built : June 25th, 2007; Builder: Ningbo Dong Fang Shipbuilding Co., Ltd. (Data and relevant information provided in this announcement are for reference ...

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Americas Fuel Availability Outlook

North America Bunker demand has remained good in Houston and several other locations along the US Gulf Coast this week. Availability of all fuel grades has been normal for prompt supply in Houston. Several suppliers in Houston have ample VLSFO and LSMGO availability and are actively offering stems for prompt deliveries. VLSFO stems for non-prompt dates were being fixed at as low as $567/mt on Thursday. Prompt VLSFO and LSMGO supply is available in Bolivar Roads and Beaumont. However, bunker deliveries in these locations remain subject to weather conditions and ...

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Rescue underway for crew of Greek-owned vessel hit by Houthis, Philippines says

The crew of a Greek-owned vessel Tutor that was damaged in an attack by Yemeni Houthi militants in the Red Sea should be rescued within the day although one sailor is still missing, the Philippines said on Friday. The attack near the Yemeni port of Hodeidah on Wednesday caused severe flooding and damage to the engine room and left the Tutor, a Liberia-flagged coal carrier, unable to manouvre. It was taking in water and was in need of rescue. The Iran-aligned Houthi militants have taken responsibility for the boat and ...

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INTERCARGO condemns deadly attacks on bulk carriers

Following news that a seafarer has died and another has been seriously injured in the latest Houthi attacks on merchant vessels in the Red Sea area, INTERCARGO, the International Association of Dry Cargo Shipowners, extends its heartfelt sympathy to the seafarers, their families and the ship operator companies who have experienced these attacks. INTERCARGO unequivocally condemns in the strongest terms the actions of any party deliberately targeting innocent civilian seafarers and ships peacefully sailing through international waters. We demand that all involved parties cease their deliberate and targeted attacks on ...

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MOL Introduces SAP SuccessFactors®, Global Talent Management System- Promoting Global Talent Management across the Worldwide Group

Mitsui O.S.K. Lines, Ltd. yesterday announced its introduction of “SAP SuccessFactors®,” a global talent management system capable of centrally managing the group’s talent information, in April 2024. SAP SuccessFactors® is a system specialized for human capital management that can centrally manage organizational information and human capital data such as experience and skills across the entire group, and support succession planning and career development. The system makes it easy to search for candidate employee for each key position, and helps establish a group-wide succession system to put the right people in ...

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GAC to acquire Quadrant Pacific’s ship agency business

GAC Group, a leading provider of shipping, logistics and marine services in the Asia-Pacific market, has entered into an agreement with Quadrant Pacific to acquire its agency business, formerly its network partner in New Zealand. This acquisition marks a significant milestone in the company’s longstanding presence in the region. Since its establishment in 2008, GAC New Zealand has operated in partnership with Quadrant Pacific. With this acquisition, GAC New Zealand is set to elevate its operations by directly managing ship agency services at all ports across the country. “We are ...

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TECO 2030, BLOM Maritime and Samskip receive ENOVA grant to retrofit Samskip LNG Vessel with fuel cells and hydrogen fuel

TECO 2030 together with BLOM Maritime and Samskip receive a grant for a pre-project aiming to retrofit Samskip’s vessel Kvitnos with TECO 2030 fuel cells and hydrogen fuel. This innovative project aims to significantly reduce emissions from this LNG-fueled vessel, which currently operates on a weekly multipurpose service from Rotterdam, The Netherlands and along most of the Norwegian coastline to Hammerfest. By switching to zero-emission hydrogen technology, these partners join in their goal of reducing greenhouse gas emissions. The goal of the project is to prepare for an investment decision ...

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