The Baltic Exchange’s main sea freight index fell on Friday and was on its way for its first weekly decline in five weeks on Friday, pressured by a dip in the capesize segment. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, declined 37 points, or 1.9%, to 1,890. The index dropped about 0.7% so far this week. The capesize index dipped by 136 points, or 4.2%, to 3,089 points and lost about 3.9% this week registering its first weekly decline in six. Average daily ...

This week’s special focus is on the growth of VLCC AG supply for the first two weeks of September, as depicted in the left chart. The data shows promising signs of increasing supply, while WS rates are striving to establish firmer momentum. On the cargo side, illustrated in the right chart, the outlook appears more challenging. Recent activity continues to fall significantly below the demand benchmark, leading to uncertainty about the market’s direction in the coming days of September. The current imbalance between the supply of vessels and cargo demand ...

Lenders to shipping are increasingly considering climate performance when setting loan margins, a study has found. However, their focus remains on the corporate level rather than the asset level, potentially limiting their ability to mitigate transition risks. The Lower margins are tied to companies’ climate performance rather than to low-carbon assets study by Marie Fricaudet, Sophia Parker, Nadia Ameli, and Tristan Smith, published in Cell Reports Sustainability, examines the lending practices of shipping debt providers. The researchers found that banks, particularly those signed up to the Poseidon Principles, have begun ...

Drewry’s World Container Index decreased 13% to $4,168 per 40ft container this week. Our detailed assessment for Thursday, 12 September 2024 The latest Drewry WCI composite index of $4,168 per 40ft container is 60% below the previous pandemic peak of $10,377 in September 2021, but it is 193% more than the average 2019 (pre-pandemic) rate of $1,420. The average composite index for the year-to-date is $4,128 per 40ft container, which is $1,310 higher than the 10-year average rate of $2,818 (inflated by the exceptional 2020-22 Covid period). Freight rates from ...

The Nippon Foundation-GEBCO Seabed 2030 Project has entered into a new partnership with Plymouth Marine Laboratory (PML), a leading UK-based marine research institute which leads and contributes to a range of international initiatives, particularly in areas relating to climate change, biodiversity, cleaner seas and sustainable ocean management. The collaboration will see the two parties work together to advance our understanding of the ocean, and support work towards achieving a fully mapped seafloor. Through its extensive multidisciplinary research projects, and by working with a range of partners both nationally and internationally ...

Asia’s benchmarks for very low sulphur fuel oil (VLSFO) logged weekly declines as of Friday, a sign that the market has started to pare back following its recent rally. Spot premiums for cargo and marine fuel have both weakened. The drop was steeper in the delivered marine fuel market, with premiums softening to levels near $25 per metric ton this week, compared with premiums above $30 last week, based on trade sources. The market received support in recent weeks on the back of tighter sulphur-cutter stocks and blending components, though ...

As part of their ongoing commitment to lower the carbon intensity of their operations, Mitsui O.S.K. Lines, Ltd. (MOL) and Chevron Shipping Company LLC (Chevron), a subsidiary of Chevron U.S.A. Inc., announced an agreement to install Wind Challenger, a hard sail wind-assisted ship propulsion system developed by MOL and Oshima Shipbuilding together (Note 1), to a new build LNG carrier under long term charter from MOL Encean Pte. Ltd. (MOL’s 100% indirectly owned subsidiary) to Chevron Asia Pacific Shipping Pte. Ltd. This vessel will mark the world’s first LNG carrier ...

Great Eastern Shipping Company (G E Shipping) has contracted to sell its 2005 built Suezmax Crude Tanker, Jag Lalit of about 158,344 dwt on 13 September 2024 to an unaffiliated third party. The vessel will be delivered to the new buyer by Q3 FY25. Including Jag Lalit, company’s current fleet stands at 43 vessels, comprising 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carrier) and 14 dry bulk carriers (2 Capesize, 8 Kamsarmax, 4 Supramax) aggregating 3.41 mn dwt. Additionally, the company had contracted to sell one MR ...

On August 28, JX Nippon Oil & Gas Exploration Corporation (JX), Nippon Yusen Kabushiki Kaisha (NYK), and NYK’s affiliate Knutsen NYK Carbon Carriers AS (KNCC) conducted a demonstration experiment to study the optimization of the carbon dioxide (CO2) liquefaction and storage process (Note1) utilizing KNCC’s proprietary technology “LCO2 – EP Cargo Tank” (Note2). In May of this year, the three companies devised a CO2 liquefaction process (hereinafter referred to as the “Process”) based on the isenthalpic expansion cooling and liquefaction process (Note 3), which utilizes the characteristics of the elevated ...

The Cargo Integrity Group is issuing an urgent reminder of the need for an emergency contact telephone number to be provided for shipments of dangerous goods, following recent experiences reported by its partner organizations. Transport of dangerous goods is essential to the production and distribution of many products on a global scale. The International Maritime Dangerous Goods (IMDG) Code1 is in force worldwide to ensure the safety and security of people, the environment and assets, and must be followed by all parties. Recommended industry practices have also been developed for ...

North America Hurricane Francine, which made landfall in Louisiana as a Category 2 storm on Wednesday evening, has weakened to a tropical storm, the US National Hurricane Center (NHC) reported. Despite the downgrade, flash flooding remains a major threat in the New Orleans area, which received 6 to 8 inches of rain. Key Louisiana ports, including New Orleans, Mobile, and Port Fourchon, were closed on Thursday. In Texas, ports like Houston and Beaumont lifted restrictions on Wednesday after being closed for a day. Post-storm assessments are underway at other locations ...

Globus Maritime Limited, a dry bulk shipping company, today reported its unaudited consolidated financial results for the second quarter and six-month period ended June 30, 2024. Revenue $9.5 million in Q2 2024 $17.2 million in H1 2024 Net income $3.3 million net income in Q2 2024 $3 million net income in H1 2024 Adjusted EBITDA $4 million in Q2 2024 $6 million in H1 2024 Time Charter Equivalent $14,578 per day in Q2 2024 $13,246 per day in H1 2024 Current Fleet Deployment All our vessels are currently operating on ...

Yang Ming Marine Transport Corp. (“Yang Ming”), a member of Premier Alliance, is pleased to announce the slot exchange cooperation between Premier Alliance and Mediterranean Shipping Company (“MSC”) in Asia – Europe trade. The new slot exchange cooperation will involve nine services, and through this, Yang Ming aims to offer more extensive direct port coverage with frequent sailings in the Asia – North Europe and Mediterranean trade lanes. Dr. Feng-Ming Tsai, Chairman of Yang Ming, stated: “This cooperation represents a further enhancement of our service quality on the Asia – ...

Yang Ming Marine Transport Corporation (“Yang Ming”) announced the East-West services via the Cape of Good Hope, should the Red Sea crisis persist in February 2025. Upholding the highest principles of safety for our crew, vessels, and cargo of our valued customers, Yang Ming, together with our Partners, has planned the adjustments via the Cape of Good Hope. These adjustments cover a total of 11 services among Asia – North Europe, Asia – Mediterranean, and Asia – U.S. East Coast, with no impact on the number of services or major ...

Reference is made to the stock exchange announcement made by Hafnia Limited (“Hafnia” or the “Company”, OSE ticker code: “HAFNI”, NYSE ticker code: “HAFN”) on 19 August 2024 regarding the notice of a court sanctioned meeting of shareholders of the Company (the “Scheme Meeting”) for eligible shareholders to vote on the scheme of arrangement (the “Scheme”) between the Company and its shareholders pursuant to Section 99 of the Bermuda Companies Act 1981 as amended in order to effect a discontinuance of the Company from Bermuda and continuance to Singapore and ...