The Baltic Exchange’s main sea freight index posted its biggest single-day gain since mid-March on Tuesday, supported by higher rates for capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 77 points, or 8.2%, to 1,016, its biggest daily percentage gain since March 14. The capesize index jumped 205 points or 17.4% to 1,383 – its biggest rise in over three months. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore ...

New research published by DNV reveals that the energy industry is boosting its cyber security spending this year, as heightened geopolitical tensions and the accelerating adoption of digitally connected infrastructure spark concerns over the sector’s vulnerabilities to emerging cyber threats. A majority (59%) of the 600 energy professionals surveyed by DNV say their organization is investing more in cyber security in 2023 compared with last year, acknowledging that cyber-attacks on the industry are a question of ‘when’ not ‘if’. Two thirds (64%) believe that their organization’s infrastructure is now more ...

From the perspective of spot freight rates, the market developments in the key trades from Asia to both Europe and North America were what could be expected purely from seasonal factors during the month of May. On the main Atlantic trade from North Europe to the US East Coast, however, spot rates continued to drop sharply. This is not a reflection of the market as such, but a reflection of the normalisation process still ongoing in this specific trade. Whereas, in reality, the other major east-west trades normalised towards the ...

Shipping lines have pulled Asia-U.S. spot rates off the floor, but it’s a slog: two steps up, one step back, another two steps up, a slide back again. The general rate increase (GRI) on Thursday was partially successful, clawing back some ground lost after the April 15 GRI. According to the Freightos Baltic Daily Index (FBX), China-West Coast spot rates were $1,441 per forty-foot equivalent unit on Friday, up 11% from prior to Thursday’s GRI and up 44% from prior to the April 15 GRI. The FBX index put China-East ...

New in-depth analysis from the International Marine Contractors Association (IMCA) on its industry vessel inspection programmes, eCMID (Common Marine Inspection Document) and eMISW (Common Marine Inspection Document for Small Workboats), reveals ongoing concerns around technical inspections, the controlled entry into confined spaces, cyber security, as well as defects to life-saving appliances. IMCA eCMID System Annual Report 2022/23 (M 262) analysed the 1,539 reports on vessel inspections undertaken and uploaded to the eCMID database between April 2022 and April 2023, finding common themes and areas of particular focus. Of the 761 ...

Global container shipping freight rates have reached unsustainable levels and must rebound, the chief executive of Germany’s Hapag Lloyd, the world’s number five operator by volume, said on Tuesday. “There are spot rates that are clearly below cost,” said CEO Rolf Habben Jansen in a call with journalists. “In the long run, that typically does not hold. Whenever everything becomes cash negative, then people take the measures that need to be taken to settle rates slightly above cost.” The Shanghai containerised freight index bottomed out early in the second quarter ...

The Drewry Multipurpose Time Charter Index tracks one-year period charter rates across a basket of vessel types and sizes and forecasts the market movement over the coming month. The vessel types include breakbulk and project cargo ships. The slow decline continued for the Drewry Multipurpose Time Charter Index throughout May, and it is now at $8,984 pd. This is in line with our expectations and this gradual rate of decline still expected to continue. The competition from other sectors like containers and RoRo for breakbulk cargoes keeps the pressure on ...

The Seafarers’ Charity, a significant funder of maritime safety and welfare initiatives, is once again celebrating Maritime Safety Week (3-7 July) with a safety drill competition and is calling on everyone who works at sea to get involved by practising and improving their crew muster drill. If you want to be recognised as champions at the essential muster drill on your vessel, you can enter the competition by posting a photo or video of your best time for your Muster Drill on your social media accounts with the hashtag #SafetyDrillTime. ...

The hybrid tankers being built for Danish tanker operator Tärntank, with technology and engineering provided by Kongsberg Maritime, have won the 2023 Nor-Shipping Next Generation Ship Award. The honour was announced today at Oslo City Hall. Nominations and the award go to vessels that are “trailblazing” for their smart, sustainable maritime operation. Organisers described this year’s competition as “intense”. Tärntank’s three, 15,000dwt hybrid tankers can operate on diesel, biofuel or methanol, and feature wind-assist technology plus Tärntank’s own battery-powered Hybrid Solution®. Kongsberg Maritime provided design, engineering and equipment for the ...

Asia’s spot market for 180-cst high sulphur fuel oil (HSFO) flipped back into a small premium on Tuesday on firmer trades, while Saudi Arabia’s latest crude production cuts were also perceived as bullish. The 180-cst HSFO cash differential recovered to a premium of 23 cents a tonne over Singapore quotes after holding in a discount during the previous session, though 380-cst HSFO oftened to a premium of $1.75 a tonne as lower offers emerged. While South Asia’s appetite for HSFO has softened this year despite a firm heat wave, overall ...

Singapore Demand has been average in Singapore so far this week. Securing VLSFO and HSFO stems in Singapore can be difficult. Lead times for VLSFO are 9-11 days – almost unchanged from last week, while lead times for HSFO have increased from last week’s 8-11 days to 8-14 days now. LSMGO availability, on the other hand, has improved with lead times shortening from last week’s 6-8 days to 3-5 days. Residual fuel oil stocks in Singapore averaged 19% lower in May than in April, data from Enterprise Singapore shows. The ...

ABS has presented Provaris Energy with an approval in principle (AIP) for its innovative gaseous hydrogen floating storage concept in a ceremony at NOR Shipping. The solution, dubbed H2Leo, has a design capacity range of 300 to 600 tonnes of hydrogen, expandable to up to 2,000 tonnes. The unit is designed for various hydrogen supply chains and applications, including bunkering for the maritime sector, intermittent/buffer storage for green hydrogen production, and long-duration storage for excess renewable energy. The AIP is the latest support from ABS for Provaris, following ABS review ...

Belships has entered into an agreement for the sale of BELVEDERE, an Ultramax bulk carrier built in 2015. Delivery is expected to occur within Q3 2023 and the sales price is slightly above the book value. Net cash proceeds will be about USD 10.0m after repayment of outstanding loan. BELISLAND has commenced an index-linked charter for a period of about one year with a rate equal to 115 per cent of the Baltic Supramax Index. Belships has the option to convert any part of the firm period to a fixed ...

Swiss marine power company WinGD and Japanese shipbuilder and technology developer Mitsubishi Shipbuilding Co., Ltd. have signed a memorandum of understanding to enter into a partnership on ammonia-fuelled vessels. The project will see WinGD applying its X-DF-A ammonia-fuelled engines to a range of vessel designs, with Mitsubishi both designing the vessels and completing the fuel chain with its ammonia fuel supply system (AFSS). Manabu Kawakado, Head of Marine Engineering Centre, Mitsubishi Shipbuilding Co., Ltd. said: “This collaboration will give both Mitsubishi and WinGD an important first-mover advantage in using ammonia ...

EverClean™, the innovative robotic hull cleaning service, will be presented to the maritime industry during next month’s Nor-shipping exhibition, the meeting place for leading maritime players, innovators, and key stakeholders. The focus on decarbonizing shipping has seen an increase from a range of industry stakeholders, with solutions offering to support decarbonization efforts having to be sustainable and scalable, in order to be able to have the required impact to vessel owners and operators, and ultimately the environment. Armach Robotic’s (Armach) technology was highlighted as a ‘solution to watch’ at the ...