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China’s Import Surge Drives Optimism in Dry-Bulk Shipping Demand

China is stocking up on grains, metals and other commodities, providing a boost to industrial bulk shipping companies as Beijing braces for a potential new wave of supply-chain disruptions from rising Covid-19 infections among the country’s Western trading partners. China is the world’s biggest commodity importer, making up roughly 40% of the dry-bulk shipping market, and its rebounding economy has been driving a surge in prices for industrial commodities, including copper, aluminum and cotton. With China’s overall imports up 13.2% in September from the same month last year, shipping executives ...

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BIMCO: Important Elements Still Missing After IMO Working Group Meeting On GHG Reductions

The Intersessional Working Group on reduction of greenhouse gas (GHG) from shipping had its first online meeting this week to advance the work on short term measures in support of the International Maritime Organization’s (IMO) initial strategy on reduction of GHG from ships. A proposal had been made to the meeting by a large group of member states in an attempt to fuse the technical Energy Efficiency Existing Ship Index (EEXI) measure with the operational Carbon Intensity Indicator (CII) measure. These are in reality Energy Efficiency Design Index (EEDI) limits ...

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Dry Bulk Market: Capesizes Manage to Halt Recent Falls and Return to Positive Ground

Capesize The tide turned positive on the Capesize market this week bringing with it a sense relief and optimism. It both stemmed the mounting losses of late and gave some hope for a year-end rally. Dropping to a recent low of $17,121, the market lifted mid-week to close the week at $18,749 on the Capesize 5TC. The cause of the turn around is not yet clear, but higher fixtures rates were heard predominately on the west Australia to China C5, which closed the week up 0.15 to $7.823, and the ...

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IMO working group agrees further measures to cut ship emissions

IMO forges ahead with development of new short-term measures to implement GHG strategy. Draft new mandatory measures to cut the carbon intensity of existing ships have been agreed by an International Maritime Organization (IMO) working group. This marks a major step forward, building on current mandatory energy efficiency requirements to further reduce greenhouse gas emissions from shipping. The proposed amendments to the MARPOL convention would require ships to combine a technical and an operational approach to reduce their carbon intensity. This is in line with the ambition of the Initial ...

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Tankers: VLCCs Trade Sideways This Week

VLCC Rates were flat this week on most of the routes in this sector. 280,000mt to USG via the Cape/Cape routing remains assessed at a shade above WS17, although overnight we have had a ship reported on subjects to Exxon at WS14 for this with various other options. 270,000mt to China remains steadfast at around WS29 level. In the Atlantic, rates for 260,000mt West Africa to China remain unchanged at WS30, while 270,000mt USG to China rates dipped $150k to be assessed at a shade above $4.6m, having seen a ...

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China’s weekly export container shipping index edges up

China’s index of export container transport edged up in the past week, according to the Shanghai Shipping Exchange. The average China Containerized Freight Index (CCFI) stood at 1,054.34 on Oct. 23, up 0.1 percent from a week earlier, according to the exchange. The sub-reading for the South Africa service led the increase with a week-on-week growth of 6.6 percent, followed by that for the Australia/New Zealand service, which rose 4.1 percent. The CCFI tracks spot and contractual freight rates from Chinese container ports for 12 shipping routes across the globe, ...

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Global Shipping’s UN Climate Talks Fail Amid Threats Of A Walkout

The UN agency responsible for setting climate targets for global shipping, was left red faced today, as delegates pushed measures that broke the Paris Agreement on Climate Change. After a week of talks, delegates at the UN’s International Maritime Organization failed to agree to targets that would meet the Paris Agreement, as they had originally agreed to do in 2018, a deal the shipping industry hailed as ‘historic’ and which 100 countries had voted on. Even worse, what emerged today was that IMO will not be imposing any meaningful penalties ...

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7 Ways to Bridge the Blue Finance Gap

The ocean is a cornerstone of the global economy and a critical source of resources for the world’s growing population. It provides food, jobs and livelihoods to over three billion people, facilitates global trade and creates a home for the nearly 2.4 billion people who live in coastal areas. Before the COVID-19 pandemic, forecasts suggested that the ocean economy could provide economic growth opportunities over the coming decade, creating $3 trillion annually in gross value added by 2030. However, investment into the ocean economy is drastically low. Just 1% of ...

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Great Eastern Shipping Company acquires Secondhand Very Large Gas Carrier to ‘Jag Vishnu’

Great Eastern Shipping Company has taken delivery of a second hand Very Large Gas Carrier Jag Vishnu of about 77,922 cbm. The Company had contracted to buy the vessel in Q2 FY21. The Company also delivered its 1996 built Very Large Gas Carrier Jag Vidhi to the buyers. The vessel was contracted for sale in Q2 FY21. The Company’s current fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.53 years aggregating ...

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Yemen claims KSA detained their oil ships

The Yemen Petroleum Company (YPC) stated that the Saudi-led partnership conducting a destructive war on Yemen is allegedly holding hostage more than a dozen ships carrying crude oil and energy derivatives intended for Yemen. Al-Masirah television network broadcasted on Thursday, October 22nd, that 12 tankers filled with over 325 thousand tons of oil are secured off the coast of Yemen for over 200 days. Two more ships are transporting diesel fuel and another has natural gas on board. The YPC remarked that the containers have been inspected by the United ...

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China Focus: SAIC Motor’s self-operated shipping service carries cars to Europe

China’s leading automaker SAIC Motor Corporation has launched its first self-operated car-shipping route to Europe as exports expanded in European markets. A “ro-ro” (roll-on/roll-off) ship named “SAIC Anji Phoenix” carrying some 1,800 SAIC new energy vehicles (NEVs) set off on its maiden voyage Tuesday night from east China’s Shanghai port to Europe. The vessel is expected to stop at Bristol in the United Kingdom, before heading to Zeebrugge in Belgium, its final destination. It is the first direct China-Europe sea route for shipping cars for the Chinese auto industry. Before ...

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IMO celebrates 75th anniversary of the United Nations

The International Maritime Organization joins the wider UN family in celebrating the 75th anniversary of the United Nations and its founding Charter, on 24 October. In a statement issued on this milestone anniversary, IMO Secretary-General Kitack Lim emphasised the importance of global solidarity and collaboration as the world faces the COVID-19 pandemic. He also highlighted the continued commitment of the Organization to support the aims and ambitions of the sustainable development goals of the United Nations. Read the full statement below. Message from IMO Secretary-General Kitack Lim on UN Day ...

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Baltic index nudges up, but registers fall for third straight week

The Baltic Exchange’s main sea freight index, which tracks rates for capesize, panamax and supramax vessels, rose on Friday, buoyed by an uptick in demand for capesize and panamax vessels. The Baltic index rose 14 points, or 1%, to 1,415. However, the index registered a 4.2% weekly loss, marking its third straight weekly decline. The capesize index gained 26 points at 2,261, but registered a more than 6% weekly fall. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $212 to $18,749. ...

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Steering With Artificial Intelligence To Combat Maritime Piracy

Maritime piracy today remains a complex challenge to international law, world trade and the safety and security of seafarers. The International Maritime Organisation (IMO) and other maritime safety advisories publish various counter-piracy guidelines and recommendation to help shipping companies protect their ships against the piracy menace. In reference to the guidelines, while it is essential to keep sharp look-outs or maintain a good radar watch when vessels transit high risk areas, approaching small skiffs can often be overlooked. The effectiveness of the IMO guidelines therefore relies greatly on the diligence ...

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Drewry: World Container Index Down 0.7% but 107.6% Higher Versus Same Week of 2019

The composite index decreased 0.7% this week, but 107.6% up when compared with same period of 2019. The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,894 per 40ft container, which is $434 higher than the five-year average of $1,460 per 40ft container. Drewry’s composite World Container index inched down by 0.7% to $2,569.68 per 40ft container. Freight rates from Shanghai to Genoa weakened 2% or $47 to touch $2,683 per 40ft box. Similarly, rates from Shanghai to Rotterdam declined 1% or $25 to $2,186 per ...

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