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International Shipping News

Dry Bulk Market: Capesize Market Under Pressure

Capesize This week, the Capesize market saw a steady decline, with the BCI 5TC beginning at $25,773 and dropping daily, except for a modest rise of $962 today, ending the week at $22,180. Despite healthy cargo volumes in the Pacific, market activity was sluggish as the week got under way, partly due to holidays in Asia. The derailment of a Rio Tinto train in Western Australia did not significantly impact the market. Activity in the Pacific increased significantly throughout the week, leading to the market finding a level and a ...

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Tankers: VLCC Market Stabilized Last Week

Clean LR2 MEG LR2’s continued climbing this week. The TC1 rate for 75,000 mt MEG/Japan rose another 16 points to WS247 and the 90,000 mt MEG/UK-Continent TC20 voyage was over $583,000 higher at $7,150,000. West of Suez, Mediterranean/East LR2’s rebounded this week. The TC15 index ascended about $220,000 to $3,487,500. LR1 In the MEG, LR1 freight again followed the trend of the larger siblings. The 55,000 mt MEG/Japan index of TC5 went from WS233.44 to WS268.75. The 65,000 mt MEG/UK-Continent of TC8 climbed from $5,150,000 to $6,070,000. On the UK-Continent, ...

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Blackouts – causes, prevention, effective recovery

Under certain circumstances – in congested waters, during manoeuvring or in harsh weather – a blackout can lead to loss of life or damage to property, infrastructure and/or the environment. This news highlights some of the most common causes of blackouts and aims to provide ship managers and crews with guidance to help prevent blackouts and mitigate potential consequences. Relevant for ship owners and managers. Blackouts – causes, prevention, effective recovery Ships occasionally experience blackouts, with a temporary loss of propulsion. Fortunately, most incidents do not have any significant consequences, ...

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“K” LINE Conducts First Trial Use of B100 Biofuel for Carbon-free Operations on Car Carrier

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) is pleased to announce that we have conducted our first trial use of marine B100 biofuel which was supplied by global energy management company World Fuel Services on car carrier “APOLLON HIGHWAY” operated by “K” LINE. The marine B100 biofuel was delivered to the vessel at the Belgium port of Zeebrugge on March 31, 2024. After leaving Europe Emission Control Area, the vessel started using the B100 biofuel. The trial was completed on April 30th. Marine biofuel has the potential to become an environmentally ...

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CMA CGM: A solid Group pursuing its transformation in a volatile market environment

The Board of Directors of the CMA CGM Group, a global player in sea, land, air and logistics solutions, met today under the chairmanship of Rodolphe Saadé, Chairman and Chief Executive Officer, to review the financial statements for the first quarter of 2024. Commenting on the results for the period, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “Against a backdrop of industry normalization, our Group has demonstrated its agility and resilience in adapting to new market conditions. Our shipping division turned in a solid ...

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GAIL (India) enters into 14-year charter for newly built LNG carrier

GAIL (India) has entered into a 14-year Time Charter Party with Cool Company (NYSE: CLCO / CLCO.OL, CoolCo) , a pure play LNG shipping company, for a newbuild LNG carrier. The time charter for the LNG carrier will commence in early 2025 and GAIL will have the option to extend the charter by two additional years beyond the firm 14-year period. GAIL presently has four LNG carriers in its fleet. Source: Capital Market

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Panama-flagged oil tanker attacked off Yemen, security firm says

A Panamanian-flagged crude oil tanker was attacked near Yemen’s Red Sea port city of Mocha, British security firm Ambrey said on Saturday, in the latest incident in waters where Houthi militants have targeted ships in solidarity with Palestinians. Ambrey said a radio communication indicated the shipwas hit by a missile and that there was a fire onboard about 10 nautical miles southwest of Mokha. It had received assistance and one of its steering units was functional, Ambrey added, citing information it had received but without giving more details. Yemen’s Iran-alignedHouthi ...

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Ambrey says Panama-flagged oil tanker reportedly attacked southwest of Yemen’s Mocha

British security firm Ambrey said on Saturday it had received information that a Panama-flagged crude oil tanker was reportedly “attacked” approximately 10 nautical miles southwest of Yemen’s Mocha. It added that the communication indicated vessel was hit by a missile. Source: Reuters (Reporting by Jaidaa Tah and Enas Al-Ashray; Editing by Mark Potter)

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Jan De Nul reaffirms belief in energy transition with order for new XL cable-laying vessel

Connecting Ireland with Wales, Crete with mainland Greece, the Orkney islands with mainland Scotland: these are just some of the subsea connections on Jan De Nul Group’s record. These connections, via submarine cables, bring energy from offshore wind farms to land or to connect countries’ electricity grids. To further support that transition, Jan De Nul Group is ordering another XL cable-laying vessel, identical to the Fleeming Jenkin, which will be delivered in 2026 and has already been booked for its first projects. Jan De Nul Group is thus making another ...

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Romania searching for three missing crew after ship sinks in Black Sea

Romanian rescue teams were searching on Saturday for three missing crew members of a cargo ship that sank off the Black Sea coast, the naval authority said. Officials said they were notified very early on Saturday that the Tanzania-flagged Mohammad Z had sunk 26 nautical miles away from Romania’s Danube village of Sfantu Gheorghe. The naval authority’s Maritime Rescue Coordination Centre (MRCC), border police and two commercial vessels in the ship’s vicinity were involved in the search and rescue efforts. Mohammad Z had eleven crew members on board, nine Syrian ...

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Baltic index marks worst week in seven on lower vessel demand

The Baltic Exchange’s main sea freight index recorded its worst week in seven, weighed down by weaker demand across vessel segments. However, an uptick in capesize vessel rates helped snap a six-session losing streak on Friday. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 27 points, or 1.49%, to 1,844 points. On a weekly basis, the index has fallen 13.4%. The capesize index gained 117 points, or 4.57%, to 2,675, but registered a weekly decline of 18%. Average daily earnings for capesize ...

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VLCC AG-China tonne days

This week’s chart highlights the trend in VLCC (Very Large Crude Carrier) tonne-days growth, which has been decreasing consistently since our last review in week 17, just before the end of April. At the end of the second week of May, the demand growth for dirty tonne-days continues to challenge the solid improvement in market prices, particularly on the VLCC MEG-China route. However, a positive factor is the pace of Chinese crude oil imports, which rose significantly in April, increasing by 5.5% compared to the previous year. This increase is ...

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Shipping’s resilience buffeted by threats

In 2024, the shipping industry has been caught in a maelstrom of challenges that threaten to destabilise global supply chains, endanger crew safety, and derail progress made on environmental sustainability. Allianz Commercial’s annual Safety and Shipping Review, due to be published later this month, has examined emerging risk areas and proposed solutions to navigate this turbulent landscape and build a more resilient industry. In an article adapted from the upcoming review, Allianz Commercial’s experts noted that the conflict in Gaza has transformed the Red Sea into a perilous environment for ...

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Drewry: World Container Index Up 11% This Week

Drewry’s World Container Index increased 11% to $3,511 per 40ft container this week. Our detailed assessment for Thursday, 16 May 2024 The composite index increased 11% to $3,511 per 40ft container this week and has increased by 104% when compared with the same week last year. The latest Drewry WCI composite index of $3,511 per 40ft container is 147% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,241 per 40ft container, which is $524 higher than the 10-year average rate of $2,717 ...

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Asia Fuel Oil-VLSFO market gains, HSFO steady

Asia’s low-sulphur fuel oil (VLSFO) market extended gains on Friday after stocks at a key European trading hub declined. Cash premiums for VLSFO were up 18 cents at $6.83 a metric ton. Premiums for high-sulphur fuel oil (HSFO) on the other hand held steady. Cash differential for 180-cst HSFO was pegged at a premium of $8.77 a ton, while premium for 380-cst traded at $7.38 per ton. Fuel oil inventories at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to 1.528 million tons in the week to Thursday, compared with ...

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