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Baltic index posts second weekly gain, but shipping activity slows

The Baltic Exchange’s main sea freight index rose for a fifth straight session on Friday, ending higher for a second straight week, as vessel rates rose despite concerns over the impact of coronavirus on global growth. The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 17 points, or 3.5%, to 497. The index posted gains for a second straight week. The capesize index, which tracks vessels that typically transport 170,000 to 180,000 tonne cargoes including iron ore and coal, rose 6 ...

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Drewry: World Container Index Down 5.8% on Week

The composite index decreased 5.8% this week similarly, 1.9% down when compared with same period of 2019. The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,732 per 40ft container, which is $344 higher than the five-year average of $1,388 per 40ft container. Drewry’s composite World Container index decreased by 5.8% to $1575.99 per 40ft container. Spot rates on trade routes originating from Asia continue to follow a downward trajectory despite an increase in blank sailings by carriers. Freight rates from Shanghai to Rotterdam and Shanghai ...

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BlueWater Reporting closely monitoring blanked sailings amid Coronavirus outbreak

BlueWater Reporting is closely monitoring blanked sailings on the Asia-North America and Asia-North Europe/Mediterranean trades. This data is becoming increasingly important due to the spike in blanked sailings this year, which has been exacerbated by the Coronavirus and its effects on global supply chains. Data includes the individual services blanking a sailing, the date of the blanked sailing, and expected capacity that will be withdrawn as a result of the blanked sailing, based on average TEU vessel size on the service. The blanked sailings data lists blanked sailings from Asia ...

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Shipping industry faces $370 million hit from new Panama Canal charge

A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up to $370 million a year, marking another blow for maritime companies already hit by fallout from the coronavirus. The Panama Canal, one of world’s busiest shipping routes, which handled nearly 14,000 transits last year, said last month it would introduce a charge from Feb. 15 of $10,000 for any vessel more than 125 feet long. The canal, which relies on water from nearby Gatun Lake, has ...

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Atlantic, Pacific LNG shipping rates continue to dip on high spot vessel supply

Atlantic and Pacific shipping rates for LNG fell to $40,000/day on high spot vessel supply, marking a $25,000/day fall since early February. For both basins, the $40,000/day level was last seen in early May 2019. The ballast rates in the Atlantic and Pacific were assessed by S&P Global Platts at 50% and 75%, respectively, meaning shipowners are no longer fully compensated for the ballasting portion of a spot voyage. Although the main driver in the fall in charter rates was high spot vessel supply, the cyclical nature of these markets ...

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Affinity Tanker Weekly, 21 February 2020

Another week goes by, and yet again rates on TD3C have barely budgef, still standing at WS 43. Earnings are climbing up towards USD 19,000 per

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EU policymakers witness shipping’s decarbonisation efforts on visit to the Port of Antwerp

Decarbonisation measures being implemented by the European maritime sector were seen first-hand today by EU and national policymakers who visited the Port of Antwerp as part of this week’s European Shipping Week activities. The full-day visit started with a guided tour of the impressive Port Authority Building designed by Iraqi-British architect Zaha Hadid, opened in 2016. The design is said to symbolise the “dynamic, reliable, ambitious and innovative nature” of the port. Representatives from the European Commission, the European Parliament and the permanent representations of Member States were shown the ...

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VHSS New ConTex Container Ship Time Charter Assessment Index Week 08 2020

The Coronavirus problem may be “contained” for now but the effect is having on the Container Market cannot be ignored. Volumes are clearly

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Coronavirus disease 2019 – IMO urges no unnecessary delays to ships

Following reports received regarding the impacts on the shipping industry of the sudden and rapid outbreak of the Coronavirus disease 2019 (COVID-19), IMO has issued a Circular Letter advising Member States and others on implementation and enforcement of relevant IMO Instruments. The letter urges Flag State authorities, port State authorities and control regimes, companies and shipmasters to cooperate, in the current context of the outbreak, to ensure that, where appropriate, passengers can be embarked and disembarked, cargo operations can occur, ships can enter and depart shipyards for repair and survey, ...

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Stena Sonangol Suezmax Pool celebrates 15 years of successful

The successful Stena Sonangol Suezmax Pool, established in 2005, presently consists of about 20 high-quality and fuel-efficient Suezmax tankers. Stena Sonangol Suezmax Pool is operated as a 50/50 joint venture between the Swedish leading innovative tanker owner Stena Bulk and the Angolan state-owned oil company, Sonangol. The pool, headed from Houston, also manages chartering and operations of the pool’s vessels from the offices in Gothenburg and Singapore. The vessels sail in the spot market worldwide. The discussions for a joint pool of Suezmaxes were initiated between Mark Heater of Sonangol ...

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Diana Shipping Inc. Reports Fourth Quarter Net Loss of $14 Million

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, Friday reported net loss of $14.0 million and net loss attributed to common stockholders of $15.4 million for the fourth quarter of 2019, including a $6.5 million impairment loss and $3.3 million loss from sale of vessels. This compares to net income of $2.9 million and net income attributed to common stockholders of $1.5 million reported in the fourth quarter of 2018. Time charter revenues were $51.5 million for the fourth quarter of 2019, compared ...

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Seafarers Facing Unprecedented Challenges Due To Coronavirus Outbreak

Ship managers and crew on the frontline of global trade are bravely coping with unprecedented challenges due to the coronavirus (COVID-19) outbreak in China. Shipping has been crippled by the spread of the virus over the last month which has seen large parts of the Chinese economy closed down for extended periods. This is having supply chain and business reverberations globally and has devastated shipping freight rates and cargo demand. However, the impact on those on the frontline of international business – the seafarers that man the ships that facilitate ...

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Qatar to issue guide to protect marine e-assets from cyber risks

Qatar will soon issue a guide, the first of its kind in the region, to protect the marine e-assets and all information about ships and goods from cyber risks. The country ”has taken advanced steps to issue a guide to secure marine assets in the applications of operating ports and ships, which will be the first of its kind in the region, to enhance the use of the latest protection methods for marine electronic assets and all information, Minister of Transport and Communications HE Jassim bin Seif al-Sulaiti told the ...

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Wärtsilä LPG Fuel Supply System the first ever to undergo engine testing

The technology group Wärtsilä’s LPG Fuel Supply System (LFSS) has successfully completed full scale testing with a full sized 2-stroke marine engine burning liquid petroleum gas (LPG) as fuel. This was the world’s first such testing protocol. It was initially decided to retrofit the Wärtsilä LFSS to four very large gas carrier (VLGC) vessels owned by Oslo-listed BW LPG, the world’s largest gas shipping company. However, following the tests, in which the performance exceeded expectations, BW LPG decided to exercise their option to retrofit an additional four vessels, making a ...

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West P&I to acquire stake in Nordic Marine Insurance

The West of England P&I Club has announced that it will acquire a significant stake in specialist marine insurance provider Nordic Marine Insurance (NMI). Founded in 2012 and based in Stockholm, NMI is a provider of specialist marine products for ship owners and charterers which includes fixed premium primary delay cover. The agreement, which is subject to regulatory approval in Sweden, will see West Group acquire Alandia’s shareholding in Nordic Marine Insurance. Alandia will remain an important partner of Nordic Marine Insurance. The new venture is expected to formally launch ...

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