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 ...

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 ...

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 ...

Global seaborne LNG trade has continued to surge last year, helped also by the events in Ukraine which forced Europe to diversify away from Russian pipeline gas.

Ports in China’s Shandong province are demanding more detailed information about oil tankers that are more than 15 years old that call at their terminals, sources with knowledge of the matter said, potentially delaying the unloading of crude shipments in the world’s biggest oil importer. Last week, the maritime safety administrations at Qingdao and Rizhao, which covers the oil terminals at the port of Lanshan, notified shipping agencies to submit details on their ships’ age, where a ship is flagged, insurance coverage, and any instances where the ship changed its ...

Europe’s appetite for coal import is limited as there are decent thermal coal stockpiles at European ports, along with strong natural

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 ...

Looking at BDI’s current performance, we can all agree that the second quarter results remain disappointing

HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries, collectively known as the Big 3 of South Korean shipbuilding, are set to begin substantive negotiations this month for an order of LNG vessels from QatarEnergy worth 14 trillion won (US$10.7 billion). According to industry sources and foreign media on June 2, QatarEnergy is planning to commence negotiations this month with the Big 3 for LNG vessel procurement. In the first phase of the project in 2020, QatarEnergy ordered 54 vessels from the Big 3 (17 from HD Hyundai Heavy ...

Further oil cuts now set – During tense OPEC+ talks this weekend an additional volun- tary cut of 1 million barrels of crude oil per day was agreed

Anemoi Marine Technologies, a leading UK-based developer of Rotor Sails for the global shipping industry, is enhancing its efforts to provide its award-winning Rotor Sail technology for ship owners, managers and charterers to install onboard vessels as they look to decarbonise their operations. The company will be showcasing these solutions at Nor-Shipping 2023, a prominent international maritime event held from 6-9 June at NOVA Spektrum, Lillestrøm, Norway. Attendees are invited to visit Anemoi at Stand D05-04 at the UK Pavillion. Anemoi offers a range of Rotor Sails, varying in height ...

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 ...

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 ...