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Baltic index posts best week since February on gains across vessels

The Baltic exchange’s main sea freight index rose on Friday and marked its first weekly gain in four, steered by strong gains across vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 188 points, or 7%, at 2,857. The index rose more than 17% this week, its best since February. The capesize index rose by 447 points, or 15.4%, to a two-week high at 3,346. The capesize index also notched a weekly rise of more than 32%, its biggest ...

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Drewry: World Container Index Up 4.1% During the Past Week

Drewry’s composite World Container index increased 4.1% or $263 to $6,726.87 per 40ft container. The composite index increased 4.1% or $263 this week, and also, remains 298.8% higher than a year ago. The average composite index of the WCI, assessed by Drewry for year-to-date, is $5,361 per 40ft container, which is $3,423 higher than the five-year average of $1,937 per 40ft container. Spot freight rates by major route Our assessment across eight major East-West trades: Drewry’s composite World Container index further increased 4.1% or $263 to $6,726.87 per 40ft container. ...

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Congestion at south China ports worsens on anti-COVID-19 measures

Congestion at container shipping ports in southern China is worsening as authorities step up disinfection measures amid a flare-up in COVID-19 cases, causing the biggest backlog since at least 2019. More than 150 coronavirus cases have been reported in Guangdong province, a key manufacturing and exporting hub in southern China, since the latest wave of cases struck in late May, triggering local governments to step up prevention and control efforts that have curbed port processing capacity. Ports in Guangdong, including Yantian, Shekou, Chiwan and Nansha, have issued notices this week ...

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ClassNK and 22 industry players kick off studying ammonia as an alternative marine fuel

Industry players set up “Joint Study” framework for studying common issues on ammonia as an alternative marine fuel, to get ready to IMO’s decarbonization targets, including energy, mining, power utility, chemical, terminal, shipping, shipbuilding, manufacture, bunkering, and classification society. Parties of total 23 companies including ClassNK have entered into a memorandum of understanding on joint study of common issues on ammonia as an alternative marine fuel beyond industry boundaries. The 23 founding signatories of this Joint Study framework include ABS, ANGLO AMERICAN, CLASSNK, DNV, EQUINOR, FORTESCUE METALS GROUP, GENCO SHIPPING ...

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There’s a New Language for Shipping to Solve the Decarbonization Challenge Says ABS Chairman, President and CEO

Environmental regulations are creating a new language in shipping: its CO2 emissions per ton-mile. When you combine that with new technologies, and probably more importantly the rate of change of new technology, it is going to drive commercial decisions which will shape the way we manage risk now more than ever. That’s the view of ABS Chairman, President and CEO, Christopher J. Wiernicki, who spoke at the 11th Annual Capital Link Operational Excellence in Shipping Forum. “When you look at the possible answers to our challenges in meeting the IMO’s ...

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VHBS New ConTex Container Ship Time Charter Assessment Index Week 23 2021

So inflation in the USA was up in May by 5%. That has surprised some

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Genco Shipping & Trading Limited to Jointly Study Ammonia as an Alternative Marine Fuel

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), today announced that it has entered into an initial framework to jointly study the feasibility of ammonia as an alternative marine fuel as part of the objective to decarbonize the global shipping industry in-line with the targets established by the International Maritime Organization (“IMO”). Including Genco, a total of 23 companies to date have elected to participate in the study ranging from miners, shipbuilders, shipowners, class societies and power utility companies among others. The IMO adopted a strategy for the ...

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Affinity Tanker Weekly, 11 June 2021

The VLCC market dropped further this week, with MEG/East falling from WS 32.5 to WS 31 and the rate for WAF/East is at WS 32.5

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Four Incidents of piracy and armed robbery against ships in Asia in May 2021

OVERVIEW In May 2021, four incidents of armed robbery against ships¹ were reported in Asia. No piracy² incident was reported. Of the four incidents, three were actual incidents³ and one was an attempted incident⁴. The ReCAAP ISC is concerned with the continued occurrence of incidents on board ships while underway in the Singapore Strait. In May 2021, three incidents were reported in the eastbound lane of the Traffic Separation Scheme (TSS) in the Singapore Strait. There was no report of abduction of crew in the Sulu-Celebes Seas and waters off ...

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Unwritten Rules: Who Can File a Document on behalf of a Marshall Islands or Liberian Entity?

Every Liberian and Marshall Islands non-resident entity must provide its entity registrar with the full address, email address and phone number of a person who will receive the entity’s annual invoices and who will generally be the liaison between the entity and the registrar. This person is known as an entity’s “address of record” (in Liberia) or “billing agent” (in the Marshall Islands). We call these an “AOR” in this briefing. The AOR concept is not contained in the relevant associations laws of Liberia or the Marshall Islands; this is ...

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Shipping industry agrees action on R&D investment and trade digitisation

As world leaders meet in Cornwall, England, for the G7, the first ever meeting of the equivalent maritime bodies, titled M7, took place on Wednesday this week, organised by the UK Chamber of Shipping. Delegates from the shipowner associations of the G7, plus those from Australia, India, South Africa and South Korea, were joined by the Secretary General of the International Chamber of Shipping, Chief Executive and Secretary General of BIMCO and a representative from ECSA. There was universal agreement that more investment is needed from governments and industry to ...

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Capital increase in TORM in connection with delivery of vessel

With reference to Company Announcement no. 03 dated 01 March 2021 regarding the acquisition of eight 2007-2012 built MR product tanker vessels from Team Tankers Deep Sea Ltd, TORM plc (“TORM”) has increased its share capital by 668,423 A-shares (corresponding to USD 6,684.23) as a result of the delivery of the sixth vessel of the transaction, the MR vessel Team Voyager. The capital increase is carried out without any pre-emption rights for existing shareholders or others. The new shares have been subscribed for due to the settlement of a USD ...

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MOL and ACSL Use Flying Drone to Conduct Autonomous Inspection of Vessel Holds under non GNSS and dark environment

Mitsui O.S.K. Lines, Ltd. and Autonomous Control Systems Laboratory Ltd. (ACSL; President & COO: Satoshi Washiya, PhD; Headquarters: Edogawa-ku, Tokyo) announced yesterday the success of a demonstration test using a made-in-Japan flying drone to inspect the hold of an MOL-operated coal carrier in May. Coal iron vessels have spacious holds to load massive amounts of cargo and some holds height reach 20m from bottom of holds. It is difficult for crews to access upper parts of the holds for inspections, but the use of drones has the potentials to address ...

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CNES and CMA CGM sign unique partnership agreement to spawn innovative solutions for shipping, logistics and the space industry

Meeting at the Toulouse Space Centre on Thursday 10 June, CNES Chairman & CEO Philippe Baptiste and Rodolphe Saadé, Chairman & CEO of the CMA CGM Group, a world leader in shipping and logistics, signed a unique partnership agreement. This five-year agreement will call on the respective expertise of CNES and CMA CGM to identify, design and develop innovative solutions together to serve shipping, logistics and the space industry. A unique five-year collaboration to spawn innovative solutions Under the agreement, CNES and CMA CGM’s experts will be focusing on a ...

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Tech-driven maritime training key to attracting Gen Z

Shipping and maritime companies hoping to attract Generation Z (Gen Z) talent should develop personalised and interactive eLearning programmes featuring video content and bold colours, according to education industry research and experts. In an FE News blog on Gen Z (those born after 1996), Sam Blyth from learning management systems (LMS) developer Instructure wrote that new technology was making it easier to create engaging, interactive experiences for learners. She added that students can control their learning journey by “deciding how, where and when to engage with course material, and to ...

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