The Baltic Exchange’s dry bulk sea freight index snapped its four-week winning streak on Friday as rates declined across larger vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 12 points, or 0.5%, at 2,483. However, it declined by about 22% for the week. The capesize index jumped 56 points, or 1.3%, to 4,259. The index fell about 33% for the week. Average daily earnings for capesizes, which typically transport 150,000-ton cargo such as iron ore and coal, increased $466 to ...

Maritime security risks in the Red Sea have escalated due to the latest spate of attacks on commercial ships in the key oil trade chokepoint, and could spur further rises in already-high regional insurance costs if the trend continues, market participants said Dec. 6. Risks to shipping in the Red Sea and Bab el-Mandeb area — through which about 10% of global seaborne oil flows — ratcheted up in the wake of the Israel-Hamas war after Iranian-backed Houthis in Yemen expressed their support for the Palestinians. From a car carrier ...

The Freightos Baltic Global index increased 6% month on month in November to $1,156/FEU as carriers had some success in tightening capacity and pushing rates up after prices fell in September and October for most lanes. The overall state of overcapacity in the market, however, is helping keep this rate 11% lower than in 2019. Transpacific rates to the West Coast climbed to more than $1,700/FEU early in the month before landing just 3% above October’s level at $1,613/FEU. However, with this moderate bump, prices are 20% higher than in ...

The situation on the charter market for container ships remained conspicuously quiet, and the number of reported contracts was manageable.

Drewry’s World Container Index increased by 6% to $1,461 per 40ft container this week. Our detailed assessment for Thursday, 07 December 2023 The composite index increased by 6% to $1,461 this week and has dropped by 32% when compared with the same week last year. The latest Drewry WCI composite index of $1,461 per 40-ft container is now 3% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $1,677 per 40ft container, which is $995 lower than the 10-year average rate of $2,672 ...

VLCCs have slowly started to see downside across the board, with good supply in the UKC teaming up with a decent flow of tonnage from the East

In November 2023, U.S. container import volume decreased from October 2023, with East and Gulf Coast ports experiencing the greatest declines. While the decrease is large, it’s consistent with reductions seen in the last months of prior years. Imports from China also continued to decline, but at a slightly faster pace than the overall numbers. The Panama drought finally appears to be negatively impacting U.S. container import volume at East and Gulf Coast ports, which could worsen with the Panama Canal Authority’s plans to further reduce the number of daily ...

Brazilian crude production has been posting strong performance in recent months as the key Latin American producer is expected to see crude output this year increase

Far East fronthauls – a key battleground for carriers to protect profitability. When analyzing the ocean freight shipping industry, our gaze often falls on fronthaul spot rates from the Far East – the world’s manufacturing powerhouse and driver of global trade. 2023 has been a year marked by lower shipping volumes coupled with increased capacity. But what impact have these market dynamics had on spot rates out of the Far East? Firstly, let’s take a look at spot rates from the Far East into the Mediterranean, which fell by 45.9% ...

The lackluster end to the year in sub continent recycling markets continues for another week as disappointed owners and cash buyers face selling their inventory into markets where prices have slumped.

Asia’s cash premiums for 0.5% very low sulphur fuel oil (VLSFO) and high sulphur fuel oil inched higher on Friday after European inventories declined. The Singapore 0.5% VLSFO premium rose to $8.70 a metric ton, from $8.52 a day earlier. The balance-Dec/Jan timespread for VLSFO widened to $7.50 a ton on Friday, compared with $6.95 a ton a day before. Meanwhile, the high-sulphur fuel oil (HSFO) market also gained ground. The cash premium for 380-cst grade rose to 47 cents a ton and the discount on 180-cst grade narrowed by ...

Bocimar have committed their Capesize “Mineral Ningbo” 178/2009 SWS, China (SS/DD 07/2024) to Chinese buyers Agricore at region USD 20 mill.

North America Prompt availability is tight for all grades in Houston. One supplier requires lead times of six days to supply VLSFO and LSMGO in the port. Some suppliers have cautioned about potential bunker delays over the weekend due to fog and reduced visibility. VLSFO and LSMGO availability is normal in Bolivar Roads. One supplier requires lead times of five days to deliver both grades. VLSFO availability is tight for very prompt dates (0-2 days) in the Port of Mobile. Strong wind gusts are forecast to hit the Galveston Offshore ...

Amidst the discussions at COP28 in Dubai, the pressing need to decarbonize the shipping sector takes center stage. In this context, a cross-cutting initiative, the “2030 Shipping Pact for People and Nature (SPPaN)” emerges to address the interconnected challenges of pollution, biodiversity loss, and the climate crisis and the potential co-benefits of shipping decarbonization for people and nature. There has been increasing focus on the need – and opportunities – to decarbonize international shipping. However, a sustainable, resilient maritime industry needs to consider not only how to decarbonise, but also ...

The European Union is poised to give its member states the power to halt gas imports from Russia and Belarus, the Financial Times reported on Friday. Any member state will be able to block companies from Russia and Belarus from obtaining space in their gas pipelines and liquefied natural gas terminals, FT reported citing a draft legal text proposed by Brussels. EU member states could have the authority to “partially or, where justified, completely limit” access to infrastructure to gas operators from Russia and Belarus, in order to protect their ...