The Baltic Exchange’s dry bulk sea freight index marked its biggest weekly percentage gain in almost two months, although declining on Friday on a fall in capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, shed 14 points, or about 1%, to 1,324. The main index gained 11.4% for the week, its biggest rise since Oct. 7. The capesize index was down 51 points, or about 3.3%, at 1,519. It posted a weekly loss of 5.8%. Average daily earnings ...

Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entities throughout the maritime ecosystem. With the December 5, 2022 deadline now upon us, the truth is that no one really knows. There are too many variables and unanswered questions. Will Russia and Russian vessels cooperate with the price cap, or actively try to subvert it? And if an entity in India receives crude oil from Russia and a U.S. entity is interested in purchasing that oil, does the ...

Drewry’s composite World Container Index decreased by 5% to $2,284.10 per 40ft container this week. Our detailed assessment for Thursday, 01 December 2022 The composite index decreased by 5% this week, the 40th consecutive weekly decrease, and has dropped by 75% when compared with the same week last year. The latest Drewry WCI composite index of $2,284 per 40-foot container is now 78% below the peak of $10,377 reached in September 2021. It is 15% lower than the 10-year average of $2,693, indicating a return to more normal prices, but ...

The Castor Initiative has announced that global energy major TotalEnergies has become the eighth partner to the global coalition that is committed to make zero emission shipping a reality. The global coalition, which includes MISC Berhad (MISC), Lloyd’s Register (LR), Samsung Heavy Industries (SHI), MAN Energy Solutions (MAN), the Maritime and Port Authority of Singapore (MPA), Yara Clean Ammonia (Yara) and Jurong Port, was established in January 2020 and its most recent project milestone was the April 2022 memorandum of understanding for a pair of zero emission deepsea tankers vessels. ...

In just a couple of days from now, the EU ban on imports of Russian crude will come into effect.

India plans to offer cash subsidies, lower taxes and other incentives to bolster its shipbuilding industry, two government sources said, as part of an effort to reduce the pain of high freight rates for the nation’s manufacturers. The plans include subsidies so that at least 50 new vessels can be built, as well as granting “infrastructure status” to the industry which would help with financing from banks, said the government officials. This could also include incentives to build small vessels and promote battery-driven small vessels, aiming to cut diesel consumption ...

A quiet spell of activity characterised the VLCC markets this week.

The International Chamber of Shipping signs a Memorandum of Understanding (MOU) with the Emirates Shipping Association for collaboration towards the UNFCCC Climate Conference COP28 and beyond. ICS will work with the national association of COP28’s host country for the benefit of the shipping sector overall. The UAE is one of the leader’s in the industry’s energy transition and was amongst the first governments to support the Clean Energy Marine Hubs Initiative. Thursday 1 December, 2022, London: The International Chamber of Shipping (ICS) has signed a Memorandum of Understanding (MOU) with ...

Ceres Shipping have sold their Capesize “Aquataine” 181/2010 Imabari, Japan (SS 08/2025, DD 11/2023, BWTS fitted) to Greek buyers Brave Maritime for excess USD 26 mill.

After a couple of weeks of constantly falling time charter markets, it looks like that the individual segments have been able to stabilize.

North America VLSFO and LSMGO availability is normal for prompt dates in Houston area and off the US Gulf Coast. But securing HSFO deliveries can be harder to fix prompt in Houston as some suppliers are fully booked for prompt dates, sources say. Prompt VLSFO and LSMGO availability is tight in New Orleans. One supplier is hesitant to confirm delivery dates, while another requires at least 10 days of lead time. Securing bunkers can be trickier in the Galveston Offshore Lightering Area (GOLA) amid tight barge availability. Several suppliers are ...

China’s iron ore output in 2023 is expected to rise 3.5% from the previous year to 238 million mt as miners commission new production capacity, an analyst with investment bank Orient Securities said Nov. 29, in a development that could help slightly cut back the country’s huge iron ore purchases in the longer term. Miners faced challenges during 2021-2022 as new projects got delayed due to the pandemic and on strict mining safety measures that capped Chinese iron ore output growth, according to the analyst. The upcoming commissioning of some ...

This new generation wants “access all areas”, but certain types of vessels are banned from marine reserves and clean ports in order to prevent pollution. The industry is pre-empting legislation and these demanding new clients are accelerating progress towards cleaner yachts with lower emissions in terms of exhaust (particulate or gaseous) and noise. These new vessels are more efficient in every respect, from materials to operations. Future-proofing yachts Anybody commissioning a newbuild would be wise to go beyond current legislation as new local regulations will otherwise undoubtedly prevent them from ...

As part of our commitment to provide you with the most up-to-date and relevant information on the logistics industry, we share our Market Update on the Latin American market. You will find information and interesting data on the update of the state of the ports, the most important transport routes and relevant news. We hope you’ll find the following information helpful, as well as inspiring to boost your business and keep your cargo moving. Topic of the month Warehousing after the Pandemic During this topic of the month, we will ...

The technology group Wärtsilä has signed a Memorandum of Understanding with Texas based Bleutec Industries. The agreement covers Wärtsilä’s role as the system integrator for Bleutec’s innovative Binary Marine Installation Solution (BMIS). The BMIS is a cost-effective, Jones Act compliant alternative to the more expensive heavy-lift jack-up Wind Turbine Installation Vessels currently being utilised by offshore wind contractors in Europe. The BMIS model will be built around a combined vessel spread comprising of a Piling Installation Vessel, a WTIVLight and Service Operation Vessels. The Piling Installation Vessel will feature a ...