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Baltic index gains for sixth session as capesize rates jump

The Baltic Exchange’s main sea freight index on Tuesday extended gains for a sixth straight session as demand for capesize vessels shipping iron ore surged. * The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 4.3%, or 83 points, to 2,011, its highest since January 2014. The index has surged about 60% this year. * The index extended gains for a sixth straight session, mainly driven by strong demand for vessels that ship iron ore from Brazil. * A restart of Vale SA’s Brucutu mine in ...

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IMO2020 to result in 50% hike in bunker costs on Far East-Europe trade lane

Bunker costs per TEU are set to increase by over 50% from January 2020 as the IMO2020 rules force global container lines to switch to more expensive low sulphur fuels. Calculations by MDS Transmodal using its online BAF Calculator suggest that a switch from IFO380 to MGO on a benchmark Far East-Europe service using 18,500 TEU ships would increase the bunker cost/TEU by $62 for the headhaul direction and $39 for the backhaul direction. This level of increase in BAFs will in itself lead to heated negotiations as shippers seek ...

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China’s commodity demand holds up, with copper the exception

One of the prevailing China narratives in commodity markets is that the trade dispute with the United States is weakening demand in the world’s biggest importer of natural resources. The problem is the numbers tell a somewhat different story. While the overall economy may be feeling strain, with gross domestic product growth slipping to 6.2% in the second quarter from 6.4% in the first, demand for commodities has held up remarkably well. China’s June customs data saw month-on-month declines in imports of copper, coal, iron ore and crude oil, helping ...

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Intermodal Weekly Market Report Week 28 2019 Broker’s Insight

The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets

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Supreme Court Considers Determination of “constructive Total Loss”

The UK Supreme Court’s recent decision in The Renos provides important guidance for both shipowners and insurers as to the costs that can be taken into account in determining whether a vessel is a constructive total loss under its hull and machinery policy. The brief facts The Renos lost main engine power due to a fire in the engine room whilst sailing laden with cargo in the Red Sea. Owners appointed salvors on the ‘no cure no pay’ Lloyds Open Form (“LOF”), which included the Special Compensation Protection and Indemnity ...

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Allied Shipbroking – Weekly SnP Statistics Report Week 28 2019

Allied Shipbroking – Weekly SnP Statistics Report Week 28 2019

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Asia refiners test the waters with exports of IMO 2020-compliant fuel

Refineries in Taiwan and South Korea are testing the market for fuels that meet new rules for low-sulphur ship fuel starting next year, exporting some cargoes of very low-sulphur fuel oil (VLSFO) this month. Oil market participants are uncertain what kind of fuel product shipping companies will use to meet the International Maritime Organization’s (IMO) 0.5% sulphur standard for ship fuels starting in 2020. The VLSFO shipments demonstrate that this type of fuel is a viable option that refineries could readily market. The refiners in Taiwan and South Korea have ...

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Environmental Concerns Drive Demand for Next-gen Marine Coatings

Frost & Sullivan’s latest analysis, Global Marine Coatings Market, Forecast to 2025, reveals that the increased development and adoption of more environmentally sustainable and durable antifouling coatings using higher priced chemistries such as silicones and fluorosilicones will propel revenues and boost growth opportunities. The Asia-Pacific region is expected to dominate the market owing to its large base of shipbuilding and dry-docking facilities. Frost & Sullivan expects the market to grow at a steady rate of 3.5% from 2018 to 2025 and reach $9.34 billion by 2025. “Most of the presently ...

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Chinese coal imports to plunge in H2 – analysts

Chinese coal imports are likely to plunge in the second half of 2019 as customs officials face the prospect of exhausting their quotas from as early as September, analysts have told Montel. The world’s biggest coal consumer imported 154m tonnes of the fuel over the first half of this year, up 6% year on year, customs data showed last Friday. This leaves officials with a choice of curbing foreign purchases for the remainder of the year or violating a government target to limit import volumes to around last year’s level ...

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Trump-China Trade Tensions Hit Panama Canal Revenues

The trade tension between the U.S. and China is making waves at the Panama Canal. Cargo from the U.S. to China going through the key waterway has slumped this year as the Asian giant cuts its imports of American food and fuel, according to Panama Canal Authority CEO Jorge Luis Quijano. Amid the dispute, Japan has displaced China as the canal’s second-largest user, while U.S. businesses remain the canal’s biggest customers, he said. U.S. President Donald Trump complained this week that China hasn’t increased its purchases of American farm products, ...

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GNS launches Voyager GLOBAL FLEET to improve access to data and enhance business performance

GNS, the maritime technology company, has launched Voyager GLOBAL FLEET, a fully searchable global database of over 120,000 vessels, shipowners, operators and managers. The new service will enable a wide range of users across the maritime industry – from ship suppliers to brokers, agents and charterers to more easily access the data they need to enhance their business performance. Established operators or start-ups entering the industry can use the service to target new business opportunities effectively, offer more personalised, higher value services in the market or manage commercial and operational ...

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IMO 2020 Analysis: Practical Guidance from Europe’s Largest Port

The IMO’s mandate requires ships to burn up to 0.5% (5,000 ppm) sulfur bunker fuel from 1 January 2020. High sulfur fuel oil, now allowed up to 35,000 ppm sulfur, will only be permitted if the ship has scrubbing technology onboard to remove the sulfur. Preparations for using lower-sulfur bunkering fuels like very low sulfur fuel oil or marine gasoil are already underway. There are many questions still up in the air as to how the new regulations will play out and what impact they will have on oil prices ...

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India’s coking coal imports at 51.84 MT in 2018-19

The country has imported 51.84 million tonnes of coking coal in FY19, Parliament was informed. “The entire demand of coking coal is not met from domestic production as the supply of high quality coal/ coking coal (low-ash-coal) in the country is limited and thus no option is left but to resort to import of coking coal,” Coal Minister Pralhad Joshi said in a reply to the Rajya Sabha. During 2018-19, coking coal import stood at 51.84 million tonnes (provisional), he said. “Reduction in Import of coal in the country is ...

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China’s Caofeidian port halts custom declarations for seaborne coal: sources

Caofeidian port in northern China has halted custom declarations for all coal imports effective July 16, which is being interpreted by the market as a signal of a further tightening of import curbs, market sources said Tuesday. Sources at three major Chinese steelmakers confirmed with S&P Global Platts that they had received verbal notice from Caofeidian port-related authorities that restrictions were being imposed. The sources said a meeting was held at midday Monday about the restrictions and that verbal notice was also circulated in the market Monday evening. A Caofeidian ...

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Analysis: First Yamal LNG cargo of year transits North Sea Route to arrive in Asia: cFlow

The first Yamal LNG cargo of 2019 transited the North Sea Route to arrive in Northeast Asia, data from S&P Global Platts’ cFlow trade flow software showed. The 172,000 cu m Vladimir Rusanov ice-breaking LNG tanker left the Yamal LNG facility in Sabetta, Russia on June 29 and arrived in South Korean waters over the weekend. The vessel is currently in a holding pattern off the South Korean island of Geoje. Last week, ship transponder data showed the vessel’s destination as the Port of Okpo on Geoje Island, which is ...

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