The Baltic Exchange’s main dry bulk sea freight index hit a 12-year high on Friday en route to its first weekly rise in three, propelled by gains across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, gained 60 points, or 1.4% at 4,275, its highest since November 2009. The main index registered a 10.6% weekly increase. The capesize index added 116 points, or 1.8%, to 6,420. The index rose 15.3% this week, its best weekly performance in four. It climbed to a ...

Drewry’s composite World Container index increased 2.9% or $291 to $10,374.64 per 40ft container. Our detailed assessment for Thursday, 16 September 2021 • The composite index increased 2.9% or $291 this week, and also, remains 323% higher than a year ago. • • The average composite index of the WCI, assessed by Drewry for year-to-date, is $6,794 per 40ft container, which is $4,432 higher than the five-year average of $2,362 per 40ft container. • • Drewry’s composite World Container index increased by 2.9% or $291 to $10,374.64 per 40ft container, ...

The number of container ships at anchor or drifting in San Pedro Bay off the ports of Los Angeles and Long Beach has now blown through all previous records and is rising by the day. There were an all-time-high 65 container ships in the queue in San Pedro Bay on Thursday, according to the Marine Exchange of Southern California. Of those, a record 23 were forced to drift because anchorages were full. Theoretically, the numbers — already surreally high — could go a lot higher than this. While designated anchorages ...

Vitol’s Singaporean bunker operations company, V-Bunkers, has placed an order to build two electric-hybrid bunker tankers. V-Bunkers intends to deploy these bunker tankers for harbour operations in Singapore, thereby significantly reducing carbon emissions within the port. The bunker tankers are being built with Electric-Hybrid notation and will employ state of the art Energy Storage Systems (ESS) technology comprising Lithium ion batteries for energy storage and a highly automated Power Management System (PMS) which will efficiently manage power consumption and thereby reduce GHG emissions. In addition, the ESS has the capability ...

Nicholas has caused less lasting damage than Ida, which halved US Gulf Coast fuel oil production last week. Tropical storm Nicholas hit Houston and other Texan ports without wreaking too much havoc this week. Port authorities and energy suppliers had shut down infrastructure across the Texan coast as they braced for the incoming storm, but the impact was far less severe than when the considerably more powerful Hurricane Ida lashed Louisiana and ports along the Lower Mississippi River two weeks earlier. Houston Ship Channel reopened on 17 September, under two ...

After a brief spike at the end of last week, the Atlantic basin has been very quiet as we are starting to see October VLCC stems

The New ConTex increased by another 55 points this week. Month-on-Month figures are not up by as many percentage points as before

With the addition of the Inductees for 2020, the Hall of Fame’s pantheon of great personalities from the history of Greek merchant shipping now includes 34 legendary names. Athens – 16 September 2021: Shipping legends Stathis G. Gourdomichalis and George A. Pappadakis have been inducted into the Greek Shipping Hall of Fame after an Induction Ceremony & Dinner that took place in Athens on 13 September 2021. They bring the Hall of Fame’s pantheon of great personalities from the history of Greek merchant shipping since the steam age to 34. ...

Woodward L’Orange is one of the world’s leading manufacturers of injection systems and engine components for large diesel engines. It is now offering the marine industry flexible engine technology towards achieving compliance with a 50% greenhouse gas target set for 2050. The increasing use of green hydrogen forms the basis to cost-competitive synthetic fuels with a zero carbon footprint. The use of these fuels in a broad range of power generation and transportation applications will achieve a dramatic reduction of greenhouse gas emissions. Woodward L’Orange is at the forefront of ...

Our Petroleum Supply Monthly trade data show that the United States exported more crude oil and petroleum products than it imported during the first half of 2021 by 120,000 barrels per day (b/d), or less than 1% of combined crude oil and petroleum product exports and imports. The United States was a net importer of crude oil and petroleum products (imported more than it exported) in the first of half of each year until the first half of 2020, when the United States became a net exporter (exported more than ...

Hyundai Heavy Industries’ shares closed 86% above their initial public offering (IPO) price on their trading debut in South Korea on Friday. The shipbuilder, one of the largest in the world, raised $935 million from its IPO, with much of the proceeds set to fund investments in new technology. A total of 1,633 domestic and foreign institutional investors placed bids to acquire shares earlier this month, valuing total bids at 1,130 trillion won ($962.3 billion), according to Hyundai Heavy. The institutional book for the IPO had been 1,836 times covered ...

In recent months, COVID-19 has put incredible pressure on global supply chains. But it’s not just the pandemic that is causing unforeseen pressure on the UK supply chain. We have an ageing infrastructure, a chronic HGV driver shortage, record-high prices and record low space availability on sea freight options, new rules in trading with the EU, and in addition, a UK-wide shortage of warehousing capacity. While we have had to stay at home, online shopping has peaked and an increasing amount of goods have been transported across the globe. According ...

Navigator Gas has been awarded a new Approval in Principle (AiP) for an ammonia fuelled gas carrier design from classification society DNV. An industrywide consortium, including MAN Energy solutions, Babcock International, and the Norwegian Maritime Authority (NMA), has collaborated with Navigator Gas to achieve the Approval in Principle (AiP) from DNV. The awarding of the AiP was announced as part of London International Shipping week 2021. The new gas carrier design has been awarded the AiP based on the special features notation (GF NH3) under DNV’s new rules for the ...

Ocean Conservancy releases a new report that makes the case for how major ports along the west coast of North America can lead the shipping industry’s transition away from fossil fuels to zero-carbon fuels such as green hydrogen and ammonia. Zero-Carbon for Shipping: sailing carbon-free along North America’s West Coast presents five case studies from along the west coast of North America that demonstrate how ports can create a zero-carbon shipping corridor that will leverage their combined influence to reshape the industry. The five ports featured in the new report ...

Paul Elsom recently marked the anniversary of 14 successful and rewarding years with Peters & May Given his pivotal role as the firm’s Global Technical Director, his desk essentially represents the intersection where tech teams, loadmasters and sales teams coordinate. In his current capacity, Paul oversees P&M’s technical department and a five-strong yard technical support team. This gives him ultimate responsibility for monitoring the design, manufacture and maintenance of lifting and cradling equipment and moving the assets to Peters & May’s ports and global warehouses. Tasked with helming P&M’s BLS ...