Investors withdrew money from global bond and equity funds in the week ended September 21, with caution creeping in ahead of the U.S. Federal Reserve meeting in which further rate hikes were expected to tame soaring inflation. Investors exited a net $7.32 billion of global bond funds, marking their biggest weekly net selling since Aug. 31, data from Refinitiv Lipper showed. The Federal Reserve raised its benchmark rate by 75 basis points on Wednesday, the third such rise in a row, and officials project rates hitting 4.4% this year, which ...

The Baltic Exchange’s main sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, rose on Friday, registering its fourth straight weekly gain, supported by higher demand for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 96 points, or about 5.6%, at 1,816, its highest in over a month and a half. It gained 16.8% on the week. The capesize index (.BACI) was up 277 points, or about 14.4%, to 2,206. It posted a second consecutive weekly gain ...

Carriers are fighting to shore up falling spot rates from the Far East to US West Coast, blanking some 1.5 million TEU of capacity over the last 12 weeks. However, despite this bold strategic play, rates have collapsed by 46.3% over the same period, currently averaging USD 4 150 per FEU (20 September). The latest data, released by Oslo-based Xeneta, highlights a shift in market fundamentals at what is usually a peak season for operators. Peter Sand, Xeneta’s Chief Analyst, notes that carriers will no doubt be concerned about the ...

The recent study from UCL; Exploring methods for understanding stranded value: case study on LNG capable ships, is a flawed academic exercise, detached from reality. In setting out a framework for their analysis the authors make innumerable contestable and unsupported statements. Somewhat confusingly, given the focus of their paper on stranded value risk, they ignore the fact that LNG dual fuel engines already provide ship owners with an insurance against stranded assets, as they can burn traditional marine fuels and are currently doing so in Europe as a consequence of ...

Drewry’s composite World Container Index decreased by 10% to $4,471.99 per 40ft container this week. Our detailed assessment for Thursday, 22 September 2022 • The composite index decreased by 10% this week, the 30th consecutive weekly decrease, and has dropped by 57% when compared with the same week last year. • The latest Drewry WCI composite index of $4,472 per 40-foot container is now 57% below the peak of $10,377 reached in September 2021, but it remains 21% higher than the 5-year average of $3,704. • The average composite index ...

North America Prompt VLSFO and LSMGO grades are readily available in the Houston area and off the US Gulf Coast. LSMGO can be tight for very prompt (0-3 days) delivery in New Orleans. A supplier has a tight schedule and requires lead times of about 4-5 days. Another supplier can commit stems with a shorter lead time. Availability remains good for VLSFO and LSMGO in Galveston Offshore Lightering Area (GOLA). One supplier is able to accommodate both stems for very prompt dates. Another has held back offers for smaller quantities ...

VLCC rates remain on an upwards trajectory, with owners pushing for more with each fixture

The charter market continued its steep decline this week

Water depths on the river Rhine in Germany have fallen after dry weather this week but remain well above the crisis lows of this summer, vessel brokers and commodity traders said on Friday. Rain is expected in south German river catchment areas over the weekend and next week, which is expected to raise water levels again, they said. Weeks of high temperatures and scant rainfall in August had reduced the commercial artery’s water levels, causing delays to shipping and pushing up freight costs. There were fears disruption could even hit ...

“Green corridors have the potential to be more than just a test bed for shipping emission projects, they will tie into national clean energy transition strategies that will highlight shipping as a value enabler and the transport vehicle for the clean energy transition.” That was the message to the industry and delegates at the Global Clean Energy Action Forum, the joint convening of the Clean Energy Ministerial and Mission Innovation Ministerial, from Christopher J. Wiernicki, ABS Chairman, President and CEO. He told the gathering of 31 countries that only green ...

MAN Energy Solutions has published its Corporate Responsibility (CR) Report 2021 that provides information on its decarbonisation targets. Among these, the company aims to reduce emissions from its own production facilities by 50% by 2030, and specifies its commitment to a consistent focus on sustainable solutions. CR activities will concentrate on four focus areas, namely Decarbonisation, Circular Economy, Responsibility in the Supply Chain, and Employee Empowerment. Uwe Lauber, CEO of MAN Energy Solutions, said: “Climate change – and thus the need to reduce greenhouse gases – is probably the greatest ...

The Poseidon Principles for Marine Insurance create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals. “We are delighted to be the first Asian marine hull insurance company to sign up for the Poseidon Principles for Marine Insurance (PPMI). Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy towards green shipping and green finance. We are happy and motivated to work with all stakeholders to promote marine de-carbonization and marine industry’s sustainable transition and growth,” says Zheng Xiaozhe, ...

Ecoslops, the cleantech company that brings oil into the circular economy, announces its unaudited results for the first half of the current financial year, as of June 30, 2022, as approved by the Board of Directors at its meeting on September 21, 2022. Revenue of €8.9 million, up 188%. Positive Group EBITDA of €0.5 million and €1.2 million excluding the Marseille unit, which is currently being ramped up. In an energy market under pressure, relevance of the business model, more than ever adapted to the needs of energy independence and ...

Greece has cut Russian gas imports by more than half this year thanks to increased deliveries from other producers to its sole liquefied natural gas (LNG) terminal near Athens, the country’s gas grid operator said. Greece has relied on Russia for about 40% of its gas needs for years but it has ramped up LNG purchases from other countries in line with a European Union plan to cut dependence on Russian energy. It has been receiving Russian gas via the Turkstream pipeline which also delivers to Hungary via Serbia. Its ...

Furetank has signed a contract for two more dual-fuel tankers. This means that six sister ships have been ordered this year alone, in the globally top-performing Vinga series which has now reached 15 vessels altogether. The 17,999 dwt tankers are the latest contribution to the series of sister vessels designed with a special focus on energy efficiency and minimum environmental impact, all commercially operated by Furetank. – The fact that we have been able to build 15 vessels of the same design shows that they fulfill a need in our ...