As the debate over the potential shipping decarbonization avenues is heating up, Hellenic Shipping News (www.hellenicshippingnews.com), interviewed Mr. Dave Gregory, Managing Director of North Europe for Baseblue. According to Mr. Gregory believes that the shipping industry will struggle to meet the 2030 mandates, set by the IMO. Baseblue was created through the merger of three leading bunkering companies Bunkernet, BMS United and SBI Bunkering BV, the company’s global network proactively fuels the shipping industry toward a better future. A recent study by Mckinsey concluded that the future of bunkering would ...

As Russia seeks to up its game in circumventing Western sanctions, more oil tankers are turning off their location transponders in risky but lucrative cargo operations. An analysis of data from S&P Global Market Intelligence, including Maritime Intelligence Risk Suite (MIRS) and Maritime Portal, has found a 225% increase globally in the shadowy practice of switching off the automatic identification system (AIS) designed to maintain maritime safety and more recently to help track shipments of oil. The data show 215 tankers totaling 9.31 million dwt were engaged in 524 dark ...

Brent prices, which surged past the $85 per barrel mark after the voluntary production cut by OPEC+, have dipped below $75 per barrel because of rising concerns over global economic health. Nonetheless, the market could head towards tight supply in 2H23 if OPEC+ continues with the ongoing voluntary production curbs as demand is likely to surge, led by China. Although we believe OPEC+ might roll back the voluntary production curbs if the market remains in deficit for long in 2H23, any surge in oil prices will increase the odds of ...

Clean LR2 MEG LR2’s have suffered from relatively little activity this week, exacerbated by a short week in Singapore. Freight levels have been level with TC1 stable in the mid WS140’s and a trip west on TC20 dipped $178,000 to $3,942,000. West of Suez, Mediterranean/East LR2’s look to have taken a similar trajectory to the MEG. TC15 is currently pegged at $3,066,667 following a $3,250,000 deal failing and $3,100,000 widely reported on subjects. LR1 In the MEG, LR1’s have taken a small hit similar to their larger sisters. TC5 dropped ...

Capesize The capes have faced a challenging week, marked by holiday disruptions. Despite a slow start to the week, there has been no shortage of cargo in both the Atlantic and Pacific regions. However, both markets have been grappling with an excess supply of tonnage, which has been putting downward pressure on the market. By the middle of the week, there was a significant downturn in sentiment and the overall timecharter index lost 33% to close at $9,254. The North Atlantic saw a flurry of fixing at considerable discounted rates, ...

The shipping cycle is famously volatile. Just ask anyone involved in the container shipping business in 2020-2022. Time it right, buy exposure to the cycle at the bottom and sell at the top, and you’ll make a fortune. Multi-generational Greek shipping families have this down to a science. For everyday investors, it’s a challenge. Shipping stocks have a maddening habit of not behaving like you think they should. Breakwave Advisors, founded by John Kartsonas, created a new way to invest in the shipping cycle in March 2018: the Breakwave Dry ...

A run of weak economic data in China is likely to show up in softer imports of key commodities, albeit with a lag given the time taken to physically ship resources from around the globe. The manufacturing indicator, the official Purchasing Managers’ Index (PMI), dropped to a five-month low of 48.8 points in May, the National Bureau of Statistics (NBS) said on Wednesday. This was the second month the measure was below the 50-level that separates expansion from contraction, and it was also weaker than the median forecast for a ...

China’s index of export container transport declined in the week ending on June 2, according to the Shanghai Shipping Exchange. The average China Containerized Freight Index (CCFI) went down 0.8 percent from the previous week to 930.97, according to the shipping exchange. The sub-index for the west east Africa service registered a decrease of 4.7 percent week on week. Bucking the trend, the sub-reading for the Australia/New Zealand service increased by 4 percent from a week earlier. The CCFI tracks spot and contractual freight rates from Chinese container ports for ...

The Freightos Baltic Global Index (FBX) dipped 11% month on month in May to $1,407/FEU. It is now 9% above 2019 levels, driven by transpacific rates receding from April’s GRI-fueled rise and transatlantic rates continuing their descent. Transpacific rates to the West Coast fell 23% to $1,309/FEU as they retreated from mid-April GRIs that succeeded in pushing prices up to about $1,700/FEU for the rest of that month. Rates fell on still-sluggish demand and less aggressive capacity management by carriers this month, though at $1,300/FEU, carriers have succeeded in avoiding ...

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted and disruptive work actions” that have shut down some terminal operations at major gateways. The Pacific Maritime Association (PMA), which represents terminal operators, said union workers have “effectively shut down” or “severely impacted” some terminals at ports including Los Angeles, Long Beach and Oakland in California and Tacoma and Seattle in Washington state. The latest work actions come as labor talks between the PMA and the ...

Globus Maritime Limited, a dry bulk shipping company, today reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million in Q1 2023 compared to $18.4 million in Q1 2022 Net income $2.6 million in Q1 2023 compared to $12.1 million in Q1 2022 Adjusted EBITDA $1.3 million in Q1 2023 compared to $13.8 million in Q1 2022 Time Charter Equivalent $8,780 per day in Q1 2023 compared to $23,643 per day in Q1 2022 Current Fleet Profile As of the date of ...

Black Sea grain market weakened in May in both freight prices and volumes amid uncertainty regarding the prospects of the UN-brokered safe passage agreement, with participants remaining hesitant to plan ahead even after the announcement of the agreement’s extension. “Basically, we’ve been on hold since March,” a charterer said. “The corridor cannot function effectively with only a two-month perspective. We fixed two vessels during the last corridor, but neither of them was able to pass.” The same charterer said they doubted much would be accomplished, as Ukraine does not have ...

Ukraine would be ready to continue exporting grain across the Black Sea as part of a “plan B” without Russian backing if Moscow pulls the plug on the current grain export deal and it collapses, Ukraine’s farm minister said on Friday. The United Nations and Turkey brokered the Black Sea Grain Initiative between Moscow and Kyiv last July to help tackle a global food crisis aggravated by Russia’s February 2022 invasion of Ukraine, a leading global grain exporter. Agriculture Minister Mykola Solsky told Reuters that Russia had already blocked the ...

HMM, Korea’s leading shipping company that is under the control of the state-run Korea Development Bank (KDB), decided to compete with foreign companies to regain Hyundai LNG Shipping from IMM Private Equity, according to industry officials, Friday. Hyundai LNG Shipping was formerly a business division of HMM, but it was sold to IMM during HMM’s liquidity crisis in 2014. Although HMM remained cautious about its participation in the main bid by Friday’s deadline, the shipping firm’s board of directors is said to have agreed on Thursday to offer around 300 ...

A lack of specialised financial systems, such as specialised banks or loan schemes, is the key barrier to ship exports from Bangladesh where other required resources are available, according to a study by the Bangladesh Investment Development Authority (Bida). “The global shipbuilding market was valued at over $142 billion in 2020, when Bangladesh exported $18 million. As the international market is projected to reach some $195 billion by 2030, the country has the scope to grow big, but easy-term loans are crucial,” according to the study report revealed at a ...