The US has edged ahead of the rest, as the world’s largest LNG exporter during the first 10 months of October. In its latest weekly report, shipbroker Banchero Costa said that “global seaborne LNG trade has continued to surge last year, helped also by the events in Ukraine which forced Europe to diversify away from Russian pipeline gas. In the full 12 months of 2022, global shipments of LNG increased by +4.9% y-o-y to 404.1 mln t, based on Refinitiv vessel tracking data. This year, things started very strongly in ...

The Baltic Exchange’s dry bulk sea freight index gained for the fourth straight week, marking its best week since late-February, as rates across vessel segments hit multi-month peaks. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 255 points, or 8.7%, at 3,192 on Friday. It surged about 52% for the week. The main index more than doubled in November to hit a one-and-a-half-year peak. The capesize index jumped 608 points, or 10.8%, to 6,237. It jumped about 84% in its best week ...

Sentiment for crude oil freight rates deteriorated in November, which was particularly evident in the weaker trend towards the end of the month. However, there was a glimmer of optimism in the Very Large Crude Carrier (VLCC) segment, supported by a downward trend in supply below the annual average. In particular, the growth rate of VLCC demand in tonne-days recovered in the second half of the month, creating the conditions for more robust momentum in VLCC freight rates at the beginning of December. Surprisingly, rates recovered in the clean segment ...

In the ever-evolving landscape of ship financing, the maritime industry has witnessed significant transformations over the past decade, particularly in relation to sustainability and environmentally conscious projects. This shift has been notably driven by the Poseidon Principles banks, the coalition of financial institutions that collectively manage a substantial 70% of the world’s shipping loans. As the industry adapts to greener practices, oceanis – a financing platform for asset backed shipping investments – noted that two distinct schools of thought have emerged: the ‘cancel culture’ group and the ‘engage-to-change’ group. The ...

A new research paper published in Journal of Environmental Innovation and Societal Transitions by researchers from the UCL Energy Institute explores the role ship financiers can play in shipping’s transition to zero emission fuels. Using a novel theoretical framework which categorises financiers into five enabling or disabling categories, it finds that most expressed an ambition to support incumbent shipowners (as Loyal Enablers) in the transition, but this is mainly due to the importance of their existing corporate relationships. With this financing approach, they place the responsibility of the energy transition ...

Grindrod Shipping Holdings Ltd., a global provider of maritime transportation services predominantly in the drybulk sector, today announced its earnings results for the three months and nine months ended September 30, 2023. Financial Highlights for the Three Months Ended September 30, 2023 •Revenues of $112.5 million •Gross profit of $4.2 million •Loss for the period and attributable to owners of the Company of $8.5 million, or $0.44 per ordinary share •Adjusted net loss of $6.5 million, or $0.33 per ordinary share(1) •Adjusted EBITDA of $11.2 million(1) •Handysize and supramax/ultramax TCE ...

The Chief Executive Officers (CEOs) of leading global shipping lines have issued a joint declaration at COP 28 calling for an end date for fossil-only powered newbuilds and urging the International Maritime Organization (IMO), the global regulator, to create the regulatory conditions to accelerate the transition to green fuels. Global temperatures are breaching critical levels, creating more frequent and devasting results. Therefore the importance of shipping achieving IMO’s 2030, 2040, and net-zero 2050 greenhouse gas (GHG) targets is very clear. The only realistic way to meet those targets for an ...

ABS is working with Edison Chouest Offshore (ECO), a leading offshore support vessel (OSV) operator with nearly 300 vessels, on its decarbonization journey with greenhouse gas inventory and sustainability reporting services. ABS specialists have been working with the ECO team since 2022 providing a gap analysis for the ECO Environmental, Social, and Governance (ESG) report using the Global Reporting Initiative (GRI) Framework. This led to a full sustainability reporting project in 2023, where ABS supplied technical guidance on the GRI Framework, a comprehensive materiality assessment, report writing and graphic design. ...

Drewry’s World Container Index remained stable at $1,382 per 40ft container this week. Our detailed assessment for Thursday, 30 November 2023 The composite index remained stable at $1,382 this week and has dropped by 40% when compared with the same week last year. The latest Drewry WCI composite index of $1,382 per 40-foot container is now 3% less than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $1,682 per 40ft container, which is $991 lower than the 10-year average rates of $2,673 (which was ...

The United States on Friday imposed additional sanctions related to the price cap on Russian oil, targeting three entities and three oil tankers as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. The U.S. Treasury Department accused those targeted on Friday of using Western maritime services such as transportation, insurance, and financing while carrying Russian crude oil above the $60-per-barrel price cap. The Group of Seven rich countries, the European Union and Australia imposed the $60-per-barrel cap last December on seaborne ...

Asia’s high-sulphur fuel oil (HSFO) market softened on Friday after flipping into premiums in the last session, although sentiment remained positive over hopes of recovery in China’s buying activity. The cash differential for 380-cst HSFO fell to a premium of 20 cents a metric ton from 70 cents a ton a day earlier. Similarly, cash premium for 180-cst HSFO traded lower at $1.92 per ton. Traders said severe weather conditions at the Black Sea may ascertain the market’s direction in the coming week. Oil loadings from Russia’s Black Sea port ...

Nord Cereales, which runs the grain terminal at France’s northern port of Dunkirk, will start loading wheat for China in December as planned, unaffected by reported postponements of cargoes by Chinese buyers, its chief executive said. China has in recent years become a key export destination for France, the European Union’s biggest grain producer, and rumours that several cargoes of French wheat due to load this month for China have been delayed to March helped push European prices to two-year lows earlier this week. “The vessels that were due to ...

North America Demand for all grades has mostly dropped across major bunkering ports in the Americas. But Houston has seen a jump in enquiries for all grades this week. While prompt VLSFO and LSMGO availability was reported tight at the beginning of this week, it returned to normal levels in the port as the week progressed. Lead times of 3-4 days are recommended for both grades. One supplier can offer HSFO stems with 4-5 days of lead time. Prompt supply of VLSFO and LSMGO is normal in Bolivar Roads. Several ...

TotalEnergies Marine Fuels is proud to announce it has won the Marine Fuels 360 Supply Chain & Logistics Excellence of the Year Award for the establishment of its commercial marine biofuels supply chain in Singapore. The award recognised the swift professionalism and level of safety, quality and operational excellence with which TotalEnergies Marine Fuels built up an integrated biofuels supply chain during the course of 2022, from its first bunker operation trial in March 2022 to its first commercial bunker and term contract with Hapag-Lloyd in January 2023. Marine Fuels ...

Columbia Shipmanagement (CSM) is set to further boost operational efficiency on its vessels, as crew members will be able to prepare for the new regime of the SIRE 2.0 ship inspection programme with the help of a world-first digital Self-Assessment Tool. The new Kaiko Systems solution will enable seafarers to prioritise their daily tasks better through rank-specific questionnaires, provide them with necessary hardware and process and human element preparation for each relevant area, allowing them to automatically report, easily manage and categorise findings. With the OCIMF’s new SIRE 2.0 regime ...