Rates for shipping containers from east Asia and China to both US coasts continued to plummet this week as softening demand amid persistent inflation, fears of a recession and an extremely early peak season have opened up capacity, which is weighing on rates. Rates to the Pacific Coast fell by 17% and are now 80% lower than at the same time a year ago, while rates to the Atlantic Coast plunged by 14% and are 61% lower than last year, according to data from online freight shipping marketplace and platform ...

The increasing needs of crude oil imports into the EU, sourced from different markets to the Russian one, is bringing producers like Guyana to the foray. This development is already proving to offer a boost in specific tanker classes, like Suezmaxes and VLCCs. In its latest weekly report, shipbroker Gibson said that “since the start of oil production in 2019, Guyana has been on a consistent upward trend in terms of crude exports. A big jump in exported volumes has been seen since April 2022 as the South American producer ...

Capesize The market continued to lurch its way upward as rates strengthened in flurries with numerous drawdowns along the way. The 5TC closed the week at $18,293 with strong positive sentiment remaining. The Atlantic had several fixtures out of Eastern Canada that shocked the fronthaul market into life early on in the week. However, it was at odds with fixtures out of Brazil and West Africa to China that seemed capable of dragging the values lower at ease. The dynamic led to opaque pricing visibility and indecision of market direction. ...

The world again needs the shipping industry to brave the rough seas of crises, UNCTAD Secretary-General Rebeca Grynspan said on 22 September as she addressed the Global Maritime Forum’s annual summit. Speaking at a New York navy yard dubbed the “can-do shipyard” at the height of World War Two, Ms. Grynspan said maritime trade is facing a “historic moment of crisis”. The war in Ukraine has disrupted major shipping routes and supply chains. It has also triggered global food, energy and finance crises that have sparked record prices and could ...

Clean Freight levels in the Middle East Gulf continued to tumble this week. TC1 shed 30 points to end up at WS240 however the round trip TCE has held over the $50,000 per day. Likewise for voyage west on an LR2, TC20 dropped from $5,400,000 to $4,650,000 following a widely reported fixture done mid-week at $4,600,000. The LR1s followed the behavior of their larger sisters, TC5 was tested down and has lost WS46.43 to end up at WS288.57. On a voyage to the UK-continent TC8 has also similarly shed some ...

Executive Summary The European Commission proposed to include maritime shipping in its Emissions Trading System (ETS) in July 2021. The two European ‘co-legislators’, the European Parliament and the EU Council, approved the proposal, putting forward their own positions in June 2022. To give the first clear picture of what each position means for climate ambition, we have undertaken a qualitative and quantitative analysis of each position. In terms of emissions coverage, the largest amount of emissions are at play with the geographical scope and the phase-in. In both cases, the ...

Representatives of the maritime sector have officially launched an initiative to catalyze the supply of green fuels to support the global energy transition. The International Chamber of Shipping (ICS) and International Association of Ports and Harbors (IAPH), along with the CEO-led Clean Energy Maritime Taskforce, unveiled the ‘Clean Energy Marine Hubs Initiative’ today at the Clean Energy Ministerial (CEM) in Pittsburgh. The Initiative will be a convening platform for public and private senior-level stakeholders from the ports, shipping, finance, and energy sectors across the energy-maritime value chain. ICS and IAPH ...

South Korea’s finance minister said the government would prepare more measures to stabilise the foreign exchange market, while downplaying the need for a currency swap arrangement with the United States. The measures include using the government’s foreign exchange equalisation fund to meet shipbuilding companies’ FX hedging demands for their overseas orders, thereby increasing dollar supply in the onshore spot market, Choo Kyung-ho said during a televised interview on Sunday. It is one of several measures authorities have reviewed to ease volatility in the FX market, Choo said, with the South ...

The International Maritime Organization is shining a spotlight on the role of emerging technologies to support a green transition of the maritime sector into a sustainable future. During the World Maritime Day 2022, on 29 September, celebrations will focus on the theme of ‘New technologies for greener shipping’, providing a platform to showcase inclusive maritime innovation, research and development, and the demonstration and deployment of new technologies. In his message on the World Maritime theme, IMO Secretary-General Kitack Lim said, “Our theme ‘New technologies for greener shipping’ opens up a ...

ABS played a prominent role in the Global Clean Energy Action Forum, the joint convening of the Clean Energy Ministerial and Mission Innovation Ministerial, with speakers on green shipping corridors, Clean Energy Marine Hubs and offshore wind. ABS was also part of the International Chamber of Shipping (ICS) Task Force to the Forum to launch Global Clean Energy Marine Hubs, an initiative to coordinate decarbonization efforts from ports, shipping companies, and energy firms. Christopher J. Wiernicki, ABS Chairman President and CEO, spoke at the Mission Innovation: Zero Emissions Shipping Mission ...

The West Coast was the destination of choice for Asian exports in the initial stage of the COVID buying boom — before container-ship queues stymied the ports. Since then, volumes have been redirected to the East and Gulf Coasts due to fears of both California congestion and West Coast port labor strife. There has been a major shift in cargo flows. East and Gulf coast ports now boast significantly more imports than West Coast ports. Best month ever for East/Gulf coast ports Data from McCown Container Volume Observer released Thursday ...

The Republic of Panama, through the Panama Maritime Authority (AMP), was congratulated by the “Joint Action Group to review the impact of the COVID-19 pandemic on the world’s transport workers and the global supply chain ” (according to its acronym in English, JAG-TSC), led by the International Labor Organization (ILO) and the World Health Organization (WHO), in which the International Maritime Organization (IMO) and the Organization of International Civil Aviation (ICAO), plus the International Air Transport Association (IATA), the International Chamber of Shipping (ICS), the International Organization for Road Transport ...

India’s thermal coal imports from Russia are expected to fall for the first time in four months in September, two research consultancies said, potentially resulting in lower revenues for Moscow at a time it is mobilising more troops to fight in Ukraine. Indian consultancy Coalmint expects September thermal coal imports from Russia to decline 30% from August to 1.4 million tonnes, it said in a note to clients. London-based analytics firm DBX Commodities estimates Indian shipments of the power generation fuel to fall to 1.5 million tonnes this month from ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Trafigura Maritime Logistics Pte Ltd (the “Charterer”) for the LR2 Aframax oil product tanker the M/T Alpine Amalia, to be renamed P. Aliki, the acquisition of which was previously announced. The gross charter rate will be US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the Charterer ...

Following collaboration with F-drones in June 2020 to trial their drone service, to deliver goods to vessels anchored in Singapore – Hafnia has officially entered into an agreement with F-Drones in September 2022. In June 2020, Hafnia conducted a successful test of using drones to deliver small payloads to Hafnia vessels anchored in Singapore. This partnership enabled F-Drones with a testing platform to further their long-range drone delivery offerings. Further tests were carried out in 2022 with their new drones with higher range and on successful completion of these tests, ...