North America has experienced the sharpest rise of 20% in average container prices over the last 90 days, driven by market volatility, U.S. elections uncertainty (and tariff woes), surge in Mexico-US trade, and logistical disruptions in Canada. Meanwhile, these container prices are on a downward trajectory in China. The potential implementation of new tariffs under the Trump administration, including universal tariffs of up to 20% and higher rates on Chinese imports, could provoke retaliatory measures from key trade partners. These responses are expected to strain U.S. exports by increasing costs, ...

Onshore fuel oil storage volumes in Singapore dipped to their lowest in two weeks after imports retreated slightly, though inventories remained higher than last month’s average, data showed on Thursday. The inventories fell 2.3% to 18.79 million barrels (about 2.96 million metric tons) in the week to Dec. 4, showed data from Enterprise Singapore. The dip was led by easing net imports, which were down 26.9% at 532,000 tons in the week. The figure is calculated by subtracting total exports from total imports. However, the stockpiles were still above November’s ...

The 2024 IMO Award for Exceptional Bravery at Sea has been presented to two sets of nominees: the Captain and crew of the oil tanker Marlin Luanda, for containing a fire after the ship was struck by an uncrewed aerial device; and the Captain and crew of the tugboat Pemex Maya, for their rescue of six shipwrecked persons from four different vessels, during a hurricane. They received the medals and certificates during the annual IMO Awards Ceremony, held in London on 2 December 2024. The ceremony followed the first day ...

Had he continued working aboard fuel-powered cargo ships, Yann Jourdan reckons he’d be earning perhaps four times what he now gets as captain of a sailboat that instead uses the wind’s clean energy to transport goods across the Atlantic. But the hit to Jourdan’s pay is buying him peace of mind. When his 3-year-old son, Marcel, grows up, the burly French mariner wants to be able to explain what he did to make a dent in the the shipping industry’s huge carbon footprint. The international merchant fleet of more than ...

As we approach the end of 2024, Maersk brings you the latest insights to support your logistics planning through the dynamic peak season. This month, we explore key economic indicators, discuss the latest trends in ocean and air freight, and introduce our latest development on our flagship logistics solutions, including new facilities and enhanced network strategies. From resilient infrastructure investments in the Gemini network, including the optimisation of our Intra-Asia network, to the operational flexibility offered by the new Lin-gang warehouse in Shanghai, Maersk is committed to enabling smoother, more ...

Pest-resistant container design took centre stage at a meeting between specialists from the global container shipping industry and biosecurity experts, aiming to address the $423 billion global challenge posed by invasive pests every year. Attendees at The International Symposium on Optimising Container Design to Mitigate Risks of Pest Contamination included representatives from major carriers, leasing companies, container manufacturers, biosecurity experts, and plant health stakeholders. “Container design has historically focused on production efficiency and durability, but in a global supply chain we must also prioritize pest resistance,” said Mike Downes, senior ...

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday, pressured by lower rates in capesize vessels. The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 20 points to 1,160 points, its lowest since Sep. 2023. The capesize index fell 79 points to 1,530 points, hitting its lowest level since Sep. 14, 2023. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $655 to $12,690. ...

A new study by UCL and UMAS, which analysed ship movements between 2018-2022, found that optimising port arrivals to take into account port congestion or waiting times could reduce voyage emissions by up to 25% for some vessel types. The average potential emissions saving for the voyages is approximately 10% for container ships and dry bulkers, 16% for gas carriers and oil tankers, and almost 25% for chemical tankers. The study finds that these ships spend between 4-6% of their operational time, around 15-22 days per year, waiting at anchor ...

The Freightos Baltic Index Global benchmark increased 9% in November to $3,590/FEU as Asia – Europe GRIs pushed rates up sharply at the start of the month, with some late month increase for Asia – US East Coast as well. This global rate is 178% higher than in 2019. Asia-Europe ocean freight rates, which post peak season in October, had reverted to April-level lows for the year before surging by 30% to about $4,500/FEU at the start of November as carriers implemented General Rate Increases. To the Mediterranean, rates climbed ...

Industry coalition SEA-LNG notes that while the approximately 2,200 LNG-fuelled vessels and LNG carriers represent only ‘two minutes into the hour’ of the global fleet of approximately 60,000 deep sea vessels, it remains an adolescent fuel that is maturing significantly faster than other alternatives. However, the LNG pathway still needs more investment, especially in landside facilities for liquefaction near ports, bio and synthetic methane production and bunkering capacity worldwide. Peter Keller, Chairman, SEA-LNG, said: “There are approximately 60,000 deep sea ships on the water and, today, we’re looking at around ...

ABL Group has entered into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Proper Marine, which will be merged with ABL Group’s design and engineering arm, Longitude. The acquisition will expand the Group’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations. “We are delighted to welcome Proper Marine into ABL Group. This transaction will significantly increase our global expertise in design and engineering and enhance our local capacity to support the Americas. Proper Marine’s ...

Dynamis Capital PTE Ltd. has recently completed the acquisition of several ship financing transactions from Fleetscape Capital Ltd. (“Fleetscape”), a company owned by Oaktree Capital Management, L.P. (“Oaktree”), for an undisclosed sum. As part of the transaction, Fredrik Ulstein and Kaizad Doctor, previously with Oaktree, have transitioned to lead Dynamis Management PTE Ltd.. Fleetscape was founded in 2017 by Oaktree as a provider of alternative capital solutions to the maritime industry. Dynamis Capital PTE Ltd. is a Singapore-based company, with subsidiaries that currently own more than 20 vessels across various ...

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create one of the sector’s biggest players globally. The deal would be the latest in an industry which has suffered one of its worst-ever downturns in the past five years. Owners ordered large numbers of vessels between 2007 and 2009, just as the global economy started to slow, creating a glut. Prospects have brightened recently as world trade picks up and the glut of ...

Over Week 49, the MABUX global bunker indices exhibited no clear trend, showing sideways changes. The 380 HSFO index increased by 4.76 USD: from 514.00 USD/MT last week to 518.76 USD/MT. The VLSFO index, on the contrary, decreased by 2.34 USD (592.42 USD/MT versus 594.76 USD/MT last week), maintaining its position below the $600 mark. The MGO index also dropped by 7.12 USD (from 762.81 USD/MT last week to 755.69 USD/MT). At the time of writing, there was no clear trend in the global bunker market, and indices continued fluctuating ...

Representatives from over 30 countries gathered in Heraklion, Greece, for the largest regional aquaculture conference in the region. Titled “Shaping the future of aquaculture in the Mediterranean and Black Sea Region”, this two-day event organized by the General Fisheries Commission for the Mediterranean (GFCM) of the Food and Agriculture Organization of the United Nations (FAO) and the Government of Greece, with the financial support of the European Union, marked a pivotal moment for the future growth of the aquaculture sector. The conference provided a forum to review the progress achieved ...