The Baltic exchange’s main sea freight index rose on Friday and marked its first weekly gain in four, steered by strong gains across vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 188 points, or 7%, at 2,857. The index rose more than 17% this week, its best since February. The capesize index rose by 447 points, or 15.4%, to a two-week high at 3,346. The capesize index also notched a weekly rise of more than 32%, its biggest ...

The shipping industry needs to look past zero carbon fuels to decarbonise the sector. ‘Circularity’ and ‘servitisation’ could be the new buzzwords to watch for, according to Danish Ship Finance (DSF). In its latest Shipping Market Review, DSF offers up the idea of consolidated fleets of super standardised vessels as an attractive business case for circular maintenance where spare parts can be remanufactured, reused and recycled multiple times to save costs and reduce the environmental footprint. The servitisation model – which DSF defines as where equipment manufacturers extend their business ...

The container and dry bulk shipping industries are breaking new records left, right and centre it appears, resulting in dry bulk owners enjoying unseasonably high profits, and container shipping carriers and tonnage providers delivering record high profits. In this piece, BIMCO will take a look at some of the current records broken in the shipping industry world-wide. Pandemic fallout has strengthened Asian dominance The swift recovery from the pandemic in China has seen its dry bulk imports rise to their highest levels ever, boosted by infrastructure heavy stimulus and high ...

Drewry’s composite World Container index increased 4.1% or $263 to $6,726.87 per 40ft container. The composite index increased 4.1% or $263 this week, and also, remains 298.8% higher than a year ago. The average composite index of the WCI, assessed by Drewry for year-to-date, is $5,361 per 40ft container, which is $3,423 higher than the five-year average of $1,937 per 40ft container. Spot freight rates by major route Our assessment across eight major East-West trades: Drewry’s composite World Container index further increased 4.1% or $263 to $6,726.87 per 40ft container. ...

The Government of Canada is committed to protecting Canada’s oceans and waterways, and is taking action to address the threat posed by wrecked, abandoned and hazardous vessels, including the MV Schiedyk, a historic shipwreck leaking oil off the west coast of Vancouver Island. Yesterday, the Honourable Bernadette Jordan, Minister of Fisheries, Oceans and the Canadian Coast Guard, announced the award of a $5.7 million emergency contract to Resolve Marine Group of Fort Lauderdale, Florida to remove bulk fuel from the MV Schiedyk. The recent results of a technical assessment determined ...

Industry players set up “Joint Study” framework for studying common issues on ammonia as an alternative marine fuel, to get ready to IMO’s decarbonization targets, including energy, mining, power utility, chemical, terminal, shipping, shipbuilding, manufacture, bunkering, and classification society. Parties of total 23 companies including ClassNK have entered into a memorandum of understanding on joint study of common issues on ammonia as an alternative marine fuel beyond industry boundaries. The 23 founding signatories of this Joint Study framework include ABS, ANGLO AMERICAN, CLASSNK, DNV, EQUINOR, FORTESCUE METALS GROUP, GENCO SHIPPING ...

Environmental regulations are creating a new language in shipping: its CO2 emissions per ton-mile. When you combine that with new technologies, and probably more importantly the rate of change of new technology, it is going to drive commercial decisions which will shape the way we manage risk now more than ever. That’s the view of ABS Chairman, President and CEO, Christopher J. Wiernicki, who spoke at the 11th Annual Capital Link Operational Excellence in Shipping Forum. “When you look at the possible answers to our challenges in meeting the IMO’s ...

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), today announced that it has entered into an initial framework to jointly study the feasibility of ammonia as an alternative marine fuel as part of the objective to decarbonize the global shipping industry in-line with the targets established by the International Maritime Organization (“IMO”). Including Genco, a total of 23 companies to date have elected to participate in the study ranging from miners, shipbuilders, shipowners, class societies and power utility companies among others. The IMO adopted a strategy for the ...

As world leaders meet in Cornwall, England, for the G7, the first ever meeting of the equivalent maritime bodies, titled M7, took place on Wednesday this week, organised by the UK Chamber of Shipping. Delegates from the shipowner associations of the G7, plus those from Australia, India, South Africa and South Korea, were joined by the Secretary General of the International Chamber of Shipping, Chief Executive and Secretary General of BIMCO and a representative from ECSA. There was universal agreement that more investment is needed from governments and industry to ...

With reference to Company Announcement no. 03 dated 01 March 2021 regarding the acquisition of eight 2007-2012 built MR product tanker vessels from Team Tankers Deep Sea Ltd, TORM plc (“TORM”) has increased its share capital by 668,423 A-shares (corresponding to USD 6,684.23) as a result of the delivery of the sixth vessel of the transaction, the MR vessel Team Voyager. The capital increase is carried out without any pre-emption rights for existing shareholders or others. The new shares have been subscribed for due to the settlement of a USD ...

Mitsui O.S.K. Lines, Ltd. and Autonomous Control Systems Laboratory Ltd. (ACSL; President & COO: Satoshi Washiya, PhD; Headquarters: Edogawa-ku, Tokyo) announced yesterday the success of a demonstration test using a made-in-Japan flying drone to inspect the hold of an MOL-operated coal carrier in May. Coal iron vessels have spacious holds to load massive amounts of cargo and some holds height reach 20m from bottom of holds. It is difficult for crews to access upper parts of the holds for inspections, but the use of drones has the potentials to address ...

Meeting at the Toulouse Space Centre on Thursday 10 June, CNES Chairman & CEO Philippe Baptiste and Rodolphe Saadé, Chairman & CEO of the CMA CGM Group, a world leader in shipping and logistics, signed a unique partnership agreement. This five-year agreement will call on the respective expertise of CNES and CMA CGM to identify, design and develop innovative solutions together to serve shipping, logistics and the space industry. A unique five-year collaboration to spawn innovative solutions Under the agreement, CNES and CMA CGM’s experts will be focusing on a ...

Shipping and maritime companies hoping to attract Generation Z (Gen Z) talent should develop personalised and interactive eLearning programmes featuring video content and bold colours, according to education industry research and experts. In an FE News blog on Gen Z (those born after 1996), Sam Blyth from learning management systems (LMS) developer Instructure wrote that new technology was making it easier to create engaging, interactive experiences for learners. She added that students can control their learning journey by “deciding how, where and when to engage with course material, and to ...

SEACOR Marine Holdings Inc., a leading provider of marine and support transportation services to offshore energy facilities worldwide, announced that Falcon Global USA LLC (“FGUSA”), an indirect subsidiary of SEACOR Marine, entered into a second amendment and conditional payoff agreement (the “Conditional Payoff Agreement”) in respect of the credit facility of FGUSA, as borrower, and certain of its subsidiaries, dated as of February 8, 2018 administered by JPMorgan Chase Bank, N.A. (as amended, the “FGUSA Credit Facility”). As of June 10, 2021, there was $117.3 million of principal outstanding under ...

ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (the “Company”), a global container liner shipping company with over 75 years of experience, announced yesterday the closing of the previously announced secondary offering by certain selling shareholders of the Company (the “Selling Shareholders”). The offering consisted of 8,021,250 ordinary shares at a price per ordinary share of $40.00, including 1,046,250 ordinary shares underlying an option granted by the Selling Shareholders to the underwriters, which was fully exercised. ZIM did not receive any of the proceeds from the sale of ordinary shares by ...