The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, extended its losing streak to a sixth straight session on Friday, dragged down by declining rates for capesize shipping vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 26 points, or 1.4%, to 1,808, hitting its lowest level in nearly two months. The index dropped 3.6% for the week. The capesize index fell 82 points, or 3%, to 2,614, its lowest level since late May. Average daily ...

This week’s chart underscores signs of a slight upward movement in the growth of dirty VLCC tonne days from the Arabian Gulf to the Far East, rebounding from the bottom low seen at the beginning of July. This positive trend is mirrored in WS rates for the MEG-China route, which recorded an uptick this week. While this development is encouraging, it remains to be seen if the supply-demand dynamics will further enhance the recent freight market sentiment. We are actively tracking the correlation between vessel availability and cargo demand to ...

A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia. While ammonia offers the alluring prospect of slashing greenhouse gas emissions, MIT researchers warn that without stricter regulations, the switch could come at a cost to human health. The problem lies in the unwanted guests that appear when ammonia burns. Unlike diesel, burning ammonia creates nitrous oxide, a greenhouse gas with a staying power 300 times greater than carbon dioxide, as quoted in the MIT ...

Mega-infrastructure projects: I am very sceptical about the mega-projects that are supposed to take place in the Middle East. I take this opportunity to invite you to connect with me on LinkedIn, as I have published long articles on the current geopolitics of the Red Sea. Today I will just say this: The Saudis are significantly scaling back the $1.5 trillion Neom desert project. Instead of completing most or at least a large segment of the 170 km by 2030, officials now expect only… 2.4 km of the project to ...

Iran has released the oil cargo of a Greek-owned, Marshall-Islands-flagged tanker it seized in the Gulf of Oman earlier this year, a shipping source told Reuters on Thursday. The vessel, M/T St. Nikolas, is still being held by Iran, the source added. It was laden with 1 million barrels of Iraqi crude oil destined for Turkiye when it was seized. “The cargo was released earlier this week after negotiations,” the source said. The cargo was transferred onto the Turkiye-flagged tanker T. Semahat earlier this week via a ship-to-ship transfer near ...

Asia’s market for very low sulphur fuel oil (VLSFO) logged a weekly climb, while downstream bunker premiums received an uplift after being trapped in a tight range for over four months. Singapore premiums for delivered VLSFO bunker fuel breached $16 per metric ton this week, with support coming from tighter supply for prompt delivery dates, according to trade sources. The premiums have been capped at levels near $10 per ton since mid-March amid lukewarm demand and ample supply. Meanwhile, refining margins for fuel oil also edged higher from the previous ...

In response to the growing number of maritime accidents attributed to communication errors, VIRSEC, an award-winning, e-Learning company based in Manchester, UK, proudly announces that the suite of seven Maritime English Tests (METs) have been approved by the American Bureau of Shipping (ABS). The fully online tests are designed to officially assess and certify the level of English language proficiency of seafarers, through structured testing, addressing a critical need standardisation in the maritime industry. Background on Maritime English Testing The International Maritime Organization (IMO) has documented a significant rise in ...

ClassNK has released the latest ‘ClassNK Technical Journal’, which has been published for contributing to the advancement of technology and society through the outcome of R&D and technical activities. The latest issue, ‘ClassNK Technical Journal No.9 2024 (I)’ features entitled ‘Initiatives for Vehicle Carrier Fires’, which introduces the guidance for the safe transportation of EVs and fire-extinguishing technology for vehicle carriers. This issue also includes diverse articles and papers, related to a joint research project with the Japan Aerospace Exploration Agency (JAXA) on launch vehicle recovery ship, recent technological activities ...

North America Houston has experienced a slight surge in bunker fuel demand this week, leading to tight availability across all fuel grades for prompt supply. Most suppliers are fully booked until the first week of August, with only one supplier able to offer VLSFO and LSMGO stems in smaller quantities with a lead time of 7-8 days. Demand has been good in Port Bolivar and Beaumont, where prompt HSFO, VLSFO, and LSMGO supply is tight. A lead time of more than seven days is recommended in both ports. Prompt VLSFO ...

Entrusted by the transferor (the Sellers), we have scheduled to hold a public bidding online (www.shipbid.net) from 16:00 to 16:30 (Beijing time) on July 31st, 2024. 1. Bidding Object: MT “XING TONG YOU 69”, Chemical/Oil Tanker; T-2 Chemical/Oil Tanker(flash point≤60℃); Double bottom double hull; Class Society: Domestic CCS; PoR: Quanzhou, China; Trading Area: offshore; LOA: 110.98m; MLB: 14.80m; MLD: 7.50m; DWCC: 4948t @ 5.93m draft; GRT: 3414; NRT: 1911; M/E: Guangzhou Diesel 8320ZCd-4, 1765kW@500r/min x 1 set; Built : Jan 28th, 2008; Builder: Yizheng Xingyi Ship Repairing & Building Co., ...

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell on Thursday as rates for the larger capesize vessel segment dropped to a nearly two-month low. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 30 points, or 1.6%, to 1,834, hitting its lowest level in more than six weeks. The capesize index fell 107 points, or 3.8%, to 2,696, its lowest level in nearly two months. Average daily earnings for capesize vessels, which typically transport 150,000-ton ...

This week’s chart highlights the notable increase in the monthly volume of Russian grain shipments during the first two quarters of this year. By the end of the second quarter, shipments had risen by 15% compared to the previous quarter. Notably, Egypt emerged as the leading destination for Russian grain, accounting for 20% of the total shipments this year. This marks a significant shift, as Turkey held the top spot last year with a 15% share. The shift in destination preferences underscores changing market dynamics and may reflect evolving trade ...

Drewry’s World Container Index decreased 2% to $5,806 per 40ft container this week. The composite index decreased 2% this week to $5,806 per 40ft container following a period of continuous increases since week 18, and has increased 268% when compared with the same week last year. The latest Drewry WCI composite index of $5,806 per 40ft container is 44% below the previous pandemic peak of $10,377 in September 2021, but it is 309% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,886 ...

In the 30th week, the MABUX global bunker indices continued their moderate downward trend. The 380 HSFO index fell by 11.25 USD: from 552.94 USD/MT last week to 541.69 USD/MT, breaking through the 550 USD mark. The VLSFO index decreased by 9.58 USD (643.10 USD/MT versus 652.58 USD/MT last week), falling below 650 USD. The MGO index declined by 12.29 USD (from 837.80 USD/MT last week to 825.51 USD/MT). At the time of writing, the world bunker indices demonstrated a slight upward correction. MABUX Global Scrubber Spread (SS) – the ...

Fuel oil cracks softened in Asia on Thursday, while several spot tenders for August fuel oil sales closed, industry sources said. South Korea’s S-Oil offered a 300,000-barrels cargo of light cycle oil for loading between Aug. 21-25, as well as two slurry cargoes for loading between Aug. 11-15 and Aug. 27-31, each of 22,000 metric tons. India’s BPCL offered 20,000 tons of very low sulphur fuel oil (VLSFO) for loading between Aug. 6-9 from Mumbai port. Thailand’s PTT offered 28,000 tons of fuel oil for loading from Sriracha, between Aug. ...