The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities slipped to a more than one-week low on Tuesday, pressured by weaker demand across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 73 points, or 3.53%, to 1,993, its lowest level since May 3. The capesize index slipped 177 points, or 5.69%, to 2,931. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, decreased $1,462 ...

FuelEU Maritime sets requirements on the well-to-wake GHG intensity of energy used for ships trading in the EU/EEA from 1 January 2025. The first step is to prepare and submit a monitoring plan to an accredited verifier by 31 August 2024. This statutory news provides you with more details on what you need to prepare. Summary of the FuelEU Maritime GHG intensity requirements From 1 January 2025, for ships trading in or to/from the EU/ EEA irrespective of flag, the annual average GHG intensity of energy used on board needs ...

Global supply chains are braced for further disruption and increasing costs after US President Joe Biden announced new tariffs on Chinese imports yesterday, Tuesday. The tariffs will be imposed on a wide range of Chinese imports including semi-conductors, batteries, EVs and solar cells, with the changes staggered to come into effect between 2024 and 2026. Peter Sand, Chief Analyst at Xeneta, said: “The new tariffs under President Biden may be a case of history repeating. If so, businesses will be braced for increasing supply chain costs and ultimately it will ...

ABS, HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE) and HD Hyundai Heavy Industries, Co., Ltd. (HHI) signed a memorandum of understanding to collaborate on the technical feasibility for medium-voltage direct current (MVDC) power systems on ships. The agreement opens the door to collaborate on design assessment, new technology qualification as well as the development of rule guidance to provide clear directives on technical requirements, safety standards and regulatory compliance. “We are proud to partner once again with HD KSOE and HHI. Our companies are equally focused on ...

Financial Highlights OCI Global (Euronext: OCI) reported total Q1 2024 revenues of $1,224 million, a decrease of 11% YoY, and total Q1 2024 adjusted EBITDA of $297 million, a decrease of 12% YoY. The declines against the comparative period were primarily driven by lower nitrogen pricing globally following high product pricing in early 2023. The impact of lower pricing was partially offset by improved operational performance in Q1 2024 compared to Q1 2023. Total adjusted EBITDA in the quarter includes $47 million in realized losses from natural gas hedges. Adjusted ...

Malaysia Prime Minister Anwar Ibrahim said on Tuesday there was “not one shred of evidence” of ship-to-ship transfers of sanctioned Iranian oil off Malaysia, amid U.S. concern that Iran was using Malaysian service providers to move its oil. A senior U.S. Treasury official said last week the United States saw Iran’s capacity to move its oil as being reliant on providers in Malaysia. That official also said the United States was trying to prevent Malaysia from becoming a jurisdiction where the Palestinian militant group Hamas could both fundraise and then ...

Asia’s fuel oil benchmarks were little changed on Tuesday, while latest ship-tracking data showed this month’s incoming supplies remained lower compared to the previous month. Total supplies to East Asia are expected to hit about 5 million metric tons in May, compared with 5.5 to 6.0 tons in April, calculations based on LSEG’s ship-tracking data showed on Tuesday. Expectations of lower supplies and stronger seasonal demand has given the market support in recent sessions. The low-sulphur (VLSFO) market held rangebound, with cash premiums pegged between $6 to $6.50 a metric ...

Singapore and Malaysia Bunker demand in Singapore has increased since the beginning of the week. VLSFO availability has improved, with most suppliers suggesting lead times of 4-7 days, much shorter than the previous week’s 6-12 days. HSFO supply remains constrained in the port, with recommended lead times of 7-11 days, almost unchanged from last week. LSMGO remains more readily available, with lead times of 2-4 days. Singapore’s residual fuel oil stocks in the first week of May averaged 4% higher compared to April, according to Enterprise Singapore. Net fuel oil ...

On Sunday, 12 May, the 15-metre yacht “Alboran Cognac” sank in the southern entrance to the Strait of Gibraltar after being damaged by orcas. The crew were safely rescued. This is the latest in a series of incidents in recent years where individuals from this particularly endangered population of orcas have damaged or lost vessels. While OceanCare regrets the distress caused to the two crew members who had to be rescued, it reiterates its call for tolerance towards these orcas. Mark Simmonds, OceanCare’s Director of Science, comments: “We do not ...

Leading Japanese companies, NYK Line (NYK), NYK Bulk & Projects Carriers (NBP), TSUNEISHI SHIPBUILDING Co., Ltd. (“TSUNEISHI SHIPBUILDING”) and British renewable energy business, Drax Group (Drax), have signed a new memorandum of understanding (MoU) to develop both the world’s first biomass-fuelled ship (bioship) and the technology that could power it. Biomass is playing a growing role in Japan’s transition from fossil fuel power generation to low carbon and renewable electricity, and the country’s demand for biomass pellets, sourced primarily from North America and composed of sawmill and forestry residues, is ...

Columbia Shipmanagement (CSM), member of Columbia Group, has underlined its commitment to the Turkish market and entered into a partnership with leading shipping operator Transoba Denizcilik ve Ticaret A.S. Following the opening of the Türkiye office last year, CSM will take on the shipmanagement services of the fleet, as well as supplying and managing multi-national crew and engaging Turkish Captains and engineers at management level. CSM Türkiye and CSM Deutschland will work together to ensure smooth operations. The collaboration will also see Transoba Denizcilik ve Ticaret A.S. benefit from Columbia’s ...

Odfjell posted very strong results last week, significantly beating our and consensus’ predictions. This was even more impressive in a seasonally slower quarter. 2Q is guided to show a further increase in earnings. Combining the guidance and the CMD yesterday, we increased our estimates somewhat, together with the Target Price of NOK 210/sh. However, the share continues to rally and we still see a limited upside and the risks related to the end of worldwide conflicts and the weather normalization. Thriving on issues in the Red Sea and Panama 1Q24 ...

SFL Corporation Ltd. announced its preliminary financial results for the quarter ended March 31, 2024. Highlights 81st consecutive quarterly dividend, increased to $0.27 per share Net profit of $45.3 million, or $0.36 per share in the first quarter Received charter hire1 of $235.8 million in the quarter, including $5.5 million of profit share Adjusted EBITDA2 of $143.8 million from consolidated subsidiaries, plus $7.8 million adjusted EBITDA2 from 49.9% owned associated companies Delivery of two LNG dual-fuel car carriers with ten year time charters to K-Line Acquisition of three newbuild LR2 ...

Ocean Technologies Group (OTG), the leading global provider of Human Capital Management solutions for the maritime industry, has signed an agreement with WISTA International, the global network for women in shipping. The partnership will provide WISTA members with a suite of OTG e-learning resources, empowering them to advance their maritime careers and contribute to a more diverse and inclusive industry. The new agreement gives 200 WISTA Members access to the Ocean Learning Platform (OLP) and a comprehensive range of learning titles covering maritime regulatory, safety and risk-based courses for shoreside ...

Baseblue has announced the appointment of the company’s new ESG Manager, the first role of its type within the organization, highlighting its commitment to improving ESG within the company and the bunkering industry. The creation of this role underlines Baseblue’s culture and mission to uphold the highest standards of governance and transparency, as well as building trust with stakeholders in helping the bunker industry achieve its decarbonization goals. As fuel providers, Baseblue is diversifying its product portfolio to include low carbon fuels and supporting its customers and clients in their ...