The Baltic Exchange’s main dry bulk sea freight index hit a 12-year high on Friday en route to its first weekly rise in three, propelled by gains across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, gained 60 points, or 1.4% at 4,275, its highest since November 2009. The main index registered a 10.6% weekly increase. The capesize index added 116 points, or 1.8%, to 6,420. The index rose 15.3% this week, its best weekly performance in four. It climbed to a ...

Shipping companies that do not have a strategy to decarbonise are likely to be pushed out of the market as financing options become more expensive, according to Stephen Fewster, global head of shipping finance at ING Wholesale Banking. A member of the panel at the Baltic Exchange’s “Freight Financials – Charting the Recovery” webinar, Fewster was responding to the question of whether ship finance is likely to become more expensive for companies that do not accept decarbonisation. “I think it will and actually I hope it will,” he said. “Those ...

Drewry’s composite World Container index increased 2.9% or $291 to $10,374.64 per 40ft container. Our detailed assessment for Thursday, 16 September 2021 • The composite index increased 2.9% or $291 this week, and also, remains 323% higher than a year ago. • • The average composite index of the WCI, assessed by Drewry for year-to-date, is $6,794 per 40ft container, which is $4,432 higher than the five-year average of $2,362 per 40ft container. • • Drewry’s composite World Container index increased by 2.9% or $291 to $10,374.64 per 40ft container, ...

The number of container ships at anchor or drifting in San Pedro Bay off the ports of Los Angeles and Long Beach has now blown through all previous records and is rising by the day. There were an all-time-high 65 container ships in the queue in San Pedro Bay on Thursday, according to the Marine Exchange of Southern California. Of those, a record 23 were forced to drift because anchorages were full. Theoretically, the numbers — already surreally high — could go a lot higher than this. While designated anchorages ...

Vitol’s Singaporean bunker operations company, V-Bunkers, has placed an order to build two electric-hybrid bunker tankers. V-Bunkers intends to deploy these bunker tankers for harbour operations in Singapore, thereby significantly reducing carbon emissions within the port. The bunker tankers are being built with Electric-Hybrid notation and will employ state of the art Energy Storage Systems (ESS) technology comprising Lithium ion batteries for energy storage and a highly automated Power Management System (PMS) which will efficiently manage power consumption and thereby reduce GHG emissions. In addition, the ESS has the capability ...

Nicholas has caused less lasting damage than Ida, which halved US Gulf Coast fuel oil production last week. Tropical storm Nicholas hit Houston and other Texan ports without wreaking too much havoc this week. Port authorities and energy suppliers had shut down infrastructure across the Texan coast as they braced for the incoming storm, but the impact was far less severe than when the considerably more powerful Hurricane Ida lashed Louisiana and ports along the Lower Mississippi River two weeks earlier. Houston Ship Channel reopened on 17 September, under two ...

The Maritime Safety Administration of the People’s Republic of China (PRC) notice of 27 August 2021 contains information on the type of ships covered by this requirement, the information that must be reported and how the reporting shall be made. Oasis P&I Services’ circular contains an English translation of the requirements. The China Navy Hydrographic Office (CNHO) is China’s official hydrographic surveying and mapping organization and publishes the nautical publications authorized by the government. Currently no Notices to Mariners released by CNHO or its counterparts in the United Kingdom, the ...

Woodward L’Orange is one of the world’s leading manufacturers of injection systems and engine components for large diesel engines. It is now offering the marine industry flexible engine technology towards achieving compliance with a 50% greenhouse gas target set for 2050. The increasing use of green hydrogen forms the basis to cost-competitive synthetic fuels with a zero carbon footprint. The use of these fuels in a broad range of power generation and transportation applications will achieve a dramatic reduction of greenhouse gas emissions. Woodward L’Orange is at the forefront of ...

In recent months, COVID-19 has put incredible pressure on global supply chains. But it’s not just the pandemic that is causing unforeseen pressure on the UK supply chain. We have an ageing infrastructure, a chronic HGV driver shortage, record-high prices and record low space availability on sea freight options, new rules in trading with the EU, and in addition, a UK-wide shortage of warehousing capacity. While we have had to stay at home, online shopping has peaked and an increasing amount of goods have been transported across the globe. According ...

Navigator Gas has been awarded a new Approval in Principle (AiP) for an ammonia fuelled gas carrier design from classification society DNV. An industrywide consortium, including MAN Energy solutions, Babcock International, and the Norwegian Maritime Authority (NMA), has collaborated with Navigator Gas to achieve the Approval in Principle (AiP) from DNV. The awarding of the AiP was announced as part of London International Shipping week 2021. The new gas carrier design has been awarded the AiP based on the special features notation (GF NH3) under DNV’s new rules for the ...

Paul Elsom recently marked the anniversary of 14 successful and rewarding years with Peters & May Given his pivotal role as the firm’s Global Technical Director, his desk essentially represents the intersection where tech teams, loadmasters and sales teams coordinate. In his current capacity, Paul oversees P&M’s technical department and a five-strong yard technical support team. This gives him ultimate responsibility for monitoring the design, manufacture and maintenance of lifting and cradling equipment and moving the assets to Peters & May’s ports and global warehouses. Tasked with helming P&M’s BLS ...

Shreyas Shipping and Logistics Limited have signed a Memorandum of Agreement (MOA) for the acquisition of one Bulk carrier of 34250 DWT. The Bulk carrier will be delivered to the company between October 15, 2021, to November 15, 2021. At around 11.17 AM, Shreyas Shipping & Logistics Ltd was trading at Rs393.90 per piece down by Rs9.1 or 2.26% from its previous closing of Rs403 per piece on the BSE. The scrip opened at Rs406.70 and has touched a high and low of Rs406.70 and Rs392.90 respectively. Source: IIFL Securities

Russian Maritime Register of Shipping (RS) participates in 16th International Exhibition on shipbuilding, shipping, offshore and ports – NEVA-2021. RS Booth will traditionally be the meeting area of clients and business partners for exchanging updates and discussing the topics of mutual interest. Within three days – from 21st to 23rd of September 2021– RS will be offering a series of brief sessions and seminars. One of those will be about IT products to be launched by RS in support ship design. Specifically, a new software tool ODYSSEY for hull structural ...

Sea Asia, scheduled from 21st to 23rd September 2021 in Singapore, is the maritime industry’s key event in Asia whose agenda is designed to address the intersection of decarbonisation, technology, innovation and talent. Delivered virtually, it will be a premier marketplace for knowledge, networking and business matching. Sea Asia 2021 will be opened by Guest of Honour, Mr S Iswaran, Singapore’s Minister for Transport & Minister-in-charge of Trade Relations in a fireside chat with Mr Andreas Sohmen-Pao, Chairman, Singapore Maritime Foundation. “Over the past 18 months, the maritime industry has ...

Centtrip, the global fintech providing expense management and card payment technology, has launched its platform, app, and card in the United States. Yachting a major driver of this expansion, with existing Centtrip clients including members of the Leading Yacht Brokers Association (LYBRA) such as Burgess, Northrop & Johnson and Fraser. Designed for the demands of highly mobile organizations, the Centtrip card offers some of the highest spend limits on the market. Centtrip, the global fintech providing expense management and card payment technology, has announced its launch in the United States, ...