The Baltic Exchange’s main sea freight index recorded its worst week in seven, weighed down by weaker demand across vessel segments. However, an uptick in capesize vessel rates helped snap a six-session losing streak on Friday. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 27 points, or 1.49%, to 1,844 points. On a weekly basis, the index has fallen 13.4%. The capesize index gained 117 points, or 4.57%, to 2,675, but registered a weekly decline of 18%. Average daily earnings for capesize ...

This week’s chart highlights the trend in VLCC (Very Large Crude Carrier) tonne-days growth, which has been decreasing consistently since our last review in week 17, just before the end of April. At the end of the second week of May, the demand growth for dirty tonne-days continues to challenge the solid improvement in market prices, particularly on the VLCC MEG-China route. However, a positive factor is the pace of Chinese crude oil imports, which rose significantly in April, increasing by 5.5% compared to the previous year. This increase is ...

In 2024, the shipping industry has been caught in a maelstrom of challenges that threaten to destabilise global supply chains, endanger crew safety, and derail progress made on environmental sustainability. Allianz Commercial’s annual Safety and Shipping Review, due to be published later this month, has examined emerging risk areas and proposed solutions to navigate this turbulent landscape and build a more resilient industry. In an article adapted from the upcoming review, Allianz Commercial’s experts noted that the conflict in Gaza has transformed the Red Sea into a perilous environment for ...

Drewry’s World Container Index increased 11% to $3,511 per 40ft container this week. Our detailed assessment for Thursday, 16 May 2024 The composite index increased 11% to $3,511 per 40ft container this week and has increased by 104% when compared with the same week last year. The latest Drewry WCI composite index of $3,511 per 40ft container is 147% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,241 per 40ft container, which is $524 higher than the 10-year average rate of $2,717 ...

Asia’s low-sulphur fuel oil (VLSFO) market extended gains on Friday after stocks at a key European trading hub declined. Cash premiums for VLSFO were up 18 cents at $6.83 a metric ton. Premiums for high-sulphur fuel oil (HSFO) on the other hand held steady. Cash differential for 180-cst HSFO was pegged at a premium of $8.77 a ton, while premium for 380-cst traded at $7.38 per ton. Fuel oil inventories at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to 1.528 million tons in the week to Thursday, compared with ...

North America Bunker demand in Houston has remained low this week. Availability of all grades is back to normal after the temporary closure of the Houston Ship Channel last week due to flooding, which caused disruptions in the region. Currently, most suppliers are able to offer VLSFO and LSMGO stems with a lead time of 5-6 days. HSFO can be secured within seven days of lead time, a source says. In Bolivar Road, securing prompt VLSFO and LSMGO stems is possible as demand has been slow this week. One supplier ...

The European Commission has granted the status of Project of Common Interest (PCI) to the carbon dioxide (CO2) capture and transportation project in Lithuania and Latvia developed by the consortium named CCS Baltic Consortium. The consortium consists of Akmenės cementas AB, KN Energies, AB, Larvik Shipping AS, Mitsui O.S.K. Lines, Ltd. and SCHWENK Latvija SIA. This grant means that the project is recognized as a key cross-border infrastructure project which will significantly contribute to the implementation of the energy policy and climate goals of the European Union (EU). There are ...

As the industry shines the spotlight on women in maritime, leading maritime safety training provider Stream Marine Group says more females should be seen in leadership positions to attract females into maritime. Stream Marine Group (SMG), which also manages Cadet programmes and is a leading voice in the transition to alternative fuels with a new fuels consultancy service, says that applications from females for Cadetships is increasing. Group Operations Director, Katy Womersley, says this is good progress but she would like to see more women in leadership positions to further ...

The maritime sector is at a crossroads, grappling with an evolution that is as necessary as it is overdue – the integration and empowerment of women within its ranks. Since Columbia Group’s establishment of its female cadet mentoring programme, it is witnessing transformative changes that signal a brighter, more inclusive future. As the industry celebrates these advances, it is clear the sector must also confront the challenges that hinder true gender equality. Columbia Group’s Director of Sustainability, Inclusivity and Diversity, Claudia Paschkewitz said: “We’ve established a mentor programme to support ...

NYK and its R&D subsidiary MTI Co., Ltd. (MTI)1 celebrated the 20th anniversary of MTI’s founding at a party on April 25 at NYK’s Tokyo head office. The event was attended by around 90 guests, including Takaya Soga, NYK president and CEO; Nobuhiro Kashima, NYK senior managing executive officer; Hideki Suzuki, MTI president; executives of NYK Group companies; and current and former MTI employees. MTI’s new mission, vision, and values (MVV)2 redefined by its younger experts were also revealed at the event. Representative Comments Takaya Soga, NYK President and Representative ...

The Executive Committee of EXMAR NV today reports its first quarter results of 2024 HIGHLIGHTS • All Infrastructure assets are employed with 100% uptime. • Shipping business unit performance is reflecting healthy market conditions. SUBSEQUENT EVENTS • An investment in PS Marine Holding Ltd for USD 7.0 million, representing a 4.1% stake in the company • The offshore accommodation barge Wariboko has been sold to Middle Eastern buyers KEY EVENTS FIRST QUARTER 2024 AND OUTLOOK The figures discussed below are all based on the proportional consolidation method. SHIPPING Result performance ...

Singapore price changes on the day to 12.00 SGT (04.00 GMT) yesterday: VLSFO price down $1/mt to $624/mt LSMGO price up $3/mt to $732/mt HSFO price up $2/mt to $520/mt Recent trends: VLSFO roughly stable over the past few days LSMGO broadly rangebound over the past two days HSFO roughly steady over the past few days Source: Engine

LNG tankers began loading at Freeport LNG in Texas this week as full operations resumed at the liquefied natural gas export plant after repairs and maintenance, data from financial firm LSEG showed. Outages at the second-largest U.S. liquefaction plant have pushed U.S. gas prices lower and raised LNG prices in Europe in the past. The plant, which has been undergoing repairs for several weeks, has resumed full operations, a Freeport LNG spokesperson confirmed. The Shinshu Maru LNG tanker was moored at Freeport LNG’s terminal on Wednesday, and Flex Vigilant departed ...

AtoB@C Shipping’s first plug-in hybrid vessel Electramar was christened in the city centre of Helsinki on May 15th with a traditional ceremony celebrated by clients, stakeholders and employees. Following the old maritime tradition, a bottle of sparkling wine was crushed against the vessel’s bow to bring good luck and safe travels to the vessel and its crew. The vessel’s godmother is Paula Ojala, Chartering Manager at the global steel company SSAB, a long-term client of both AtoB@C Shipping and ESL Shipping. “The cooperation between SSAB, ESL Shipping and AtoB@C Shipping ...

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped to its lowest level in nearly two weeks on Thursday, weighed down by weaker rates across all segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 72 points, or 3.81%, to 1,817. The capesize index slipped 141 points, or 5.22%, to 2,558. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, decreased $1,165 to $21,218. Iron ore ...