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International Shipping News

Shipping stocks in the crosshairs as China fears mount

What’s bad for China is bad for ocean shipping stocks. China is pivotal to tanker and dry bulk demand, as well as to containerized cargo flows. Analysts have been touting the reopening of China’s economy following COVID lockdowns as a positive catalyst for shipping stocks. Not only has that not happened but COVID cases in China have spiked — with 40,000 cases reported Sunday — and Chinese citizens have taken to the streets to protest lockdowns. As concerns about Chinese demand and a global recession mount, the price of oil ...

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Maersk Asia Pacific market update (November 2022)

The global economic outlook appears to be deteriorating further amid slowing growth and elevated inflation levels. As a result, global container volumes are continuing to fall with negative growth in virtually all the main markets causing Maersk to reduce capacity on major ocean trades from Asia to match demand. But despite the gloom there are signs of buoyancy, with some retail sectors in the US set to see a surge in monthly revenues according to market analysts. Maersk is also set to quickly expand its dedicated airfreight airline, Maersk Air ...

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UN climate talks on shipping: short-term action urgently needed

Civil society groups call for an urgent adoption of short-term emission reduction targets for global shipping at the UN, ahead of crucial talks in December. Getting shipping on track to avoid exceeding the 1.5°C climate-heating limit requires cutting the industry’s emissions by half by 2030 and reaching zero by 2040. The latest round of talks at the UN’s shipping regulator, the International Maritime Organization (IMO), showed a clear majority of countries in favour of setting a 2050 deadline for eliminating shipping’s 1 billion tonnes of annual carbon emissions. While this ...

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Dry Bulk Market: Positive Signs Are Starting to Emerge

Capesize The Capesize market was in a ‘one step forward, two steps back’ mode this week. The average of the 5 time charter routes eventually settled at $12,598, a decline of $775 week-on-week. Despite tightness in both basins, especially for December cancelling in the north Atlantic region, limited transatlantic or fronthaul cargoes were circulated in the market. Some brokers felt it was quieter compared with the same period last year. For Brazil loading, views on the ‘next done’ largely differed due to a mixed spread. Vessels that can make mid-December ...

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Tankers In Correction Mode This Week

Clean The Atlantic front and backhaul has been active with TC2 Cont-USAC 37,000mt CPP rising over WS24 in the week to close at WS404.17 (a TCE Round trip rate of $50,006). The TC14 fell by around half the rise to finish at WS263.33 (a minor fall in TCE Earnings to $28,296 per day round trip). Elsewhere in the Atlantic sentiment has been muted with falls across TC18 and TC21 routes. In Europe both TC6 and TC9 saw marginal gains, with a jump at the beginning of last week on TC6. ...

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Urals oil discount widens as freight rates for Russian oil jump – traders, Reuters calculations

Russian Urals oil’s discount to dated Brent have widened significantly, under pressure from record high freight rates for tankers carrying Russian oil and sending sellers’ revenues well below an agreed EU price cap, two traders said on Friday and Reuters calculations showed. EU governments on Friday agreed to a price cap of $60 per barrel for the Russian crude. The cost of shipping Urals from Russia’s ports to China and India, the key grade’s consumers in Asia, doubled in December to $18 million and $15 million lump sum (full price ...

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Container shipping rates still sinking, no sign yet of market floor

So much for the theory that container lines are a nefarious cartel that can control freight pricing — spot rates are still falling over a year after they peaked. “This cliff that rates have fallen from shows there is more competition in the market than a lot of people had feared,” said Patrik Berglund, CEO of rate-tracking company Xeneta, in a recent interview with American Shipper. The pace of spot-rate declines did slow in some trade lanes in October versus August and September. However, rate losses picked up again in ...

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EU’s ETS for shipping to start from 2024, include methane in emissions accounting

EU institutions have reached a preliminary agreement on how to extend its Emissions Trading System to cover shipping after months of trilogue negotiations, the European Parliament said this past week. The regulatory development means ship operators will be required to pay for the greenhouse gas emissions during their voyages to, from and between EU ports, with a phase-in period starting from 2024. Platts, part of S&P Global Commodity Insights, assessed EU Allowance contracts for December 2022 delivery at Eur81.33/mtCO2e ($83.80/mtCO2e) Nov. 29, off the all-time high of Eur98.42/mtCO2e Aug. 19, ...

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Venezuelan oil exports flow using false documents, ships linked to Iran

When the supertanker Young Yong sailed to the Chinese port of Qingdao in September last year, it had quality certificates for its cargo stating it was transporting Malaysian crude oil, according to the documents reviewed by Reuters. But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions. The Young Yong is one of three vessels identified by Reuters that were chartered by little-known companies to export Venezuelan oil and used false documents ...

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Jefferies raises tanker estimates on strengthened earnings power

Jefferies raised its price targets on tankers in a note this week, stating the sector’s earnings power has strengthened materially. Crude tanker rates have jumped to new highs last seen in 2008, aside from a brief period in 2020 when oil companies scrambled to secure tankers for floating storage. The tanker sector has been tightly wound for the past several months, leaving little flexibility typically reserved for supply/demand shocks. With charterers now actively booking ships against a framework of the Russian oil ban into Europe, rates have gapped higher. The ...

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LR authorised to carry out certification activities for non-SOLAS ships in Italy

Lloyd’s Register (LR) has been awarded the status of a Notified Body by the Italian Ministry for Infrastructures, with the authorisation to carry out certification activities for non-SOLAS Italian flagged ships. The authorisation follows the Recognised Organisation (RO) status awarded to LR by the Italian Administration in May 2019. The new status will enable LR to act as ‘Organismo notificato’ or ‘Notified Body’, which gives the authorisation to issue technical statements such as a ‘Statement for Sea Trial’ (the authorisation to hold a sea trial for new construction vessels) and ...

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Containers: A return to normal and prospect for laid-up ships

Highlights The Shanghai and China Containerized Freight Indices (SCFI and CCFI) have fallen by 49% and 40% respectively during the two and a half months since our last report. The SCFI is fast approaching average 2019 levels but for now remains 61% higher whereas the CCFI is still twice as high. Time charter rates and second-hand prices have followed freight rates downwards but at a ratio of 1.0 vs. newbuilding prices; the average prices for five-year-old ships remain high. The International Monetary Fund (IMF) estimates global economic growth of 3.2% ...

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Ukraine says ship with wheat for Ethiopia arrives, part of anti-famine push

A ship with Ukrainian wheat destined for Ethiopia arrived in port on Saturday, the first vessel to sail as part of a push to send food to countries most vulnerable to famine and drought, President Volodymyr Zelenskiy said. Last Saturday, Ukraine and allied nations launched an initiative to export $150 million worth of grain to Ethiopia, Sudan, South Sudan, Somalia, Congo, Kenya, and Yemen. “We ship food. We ship hope,” Zelenskiy said in a tweet accompanying a short clip of a vessel carrying 25,000 tonnes of wheat for Ethiopia that ...

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UK expresses interest in developing eco-friendly shipping sector

The UK has expressed interest in increasing cooperation with Bangladesh to develop an environment-friendly shipping sector, said Baroness Vere of Norbiton, minister for Maritime, Aviation and Security of the United Kingdom. The British minister had a bilateral meeting with Khalid Mahmud Chowdhury, state minister for Shipping, on Friday at the British Ministry of Transport, said a press release issued by the Bangladesh High Commission in the UK on the occasion of the 50th anniversary of the shipping cooperation between the two countries. The state minister has requested to increase the ...

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New Chairman named for the Singapore Maritime Institute

Professor Low Teck Seng, Senior Vice President (Sustainability & Resilience) of the National University of Singapore and former Chief Executive Officer of the National Research Foundation, Singapore (NRF), has been appointed the new Chairman of the Singapore Maritime Institute (SMI) with effect from 1 January 2023. Prof Low will succeed Mr Wong Weng Sun who has served as SMI Chairman since 1 January 2017. Prior to his appointment at NRF where he played an integral role in charting the nation’s research and development (R&D) roadmap to realise the R&D plans ...

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