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Maersk Asia Pacific Market Update – July 2024

The resilience of your supply chain is always our top priority. We are confronted by a range of challenges which include geopolitical tensions, climate change, and unpredictable events, as well as the ongoing situation in the Red Sea and the supply chain disruptions that we face together. In this July Market Update for Asia Pacific, we will provide you with insights to navigate this period of heightened volatility together and keep your supply chain moving. Trending Topic of the Month: The continued impact of the Red Sea situation on supply ...

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Retailers’ early US back-to-school sales hasten peak ocean shipping season

Retailers Walmart WMT.N, Target TGT.N and Shein kicked off back-to-school sales early to stop Amazon.com’s Prime Day event from siphoning U.S.sales of backpacks and laptops, helping advance the peak ocean shipping season by two months and boost already-highfreight rates. “It looks like this year, July is in fact the peak of peak (season), instead of the beginning,” said Stephanie Loomis, Rhenus Logistics’ head of ocean freight for the Americas. Retailers account forroughly half of U.S. container import volumes. The ocean shipping industry handles about 80% of global trade. Goods are ...

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Dry Bulk Market: Capesize Market on Correction Mode

Capesize It was only on Thursday that the Capesize 5TC climbed to positive territory and became closer to $25,000. But the correction or Friday eventually settled the week at $24,652. In the Pacific, there was more resistance from owners towards the end of the week, which pushed C5 to $9.725 in the end. Meanwhile, more coal cargoes from East Australia to China were fixed on timecharter trips according to report. Brazil to Qingdao had an active week for both first and second half of August loading. C3 stopped drifting for ...

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Positive outlook for bulkers as demand outpaces supply

Growing global demand for commodities and a sluggish newbuild market up until 2023 have set the stage for bullish growth in the bulker market in the coming years. Bulker owners are taking advantage of these favourable market conditions and starting to invest. International demand for dry cargo is increasing Although high interest rates and inflation have hampered the global economy over the past few years, demand for dry cargo remains strong, increasing by over 5% in 2023, led by some key commodities. “Demand for iron ore, which has the biggest ...

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Tankers: VLCC Tanker Market Steady Last Week

Clean LR2 LR’s in the MEG we subject to downward pressure this week. The 75Kt MEG/Japan TC1 index dropped 12.78 points to WS160.28. Similarly, for a 90kt MEG/UK-Continent TC20 run freight has come down half a million dollars to $5,230,000. West of Suez, Mediterranean/East LR2’s on TC15 saw a welcome improvement and the index rose just under 10% to $4,240,000. LR1 In the MEG, LR1’s have also suffered a sharp cut in freight levels this week. The 55kt MEG/Japan index of TC5 went from WS215.94 to WS188.75. Likewise, on the ...

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Shipping disruptions now affect Maerk’s global trade routes amid Red Sea crisis

Shipping disruptions affecting Maersk’s container shipping operations because of the Red Sea crisis have extended beyond the Far East-Europe routes to its entire global network, the shipping and logistics giant said. The fallout of the Red Sea crisis is continuing to cascade across the world, forcing vessels to temporarily divert and take longer routes around the Cape of Good Hope, thereby causing unprecedented challenges for global supply chains. The disruptions now extend beyond the primary affected routes, causing congestion at alternative routes and transshipment hubs essential for trade with Far ...

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Maritime vision of the Re-elected Commission President

Ursula von der Leyen has been re-elected as President of the European Commission. Her political manifesto, presented shortly before the election, matches all the priorities of Danish Shipping for 2024-2029. Therefore, her re-election is warmly welcomed by Danish Shipping. Von der Leyen continues to prioritise climate Ursula von der Leyen is set for another five years as Commission President, continuing to prioritise green transition, industrial policy, and com­pe­ti­ti­ve­ness. Within 100 days, the Commission will present a Clean Industrial Deal aimed at accelerating emission reductions, faster rollout of green energy, and ...

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ESP Code updated – New survey requirements for bulk carriers and oil tankers

To align with the latest revision of the ESP Code (as amended by IMO Res. MSC.525(106)) and IACS Unified Requirements (UR Z10.1/.2/.4/.5), DNV has updated the periodical survey requirements. These new requirements will be in force for surveys commenced on or after 1 July 2024. The following changes are to be observed: Bulk carriers • The ballast tank coating condition for bulk carriers with ESP notation will now be identical to the criteria applicable for oil tankers. This means that a coating condition rated less than “GOOD” (i.e. “FAIR” or ...

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Washington State Ferries selects ABB as propulsion single source vendor for five new hybrid ferries

ABB has been awarded a contract by Washington State Ferries (WSF) to serve as the propulsion single source vendor (PSSV) for its groundbreaking new hybrid electric 160-auto ferries. This project marks a significant milestone in the evolution of sustainable maritime transportation in the US and beyond, with ABB playing a pivotal role in the development and delivery of the five new build vessels. In its role as PSSV, ABB will supply comprehensive hybrid electric propulsion systems that include the Onboard DC Grid™ power distribution solution, energy storage, advanced energy management, ...

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Malaysia coast guard locates oil tanker involved in collision off Singapore

Malaysia’s coast guard said on Sunday it had located and intercepted a largeoil tanker that was involved in a fiery collision with another vessel two days ago off Singapore. The coast guard said on Saturday that the Sao Tome and Principe-flagged tankerCeres I had left the location of the collision that caused a fire and injured at least two crew members. The shipwas also believedto have turned off its tracking system, the coast guard said. The Ceres I was found in Malaysian waters with two tugboats towing it, the coast ...

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HMM opens Shanghai-Mexico container route

South Korea’s HMM Co. announced that it launched a new Far East Latin America Express (FLX) container service bound for Mexico. The service is operated jointly with Japan’s ONE, a member of THE Alliance, and will deploy 4,000 TEU (TEU = 20-foot container) container ships. The route will be Shanghai (China) – Busan (Korea) – Lázaro Cárdenas (Mexico) – Shanghai (China), with the first departure from Shanghai on August 16. HMM explained that the new service was established due to the increase in cargo from China to Mexico, driven by ...

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Maersk reports fire incident on vessel off western coast of India

Maersk on Friday said there was a fire incident on one of its chartered vesselssailing from Mundra, off the western coast of India to Colombo, Sri Lanka. The fire started due to a short circuit resulting in explosions and the death of a seaman from Philippines, local media said, adding that there were 21 crew members on board. The vessel is in stable condition, the company said in an emailed statement to Reuters. “At the moment, we are unable to confirm whether and to what extent is the impact of ...

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Baltic index posts weekly loss as capesize rates fall

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, posted a weekly decline on Friday as rates for the capesize segment fell for the week. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 10 points, or 0.5%, to 1,902. The index dropped 4.3% for the week. The capesize index fell 34 points, or 1.1%, to 2,973, posting its biggest weekly decline since May 17. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such ...

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FuelEU storm brewing for shipping

Hot off the heels of the phased introduction of the EU Emission Trading Scheme for shipping, the industry is bracing itself for the impending impact of FuelEU Maritime. This new regulation, set to be enforced from January 1, 2025, mandates significant reductions in greenhouse gas (GHG) intensity. While the initial target of a 2% cut might seem modest, the potential financial consequences for non-compliance are far from negligible. According to OceanScore, a Hamburg-based maritime technology firm, the container, ro-pax, bulk carrier, and tanker segments are particularly vulnerable to the financial ...

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Dirty & Clean Tonne Days

This week’s chart underscores the decline in the growth of crude oil shipments to China from all origin countries during the second quarter of the year, with the monthly quantity in June recording an 8% drop compared to the same month in the previous year (left chart). This decline reflects a broader trend influenced by various factors including economic slowdowns, changes in demand, and strategic stockpiling. Looking specifically at crude oil flows from the Arabian Gulf to China, we observe that May and June recorded significantly lower levels than in ...

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