We predict that global dry bulk demand will grow between 1.5% and 2.5% in 2023, and between 1% and 2% in 2024. Average haul is estimated to increase slightly, contributing between 0% and 1% tonne miles in 2023. Sailing distances for coal increased due to sanctions on Russian coal, which came into effect in August 2022. Average haul for iron ore and grains could also rise as Brazil increases exports. According to the International Monetary Fund (IMF), global GDP growth is expected to slow down to 2.8% and 3.0% in ...

DNV is set to launch a Recommended Practice (RP) offering a new, accurate and transparent method for measuring, evaluating, and verifying the technical performance of ships in service. This RP is a direct response to the growing regulatory and commercial pressures within the shipping industry to decarbonize operations and establish a standardized, verifiable procedure for evaluating vessel efficiency. In the wake of the introduction of the Carbon Intensity Indicator (CII) vessels have been rated on their carbon emissions per unit of cargo-carrying capacity. However, the CII is impacted by external ...

A new report from the Global Maritime Forum has identified 373 pilot projects globally focusing on ship technology, fuel production, bunkering, and infrastructure solutions that can immensely help shipping’s transition to a zero-emission future. The fourth edition of the ‘’Mapping of Zero-Emission Pilots and Demonstration Projects’’– launched at a Getting to Zero Coalition Workshop in Paris attended by Eric Banel, Director General for Maritime Affairs, Fisheries and Aquaculture at the French Ministry of the Sea and others – has identified increased activity among industry to innovate and find collaborative solutions ...

The ocean freight industry saw a slump in global long-term rates of unprecedented proportions in May, as the contracted cost of shipping containers dived by 27.5%. The development, detailed by Xeneta’s Shipping Index (XSI®), marks the ninth consecutive month of rates drops, and is the largest ever monthly fall recorded on the XSI®. A new reality “If industry observers were left wondering just how bad it could get for carriers after the 10% fall in long-term rates seen in April, here’s the answer,” comments Patrik Berglund, CEO of Oslo-based Xeneta. ...

In our base case scenario, we predict that global container volumes will grow by between 0.5% and 1.5% in 2023, and by between 5.5% and 6.5% in 2024. They will thus reach approximately 185 million TEU in 2024. Volumes in the first half of 2023 will show negative growth as head-haul and regional trade lanes have not yet recovered from the slowdown that began in the second half of 2022. We predict that the recovery in volumes and growth rates will begin during the second half of 2023. We expect ...

Cash premium for Asia’s very-low sulphur fuel oil (VLSFO) declined on Wednesday in tandem with weakness in crude oil benchmarks. The cash premium for 0.5% VLSFO slipped to $6.89 a tonne over Singapore quotes from $7.03 a day earlier. In physical markets, there were several offers but none of them could match the only two bids for VLSFO resulting in no trades for an eleventh trading session. There were no trades for high-sulphur fuel oil (HSFO) as well. The 380-cst HSFO premium was steady at $4.50 a tonne over Singapore ...

Trelleborg Marine and Infrastructure is set to open a new state-of-the-art manufacturing facility in Vietnam with the construction scheduled to be completed by the end of 2025, and production to commence in 2026. The location of the upcoming facility will be in the Phu My 3 Specialized Industrial Park (SIP) of Ba Ria Vung Tau province, one among eight provinces in the Southern Key Economic Zones of Vietnam. The decision to open the new facility comes as a part of Trelleborg’s broader strategic roadmap to deliver long-term sustainable growth and ...

Shipping transports around 90% of world trade onboard different vessels so maritime safety is critical. Improvements have been significant over the past decade, culminating in the sector reporting a record low number of large ships lost over the past year. However, a combination of factors impacting fire risk, ongoing and new threats posed by the ripple effects of the Ukraine conflict, decarbonization challenges, economic uncertainty, as well as the rising cost of marine claims, means the sector still has plenty of obstacles to navigate over the next 12 months and ...

The Goltens Worldwide group of companies is delighted to announce the appointment of Mr. Sandeep Seth as Chief Executive Officer. Sandeep is a home-grown success story, having joined Goltens in 2002 and occupied positions of increasing responsibility since then. He will continue to serve as a member of the Board of Directors. Sandeep’s new title and authority demonstrates the full extent of his responsibilities across the Goltens organization. He has already served since 2019 as company President and highest-ranking officer, successfully leading the organization through the challenges of the Covid-19 ...

ABB today introduced ABB Dynafin™, a new concept representing a revolutionary propulsion system breaking new ground for efficiency in the marine industry. Inspired by the dynamic motions of a whale’s tail, the innovative concept is the result of over a decade of research, development, and testing. ABB’s combined extensive experience and expertise in the marine industry, along with its innovative heritage, are the driving forces behind this new concept. ABB estimates the first prototype to be available in 2025. “ABB Dynafin™ shows what is possible when marine engineers pursue radical ...

ProZero Norway AS, a leading provider of Fast boats for professionals, is pleased to announce the signing of a contract for a new passenger vessel tailored for the Norwegian high-speed ferry market. The newly designed vessel prioritizes passenger transport with a strong emphasis on high speed, safety, and reduced emissions. Additionally, the vessel boasts several multi-mission capabilities. ProZero has successfully executed the contract and is set to deliver the new ProZero 15m Passenger vessel to their esteemed client, Metro-Opus. The collaboration between Metro-Opus and ProZero has resulted in the creation ...

Indian Register of Shipping (IRS), a leading classification society and IACS member, is proud to announce it has won the prestigious ‘Classification Society of the Year’ award at the 18th Shiptek International Maritime Awards. The Shiptek International Maritime Awards honour organisations that deliver the best standards of service and make significant contributions to the maritime industry. Having been chosen as the ‘Classification Society of the Year’ demonstrates IRS’ commitment to providing the maritime industry with high-quality classification services. IRS has consistently demonstrated its commitment to ensuring the highest quality and ...

Nor-Shipping has announced that John F. Kerry, the United States Special Presidential Envoy for Climate, will deliver a closing address at the Ocean Leadership Conference, taking place on Tuesday 6 June. Kerry, a former Secretary of State and Democratic presidential candidate, will share the stage with other key global figures including Dr Andrew Forrest, the Founder and Executive Chairman of Fortescue Metals Group, and Joseph E. Stiglitz, Nobel laureate in Economics and former Chief Economist at the World Bank. In his role as President Joe Biden’s ‘climate champion’, Kerry will ...

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per basic and diluted share for the first quarter of 2023. Adjusted profit of $193.3 million, or $0.87 per basic and diluted share for the first quarter of 2023. Declared a cash dividend of $0.70 per share for the first quarter of 2023. Reported revenues of $497.3 million for the first quarter of 2023. Reported spot TCEs for VLCCs, Suezmax tankers and LR2/Aframax tankers in ...

The potential cost implications of future fuels will slow the energy transition without the adoption of proven, clean technologies that drive fuel and operational cost efficiencies as part of daily operations. Shipping must act now to adapt and evolve its operations today, to be able to afford the elevated costs of tomorrow’s decarbonised maritime industry, according to Nippon Paint Marine, a global leader in marine coatings. While there is no ‘silver bullet’ to secure shipping’s decarbonisation, the delivery and uptake of a new generation of viable and proven zero-carbon fuels ...