Backlogs created by the three-day strike at US Gulf and East Coast ports could last for two to three weeks, although there are indications that operations could return to normal sooner rather than later at the Port of New York/New Jersey. Judah Levine, head of research at online freight shipping marketplace and platform provider Freightos, said many industry analysts were predicting two to three weeks to clear the backlog of container ships created when the International Longshoremen’s Association (ILA) went on strike. Levine estimated there were 45-60 vessels at anchor ...

“We can only have economic development if we have stable maritime security,” declared Vice Admiral José Nuno Chaves, Fleet Commander, Portuguese Navy, as he opened the Maritime Security Conference 2024: Innovation and Partnerships for the Future held in Praia, Cabo Verde (8-9 October). The event gathered global maritime experts and leaders and spotlighted the crucial role of maritime security in sustaining economic growth and international trade. As nations continue to rely on maritime trade as a backbone for economic growth, the message from the conference was clear: stable seas lead ...

Ocean Update US East and Gulf Coast operational recovery post ILA work stoppage On Thursday, October 3rd, the International Longshoremen’s Association (ILA) and the United States Maritime Alliance, Ltd. (USMX) reached a tentative agreement on wages and to extend the Master Contract until January 15, 2025, to return to the bargaining table to negotiate all other outstanding issues. Work resumed at most ports along the US East and US Gulf coasts on Friday, October 4th. While some residual delays may occur as port operations gradually return to full capacity, our ...

India’s ship recycling industry is expected to grow to 3.8-4.2-million GT (gross tonnage) in 2025, as against an estimated 2.3-2.6-million GT in 2024, according to a report. According to CareEdge, India accounts for 33 per cent of the global gross tonnage dismantled in 2023, second only to Bangladesh, which handled 46 per cent. “India’s ship recycling Industry is poised for major growth in CY25 and is expected to witness similar recycling level in CY24 with an estimate of 2.3 to 2.6 million GT, thereafter a jump to over 3.8 to ...

Major indexes of China’s shipbuilding industry have risen steadily in the first three quarters this year, data released by the Ministry of Industry and Information Technology (MIIT) showed on Thursday. China captured more than 70 percent of global green ship orders in the first three quarters, according to China Central Television Station (CCTV). Data shows from January to September, China completed 36.34 million deadweight tons (DWT) in shipbuilding, an 18.2 percent increase year-on-year, while securing 87.11 million DWT in new orders, up 51.9 percent. By the end of September, the ...

The amount of crude oil and oil products flowing through the Bab el-Mandeb, the southern chokepoint at the mouth of the Red Sea, decreased by more than 50% in the first eight months of 2024. Chokepoints are narrow channels along widely used global sea routes, and they are critical to global energy security. The inability of oil to transit a major chokepoint, even temporarily, can lead to substantial supply delays and higher shipping costs, resulting in higher world energy prices. After Yemen-based Houthi militia attacks on commercial ships transiting the ...

Higher fuel costs will translate to a rise in freight rates for Mediterranean-bound cargoes, as a result of the fact that the Mediterranean Sea will become an emissions control area (ECA) from the 1st of May onwards. In its latest weekly report, shipbroker Gibson said that “the shipping markets are no stranger to emissions control areas (ECAs), following the establishment of ECAs in the United States, Baltic and Northern Europe. From the 1st of May 2025, the entire Mediterranean Sea will become an ECA, with the maximum sulphur content of ...

Drewry expects 66 LNG carriers (LNGCs) to join the fleet this year, while 94 LNGCs are scheduled to be delivered in 2025, inflating the fleet amid easing vessel demand due to limited new capacity addition. LNG shipping is poised for a balanced market, with rates to soften in 2024-25. However, the supply-demand fundamentals, harsh weather conditions and geopolitical and canal transit risks will support rates. Meanwhile, a lot hinges on the US presidential elections, sanctions on Russian LNG and European gas demand. LNG shipping rates to soften in 2024 but ...

Capesize The Capesize market faced a generally soft week with declining rates across the board. The BCI 5TC fell every day besides Friday, which closed at $23,509, a significant drop from Monday’s $26,213. The Pacific market saw reduced miner activity, with C5 rates declining from the low $10’s early in the week. Despite continued rate drops, particularly in the Atlantic, the pace of decline began to decrease. Increased coal cargoes offered some support in the Pacific, helping the C5 index nudge back up, ending the week after a couple of ...

Clean LR2 LR’s in the MEG held steadfast this week. TC1 plateaued at WS115 where it has been for several days, and for a run west on TC20 the index dipped $80,000 to just below $4.1m. West of Suez, Mediterranean/East LR2’s on TC15 shed 5% of its value dropping to $2.85m. LR1 In the MEG, LR1’s had yet another week of downward pressure. The TC5 index 55kt CPP AG/Japan was marked another 10.94 points down to WS125. By comparison, the index on a voyage west on TC8 remained flat around ...

Rates for shipping containers from east Asia and China to the US continued to fall after a lengthy strike was averted at US Gulf and East Coast ports and as peak season volumes have largely been pulled forward. The International Longshoremen’s Association (ILA) strike lasted just three days, and market analysts expect backlogs created by the work stoppage to be cleared up in two to three weeks, or even less at the Port of New York/New Jersey. Some ports extended gate hours to allow more time for containers to be ...

The United States expanded sanctions against Iran’s petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said. The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran’s economy with the aim of denying the government funds to support its nuclear and missile programs. “The new designations today also include measures against the ‘Ghost Fleet’ that carries Iran’s illicit oil to buyers around the world,” Jake Sullivan, the national security adviser, said ...

China’s seaborne crude imports fell from August’s year-to-date high to 9.7 mbd in September, as refiners turned to onshore crude inventories to sustain operations. Despite seasonally strong motor fuel demand during autumn, a slowing economy and tight clean fuel export quotas have weighed heavily on China’s crude throughput. Implied refinery runs in September were 15.3mbd, a 5% y-o-y decline. From January to September, China imported 4.2mbd of crude via the Strait of Hormuz, accounting for 43% of its seaborne crude. This includes about 1.35mbd of Iranian crude and condensate, a ...

For years, the international shipping industry has been criticized for making little progress in reducing the carbon-belching pollution released from the fuels that vessels use in moving most of the cargo that people use every day, such as food, cars and clothing. Now, the new head of the International Martime Organization, charged with regulating international shipping, is subtly calling out inaction and nudging companies to work harder. “What I’m finding is that there is more that can be done,” said Arsenio Dominguez, who gave a wide-ranging interview on the sidelines ...

In a recent speech, the leader of the Houthi rebel group in Yemen proudly announced his group’s tally over the past year: The Houthi group, which controls much of northern Yemen, targeted 193 ships passing their country and launched more than 1,000 missiles and drones at their enemies, including Israel, Abdul-Malik al-Houthi announced yesterday. All this was in support of the Hamas group in Gaza and Hezbollah in Lebanon, he said. Previously described as “a ragtag militia in sandals” or “farmers with guns,” the Houthi group has also launched ballistic ...