The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Thursday, supported by higher capesize rates. The index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 3 points to 969 points. The capesize index was up 64 points at 1,164 points. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $530 to $9,653. Dalian iron ore futures prices snapped a four-day losing streak, aided by China’s ...

This week’s highlight delves into the evolving dynamics of Capesize ballasters in the South Atlantic and the evolution of iron ore shipments to China from Australia, Brazil, Guinea and South Africa. The start of the year confirms a challenging freight market environment for the Capesize iron ore sector, with a notable spike in the vessel count of South Atlantic ballasters and C3 market rates plummeting to new lows ahead of the Chinese New Year. This sharp market downturn has cast a gloomy outlook for the first quarter, though it remains ...

To achieve net zero greenhouse gas (GHG) emissions from international shipping by 2050, the International Chamber of Shipping (ICS) has joined 47 governments in a joint submission to the final round of negotiations at the United Nations’ International Maritime Organization (IMO) to adopt a maritime greenhouse gas (GHG) emissions pricing mechanism for international shipping. The joint text is supported by major shipping nations such as Greece, Japan, Korea and the United Kingdom, the world’s largest flag States including Bahamas, Liberia, Marshall Islands and Panama, all EU States (and the European Commission), other ...

Strikes at ports on the US East Coast and Gulf Coast, which would have caused an economic and supply chain crisis, have been called off – with ocean container freight rate growth now expected to slow or fall. The strikes were set to begin on 15 January and would have forced the closure of ports from Maine to Texas. This has now been averted after a tentative agreement over a new six-year master contract was reached between the International Longshoremen’s Association (ILA), which represents port workers, and the US Maritime ...

The global bunker market ended 2024 in a state of relative stability. In the first half of the year, multidirectional fluctuations were observed across indices, with moderate increases in 380 HSFO and VLSFO prices and a slight decline in MGO LS quotes. In the second half, the amplitude of these fluctuations significantly decreased. From September onward, trends for all three types of bunker fuel stabilized at their respective levels. By year-end, the 380 HSFO Index remained virtually unchanged, rising by just USD 1.96, while the VLSFO Index and MGO LS ...

Leading figures across the dry bulk shipping sector have joined in paying tribute to Dimitri Fafalios, who concluded his chairmanship of the International Association of Dry Cargo Shipowners (INTERCARGO) on 31 December 2024 after six years of distinguished leadership. Industry leaders have praised Mr Fafalios’s pivotal role in strengthening international shipping standards during a period of unprecedented change, noting his success in expanding INTERCARGO’s influence whilst advancing crucial safety and sustainability initiatives. Under his stewardship, INTERCARGO’s membership reached historic levels, with approximately 260 companies across 30 countries now representing more ...

Asia’s spot premium for high sulphur fuel oil (HSFO) softened for a fifth consecutive session on Thursday, while onshore residue stocks at Singapore held high. Cash premiums for spot 380-cst HSFO fell to $3.55 per metric ton, with a lower-priced trade emerging for the product, although inter-month spreads rebounded from the previous session. In contrast, the very low sulphur fuel oil (VLSFO) market firmed slightly, but the uptick was capped due to largely bearish fundamentals. Inventories have been holding above typical averages for a fourth straight week, official data showed ...

North America Bunker fuel availability in Houston remains tight across all grades, according to a source. High winds over the last few days have created some backlogs by delaying bunker deliveries in the port. Deliveries can remain suspended due to high wind gusts until 10 January, a source said. Suppliers generally require lead times of 7-9 days for VLSFO and LSMGO deliveries in Houston, while HSFO could take more than nine days. Dense fog and reduced visibility around the Galveston Offshore Lightering Area (GOLA) have disrupted bunker deliveries. “Prolonged delays ...

Container, RORO (vehicle) and livestock movements through Qatar’s ports saw brisk growth during 2024 as Hamad Port emerged as a key transshipment hub in the region, according to official data. The positive yearly trajectory in vital parameters of maritime sector comes amidst the country’s growing international trade to support its strong economic growth, especially in the non-energy private sector. As many as 2,803 ships had called on Qatar’s three ports during 2024, which showed rose 1.28% over the previous year. The maximum number of ships berthed was in December and ...

At least three sanctioned Very Large Crude Carriers are likely to shut down their engines while en route to carry around 830,000 mt (6.08 million barrels) of Iranian crude oil to Shandong province in eastern China, as they have been blacklisted by the Shandong Port Group, sources close to the matter said Jan. 8. The vessels in question are the Salvia, the Bendigo and the Carnatic, which were previously known as Hasna, Hilda I and Seastar III when they were added to the sanctions list in 2023, the sources said. ...

NAPA, a leading provider of maritime software and data services, has today signed a Memorandum of Understanding (MoU) with Ahti Climate, a pioneer in FuelEU Maritime pooling services that has more than 250 vessels under management. The partnership will provide NAPA’s existing and future customers with integrated access to Ahti Pool, a simple and cost-effective solution for achieving FuelEU Maritime compliance. Under the MoU, NAPA’s digital solutions will be enhanced with Ahti Pool’s active pool management services, enabling NAPA customers to access their pool balance directly through the NAPA Fleet ...

Fleet Management Limited (“Fleet” or the “Company”), a part of The Caravel Group Limited (“Caravel” or the “Group”), announces the opening of a new office in Athens, Greece, as well as a strategic leadership appointment to strengthen client engagement in Japan. Captain Rajalingam (‘Raja’) Subramaniam formally assumed the role of Chief Executive Officer on January 1, 2025. He said: “This announcement demonstrates our intent to sustain and grow our presence in key regions and segments. Coupled with our ambitions to uphold excellent client partnership, in their location, their language. Our ...

Panama reiterated on Tuesday that the sovereignty of its eponymous ship canal was not up for discussion after US President-elect Donald Trump refused to rule out military action to regain control. “The sovereignty of our canal is not negotiable and is part of our history of struggle,” Foreign Minister Javier Martinez-Acha said, adding that President Jose Raul Mulino had made his stance clear. Trump made the remarks during a rambling news conference held at his home in southern Florida, which was supposed to be about Emirati investment in US technology. ...

Samsung Heavy Industries (SHI) has contracted TMC Compressors (TMC) to deliver a complete marine compressed air system to 15 LNG vessels the South Korean shipbuilder is constructing for an undisclosed LNG shipping major. TMC’s scope of supply consists of a complete marine compressed air system, including control and service air compressors, to each of the 15 vessels, which will be chartered by a national energy company. “Our marine compressors are designed with energy efficiency and ease of maintenance in mind. The vessel crew can easily maintain the compressors themselves, even ...

The union representing 45,000 dock workers on the U.S. East and Gulf Coasts and their employers on Wednesday said they reached a tentative deal on a new six-year contract, averting further strikes that could have snarled supply chains and taken a toll on the U.S. economy. The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) employer group, in a joint statement, called the agreement a “win-win.” The deal includes a resolution in automation, which had been the thorniest issue of on the table. “This agreement protects current ...