The dry bulk fleet’s net growth this year, won’t surpass the 3% mark, marginally higher than 2022, but lower than both 2021 and 2020, maintain the favorable fundamentals picture of the past few years. In its latest weekly report, shipbroker Intermodal said that “as we approach the end of 2023, it becomes pertinent to examine the development in the supply of bulk carriers throughout the year. During the initial eleven months of 2023, the industry witnessed the commissioning of 416 bulk carriers, culminating in a total deadweight tonnage (DWT) of ...

The Baltic Exchange’s dry bulk sea freight index rose on Monday for the third consecutive session to its highest level in one-and-a-half years, steered by higher demand for larger shipping vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 157 points, or 7.5%, to 2,259, its highest since June 2022. The capesize index surged 434 points, or 12.8%, to 3,819, also climbing to a one-and-a-half year peak. Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ...

The shipping sector’s decarbonisation presents a considerable challenge. Maritime transport is a key enabler of global trade and contributes 2%-3% of total global greenhouse gas (GHG) emissions. If shipping were a country, it would be in the world’s top 10 emitters. The main source of emissions is the combustion of fossil fuels. The key to decarbonising the industry lies in alternative, low-carbon fuels. Vessel replacement and retrofitting to adapt to alternative and often more expensive fuels requires significant investments. Alternative fuels, such as methanol, hydrogen and ammonia, are technologically immature ...

Western Container Services, a storied family-owned shipping container depot based in Sydney, is proud to announce the newest addition to their team, Chris Divis, as they gear up for a promising 2024. Chris Divis, a name synonymous with excellence in the Sydney container industry, brings over 35 years of experience to Western Container Services. His journey began in 1985, and he has since been a pivotal figure in the industry, notably through his 20-year tenure at the helm of Sydney Sideloaders, a transport company serving many of Western’s current customers. ...

In the final quarter of the year, the outlook for seaborne reefer trade has weakened with cargo demand now expected to post a second consecutive year of decline. Meanwhile, transit restrictions on the drought-stricken Panama Canal are starting to impact vessel capacity serving exports of perishables out of the West Coast of South America. A convergence of factors, ranging from climate impacts on key fruit crops, to weak Chinese demand and geopolitical tensions, have dampened the short-term outlook, with total seaborne reefer cargoes for 2023 forecast to decline -0.5% YoY, ...

On November 19, Yemeni Houthis seized a Japanese-operated cargo ship in the Red Sea, with armed men jumping onto its deck from a helicopter before hoisting Palestinian and Yemeni flags. According to LSEG data, Galaxy Leader is owned by a company registered under Isle of Man-headquartered Ray Car Carriers, a unit of Tel Aviv-incorporated Ray Shipping, which belongs to Abraham Ungar, an Israeli businessperson. The Marine Traffic tracking site said the empty car carrier left Korfez in Turkey and was on its way to Pipavav in India when it went ...

China’s imports of thermal coal in November are poised to surge to the second-highest monthly total this year, helping drive prices higher for the grades most commonly sought by the world’s biggest buyer of the power station fuel. Thermal coal imports are expected to be around 29.21 million metric tons in November, up from October’s 24.62 million and second only to the 30.21 million in May, according to data compiled by commodity analysts Kpler. China’s imports are being driven by increased arrivals from Indonesia, the world’s largest exporter of thermal ...

South Korean shipbuilders are seeking overseas production bases through mergers and acquisitions to meet soaring demand across the world as they have secured works for the next five years. Hanwha Ocean Co., the country’s No.3 shipbuilder, decided to establish a holding company in the US to acquire shipyards in North America on Nov. 16. The company, formerly Daewoo Shipbuilding and Marine Engineering Co., set aside 420 billion won ($321.6 million) for manufacturing bases and stakes in other firms for its defense products when it raised 1.5 trillion won through a ...

Asia’s very low sulphur fuel oil (VLSFO) market weakened further on Monday, while China has issued an additional 3 million metric tons of fuel oil import quotas in 2023 for non-state firms. The additional quota takes the total for 2023 to 19.2 million tons, following the 16.2 million tons in non-state fuel oil import quotas issued at the start of the year. Meanwhile, fuel oil price benchmarks have started easing since the previous week. Singapore’s 0.5% VLSFO cash premium MFO05-SIN-DIF fell below $17 a metric ton on Monday, declining by ...

MAN Energy Solutions has announced that a dual-fuel version of its MAN 175D high-speed engine, capable of operating on methanol, will be available by the end of 2026. The new variant, designated MAN 175DF-M, will be available both as newbuild and retrofit variants. MAN Energy Solutions states that the 175DF-M will be optimised for diesel-mechanical and diesel-electric propulsion to achieve the largest methanol share and best efficiency for various applications and load profiles. In fact, the engine has already been awarded the ‘fuel ready’ certificate by DNV, guaranteeing the introduction ...

In an era of heightened cyber awareness by vessels, leading international satellite service operator IEC Telecom has introduced OptiShield, a comprehensive cybersecurity solution designed specifically for the maritime industry. Developed by IEC Telecom’s experts, OptiShield combines advanced cybersecurity software with a dedicated remote IT team to ensure state-of-the art protection for onboard networks. “To navigate safely in the digital ocean, having a toolkit is not enough,” explains Jalloul Ben Soussia, VP of Technology at IEC Telecom Group. “It is essential to have a qualified team to manage the software to ...

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of over 340 ports worldwide, representing over 80% of global volumes. The base point for the indices is January 2019 = 100. Drewry has developed a nowcasting model that uses vessel capacity and terminal duration data (derived from our proprietary AIS model) to make short-term predictions of port throughput. Drewry’s latest assessment – November 2023 The MoM rise in volumes in September 2023 across the majority of ...

Russia’s oil and products exports from the Novorossiisk Black Sea terminal have been severely restricted by bad weather that has caused significant delays to loadings, said two sources familiar with the port’s operations. The Black Sea region has been hit by heavy storms since Friday, disrupting logistics and damaging homes and infrastructure. “It’s a mess in the port. The terminal has opened several times for short periods, but no real progress in loadings was made,” one of the sources said. He added that some oil tankers have been waiting to ...

Energy and marine consultancy ABL has opened an office at Batam in Indonesia to support the significant offshore and maritime operations that take place on an off the island. The Batam office will be managed by ABL’s Indonesia’s head office, located in the capital of Jakarta. Day-to-day operations will be coordinated with the ABL Offshore Director in Singapore. In total, ABL Indonesia has over 25 specialist consultants in maritime and offshore oil and gas disciplines. The new office is located at Graha Pena Batam, 8th Floor Jln Raya Batam Center ...

Fugro is pleased to announce it has reached a binding agreement for the acquisition of the remaining shares in SEA-KIT International, a long-standing partner in the development of hi-tech uncrewed surface vessels (USVs) for low carbon emission maritime operations and research. For several years, Fugro and SEA-KIT have collaborated closely to push the boundaries of USV technology, achieving numerous breakthroughs and milestones along the way, including: Delivery of the first commercially available remotely operated USV and electric powered remotely operated vehicle (ROV) combi solution to the offshore asset inspection and ...