Iron ore imports from the EU have been on the decline, with 2023 proving to be no exception. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been so far a positive year for global iron ore trade. In Jan-Oct 2023, global loadings of iron ore increased by +5.1% y-o-y to 1,343.8 mln tonnes, from 1,278.9 in the same period of 2022, based on AXS Marine vessel tracking data. It is also just above the 1,320.1 mln tonnes loaded in Jan-Oct 2021, which was the last all-time ...

In the last week of November, the crude oil freight market showed continued weakness in sentiment, although earlier expectations pointed to a recovery in the very large crude carrier (VLCC) segment. At present, the market appears to be struggling to find a balance between the availability of ships and the still erratic growth in demand. With the ongoing winter season in December, there is optimism that momentum will pick up and concerns about tight supply have gradually eased. In particular, the inflow of Saudi Arabian crude oil to various destinations ...

The Court has recently decided “an old chestnut”, namely which version of the York-Antwerp Rules (YAR) applies pursuant to clause (3) of the standard Congenbill 1994 form. This has been debated for years. The Court held that the general average (GA) adjustment in this case should be conducted under YAR 2016, not YAR 1994. In Star Axe I LLC -v- Royal and Sun Alliance Luxembourg S.A. & Others (Star Antares) [2023] EWHC 2784, between September 30, 2021 and October 4, 2021, the Claimant carrier issued seven bills of lading on ...

The panamax market has been on a rally over the past few days. In its latest weekly report, shipbroker Xclusiv said that “on Friday 17th November 2023, BPI hit 1,874 points and the weighted average of the 5 T/C routes reached USD 16,868. The Panamax index hasn’t seen these levels since 27th October 2022, when the index stood at 1,900 points. The BPI has increased about 30% the last 10 days in order to reach almost a 11 months high. The route Skaw-Gibraltar Transantlantic round voyage, has significantly boosted the ...

When managing freight, diversity is a characteristic that businesses should look to instil in their supply chains. Freight diversification is a strategy that shippers use that involves multiple modes of transportation, carriers and routes to get their goods from origin to destination. In supply chain management, this strategy is deployed to reduce risk and avoid overextension in one aspect of the supply chain. Diversifying your freight options means that even when one mode or carrier in your supply chain has been disrupted, other goods are still able to move despite ...

In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electricity produced using renewable energy rose. Also slowed economic activity and high energy prices affected electricity demand. Between January and August, electricity production in advanced economies fell by 4% y/y, according to data from the International Energy Agency. In 2023, measures against high inflation slowed economic growth in advanced economies. The International Monetary Fund estimates GDP in advanced economies will grow by only 1.5% in ...

More newbuilding orders were submitted last week, as owners are eager to book more berths, ahead of a capacity overflow among major yards. In its latest weekly report, shipbroker Allied said that it was “another fairly busy week for contracting, with a good number of orders outside of the bulker and tanker sectors in contrast with the week prior. In the dry bulk sector, Wisdom Marine continues to invest in Handysize vessels and now has around 10 vessels on order. On the tanker side, buying appetite was focused on the ...

During the fourth week of November, larger ship categories maintained their stability from preceding days. Notably, the Panamax vessel size exhibited noteworthy gains. Meanwhile, the uncertainty surrounding a stronger momentum for the Capesize segment appeared to have diminished, showing signs of an upturn. Of particular interest is the observation that the surge in demand tonne days for Capesize vessels, noted since mid-October, played a pivotal role in creating a more robust freight environment. This, in turn, contributes to a more optimistic outlook as we approach the end of the month. ...

In the vast expanse of the world’s oceans, a transformation is underway. The international shipping sector, made up of thousands of massive cargo ships laden with many of the goods we buy, emits carbon dioxide (CO₂) roughly equivalent to the entire country of Germany. Our research emphasises the need for immediate action. Reducing shipping emissions by 34% by 2030 is necessary to stay on course with the Paris Agreement’s 1.5°C goal. But with low-carbon fuel pipelines unlikely to be available at the necessary scale until at least the 2030s, how ...

The ship recycling market has experienced slow activity as the Diwali festivities took over. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “this week, the recycling market remained fairly inactive as the Diwali festivities were in full swing. There does however seem to be some spring in sentiment from the recycling yards following the continued shortage of supply of tonnage which is resulting in improved indications. The Indian recyclers continue to lead the way in pricing, but it will be interesting to see how the domestic steel ...

To state the obvious: Ships, being large and slow, are extremely energy efficient at carrying cargo when compared to trucks, trains and aircrafts. Therefore, comparing different modes of transportation, shipping is the most environmentally friendly. Still, progress made in the shipping industry, as one of the biggest emitting industries of greenhouse gases, can have a major impact on global emission level. Over the past decade we have seen large changes to the ship financing landscape towards greener projects. The most obvious green financiers are the Poseidon Principles banks, the initiative ...

Container xChange, a leading authority in the shipping industry, released its second annual “2023 Shipping Industry Trends and Future of Shipping in 2024” report. The report gives an analysis of the key impacts that shaped the container shipping industry in 2023 and provides predictions and scenarios for 2024 with an aim to equip the industry to plan ahead in time for a ‘grumpy’ 2024. Overall, the report indicates high probability of market recovery failure in 2024. The industry surveys conducted with the supply chain professionals globally indicates that in 2024, ...

Shipping is about to enter a new period of structural reforms, as a result of the implementation of the EU ETS across the industry, starting next year. In its latest weekly report, shipbroker Intermodal said that “as 2024 approaches, the maritime industry is poised for a significant transformation with the integration of the European Union’s Emission Trading System (EU ETS). This change represents more than a regulatory update; it redefines industry standards. The EU ETS, with its plan to release about 80 million Emission Unit Allowances (EUAs) into the market, ...

The International Chamber of Shipping (ICS), which represents over 80% of the world’s merchant fleet, and the International Bunker Industry Association (IBIA), which represents the global bunker industry, have submitted a joint proposal to the shipping industry’s global regulator – the UN International Maritime Organization (IMO) – for a Global GHG (greenhouse gas) Fuel Standard. Following the agreement in July 2023 by IMO Member States of a net zero GHG emission target for shipping, and that a new suite of GHG reduction regulations should be adopted in 2025, ICS and ...

Salaries are rising by at least 10% as the crew employment market tips in the favour of seafarers, reveals Danica Crewing Specialists as it announces the findings of its 2023 Seafarers’ Survey. Across senior officer ranks salaries have increased some 10-15%, regardless of nationality, the Danica survey shows, compared to its 2021 results. Salary figures are particularly strong for the top four ranks on dry cargo vessels. The wage gap is narrowing between Filipino and Eastern European officers, while Indian senior officers on dry cargo vessels are receiving salaries 10% ...