The product tanker market flows have changed considerably since the EU ban on Russian imports. In its latest weekly report, shipbroker Gibson said that “with the refined products price cap now in place for just over a month, the changes in trade flows as a result are stark. Many longer haul voyages are yet to be completed, but this only points to a clear trend of Russia being forced to divert cargoes to distant markets in order to maintain export volumes. Until February, Europe had remained Russia’s primary market for ...

Capesize A stronger week overall for the sector as the North Atlantic appeared active with more enquiry since the middle of the week. With fresh tonnage getting tighter the time charter trips for both fronthaul and Transatlantic runs had the biggest improvement amongst all routes, finishing the week at $16,639 and $29,344 respectively. The Pacific kept its steady pace as the West Australia to Qingdao run stepped up to $8.375, a peak so far this year and last seen before Christmas last year. Subsequently, the time charter average for the ...

A new era in Greek national maritime legislation is set to begin with the enactment of a new Code of Private Maritime Law (the “New Code”). The New Code, which comes into force on 1 May 2023, replaces the existing code which dates back to 1958. “The new aims at enhancing the legal certainty and transparency for transactions regarding the operation and legal status of ships and regulating modern forms of maritime activity that were previously overlooked.” THE NEW CODE’S OBJECTIVES The New Code’s provisions aim at: restoring coherence to ...

Demand for iron ore declined during 2022, bringing export volumes down in most major markets, Brazil included. In its latest weekly report, shipbroker Banchero Costa said that “2022 was a rather negative year for global iron ore trade, primarily due to weaker demand worldwide and supply issues in Brazil. In January-December 2022, global iron ore loadings declined by -2.3% y-o-y to 1,518.2 mln tonnes, excluding cabotage, from 1,554.4 mln t in 2021, according to vessels tracking data from Refinitiv. Volumes were almost at par with the 1,525.6 mln tonnes shipped ...

Data from Clarkson shows this niche area is outperforming the rest of the shipping market, with 38 newbuild PCTCs ordered in 2021 and 90 more in 2022. The rise rests on several factors: limited shipping capacity, an increase in trade of vehicles since late 2020, the quest for greener supply chain solutions, particularly from electric vehicle manufacturers, and demand to replace traditional-fuelled PCTCs with those that meet IMO’s environmental regulations. China dominates global PCTC construction, with over 85% of orders placed Most newbuild orders centre on eight Chinese shipyards: CSSC’s ...

In the Pan Ocean Co Ltd v. Daelim Corporation (DL Lilac) [2023] EWHC 391 (Comm) charterparty dispute, the arbitral tribunal found that the charterer was in breach of an implied obligation to have the holds re-inspected without delay after a failed inspection and they were not, therefore, entitled to claim the vessel was off-hire for any of the 12 days between the Master calling for reinspection and when the reinspection eventually took place. On appeal, the Court found that the tribunal should not have found that the vessel was immediately ...

China’s imports of Russian oil have been steadily growing, replacing Iranian crudes. In its latest weekly report, shipbroker Xclusiv said that “as the world economy is entering the second year of the Russian invasion in Ukraine, the US & EU place more and more sanctions against the Russian Economy. The sanctions have significantly affected the trade between EU and Russia as the European Union has imposed import and export restrictions on several products. Russia’s share in both EU imports and exports has dropped from 9.5% to 4.3% and from 4% ...

“Brazil’s soybean harvest is behind schedule due to heavy rain with exports down 31% y/y in the first two months of 2023. But despite the slow start, Brazil is headed for a record harvest and a sharp increase in exports during the coming months,” says Filipe Gouveia, Shipping Analyst at BIMCO. This year’s soybean harvest is expected to reach 152.9 million tonnes, 21.8% higher than in 2022, according to the National Supply Company (CONAB). As of 6 March, 44% of the planted area has been harvested, 9 percentage points lower ...

The Freightos Baltic Global index fell 12% to $1,946/FEU in February to a level last seen in August 2020, as rates decreased across most major tradelanes. This rate is 80% lower than a year ago, but still 31% higher than in 2019. After a stable January, Transpacific rates fell significantly to both coasts in February as congestion continued to ease on the East Coast and demand continued to decline. Asia – US West Coast rates fell 22% to $1,091/FEU. This price is 93% lower than last year, 33% lower than ...

Newbuilding activity has kept its momentum over the past week, while S&P deals seem to have dropped off. In its latest weekly report, shipbroker Allied Shipbroking said that “activity in the newbuilding sector remained on a similar level to the previous week, with deals concluded for around 15 new vessels. Dry bulk orders returned after two weeks of silence thanks to domestic orders placed with Chinese builder Nantong Xiangyu Shipbuilding. These orders are in-line with the preference for Ultramax vessels established throughout the first two months of year, in which ...

The 9th session of the IMO’s Sub-Committee on Ship Systems and Equipment (SSE 9) was held from 27 February to 3 March 2023. SSE 9 finalized the draft of new SOLAS requirements to minimize the incidence and consequences of fires on Ro-Ro passenger ships, and to require ventilation of totally enclosed lifeboats. The revision of the Code of Safety for Diving Systems to enhance the safety of divers in fixed and portable diving systems was completed, and the draft of the new interim guidelines on safe operation of onshore power ...

A new research report released on International Women’s Day shines a spotlight on the welfare needs of women working on cargo ships. The Seafarers’ Charity, a significant funder of maritime welfare services, is now calling on its funded charities to consider increasing their support for women working at sea – especially those working in the male-dominated cargo sector. The ‘Port-Based Welfare Needs of Women Seafarers’ by Professor Helen Sampson and Dr Iris Acejo at the Seafarers International Research Centre, Cardiff University was funded by The Seafarers’ Charity. The research reveals ...

Few sales have been completed in the ship recycling market this past week, despite the fact that there are more negotiations taking place. In its latest weekly report, shipbroker Allied Shipbroking said that “whilst there are certainly more units being talked around, actual concluded sales remain limited. Sentiment remains optimistic from both India and Bangladesh, the latter in particular, as their L/C issues ease further. Looking at the potential supply of tonnage, the container sector is certainly the area that we shall see more units (smaller feeder types mainly) arrive ...

IDTechEx has published a series of articles recently covering hydrogen- and ammonia-powered fuel cell (FC) demand in shipping. One of the most common responses to this has been – what about methanol? Indeed, methanol has garnered lots of interest, particularly since shipping giant Maersk ordered 19 methanol (combustion) ships, with deliveries beginning in 2025. This article evaluates methanol versus the alternatives and speculates on its potential future adoption in the marine industry. For more on IDTechEx’s granular outlook on fuel cell use in the maritime sector, see the new IDTechEx ...

Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, released its March Global Shipping Report for logistics and supply chain professionals. The report shows February 2023 U.S. container imports decreased significantly from January 2023 but remained aligned with pre-pandemic 2019 volumes. Despite the reduction, port transit delays increased for the top West, East and Gulf Coast ports. Chinese imports followed the downward trend along with the rest of the top countries of origin. COVID continues to be a factor from ports of origin and the West Coast ...