March 2022

A force majeure to be reckoned with

Sanctions cause payment confusion This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercise of a force majeure provision in a contract of affreightment in response to the charterer’s difficulties paying freight in US dollars (the contractual currency of payment) due to the impact of US …

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Ukraine crisis creates geopolitical turmoil, clouding VLGC market in 2022: BW LPG

The geopolitical turmoil from Ukraine crisis has clouded the VLGC market in 2022, even as the market was starting to see improvement following disruption from volatile LPG freight and new coronavirus variants, BW LPG, a unit of shipping major BW Group, said in a report. Near-term rate volatility could be triggered by bunker-price shocks, changing …

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Drewry’s composite World Container Index decreased by 3.8% to $8,832.23 per 40ft container this week

The composite index decreased by 3.8% this week, but, remains 79% higher than a year ago. The average composite index of the WCI, assessed by Drewry for year-to-date, is $9,360 per 40ft container, which is $6,231 higher than the five-year average of $3,129 per 40ft container. Drewry’s World Container Index composite index decreased by 3.8% …

Drewry’s composite World Container Index decreased by 3.8% to $8,832.23 per 40ft container this week Read More »

MOL to Participate in ‘J Blue Credit’ Carbon Offset for Supporting Restoration and Conservation of Seagrass Meadow- Offsetting CO2 Emissions from Repositioning World’s 1st EV Tanker

Mitsui O.S.K. Lines, Ltd. announced that it will participate in the carbon offset (Note 1) by using “J Blue Credit” (Note 2), which utilizes the blue carbon (Note 3), issued by Japan Blue Economy Association (JBE) (Note 4), an association approved by Ministry of Land, Infrastructure, Transport and Tourism. The “J Blue Credit” targets blue …

MOL to Participate in ‘J Blue Credit’ Carbon Offset for Supporting Restoration and Conservation of Seagrass Meadow- Offsetting CO2 Emissions from Repositioning World’s 1st EV Tanker Read More »

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