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. …
Drewry’s World Container Index decreased by 6% to $1,384 per 40ft container this week. Our detailed assessment for Thursday, 23 November 2023 The composite index decreased by 6% to $1,384 this week and has dropped by 42% when compared with the same week last year. The latest Drewry WCI composite index of $1,384 per 40-foot …
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 …
Three major Greek shipping firms have stopped transporting Russian oil in recent weeks in order to avoid U.S. sanctions now being imposed on some shipping firms carrying Russian oil, four traders told Reuters and shipping data showed. The development is a blow to Russia as it narrows the number of shipping firms that are ready …
Greek shippers exit Russian oil trade as U.S. tightens price cap scrutiny Read More »
Summary The fright revenues in the third quarter were NOK 176 million, which is a decrease from a strong second quarter and lower than the corresponding quarter last year after one ship was sold out of the fleet in January this year. Three vessels are sold in the fourth quarter. In the third quarter, the …
Havila Shipping ASA: Third quarter 2023 accounts Read More »
Refining margins for fuel oil posted a weekly fall in Asia after soaring the previous week, as the market had by now priced in a tighter supply outlook, while inventories at key trading hubs climbed this week. The crack for very low sulphur fuel oil (VLSFO) closed at a premium of $13.23 a barrel on …
Asia Fuel Oil-Margins retreat after last week’s rally Read More »
The IMO Assembly will meet for its 33rd session from 27 November – 6 December 2023 and will be preceded by the IMO Council 130th session, 21-24 November 2023. The Assembly is open to all 175 IMO Member States and three Associate Members. It will also be attended by observers from intergovernmental and non-governmental organizations. …
Preview: IMO Assembly, 33rd session, 27 November – 6 December 2023 Read More »
Ms. Despina Panayiotou Theodosiou (Cyprus), former President of the Women’s International Shipping and Trading Association (WISTA International), has been selected as the recipient of the first-ever IMO Gender Equality Award. The IMO Council, at its 130th session (C 130, 21-24 November), endorsed the decision of the Assessment Panel, which decided to recommend Ms. Despina Panayiotou …
IMO Gender Equality Award to go to Despina Panayiotou Theodosiou Read More »
Following a partnership between Dealfeng New Energy Technology and Haiyue in October 2022, the installation of a one set of 4m x 16m Dealfeng Rotor Sails on a 5,000-ton class product oil tanker has been completed. The vessel will be delivered in early 2024. The delivery of the rotor sails took three months following the …
Dealfeng® Rotor Sail installation completed on oil tanker Read More »
Combining Danelec’s onboard data capturing ship performance capabilities with the strong AI-based analytics platform of New York-based maritime technology company Nautilus Labs, Danelec will be able to offer a comprehensive turn-key solution to accelerate the maritime industry’s transition to high-quality, high-frequency data both supporting and accelerating the green agenda. Copenhagen-based Danelec, the technology provider specializing …
