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Global oil tanker rates jolt higher on high fuel prices, risk premiums

Oil tanker rates are soaring globally as traders scramble to cope with jitters over possible disruption in Russian supplies, as well as war risk premiums for ships plying the Mediterranean region following Moscow’s invasion of Ukraine. Shipowners are also grappling with higher fuel costs after oil prices soared nearly $2 per barrel on Friday, with …

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Tanker market faces crunch time

However it’s sliced, at best the oil market faces a mid-cycle slowdown and at worst an end-cycle recession. That was the sobering message from John Kemp, senior market analyst at Reuters, speaking at the Baltic Exchange Tanker Market Insights Webinar as part of International Energy Week. Laying out the evidence to attendees, Kemp said that …

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More commercial ships utilize wind technologies to cut emissions

Ship watchers in ports around the world are beginning to wonder: What are those funny-looking structures on the deck of some vessels? Tall columns looking like over-dimensioned funnels, or appendages reminiscent of airplane wings? They are looking at modern sails – innovative designs using the latest scientific findings to propel ships. A surprising number and …

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Asia VLSFO supply set to remain tight despite China hiking export quotas

China’s higher export quotas are likely to have little impact on tight regional availability of low sulfur fuel oil as high gas prices raise the cost of production and other factors offset the expected incremental output increase in China, industry sources told S&P Global Platts. LNG prices surged in 2021 from the year before, with …

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Baltic index dips as larger vessel rates fall

The Baltic Exchange’s dry bulk sea freight index extended losses on Friday, weighed down by lower rates for capesize and panamax vessels as markets assessed the impact of the Ukraine crisis. The overall index, which factors in rates for capesize, panamax and supramax vessels, slipped 111 points to 2,076, but gained 5.7% for the week. …

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Drewry: World Container Index Rises 1.1% This Week

Drewry’s composite World Container Index increased by 1.1% to $9,477.46 per 40ft container this week. Our detailed assessment for Thursday, 24 February 2022 • The composite index increased by 1.1% this week, and, remains 81% higher than a year ago. • The average composite index of the WCI, assessed by Drewry for year-to-date, is $9,458 …

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Russia-Ukraine crisis: Exporters fear fresh spike in shipping costs

Russia’s military action in Ukraine has threatened to further drive up the already-elevated global shipping costs and exacerbate supply-side challenges, exporters told FE. If the conflict lingers on, it can potentially jeopardise prospects of international trade and slow down the pace of India’s export growth, unless the government steps in to soften the blow, some …

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US residual fuel, bunker markets jump as Russia invades Ukraine

US physical dirty products markets jumped Feb. 24, following Russia’s military invasion of Ukraine. While some markets came off from highs earlier in the day as crude prices fell at the close, retail bunker prices held firm on supply uncertainties. US Gulf Coast high sulfur fuel oil and USGC marine fuel 0.5%S briefly touched their …

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Ukrainian & Russian Hostilities – Charterparty and Cover Issues

Owner members whose vessels are ordered, or charterer members who order vessels, to proceed to load or discharge at Ukrainian and / or Russian Black Sea ports should consider the English law charterparty and cover issues outlined below as the situation in the area develops. 1. War Risks It is common practice to include war …

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CMA CGM Launches Global Biofuel Bunkering Trial in Singapore

The CMA CGM Group, a world leader in shipping and logistics, with the support of the Maritime and Port Authority of Singapore (MPA), started biofuel bunkering in Singapore as part of its global trial to scale-up the wider adoption of the clean energy. Its 10,640-TEU vessel, APL PARIS, was the first of the Group’s vessels …

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