Baltic index snaps 7-session losing streak as larger vessel rates rise

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a seven-session losing streak on Friday, supported by gains in larger vessels. The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points to 1,167 points, but the index was down over …

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Cost-efficient strategies can significantly cut price of FuelEU Maritime compliance, according to DNV

According to a new DNV white paper outlining FuelEU Maritime requirements and compliance strategies for shipowners, compliance with the upcoming regulations will be expensive but applying certain strategies can significantly reduce the cost. Effective from 1 January 2025, the rules mandate stringent greenhouse gas (GHG) emission intensity requirements for ships over 5,000 gross tonnage (GT) …

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India-West Africa container freight rates rise amid strong flow of rice volumes

Container freight rates from the Indian subcontinent to West Africa have risen amid the movement of rice in large volumes over this route since mid-November, sources told S&P Global Commodity Insights. Sources added the stronger rates are likely to continue till January 2025 and may lead to a shift to bulk shipments from containers. “Container …

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A Chinese vessel has been hijacked off the Somali coast, officials say

A Chinese-owned fishing vessel with 18 crew members aboard was hijacked last week off the northeastern coast of Somalia, local authorities said Friday. An official in Xaafuun district in the semi-autonomous state of Puntland, where the vessel is being held, told journalists that the hijackers include the ship’s security guards, who later joined forces with …

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Wallenius Marine tests groundbreaking ship design for the world’s first wind-powered PCTC vessel

Wallenius Marine is conducting advanced wind tunnel tests aimed at realising the world’s first wind-powered PCTC (Pure Car and Truck Carrier) vessel. The tests are being carried out in Gothenburg, at one of Europe’s most advanced wind tunnels, with wind speeds of up to 250 km/h. As a leader in ship design and innovation, Wallenius …

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Nigeria: Maritime sector in dire need of innovative financing

The Director General of the Nigerian Maritime Administration and Safety Agency, (NIMASA), Dr. Dayo Mobereola, has declared that innovative financing models will serve as a catalyst for achieving sustainable development in the African Maritime industry. Mobereola, who stated this while speaking at the 7th Association of African Maritime Administrations (AAMA) conference in Dar es Salaam, …

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