The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, posted a weekly decline on Friday as rates for the capesize segment fell for the week. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 10 points, or 0.5%, to 1,902. The index …
Baltic index posts weekly loss as capesize rates fall Read More »
Hot off the heels of the phased introduction of the EU Emission Trading Scheme for shipping, the industry is bracing itself for the impending impact of FuelEU Maritime. This new regulation, set to be enforced from January 1, 2025, mandates significant reductions in greenhouse gas (GHG) intensity. While the initial target of a 2% cut …
Drewry’s World Container Index inched up 1% to $5,937 per 40ft container this week. Our detailed assessment for Thursday, 18 July 2024 • The composite index inched up 1% to $5,937 per 40ft container this week and has increased 286% when compared with the same week last year. • The latest Drewry WCI composite index …
Drewry: World Container Index Now 286% Higher Than Last Year Read More »
This week’s chart underscores the decline in the growth of crude oil shipments to China from all origin countries during the second quarter of the year, with the monthly quantity in June recording an 8% drop compared to the same month in the previous year (left chart). This decline reflects a broader trend influenced by …
Key figures: • Gross revenue for ISU members – US$ 398 million (2022, US$ 241 million) • 184 services provided (2022, 149 services) • Lloyd’s Open Form (LOF) – 16 cases (2022, 26). LOF revenue down at US$ 29 million (2022, US$ 66 million) • Wreck removal income – US$ 193 million from 30 services …
International Salvage Union Publishes Salvage Industry Statistics for 2023 Read More »
The number of liquefied natural gas (LNG) tankers waiting to load at Freeport LNG in Texas has increased since the U.S. second largest exporter of the supercooled gas halted processing ahead of Hurricane Beryl’s landfall last week, according to shipping data on Thursday. Beryl made landfall on July 8 near Matagorda, on the Texas coast, …
Texas tanker bottleneck grows on slow Freeport LNG restart after Beryl Read More »
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced its intent to invest in Carnot Ltd. (President: Francis Lempp, based in the U.K., Note 1), a startup company that develops technology for highly efficient engines using heat-resistant materials. This project has been led by MOL(Europe Africa)LTD. Steel and aluminum engines require constant …
Singapore-flagged Hafnia Nile – an LR1 tanker carrying up to 55,000 mt naphtha – caught fire early morning July 19 following a collision with São Tomé and Príncipe-flagged tanker Ceres I in the South China Sea, its operator Hafnia told S&P Global Commodity Insights. The Maritime and Port Authority of Singapore (MPA) was alerted to …
Hafnia’s LR1 catches fire after collision in South China Sea Read More »
Independently held gasoline stocks in storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 5.3% in the week to Thursday, data from Dutch consultancy Insights Global showed. • Gasoline stocks stood at about 1 million metric tons, falling on higher exports to the United States and stronger demand in the ARA region and …
ARA gasoline stocks fall 5.3%, Insights Global data shows Read More »
On 19 July, at about 10.30 am (Singapore Time), the Maritime and Port Authority of Singapore (MPA) was informed by the vessel manager of Singapore- flagged container vessel LOBIVIA that the vessel had been struck by unidentified projectiles while transiting the Gulf of Aden. The resulting fire onboard has been extinguished by the crew. All …
