Tanker ordering levels have increased during the first few months of 2024. So far this year, 104 Tankers have been added to the global orderbook, up from 79 for the same period last year, representing a year-on-year increase of c.32%. Values for Tanker newbuildings have also increased across all subsectors. LR2s of 115,000 DWT show …
Market participants in the East Coast South America region maintained a slightly bearish tone for the Atlantic Panamax dry bulk market amid concerns on deteriorating fundamentals, citing an oversupply of ships despite a healthy cargo book extending through May. The ECSA region is a crucial support pillar within the Atlantic Panamax dry bulk market during …
Atlantic Dry Bulk Market Strength Likely To Wane In May On Higher Tonnage Concerns Read More »
A shortage of OSV vessels is a catalyst for significant digital transformation within the industry. Many OSV vessels were decommissioned or withdrawn during the pandemic, and with markets now recovering, this is leading to a scarcity that has resulted in higher day rates, with higher costs exacerbated by fuel costs that are also on the …
How the OSV shortage is sparking a digital transformation Read More »
Ocean freight container carriers are treading a fine line between risk and reward during new contract negotiations as the market remains gripped by uncertainty in the Red Sea, according to new data on the Xeneta Shipping Index (XSI®). The latest data released by Xeneta today, Thursday, shows the Global XSI® (the average rate of all …
Drewry’s World Container Index increased 1% to $2,725 per 40ft container this week. Our detailed assessment for Thursday, 02 May 2024 The composite index increased 1% to $2,725 per 40ft container this week and has increased by 55% when compared with the same week last year. The latest Drewry WCI composite index of $2,725 per …
During the 18th week, the MABUX global bunker indices showed sideways movement without a sustained trend. The 380 HSFO index rose by 7.20 USD, climbing from 550.35 USD/MT last week to 557.55 USD/MT. Conversely, the VLSFO index continued to decline: minus 6.51 USD (681.25 USD/MT versus 687.76 USD/MT last week). The MGO index fell by …
MABUX: Bunker Price Volatility Will Remain Next Week Read More »
Sunil Krishnakumar, Senior Technical Manager at the International Chamber of Shipping, provides his key insights on the newly released Engine Room Procedures Guide, Second Edition, by ICS. The shipping industry has embarked on a transformative journey, actively working towards a sustainable future and a safer environment. With a strong commitment to reducing greenhouse gas emissions, …
Shaping a safer and sustainable future for shipping Read More »
Commodity trading house Trafigura has ordered four medium gas carrier ships that can be powered by ammonia to cut shipping emissions, with the first vessel to be delivered in 2027, the company said in a statement. By 2030, Trafigura aims to cut the carbon intensity of its shipping fleet by 25%. The newbuild vessels will …
Trafigura orders four ammonia-powered ships, first one to come in 2027 Read More »
As climate change intensifies, I’ve noticed a notable increase in extreme weather events hampering critical shipping routes and waterways from the Rhine to the Mississippi. From prolonged droughts to unprecedented floods, these incidents are no longer a rare occurrence, but part of a longer-term and more severe pattern that will undoubtedly impact the maritime industry …
In what could prove to be bad news for Indian exporters, Yemen’s Iranian-backed Houthis are extending their attacks on merchant shipping hundreds of miles out into the wider Indian Ocean, with international maritime experts reportedly warning of a new round of threats from Yemen after the Houthis conducted a drone strike against a container vessel …
Houthis may strike more ships beyond Red Sea: Bad news for exports? Read More »
