In the second week of April, the crude oil freight market maintained a relatively stable sentiment in the VLCC Ras Tanura segment, while indications of an upward trend emerged in the Aframax Mediterranean, accompanied by a decrease in vessel supply. April appears poised to challenge the sentiment in the VLCC freight market, as there are …
The West African Suezmax market saw a drastic increase in freight rates and activity levels on the day April 10, with shipbroker sources pointing to a firming US Gulf-UK/Continent route, a rush to fix cargoes for late-April laycans and a shorter supply of vessels in position to meet these dates. Nine Suezmax fixtures were reported …
WAF Suezmax market surges amid support from USG, tighter tonnage list Read More »
The recent International Maritime Organisation (IMO) Marine Environmental Protection Committee meeting, MEPC81, injected fresh momentum into the shipping’s decarbonisation efforts. While the meeting itself did not enact concrete measures, it served as a critical forum to assess member States’ commitment to the Revised GHG Strategy adopted in July 2023. The key takeaway is that the …
Drewry’s World Container Index decreased by 1% to $2,795 per 40ft container this week. Our detailed assessment for Thursday, 11 April 2024 The composite index decreased by 1% to $2,795 per 40ft container this week and has increased by 64% when compared with the same week last year. The latest Drewry WCI composite index of …
Drewry: World Container Index Down By 1% Last Week Read More »
Spot discounts for high sulphur fuel oil (HSFO) narrowed slightly on Friday, while very low sulphur fuel oil (VLSFO) retained downside risk. Singapore’s cash differential for 380-cst HSFO was pegged at a narrower discount of $1.85 a metric ton, with inter-month spreads recovering slightly. Meanwhile, spot VLSFO differentials remained below discounts of $1 a metric …
Asia Fuel Oil-HSFO discounts narrow slightly, while VLSFO remains weak Read More »
Ocean and Key Ports Update Situation in Baltimore In the early hours of 26 March 2024, a vessel collided with the Francis Scott Key bridge, resulting in damage to the structure. We can confirm that the container vessel “DALI”, is owned by Grace Ocean, and operated by Synergy Group. It is time chartered by Maersk …
Great Eastern Shipping Company took delivery of a 2010 built Medium Range product tanker Jag Priya of about 49,999 dwt. The Company had contracted to buy the vessel in Q4 FY24. Including this vessel, the Company’s current fleet stands at 43 vessels, comprising 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and …
Great Eastern Shipping Company expands fleet with acquisition of Jag Priya Read More »
The Coastal Sustainability Alliance (CSA), an industry collaborative effort led by Kuok Maritime Group (KMG), announced the commencement of shipbuilding of the first fully electric PXO tug (e-tug) and supply boat (e-supply boat) by PaxOcean Group. This marks a milestone in the collective industry effort to accelerate coastal decarbonisation, transition to a circular economy and strengthen marine supply chains. These …
Maritime company Seaview Corporate Inc., headquartered in Panama, has officially announced its expansion into the South American market by introducing its certification services. The company’s team recently convened with maritime stakeholders at Casa De Frances on the East Bank of Demerara to emphasize the importance of accreditation upon arrival at ports worldwide. Seaview Corporate Inc.’s …
Seaview Corporate Inc. Expands Maritime Certification Services into Guyana Read More »
Small and medium-sized companies could be increasingly pushed out of international trade by giant corporations if the rise of protectionist trade policies continues, according to Marc Levinson, a leading author, historian and economist who specialises in trade. He told the latest episode of The Freight Buyers’ Club podcast that the largest businesses have the economies …
Rise in protectionism will benefit forwarders and 3PLs as SMEs seek competitive support Read More »
