As March draws to a close, the crude freight market is witnessing a softening momentum in VLCC MEG-China rates, juxtaposed with continued weekly growth in demand tonne days. Notably, the Aframax cross Mediterranean rates have rebounded, spurred by an accelerated pace of growth in dirty tonne days since mid-March (refer to the image above). Reflecting …
Strong growth for Maersk ECO Delivery Ocean product in 2023. Over 200 customers saved more than 680,000 tons of GHG emissions. Retail, lifestyle, automotive and FMCG companies are the pioneers. Shippers are increasingly taking action to eliminate greenhouse gas (GHG) emissions from their logistics. The latest numbers of Maersk’s ECO Delivery Ocean product are a …
More and more shippers take action on seaborne GHG emissions Read More »
Clarkson Research’s six monthly outlook for the global shipping markets, Shipping Review & Outlook, has today been released and is available on Shipping Intelligence Network. Summarising the review, Steve Gordon, Managing Director of Clarksons Research commented: Shipping markets are experiencing an extended period of positive market conditions, with our cross-sector ClarkSea Index averaging $24,000/day in …
Drewry’s World Container Index decreased by 3% to $2,929 per 40ft container this week. Our detailed assessment for Thursday, 28 March 2024 The composite index decreased by 3% to $2,929 per 40ft container this week and has increased by 71% when compared with the same week last year. The latest Drewry WCI composite index of …
Drewry: World Container Index Down by 3% Last Week Read More »
Ocean carriers are declaring “force majeure” due to the Baltimore port bridge crisis, telling logistics companies and U.S. shippers including retailers that once cargo is dropped off at alternate ports, it becomes their responsibility to pick up. In an alert to customers Tuesday, CMA CGM wrote, “Those (containers) on the water will be discharged at …
Over the 13th week, the MABUX global bunker indices generally indicated a moderate decline. HSFO index saw a marginal increase of 0.9 USD, rising from 546.81 USD/MT to 547.71 USD/MT. Conversely, the VLSFO index decreased by 1.78 USD, settling at 689.92 USD/MT compared to 691.70 USD/MT the previous week, remaining below the 700 USD threshold. …
MABUX: Bunker Prices to Retain Moderate Downward Trend Next Week Read More »
The International Maritime Rescue Federation (IMRF) released its #FutureSAR Report as part of the organisation’s ongoing campaign to raise awareness of the impacts and effects of climate change on global maritime search and rescue (SAR) operations. You can access the full report here. The report marks the completion of the first phase of the IMRF …
In the early hours of March 26, the Singapore-flagged ship Dali, loaded with 5,000 containers, slammed into Baltimore’s Francis Scott Key Bridge, causing the 1.6-mile (2.5-kilometer) bridge to collapse in a matter of seconds. The Dali was departing for Colombo when the disaster struck. Initial fears were confirmed that half a dozen people lost their …
Will Baltimore bridge collapse hit global supply chains? Read More »
With several big shipping companies diverting their routes away from the Red Sea due to current conflicts, the delivery of shipping containers and consumer goods is taking longer than usual. As a result of the ongoing Israel-Hamas war, the Houthi group in Yemen – who is openly backing Hamas – has said it is attacking …
How The Red Sea Disruption Is Affecting Industry Read More »
Magaya, the leading provider of logistics and supply chain automation software, is committing an additional multimillion-dollar investment in 2024 allocated to fortifying its Digital Freight Platform. The added dollars speed the rollout of advanced features across its portfolio of products, including Magaya Supply Chain, Customs Compliance, Rate Management, CRM, and the Magaya Digital Freight Portal. …
