The Baltic Exchange’s dry bulk sea freight index gained on Friday to squeeze out a second weekly increase, as higher rates for smaller vessels countered weakness in the capesize segment. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 19 points, or 1.3%, to 1,518. It rose 1% …
Baltic index ekes out weekly gain as smaller vessel rates rise Read More »
The dry freight market in the third week of January continued to exhibit a persistent weakening trend in the Capesize segment. Concurrently, there was a notable surge in the number of ballasters in the Southeast Africa region as we approach the month’s end. Analysing the demand side and the growth in tonne days reveals a …
According to Jan Hoffmann, Chief of Trade Logistics at UNCTAD, the attacks are not only adding to geopolitical tensions but also raising costs and leading to increased greenhouse gases (GHG) emissions. “Maritime transport is really the lifeline of global trade,” he said, speaking to journalists at UN Headquarters in New York via video link from …
UNCTAD: The Red Sea shipping crisis is having a ‘dramatic’ impact, warns logistics chief Read More »
With commitments made at the 2023 COP28 Climate Change Conference in Dubai to triple renewable energy production and the surging popularity of electric vehicles, the demand for minerals such as cobalt, copper, lithium, nickel, and rare earths has skyrocketed. Over the past two decades, the trade in unprocessed critical minerals has experienced an unprecedented surge, …
With no end in sight for the Red Sea crisis, detours around Africa’s Cape of Good Hope are soaking up even more vessel capacity and pushing up spot rates across multiple shipping segments. Freight fallout began with container ships. It is now significantly impacting product tankers — the vessels that transport gasoline, diesel, jet fuel, …
Shipping fallout from Red Sea crisis spreads to product tankers Read More »
More than a dozen tankers loaded with 10 million barrels of Russia’s Sokol grade crude oil have been stranded off the coast of South Korea for weeks, so far unsold due to U.S. sanctions and payment issues, according to two traders and ship tracking data. The volumes, equating to 1.3 million metric tons, represent more …
Russia struggles to sell Pacific oil, 14 tankers stuck – sources, data Read More »
Drewry’s World Container Index increased by 5% to $3,964 per 40ft container this week. Our detailed assessment for Thursday, 25 January 2024 The composite index increased by 5% to $3,964 per 40ft container this week and has increased by 94% when compared with the same week last year. The latest Drewry WCI composite index of …
The leading maritime event, ShipTek 2024, concluded after two days of engaging discussions and honors recognizing organizations and professionals propelling the industry forward. The prestigious conference held from January 24-25, 2024 at JW Marriott Hotel, Marina brought together industry executives, policymakers, and experts to initiate thought-provoking discussions on the future of the maritime industry. H.E …
Refining cracks for very low sulphur fuel oil (VLSFO) climbed to a two-month high in Asia on Friday, supported by expectations of strong global bunkering demand. Singapore’s February VLSFO crack rose to a premium of $15.04 a barrel at Friday’s Asia close (0830 GMT), based on LSEG data. LFO05SGDUBCMc1 The margin was higher by nearly …
Asia Fuel Oil-VLSFO refining cracks rise to two-month high Read More »
Tanker owner Hafnia and trader Mercuria are teaming up to operate panamax tankers in a new pool. The Hafnia Panamax Pool will commercially run 10 vessels from the companies’ US, European and Asian offices. “In a joint effort, Hafnia and Mercuria are setting out to service the industry by initially committing 10 vessels with an …
Hafnia links up with major trader Mercuria to form new panamax tanker pool Read More »
