​Revised GHG reduction strategy for global shipping adopted

International Maritime Organization (IMO) adopts revised strategy to reduce greenhouse gas emissions from international shipping. Member States of the International Maritime Organization (IMO), meeting at the Marine Environment Protection Committee (MEPC 80), have adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, with enhanced targets to tackle harmful emissions. The revised IMO …

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VLCC tonne-miles from AG and West Africa to China exhibiting noticeable rise since May​​​

The first week of July ended with rates in the crude oil freight market coming under pressure, while weaker sentiment in clean tanker freight rates continued. Interestingly, Chinese oil demand is driving up tonne-mile volumes for VLCC routes between the Arabian Gulf (AG) and West Africa despite signs of a downward correction. VLCC tonne-miles from …

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Clarksons: Most Shipping Sectors Remain in Positive Territory After First Half of 2023

First half 2023 statistics for the international shipping industry have been released by Clarksons Research. Reviewing the data, Steve Gordon, Managing Director of Clarksons Research commented: Most shipping sectors remain in positive territory, despite an easing of overall conditions (our cross-segment ClarkSea Index averaged a healthy $24,119/day in 1H 2023, down 38% y-o-y but still …

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ICS Welcomes Historic Deal To Cut Shipping’s Greenhouse Gas Emissions

Industry re-asserts that a global levy on ship’s GHG emissions must now be adopted rapidly if the ambitious goals agreed are to remain plausible. Speaking at the close of the intensive two-week session of the UN International Maritime Organization (IMO) negotiations in London, Simon Bennett, International Chamber of Shipping (ICS) Deputy Secretary General, remarked: “ICS …

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Average Demurrage and Detention Charges Witness a 25% Dip Globally in 2023; 7 U.S. Ports Rank Highest

Average Demurrage and Detention charges register a year-on-year decline of 25% in 2023, with a significant 14% decrease compared to the rates in 2020, as found by Container xChange’s annual Demurrage and Detention Charges benchmark report 2023. However, there are still 11 ports where Demurrage and Detention fees remain higher as compared to 2020. These …

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Cleaner shipping gets £34 million boost with next round of innovative tech funding

Funding for the maritime sector to develop sustainable technologies that help connect people, goods and services in a cleaner, greener way. The maritime sector given greater support to deliver innovative solutions and new technology in the race to decarbonise the industry and grow the economy, as government commits £34 million of funding, part of the …

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