The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to an over 11-week high on Monday, propelled by stronger rates across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 41 points, or about 2.9%, at 1,465 – …
Strong vessel demand drives Baltic index to over 11-week high Read More »
The data indicators which became available over the past month all share a common trait. They show relatively modest changes compared to the previous months. Freight rates across the board continued to decline, albeit some more than others. However, the pace of the decline was mainly quite subdued compared to the sharp drops seen in …
Spot fuel oil premiums for high sulphur fuel oil (HSFO) declined on Monday, although a flurry of trades at the Singapore window kept the downside limited. The 180-cst HSFO cash differential dipped to $3.23 a tonne, while the 380-cst HSFO cash differential (FO380-SIN-DIF) fell to $7.35 a tonne. In physical markets, PetroChina and P66 continued …
HSFO cash premiums retreat, Hi-5 spread may widen Read More »
A new emissions index has been developed by independent shipping platform SHIPNEXT, in a bid to address widely-held industry concerns about the International Maritime Organization’s (IMO) emissions reduction measures. According to Alexander Varvarenko, the Belgium-based shipping and tech entrepreneur, cargo is at the heart of the new SHIPNEXT emissions index, which has been designed for …
Cargo is key to fair emissions calculations, says SHIPNEXT CEO Read More »
Traders, producers, investors and governments are racing to secure software solutions that can offer real-time visibility and facts amid a continuing Russia-Ukraine war and the post-Covid resurgence of China in commodity markets. Vessel tracking – and the next generation cargo tracking services that have grown from it – are now being paired with analytics and …
Saudi state-owned oil and gas player Aramco has posted its highest annual profit ever as a listed company, totalling $161.1 billion, amid high energy demand, tight supply and elevated oil and gas prices while the firm’s progress in low-carbon solutions and technologies serves as the cherry on top of a bumper year for this energy giant, …
The world’s largest container shipping company MSC is delivering on its promise to inject massive vessel capacity into its fleet this year. Image credit Yangzijiang Shipbuilding group Namely, the Swiss-based container shipping giant has welcomed into the fleet another giant 24,000 TEU vessel, MSC Irina, which was built by Jiangsu Yangzi Xinfu Shipbuilding Co. With …
MSC shatters records with delivery of 24,346 TEU MSC Irina Read More »
Haugesund Knutsen, the first small-scale LNG bunkering vessel built in Spain, has completed its first LNG bunkering operation. Courtesy of Knutsen Group The ship-to-ship LNG bunkering operation took place on 13 March at the port of Barcelona where Haugesund Knutsen delivered LNG to Costa Smeralda cruise ship owned by Italian cruise line Costa Cruises, according …
Newbuild Haugesund Knutsen completes its first LNG bunkering operation Read More »
Korean shipbuilding giant, Korea Shipbuilding & Offshore Engineering (KSOE), has unveiled the design of a small modular reactor (SMR)-powered ship, Business Korea reports. Image only for illustration purposes; Image courtesy: Core Power This marks the first time a Korean company has revealed such a detailed design concept for an SMR-powered vessel as nuclear power emerges …
Report: KSOE reveals design of SMR-powered vessel Read More »
Following the publishing of an investigation report, which looked into a fatality aboard a drillship during well operations in the Gulf of Mexico, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) has outlined that the lack of training with a hydraulic torque wrench (HTW) contributed to the fatality. Pacific Khamsin drillship; Source: Equinor In a safety …
