The Baltic Exchange’s main sea freight index climbed on Friday to post its best weekly gain since mid-February thanks to higher demand for capesize vessels. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 38 points, or 1.4%, to 2,788, its highest since September 2010. The …
Baltic index books biggest weekly gain since mid-February Read More »
When the Ever Given megaship blocked traffic in the Suez Canal for almost a week in March, it triggered a new surge in container spot freight rates, which had finally started to settle from the all-time highs reached during the COVID-19 pandemic. Shipping rates are a major component of trade costs, so the new hike …
Shipping during COVID-19: Why container freight rates have surged Read More »
The composite index inched up 0.2% or $8 this week, and also, remains 226.7% higher than a year ago. The average composite index of the WCI, assessed by Drewry for year-to-date, is $5,096 per 40ft container, which is $3,292 higher than the five-year average of $1,804 per 40ft container. Drewry’s composite World Container index inched …
Drewry: World Container Index 0.2% on Week and 226.7% Year-on-Year Read More »
Experts at this week’s Baltic Freight and Commodity Dry Bulk Forum, part of Singapore Maritime Week, downplayed talk of a commodity super cycle, which has been raising pulses in the sector. But while they stopped short of acknowledging the super cycle, they did agree that there is a cyclical upturn taking place and that dry …
Just when you thought container shipping couldn’t get any hotter, it has. Liners are desperate for more ships to handle booming cargo demand. Companies known as tonnage providers or nonoperating owners (NOOs) — which own ships and lease them to liners — are now achieving rates and charter durations that haven’t been seen since the …
‘Sky’s the limit’ for already lofty container-ship charter rates Read More »
For the first time, the International Chamber of Shipping and other groups representing over 90 per cent of maritime trade are asking the International Maritime Organisation (IMO) to put a price on carbon dioxide emissions. In a joint submission to the world organisation, ahead of the Leaders Summit on Climate hosted by US President Joe …
Kongsberg Maritime (KM) has signed a contract to provide KM’s innovative new Extended Thruster Coverage (ETC) service programme to support two new ice-breaking escort tugs,currently in build at Sanmar shipyard for the Finnish towage company Alfons Håkans. The agreement covers the support of the tugs’ robust US255 thrusters and ND Aquapilot remote control systems. ETC …
BW Offshore has signed an agreement to dispose of the FPSO Berge Helene for environmentally safe demolition and recycling in compliance with the Hong Kong Convention at Priya Blue shipyard in India. The FPSO Berge Helene (IMO 7360083) is a floating storage/production unit of 274,333 deadweight-ton capacity built in France in 1976 and converted to …
BW Offshore: Recycling the FPSO Berge Helene in compliance with Hong Kong Convention Read More »
The Board of Directors of Wärtsilä Corporation has decided to use the authorisation given by the Annual General Meeting held on 4 March 2021 to repurchase the company’s own shares. The maximum number of shares to be repurchased in one or more instalments is 1,700,000 shares, corresponding to approximately 0.29% of the total number of …
Wärtsilä to start the repurchase of its own shares Read More »
A growing array of ocean industry stakeholders are throwing their hats in the hydrogen ring, identifying the potential of a fuel that, they believe, could help industry, and society, move successfully towards our shared climate goals. With a breakthrough global conference on the horizon – Nor-Shipping Hydrogen Blue Talks – Fuelling the Future – leading …
Hydrogen 101 with Nor-Shipping: the lowdown on maritime’s fuel of the future Read More »
