free news

web site

JANUARY 9, 2023

COSCO SHIPPING will contribute to safeguarding an unimpeded global industrial & supply chain in 2023: Chairman Sharp contrast between spot & long-term rate developments through 2022 Baltic Exchange Market Report (6 January 2023) Maputo/Mombasa India Middle East (MIM) service upgrades to weekly frequency Indian economy seen on firm ground in 2023 Steel exports dip 54 pc during April-Dec. Weak lead-up to Chinese New Year Call for reduced import duty on polymer & increased Customs duty on finished plastic products in FY24 Budget Kerala exporters oppose ban extension on palm oil import through state ports Sugar production up Call for liberalisation in Sri Lankan shipping for export competitiveness Mobile phone export target for 2023 at Rs 1 lakh cr.

free news

web site

JANUARY 9, 2023

Banking on East Africa

free news

web site

JANUARY 5, 2023

'Doomsday clock' ticking down as shipping lines lose control of the market Flexport poaches more tech talent appointing Teresa Carlson as president and CCO Airfreight rates in the doldrums as carriers look to set their BSA tariffs All eyes on DSV - the year to deal Rail freight gets a boost in Europe but is stalled by strikes in UK Maersk defence against Florida shipper complaint is 'smoke and mirrors' Amazon, Salesforce wield the big axe - tech jobs bloodbath accelerates Ambitious Namsung launches services between Busan and Indonesia UN/CEFACT aims to bring some light into 'black box' supply chains

free news

web site

JANUARY 5, 2023

ClassNK issues AiP for ammonia floating storage and regasification barge (A-FSRB) It is not only ships that are potential users of ammonia as a fuel. In Japan, technological development is underway on ammonia fuel mixed combustion power generation at coal-fired power plants as C&C Marine and Repair to build 4 Damen Multi Cats C&C Marine and Repair Belle, Chasse, La., has awarded Netherlands based Damen Marine Components (DMC) its first multi-vessel order in the U.S. DMC will supply C&C Marine with equipment packages for four

free news

web site

JANUARY 5, 2023

Global fuel indices on downward trend again According to the weekly outlook of Marine Bunker Exchange (MABUX) for fuel prices, global bunker indices after taking a short pause began to decline again. The 380 HSFO index fell to US$478.76/MT, the VLSFO index lost US$15.60 to reach US$669.58/MT and the MGO index also decreased to US$1,021.02/MT. "At the moment, the downward trend in the global bunker market continues," said a MABUX official. Container spot rates end 43-week falling streak The Drewry's World Container Index finally shot green in its first-ever quote for 2023, ending at US$2,135, recording an appreciation of 0.7%, after having trodden the red territory since February 2022. The index was primarily fuelled by the China-Rotterdam trade lane rates which appreciated by 10%, after having breached the pre-pandemic levels on the downside. The Shanghai-Genoa rates are suppor Evergreen's generous bonuses causes strike at airline affiliate Taiwanese mainline operator Evergreen Marine Corporation has paid its employees generous bonuses of up to 52 months of their salaries, prompting a strike by staff at its affiliated airline EVA Airways. Despite the correction in freight rates since mid-2022, Evergreen is set to report higher earnings for that year. Taiwanese media reported that many of Evergreen's lowest-earning staff, who earn ar Port of Valencia to carry out first hydrogen test for its refuelling station Hydrogen loading tests will begin this month to be carried out at the Port of Valencia's Hydrogen Generator, which is a supply station located on the Xità quay. This initiative is part of H2Ports -Implementing Fuel Cells and Hydrogen Technologies in Ports- and it is coordinated by the Valenciaport Foundation in close collaboration with the Port Authority of Valencia, while the project is also fin Ship robbery in Asia rises, Singapore Strait remains major concern Ship robbery at Asian water increased by nearly 4% in 2022 compared to the previous year. In the just concluded year some 80 incidents took place, compared to 77 in 2021, according to ReCAAP Information Sharing Centre, an inter-governmental agency that works on combating piracy and armed robbery against ships in Asia. Data shows that a number of incidents occurred at the Straits of Malakka and Si AD Ports, KMTF ink collaboration agreement AD Ports and Kazakhstan National Oil Company's subsidiary KMTF (Kazmortransflot) have formed a new joint venture to provide offshore and shipping services for energy companies operating in the Caspian and Black Seas. According to KMFT, additional services, such as integrated offshore logistics and subsea solutions, as well as container feeder, ro-ro and crude oil transportation are expected at a

free news

web site

JANUARY 5, 2023

Eagle Bulk Shipping takes fleet to 54 with $24.3m ultramax buy US-based Eagle Bulk Shipping has expanded its fleet with the purchase of a 2015-built ultramax bulker for $24.3m. The Chengxi Shipyard-built ship will deliver in the first quarter and be renamed Gibraltar Eagle. Following this transaction, the Gary Vogel-led New York-listed bulker owner will have a fleet of 54 ships of which nearly 90% are ... Oceania and Pilbara Clean Fuels unveil LNG bunkering scheme for Port Hedland Australia's Pilbara Clean Fuels (PCF) and Oceania Marine Energy have agreed to work together to develop an 'end-to-end' low-carbon profile eLNG production and ship bunkering capability concept for the port of Port Hedland, the world's top iron ore export facility. PCF is pursuing the development of an electrified liquefied natural gas (eLNG) plant in Port ... Dana Petroleum takes option on Island Drilling semisub Island Drilling has secured more work with Dana Petroleum for its 2012-built semisub . The Norwegian rig owner said Dana had exercised its option to add the drilling of one additional well in UK waters. The overall four-well campaign is planned to start in April and last for about 110 days. Dayrates have not been ... Norvic Shipping adds new funds to support growth plans Canadian dry bulk operator Norvic Shipping has secured a $42.5m loan with a syndicate of major US lenders. The Toronto-based firm said the working capital revolving credit facility would be used to expand the company's core business as well as pursue new opportunities. London-headquartered shipping financial advisors RMK Maritime helped facilitate the five-year deal. Established ... Year of two halves for dry bulk Like yesterday's tanker outlook, analysts reckon 2023 will be better for dry bulk in the second half of the year once the sector's most important player, China, has got its economy on a more solid footing. Fearnleys had this to say on capes this week: "We are looking forward to a new year, where expectations ... Swedish charterers map out green fleet renewal DNV and the Responsible Shipping Initiative (RSI), an alliance of Swedish dry bulk charterers, have launched a feasibility study to develop a commercial framework for orders of green-fuelled newbuilds to decarbonise the sea transport supply chain in the Baltic and North Sea areas and beyond. With this project, the RSI members aim to reduce their ... Scorpio Tankers lines up $225m financing for 13 ships Monaco-headquartered Scorpio Tankers is lining up a new $225m loan which will be used to finance 13 vessels. The Emanuele Lauro-led owner which currently owns, lease finances or bareboat charters in 113 product tankers, said it would use the proceeds to repay more expensive lease financing on 11 MRs and two LR2s. The loan, secured ... Transocean adds to rig fleet backlog with nearly $500m worth of new deals New York-listed offshore drilling contractor Transocean has firmed up new awards or extensions for five of its rigs adding around $488m to firm backlog. The 2014-built drillship Deepwater Invictus has been booked by an undisclosed independent operator for three wells in the US Gulf of Mexico. The 100-day contract worth about $43m is expected to ... Japan makes progress with ammonia barge Three Japanese parties have obtained the world's first approval in principle (AiP) for an ammonia floating storage and regasification barge. NYK Line, Nihon Shipyard, and IHI Corporation secured the AiP from ClassNK. In Japan, technological development is underway for ammonia mixed combustion power generation at coal-fired power plants. The new barge concept is an offshore ... Keppel scores $97m wind farm substation contract Singapore's Keppel Offshore & Marine has secured a contract worth around $97m from an undisclosed renewable energy company to build an offshore wind substation. The contract includes engineering, procurement, construction, testing and commissioning for the complete substation with a capacity of 600 MW. The substation, which will be Keppel's sixth, will be delivered in 2025 ... Odfjell Drilling and CIMC awarded semisub contract with PGNiG Oslo-listed semisub rig operator Odfjell Drilling has secured a contract from PGNiG Upstream Norway for the rig. The 2019-built semisub, owned by CIMC Raffles Offshore, has been fixed for one well in production license 1055 in the Norwegian Sea, with an option for two further wells in 2024. Odfjell said the campaign should start in ... Evergreen to pay further fines over Chesapeake Bay grounding Evergreen, the Taiwanese owner of the 11,850 teu , has been told to pay Maryland more than $676,000 to enhance state oyster bars as a penalty for the boxship running aground in Chesapeake Bay last March. The Ever Forward ran aground 24 feet deep into the mud on March 13. The Ever Forward was refloated ... Port Houston import dwell fee to take effect February 1 Port Houston will implement its Sustained Import Dwell Fee on February 1 to help maintain fluidity at the Bayport and Barbours Cut Container Terminals and address long-term dwell. The $45 fee will be charged per unit per day starting on the eighth day after the expiration of free time. This fee is in addition to ... State of Massachusetts denies offshore wind developers' requests to renegotiate contracts Two major planned wind projects offshore Massachusetts are being pushed forward by the state after the developers sought to delay because of increased costs due to inflation. Last month, Avangrid announced that its attempts to renegotiate contracts with the electric distribution companies (EDCs) involved in its Commonwealth Wind project were unsuccessful. It said that, without concessions ... Petrobras appoints interim head until incoming CEO is approved After the early departure of Caio Paes de Andrade from the position of CEO at Brazil's Petrobras, the company has named production head Joao Henrique Rittershaussen as interim CEO. Andrade, appointed CEO by previous Brazilian president Jair Bolsonaro, stepped down before the end of his term in April, making way for President Luiz Inacio Lula ...

news on subscription

web site

JANUARY 5, 2023

Gibraltar and Kalamata emerge as post-sanctions transfer hubs for Russian crude As many as 20 tankers have been tracked to regions that are linked to Russia-Asia crude trade flows Eagle Bulk acquires 'modern' ultramax The acquisition brings Eagle's fleet to a total of 54 ships with an average age of nine and a half... Scorpio Tankers continues debt reduction and share buybacks Chief executive Robert Bugbee capitalises on his view that the 'white hot' product market will continue to propel Scorpio Tankers'... P&I clubs prepare for renewal round After a year in which North agreed to merge with Standard and some clubs found themselves inadvertently covering sanctioned Russia... Iran's oil exports increase despite US sanctions Despite increased US pressure on Iran, the number of barrels exported by the Islamic Republic and the shadow fleet carrying... Liner sector continues to lead on alternative fuel-capable ships High pricing for natural gas in most regions is continuing to delay the widespread adoption of LNG fuel in the... Nordic American Tankers chief 'highly optimistic' about outlook Company stands to profit from low orderbook and geopolitical uncertainties and is 'highly optimistic' about the future, according to chief... Tanker sector 'warming up' to methanol as alternative fuel, says Proman There are 21 dual-fuelled methanol tankers operating with four on order Pilbara Clean Fuels to develop eLNG bunkering facility with Oceania Marine Collaboration will provide a low-carbon footprint LNG supply for Australia-Asia iron ore shipping Daily Briefing Container markets bearish despite spot-rate rebound | Recalibrating global diesel trades keeps clean tanker rates near 20-month highs | Oil... MOL to continue shipping LNG from Russia Following insurance companies' move to withdraw coverage from Russian war risks, Japan has urged insurers to continue to providing marine...

news on subscription

web site

JANUARY 5, 2023

Shrinking US manufacturing cuts into truck demand The contraction in US manufacturing that began in late 2022 will help pull down truck tonnage - and perhaps pricing - in the first half of 2023. New container ship deliveries to exacerbate existing overcapacity Uncertainties around demand and supply are making it hard to gauge both the potential depth of the expected shipping downturn and its duration. Modest predictions for freight transportation as the winds of 2023 begin to blow Some factors, such as the sharper attention both multinationals and smaller mom-and-pop sellers are paying to their supply chains, seem to be charting a new trajectory and are poised to help shape the freight sector this year. FMC's Bentzel eyes broad changes to 'free time' in ocean service contracts An FMC commissioner is targeting free time granted within service contracts, terms that are privately negotiated between carriers and shippers, but which contributed to the lengthy dwelling of containers on US marine terminals over the past two years.

news on subscription

web site

JANUARY 5, 2023

All noise aside, Frontline-Euronav combination set to get done this quarter Deutsche Bank says investors would be smart to start buying Euronav stock in anticipation of the inevitable Cruise giants on the hook for $450m following Cuba port calls Royal Caribbean, Carnival, Norwegian and MSC Cruises are plotting an appeal in the case AIDA Cruises culls fourth small passenger ship in a year Carnival Corp did not return calls enquiring about the passenger vessel's fate No scrubber, no problem: Eagle Bulk confirms latest ultramax buy Clarksons tips tanker surge if China contains Covid outbreak Analysts believe virus is putting a dampener on demand and pushing rates down Baltic Exchange logs record tanker derivatives volumes in volatile 2022 Unique year continues to see new benchmarks set following Russian invasion Clarksons hails 'remarkable' year as rate index surges 30% to new record Review highlights an industry managing wide-ranging disruption in turbulent times Owners with deep pockets tend to order, warns Concordia's Erik Lewenhaupt Tanker executive advises the market to 'watch this space' on newbuildings LNG carrier spot rates ease into 2023 but term business active Levels for modern vessels were up almost 30% in 2022 on preceding year, Affinity says Single LNG carrier scrapped in 2022 with slim pickings forecast ahead But older ships will come under increasing scrutiny as regulations toughen Henrik Sleimann Petersen to leave Ultrabulk amid reshuffle Head office will take over activities covered by Dubai-based veteran Tankers International banks on market complexity as VLCC pool hits 66 ships London-based operation added 15 scrubber-fitted vessels last year Merger row: 'Eliminating' Euronav will not do the world any good, Hugo De Stoop says CEO argues that if his company is not transporting oil, someone else will be Insurer Charterama targets further growth with two senior hires Company wants to nearly double premium income by 2026 Swedish bulker charterers team with DNV on green fuel newbuildings The Responsible Shipping Initiative (RSI) group wants to decarbonise the supply chain in the Baltic and North Sea How shipping leaders would tackle real problems with a pile of fake money A range of creative answers to TradeWinds' fantasy shipping fund suggest the industry is in safe hands - but hurdles remain on how best to decarbonise and attract new talent Indian police begin probe after death of master on VLCC Illness blamed for death of 43-year-old Indian captain on UAE-controlled tanker Ambitious Al Seer Marine adds Antipodean MR tanker to its growing fleet Purchase gives Emirati shipowner a product tanker on the water as it awaits delivery of newbuildings Bahri and Saudi Aramco boost clean and chemical tanker capacity with term deals Saudi Arabian shipping and oil companies tap owners in Japan, the US and Greece for chemical and product tonnage Norvic Shipping takes out loan with US lenders to fuel expansion Financial advisers RMK Maritime helped arrange the five-year, revolving credit facility Scorpio Tankers seals $225m MR financing as Bugbee splashes $4.4m on shares Product tanker specialist repaying more expensive lease deals on 13 vessels Tankers struggle with New Year's hangover as market flounders In some regions, tonnage lists shortened to start the year but many parts of the market continue to languish MOL to keep back cash to ride out economic downturn CEO says company will also continue to ship Russian LNG due to concerns over energy security Renewable construction contract adds nearly $100m to Keppel backlog Singapore yard group continues to strengthen its foothold across the value chain of offshore renewables PNSC confirms aframax sale as asset prices continue to hit post-2008 highs Value of veteran vessel Karachi gained $6m in the time it took the state owner to complete the deal

news on subscription

web site

JANUARY 5, 2023

Top 10 container lines: How did rankings change during boom? The top 10 liner operators hiked aggregate capacity by 13% in 2000-22 and continue to control 85% of the global fleet. Flexport names former Microsoft, Amazon exec as chief commercial officer Flexport is hiring top tech talent to scale up its digital logistics platform.