Global shipping’s resilience against a flurry of disruptive factors, can prove crucial for the state of the global economy moving forward. In its latest weekly report, shipbroker Intermodal said that “the recent collapse of the Francis Scott Key Bridge in Baltimore has caused immediate logistical turmoil in the region, sparking widespread concern across the logistics and freight sectors. The Port of Baltimore, serving as a critical junction in the network of global trade, ranks as the 11th-largest port in the U.S. Known for its versatility, the port handles a vast ...

Singapore has retained its title as the leading maritime city in the world, followed by Rotterdam and London, according to the 2024 Leading Maritime Cities (LMC) report from DNV and Menon Economics. The city-state, with its large owned and managed vessel fleets, strategic geographic advantages, pro-business policies and its position as a leader in the maritime energy transition, is expected to hold this position for the next five years, the analysis determines. Compiled in cooperation between classification society DNV and Menon Economics, the LMC report offers new insights into the ...

The Global Maritime Forum and RMI (founded as the Rocky Mountain Institute), under Mission Innovation’s umbrella, released a report today outlining strategies for ports to become first movers in providing green methanol and ammonia bunkering. The report provides insights into the sources of green methanol and ammonia that could be available to the shipping industry and how ports can secure supply to meet the International Maritime Organization’s (IMO) target of at least 5% use of zero-emission fuels by 2030. As the maritime industry transitions towards decarbonization, there will be significant ...

The Aframax tanker market could be looking for a new trend in the Cross-Mediterranean trade route. In its latest weekly report, shipbroker Gibson said that “after just over a year of being offline, discussions about restarting the 450 kbd KRG pipeline remains at an impasse. Despite months of negotiations since March 2023, insufficient progress has been made to restart flows from Northern Iraq to the Turkish port of Ceyhan. Political tension between the Federal Iraqi Government, the autonomous Kurdistan Regional Government (KRG) and Turkey have blocked previous attempts at finding ...

Capesize At the beginning of the week, the Pacific market showed promising activity with healthy cargo volumes. However, despite this, conditions slightly weakened, and the Atlantic market remained subdued, as the week got underway. Nevertheless, as the week progressed, the Pacific market saw increased activity, particularly before the Singapore holiday, with C5 stabilizing around the $8.90 mark. Meanwhile, the Atlantic market continued to lag behind, with minimal engagement and limited discussions. Despite a quiet day during the midweek holiday in Singapore, there was a positive turn as the market rebounded, ...

A collaboration between CB&I and Shell, with close support from DNV, has led to the Approval in Principle (AiP) of a large-scale, liquid hydrogen (LH2) cargo containment system. This could pave the way for an expansion of global hydrogen supply chains in the future. In August 2023, CB&I received Approval in Principle (AiP) from DNV for its design of a liquid hydrogen (LH2) containment system for carriers. Drawing on CB&I’s established technology for onshore LH2 storage, Shell’s experience with hydrogen carriers, and DNV’s regulatory and safety know-how, a robust design ...

The tanker market has steadied during the month of March, OPEC said in its latest monthly report. Dirty freight rates were relatively steady in March on most monitored routes. VLCC spot freight rates on the Middle East-to-East route were unchanged, m-o-m, although they declined 20% compared to the same month last year. Middle East-to-West rates declined 10% and were down 19%, y-o-y. Suezmax spot freight rates fell 4%, m-o-m, in the Atlantic Basin but were down by more than 20%, y-o-y. Aframax rates saw mixed movement, up 6%, m-o-m, in ...

In the second week of April, the crude oil freight market maintained a relatively stable sentiment in the VLCC Ras Tanura segment, while indications of an upward trend emerged in the Aframax Mediterranean, accompanied by a decrease in vessel supply. April appears poised to challenge the sentiment in the VLCC freight market, as there are signals of increased vessel activity for Ras Tanura, despite the tonne-day demand growth slowing down, with the last peak observed almost seven weeks ago. In the clean segment, it’s noteworthy to observe the growth of ...

The recent International Maritime Organisation (IMO) Marine Environmental Protection Committee meeting, MEPC81, injected fresh momentum into the shipping’s decarbonisation efforts. While the meeting itself did not enact concrete measures, it served as a critical forum to assess member States’ commitment to the Revised GHG Strategy adopted in July 2023. The key takeaway is that the industry is moving towards a greener future but there are some persistent challenges that still need to be overcome, according to commercial shipping advisory UMAS. This draft Chapter 5, titled “regulations on the IMO net-zero ...

Newbuilding orders have picked up last week, while S&P activity also remained brisk, on the back of increased demand for dry bulkers. In its latest weekly report, shipbroker Banchero Costa said that “Singapore based Pioneer Bulk, after his debut on the Newbuilding scene with an order for 8 x tankers was reported again with an order for 6 x 63,500 dwt Ultramax BC at Jiangsu New Hantong at $34 mln each. Greek owner Newport S.A. was rumoured at Oshima for 3 x 84,000 dwt Kamsarmax; the price remained undisclosed, delivery ...

The first quarter of the year ended with a downward revision to the growth in tonne-days for iron ore flows from Brazil to the Far East, while there was a change to an upward revision from Africa. In the second week of April, we observed a decline in the Capesize Brazil to North China rates. The outlook for Chinese iron ore demand remains uncertain, as expectations are tied to potential new stimulus plans. Iron ore prices showed some positivity on Thursday, with the most-traded September iron ore contract on China’s ...

In 2023, sanctions on Russian oil exports by the EU caused a major shift in tanker trades and a 10% increase in average sailing distances for EU tanker imports. Now, attacks on ships in the Red Sea area have caused average sailing distances to increase a further 16% and tonne mile demand to increase 12% despite falling volumes. During the first quarter of 2024, tanker import volumes to the EU fell 4% year-on-year due to a 1% increase in the clean tanker trade but a 5% fall in the dirty ...

Sales volume in the ship recycling market has remained in low level territory, however an increase in prices offered, could help spark a trend reversal in the coming week. In its latest weekly report, Best Oasis (www.best-oasis.com), one of the world’s leading cash buyers of ships, said that “ship recycling markets in four major destinations are experiencing varying trends. India’s market is on the rise, with a 10-15 USD increase in prices, mainly due to higher local steel prices, and this trend is expected to persist. Conversely, Bangladesh faces a ...

There are several elements of unpredictability affecting our shipping market forecasts for the second quarter of 2024. The Chinese economy’s recovery currently teeters on instability, casting a shadow of uncertainty over the industry due to China’s pivotal role as a major demand driver. Elevated interest rates in Western economies heighten the risk of a severe downturn, potentially stalling prospective growth. Ongoing geopolitical tensions, coupled with related repercussions and sanctions, add to an atmosphere of uncertainty; any notable escalation or de-escalation in these conflicts could profoundly affect the broader economic trajectory. ...

Greece’s revitalised shipbuilding industry will be prominently represented during Posidonia 2024, signalling a strong recovery following decades of decline and disrepair. The sector’s Greek renaissance is on the cards after the completion of the consolidation of the country’s shipbuilding units in Syros and in Elefsina, and also due to the restart of Skaramangas shipyard and the increased activity in Halkida. Neorion Shipyard in Syros and Elefsis Shipyard have repaired over 500 ships, foreign and Greek-owned, since the New York-based ONEX Shipyards and Technologies group took over their operations in 2019. ...