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Baltic index snaps 7-session losing streak as larger vessel rates rise
Latest Maritime News
Keeping you in the know.
Baltic index snaps 7-session losing streak as larger vessel rates rise
06 Dec, 2024
The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a seven-session losing streak on Friday, supported by gains in larger vessels. The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points to 1,167 points, but the index was down over ...
Wallenius Marine tests groundbreaking ship design for the world’s first wind-powered PCTC vessel
06 Dec, 2024
Wallenius Marine is conducting advanced wind tunnel tests aimed at realising the world’s first wind-powered PCTC (Pure Car and Truck Carrier) vessel. The tests are being carried out in Gothenburg, at one of Europe’s most advanced wind tunnels, with wind speeds of up to 250 km/h. As a leader in ship design and innovation, Wallenius ...
Cost-efficient strategies can significantly cut price of FuelEU Maritime compliance, according to DNV
06 Dec, 2024
According to a new DNV white paper outlining FuelEU Maritime requirements and compliance strategies for shipowners, compliance with the upcoming regulations will be expensive but applying certain strategies can significantly reduce the cost. Effective from 1 January 2025, the rules mandate stringent greenhouse gas (GHG) emission intensity requirements for ships over 5,000 gross tonnage (GT) ...
Chemical trades come into the mainstream
06 Dec, 2024
The chemical tanker market, once a niche sector, has matured into a mainstream industry, marked by increasing commoditisation, larger parcel sizes, and greater trader activity. This transformation has led to a growing demand for benchmarking tools, culminating in the launch of new chemical and vegetable oil indexes by the Baltic Exchange. Mark Roberts, group COO ...
India-West Africa container freight rates rise amid strong flow of rice volumes
06 Dec, 2024
Container freight rates from the Indian subcontinent to West Africa have risen amid the movement of rice in large volumes over this route since mid-November, sources told S&P Global Commodity Insights. Sources added the stronger rates are likely to continue till January 2025 and may lead to a shift to bulk shipments from containers. “Container ...
Drewry: World Container Index Up By 6%
06 Dec, 2024
Drewry’s World Container Index increased 6% to $3,533 per 40ft container this week. Our detailed assessment for Thursday, 05 December 2024 The Drewry WCI composite index increased 6% to $3,533 per feu, which is 66% below the previous pandemic peak of $10,377 in September 2021 but 149% more than the average $1,420 in 2019 (pre-pandemic). ...
USGC crude exports ending the year on a high
06 Dec, 2024
US Gulf Coast crude exports have increased for three consecutive months now with flows directed towards Asia driving the increases. This has also led to increased STS operations in the Gulf Coast for November. This momentum is expected to continue into December as ad-valorem tax will drive sellers to deplete inventories where possible – thereby ...
Asia Fuel Oil-HSFO extends slide; hi-five recovers week-on-week
06 Dec, 2024
Spot premiums for high sulphur fuel oil (HSFO) extended further declines on Friday, while the hi-five spread showed some rebound versus the previous week. The premium of VLSFO over 380-cst HSFO, also known as the hi-5, closed slightly above $105 a metric ton, based on LSEG data. The hi-five fell to its narrowest premium in ...
Americas Fuel Availability Outlook
06 Dec, 2024
North America VLSFO and LSMGO availability is normal in Houston. Lead times of five days are recommended for both grades in the port. Prompt HSFO availability is tight, with lead times of up to 7-8 days recommended for the grade, a trader said. Demand has slowed down in Houston this week, a source said. Bunkering ...
A Chinese vessel has been hijacked off the Somali coast, officials say
06 Dec, 2024
A Chinese-owned fishing vessel with 18 crew members aboard was hijacked last week off the northeastern coast of Somalia, local authorities said Friday. An official in Xaafuun district in the semi-autonomous state of Puntland, where the vessel is being held, told journalists that the hijackers include the ship’s security guards, who later joined forces with ...
Bidding Announcement of 82000DWT Bulk Carrier “BH FORTUNE”(Under Construction)
06 Dec, 2024
Entrusted by the transferor (the Seller), our company is scheduled to conduct an online public bidding on www.shipbid.net from 19:00 to 19:30 (Beijing Time) on December 20th, 2024, which is hereby announced as follows: 1. Bidding Object: MV “BH FORTUNE” (IMO No.: 1025801); Hull No.: HN2008; Status of the Vessel: Under construction; Type of the ...
North America’s volatile container shipping market braces for tariff- induced turbulence
06 Dec, 2024
North America has experienced the sharpest rise of 20% in average container prices over the last 90 days, driven by market volatility, U.S. elections uncertainty (and tariff woes), surge in Mexico-US trade, and logistical disruptions in Canada. Meanwhile, these container prices are on a downward trajectory in China. The potential implementation of new tariffs under ...
Singapore fuel oil stockpiles ease slightly to two-week lows
06 Dec, 2024
Onshore fuel oil storage volumes in Singapore dipped to their lowest in two weeks after imports retreated slightly, though inventories remained higher than last month’s average, data showed on Thursday. The inventories fell 2.3% to 18.79 million barrels (about 2.96 million metric tons) in the week to Dec. 4, showed data from Enterprise Singapore. The ...
