A structural market shift in the tanker market, could lead to long-lasting effects in ton-mile demand, helping freight rates to sustain a higher level. In its latest market outlook, ship owner Teekay Tankers noted that “crude tanker spot rates increased during the second quarter of 2022 to the highe
On July 22, Ukraine and Russia agreed that exports of grain and other agricultural products from selected Ukrainian Black Sea ports could resume after months of Russian blockade. The agreement comes at a time when storage capacity is reaching its limits, as much of the 2022 wheat crop and some 20 mi
With container spot rates down significantly over the past three months, it’s no wonder that shippers are hastily renegotiating contracts. The cost of moving a 40ft box from China to the US West Coast (FBX01) has dropped 58% from USD 15,817 to USD 6,593 since April. It’s a similar story across the 1
The LNG tanker market is expected to ride the existing “wave” of increased demand throughout the second half of the year. In its latest weekly report, shipbroker Intermodal said that “amid Europe’s effort to cut its dependence on Russian gas, LNG has currently become the most geopolitically importan
July, which usually marks the peak season getting into full swing, continues to see declining spot rates. As an example, the global FBX weekly index declined 7% during July and is down 37% compared to the peak associated with Chinese New Year. Whilst such declines in rates might at first glance give
Retail sale is a key driver of European container imports. In early 2020 and early 2021 retail sales volumes in the EU and the UK suffered setbacks due to COVID restrictions, but recently, high inflation and historically low consumer confidence have been the main concerns. In June 2022, EU retail sa
The ship recycling market has remained in a difficult state with very few demolition candidates. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “there was more upheaval to report this week, this time coming from Bangladesh, where despite price levels showing signs of improv
Container shipping capacity between the Far East and the US East Coast has risen sharply from last year as shippers have shifted volumes towards the East Coast (USEC) and away from the West Coast (USWC) – and carriers have responded by adjusting their networks. In the past three months (as of July 2
A new Concentrated Inspection Campaign (CIC) has been announced by the Paris and Tokyo MOUs (Memoranda of Understandings), specifically focusing on STCW compliance. So, ship owners, operators, Masters and crews should now focus on the specific details as clearly identified by them as listed below. T
Dry bulk carriers in the secondhand market have been among the most popular choices from shipowners over the past week. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, things appeared more vivid as of the past week, given the fair numbers of transactions t
Since the start of the COVID-19 pandemic, supply chain risks and supply chain management have risen to the top of everyone’s agenda. Where stable and reliable supply chains were once taken for granted, organizations are now having to be much more mindful of risks such as key material shortages, labo
Each year, the Klaveness summer intern program invites shipping’s next generation to join us for eight weeks to apply their minds to an assigned project. This year’s program sees the students join Klaveness Combination Carriers (KCC) and Klaveness Ship Management (KSM), where they will blend their i
China’s recent move to exert more control over the iron ore market pricing, could result in more control over the seaborne market as well. In its latest weekly report, shipbroker Allied Shipbroking said that “the difficulties on the Capesize front look to still be on the forefront, despite some impr
Sea waves can impede the speed and performance, as well as increase the fuel consumption of ships travelling on the ocean, which then adds to maritime greenhouse gas (GHG) emissions. But measuring this impact has been difficult. Now, researchers from Nanyang Technological University, Singapore (NTU
Industries and sectors around the world have set emission-reduction targets to limit global warming to a 1.5°C increase—as outlined in the Paris Agreement—as this could significantly reduce the risks and impacts of climate change.1 The transport sector, which accounted for 7.2Gt of carbon dioxide em
Tanker values have surged to decade highs, on the back of strong earnings in the spot market. In its latest weekly report, shipbroker Gibson said that “over the past few years tanker owners have watched containership values surge to unbelievable levels, whilst their own values have struggled against
Capesize The Capesize market lost ground throughout the week with the average of the five time charter routes trending down from $21,526 on Monday to $17,255 on Friday. The west Australia to Qingdao route lost $1 over the week, with fixtures at $9.75 at the close, whilst the Brazil to Qingdao trade
A ferry described as the world’s fastest electric passenger vessel is being trialled in Sweden. As shipping as a whole attempts to decarbonize, could this be an indicator of the industry’s future? The fastest electric ship In 2023, a new electric ferry called the Candela P-12 will start running a tr
The global seaborne iron ore trade has remained quite steady over the past year and a half, but changes in ton-mile demand are making a difference, with Japan a prime example of that. In its latest weekly report, shipbroker Banchero Costa said that “global iron ore loadings in the full 12 months of
The world economy depends on the maritime traffic for keeping its supply chain working, this has been specially true during the pandemic and the trend will go further. The closure of the Suez canal by a sanded ship and the quarantines in some Chinese ports have put a lot of pressure in brokers and s
