Baltic Index Up for Seventh Straight Session
The Baltic Exchange's main sea freight index that tracks rates for ships carrying dry bulk commodities rose for a seventh session in a row on Thursday as rates firmed across all vessel segments.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, added 23 points, or 1.6%, to 1,448, its highest since Oct.
Australian Exports Feel China Chill
Australia's trade surplus narrowed in November as China curbs on coal and farm goods took some steam out of exports, while a rebound in the domestic economy sucked in record goods imports.Other data out on Thursday showed Australia's property market roaring back to life with approvals to build new houses hitting the highest in two decades.Figures from the Australian Bureau of Statistics showed the country's trade surplus contracted to A$5 billion ($3.90 billion) in November…
Mercuria Teams Up with Envysion for Project Investment
Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal, signed on Wednesday, will see Mercuria present potential projects for investment to Envysion, founded and led by former Julius Baer banker Veronica Shim.
Argentine Grain Inspector Strike Ends, Exports to Flow
The union representing Argentine port-side grain inspectors said on Thursday it had ended a month-long wage strike after reaching a contract deal with export companies that will allow international soy, corn and wheat shipments to return to normal.The deal was struck after a marathon negotiation session with Argentina's private ports chamber on Wednesday. The work stoppage by the union, known by its Spanish acronym Urgara, started on Dec.
United Overseas Group to Acquire United Arab Chemical Carriers
Investment company United Overseas Group (UOG) is to acquire Dubai-based shipping company United Arab Chemical Carriers (UACC), the two companies said on Thursday.The…
Schottel Invests in New Crane System for Wismar Manufacturing Facility
SchottelGmbH Wismar has invested neary $615,000 in a new crane system, a system designed to provide faster and more efficient production process, replacing an old system from 1979.Its two new cranes are double-girder overhead travelling cranes with a load bearing capacity of 50 tonnes each, representing an approximate 10 tonnes more load bearing capacity. “The Wismar subsidiary focuses on the development and assembly of propulsion units for special purpose vessels.
TECH FILE: The SERO SHPmarine Pump for Dual Fuel Propulsion Systems
While the maritime industry steams toward alternative and dual fuel solutions, much of the focus, rightfully so, remains on the main movers as well as the overall vessel design and logistics considerations. Here we look at the SERO PumpSystems’ SHPmarine side channel pump, a pump integrated into the “Secondary Fuel Supply Systems” (SFSS) of hybrid ship propulsion units pumping LPG (propane) to the main shipboard engine.
Japan Faces LNG Shortage Amid Supply crunch, Cold Weather
JERA, Japan's biggest electricity generator and the world's largest buyer of liquefied natural gas (LNG), is operating gas- power plants at lower rates as it runs down inventories amid rising heating demand as temperatures drop.The company joins other Japanese power generators reducing run rates on their gas plants as they compete with LNG buyers across northern Asia scrambling to secure supplies, sending prices higher.Tight fuel supplies are also highlighting vulnerabilities in Japan's electric
Yxney Maritime, Inmarsat Strike Data Deal
Norwegian-based scale-up Yxney Maritime and Inmarsat signed an agreement for Yxney Maritime to join the group of certified application providers to provide a dedicated application for Inmarsat’s Fleet Data service.Fleet Data collects data from onboard sensors, pre-processes that data, and uploads it to a central cloud-based database, equipped with a dashboard and an Application Process Interface (API).Yxney Maritime has developed the Maress software…
Svitzer Europe Buys Damen Tugboat for Port of London
Svitzer Europe signed a contract with Damen Shipyards Group for the delivery of Svitzer Thames, an 80-ton bollard pull azimuth stern drive (ASD) tug, to support its operations in the Port of London.Svitzer Thames will arrive in London by the end of the first quarter of 2021, and will start operating immediately upon arrival. At more than 32m long and with a beam of almost 13m, Svitzer Thames will be equipped with both power and manoeuvrability…
BIMCO: Global Container Volumes Projected to be Down 1.5% for 2020
Despite the alarming headlines in the spring of last year, container shipping proved remarkably resilient in 2020 in terms of volumes as well as freight rates. After a 5.0 million TEU (7.3%) drop in volumes in the first five months of the year, volumes were down by only 1.7% - a loss of 2.6 million TEU – by the end of November.Of the three largest trades, Far East to North America has been the best performing, up by 1.1m TEU (6.4%) in the first 11 months of the year.
Viking Line Gears Up for a Rebound in 2021
At the stroke of midnight on December 31, 2020, the calendar turned and put one of the more 'exceptional' years in the rearview mirror. While COVID-19 related challenges remain, Viking Line reports seeing the proverbial 'light at the end of the tunnel.'In a recent report Viking Line said that only four of its seven vessels were in regular service during the year, and passenger volume fell 70 percent compared to 2019.
Scorpio Bulkers to Change Name to Eneti
Scorpio Bulkers announced Wednesday that it intends to change its name to Eneti Inc. as the company plans its pivot from dry bulk shipping to offshore wind farm construction and services.The name change, which remains subject to approval at a February 3 shareholders meeting, comes as a growing number of maritime and offshore oil and gas companies target opportunities in renewables.In August, NYSE-listed…
Crowley Forms 'New Energy' Division to Focus on Offshore Wind, LNG
Crowley Shipping announced Wednesday it has formed a New Energy division to focus on offshore wind and liquefied natural gas (LNG) services in the U.S. and adjacent regions.The Jacksonville, Fla.-based maritime transportation and services firm, a longtime supporter of the oil and gas industry, said many of its U.S.-flag vessel assets, engineering and logistics services could quickly and easily pivot to support the emerging energy sectors.“At Crowley…
SOCP Releases Ballast Water Management Systems User Guide
BWMS User Guide lays out path to compliance over lifetime of installationThe Ship Operations Cooperative Program (SOCP) has released the Ballast Water Management Systems (BWMS) User Guide. Developed by Glosten in cooperation with the SOCP Members and support from the United States Maritime Administration (MARAD), the guide simplifies the complex regulatory framework around ballast water management…
Havila Shipping, DeepOcean Settle Dispute
Norwegian offshore vessel owner Havila Shipping has settled a dispute with subsea services provider DeepOcean.The dispute, now settled, came to light after Havila in December said it had terminated the contract with DeepOcean for the Havila Phoenix vessel, citing the latter's breach of contract obligations, and seeking payment.The subsea vessel Havila Phoenix has since 2013 served DeepOcean, under a charter with a firm period until May 2023.
South Korea Delegation Heads to Iran to Seek Release of Seized Tanker
A South Korean delegation is heading to Iran on Wednesday to seek the release of a chemicals tanker and its 20-member crew seized in Gulf waters by Iranian forces…
Indian Oil Corp Buys its First Cargo of Iraqi Basra Medium Oil
Indian Oil Corp (IOC) , the country's top refiner, has loaded its first cargo of Iraq's newly introduced Basra Medium crude grade, according to ship-tracking data…
Maersk Says European Lockdowns Have Not Dented Demand for Shipping
High shipping rates are set to continue for at least several weeks, despite new coronavirus lockdowns in Europe, boosted by demand for furniture, exercise equipment and home improvement goods, shipping group Maersk said on Wednesday.A surge in demand from shoppers sheltering at home in a worsening COVID-19 pandemic has upended normal trade flows and triggered a spike in the cost of moving goods around."There are simply not enough containers in the world to cope with the current demand…
2020 Volatility Lifts Freight Derivative Volumes
The freight derivatives markets for both tankers and dry cargo vessels saw increased traded volumes in 2020, according to data released by the Baltic Exchange.Tanker Forward Freight Agreement (FFA) volumes were up 31% on the previous year, reaching 603,261 lots, with a daily record of 33,677 lots achieved on March 16 at a time when Time Charter Equivalent earnings for very large crude carriers (VLCC) exceeded $275,000. Dry FFA volumes hit 1,548,127 lots, up 17% on 2019.
