Baltic News

The Baltic Exchange's main sea freight index rose to its highest in close to three months on Thursday, propelled by higher rates in the capesize vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 75 points to 2,091 points, hitting its highest since July 2.The capesize index jumped 265 points to 3,580 points, its highest since early July.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $2,195 to $29,690.The panamax index was down 45 points or 2.9% at 1,4

Wallenius Lines has acquired the sister ships M/V Thuleland and M/V Tundraland from Baltic Container Shipping Ltd. The acquisitions are a continued part of the company's strategy to grow through new construction of vessels and acquisition of existing vessels.The vessels are already operated today in WALLENIUS SOL, which is owned by Wallenius Lines and Svenska Orient Linjen, with the aim of strengthening a sustainable infrastructure in the Gulf of Bothnia and the Baltic Sea. The vessels currently fly the Swedish flag and are under the management of Wallenius Marine…

The UK Marine Accident Investigation Branch (MAIB) has published its preliminary assessment of the grounding of the general cargo vessel Baltic Arrow which ran aground on June 25, 2024 near New Dyke Farm on the River Nene while enroute to Wisbech, England.Baltic Arrow had set sail from Riga, Latvia, carrying a cargo of timber. The day before the grounding, the vessel anchored at the Wisbech anchorage off the east coast of England. At 0540 the following day, Baltic Arrow weighed anchor and proceeded to the pilot station where two pilots boarded at 0700.

Esgian has no rig contracts to announced but provides an update on rig moves and drilling operations in the US Gulf of Mexico, Canada, Morocco and Norway in its Week 38 Rig Analytics Market Roundup.Report SummaryDrilling Activity and DiscoveriesExxonMobil has abandoned the Persephone C-54 well on EL 1169 in the Orphan Basin offshore Newfoundland, Canada.Seadrill’s 12,000-ft drillship West Neptune has resumed drilling operations on LLOG’s Who Dat South exploration well in the US Gulf of Mexico…

Russia's seaborne oil product exports in August fell to 9.074 million metric tons, down 2.3% month on month, data from industry sources and Reuters calculations showed.Russia's offline primary oil refining capacity for August at 2.95 million tons was up from July's level by some 3%, according to Reuters calculations based on data from industry sources.Total oil product exports via the Baltic ports of Primorsk, Vysotsk, St.

The Baltic Sea's irst green freight corridor has been launched, allowing for the transportation of Felix ketchup to Finland with a 90% reduction in emissions. This initiative, a collaboration between Orkla Suomi, Scandic Trans, and Viking Line, features a scheduled freight service powered by biofuel.Since July, Felix ketchup, produced by the Orkla Group in Fågelmara, has been shipped to Finland using biofuels. The process begins at the largest ketchup factory in the Nordic region, where Scandic Trans trucks transport the product to Viking Line’s terminal in Stadsgården, Stockholm.

President Vladimir Putin on Tuesday warned the United States against trying to outgun Moscow in Asia as Russian and Chinese warships held joint drills as part of the biggest Russian naval exercises since the Soviet era.Putin said the wider "Ocean-2024" strategic exercise would be conducted from the Mediterranean to the Pacific and would test units' combat-readiness and the use of high-precision weapons, including promising new types.It would also incorporate lessons learned from…

Niels Rasmussen, BIMCO’s Chief Shipping Analyst, predicts a stronger 2024 than 2023 for crude and product tankers.This is despite weaker cargo volumes during the first half of the year.The BIMCO Tanker Shipping Market Overview & Outlook August 2024 states that muted fleet and supply growth in both markets during 2024 is a key enabler for the relatively significant strengthening of the supply/demand balance predicted.Longer sailing distances due to rerouting of many ships via the Cape of Good Hope help ensure strong tonne miles and demand growth in 2024 even if cargo volume growth is limited.

An oil tanker managed by an Azerbaijan-based firm is travelling the Northern Sea Route to China for the first time, taking a route so far dominated by vessels managed by Russian shipping giant Sovcomflot, according to LSEG data and two traders.The vessel Prisma is managed by a private company Vista Vvave Shipmanagement based in Azerbaijan, one of the traders said, citing the vessel's documents.Moscow wants to increase traffic via the Northern Sea Route (NSR), which runs from Murmansk near Russia's border with Norway eastwards to the Bering Strait near Alaska…

Singapore announced top maritime centre for 11th consecutive yearThe Baltic Exchange, in collaboration with Xinhua News Agency, announced the release of the 2024 Xinhua-Baltic International Shipping Center Development Index (ISCDI) Report. Now in its 11th year, the report ranks the world’s leading shipping centers.For the 11th consecutive year, Singapore was recognized as the world’s leading shipping center, achieving a score of 96.23 out of 100. London once again secured second position with a score of 82.50, followed by Shanghai with a score of 81.84.

Shipowners in all sectors face the same decision: build new or refurbish older tonnage. In the booming cruise sector the decision is more pressing, particularly as new construction ships can take two to three years to build, perhaps longer today with global shipyard orderbooks packed full.When the decision was taken to upgrade the nearly 40-year-old MS Amera, trust for the project landed with BSM Cruise, the technical ship manager of MS Amera, and Wabtec channel partner VMS Group…

Suggestions that Ukrainian authorities supported by Poland were behind planning and executing the sabotage attack on Nord Stream gas pipelines in 2022 are groundless, the Polish president's aide said on Sunday.Germany's former intelligence chief August Hanning told Die Welt this week he believed there were agreements between presidents of Poland and Ukraine to carry out the attack."These are completely groundless insinuations," Mieszko Pawlak, head of the international policy bureau at the office of President Andrzej Duda said when asked about the allegations by Polsat broadcaster…

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, slipped for a third straight session on Monday, weighed down by weaker rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 15 points, or 0.9%, to 1,655.The capesize index fell 24 points, or about 1%, to 2,413.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, declined $205 to $20,008.Prices of iron ore futures slid on Monday, dragged down by heigh

On August 8, BLRT Repair Yards' Tallinn Shipyard in Estonia on Thursday commissioned a new floating dry dock, enabling it to maintain, repair and modernize larger vessels.Built to accommodate Handysize vessels, ranging from tankers to passenger ships, the new floating dock measures 180 meters in length, 30 meters in width, and has a lifting capacity of 10,000 tons. It replaces an older floating dock, which measured 155 meters in length and 27 meters in width.The FD22 was completed at the HAT-SAN Shipyard in Turkey in May 2024.

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, snapped its four-day gaining streak on Thursday, as rates declined across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 15 points, or 0.9%, to 1,683.The capesize index fell 14 points, or 0.6%, to 2,459.

Maritime charity Stella Maris is committing funding “for as long as it takes” to provide urgent support to the thousands of seafarers in Ukraine and those regularly making the perilous journey to and from its Black Sea ports.Seafarers working on vessels that have to navigate Russian threats through the Black Sea face numerous challenges, not least mental health issues associated with life-threatening risks.And in Ukraine itself, seafarers have not been able to work for more than two years because of the country’s wartime rules…

Esgian provides an update on what has been a busy week in the offshore drilling market in its Week 31 Rig Analytics Market Roundup.Report SummaryContractsBorr Drilling has confirmed new contracts for several of its 400-ft jackups, including work for the Arabia I in Brazil, Gunnlod in Malaysia, and Norve in Gabon. Borr stated that these new commitments cover a total 1,779 days and $332 million in contract revenue, including mobilisation and demobilisation.North Oil Company has…

The BIMCO Dry Bulk Shipping Market Overview & Outlook July 2024 by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, anticipates that the supply/demand balance will strengthen in 2024 but weaken in 2025.Supply is estimated to grow by 3-4% in 2024 and 1.5-2.5% in 2025, while demand is projected to grow by 4.5-5.5% in 2024 and weaken by 1-2% in 2025.Freight rates are expected to stay strong during the rest of 2024, but demand could ease amid high inventories among importers. Freight rates are expected to weaken in 2025…

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, slipped to its lowest level in three months on Tuesday, weighed down by lower rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 35 points, or 2%, to 1,762, hitting its lowest level since May 1.The capesize index fell 83 points, or 3.2%, to 2,499, declining for a eighth consecutive session.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, we

Russia's navy began planned exercises involving most of its fleet in the Arctic and Pacific oceans as well and the Baltic and Caspian seas, the defense ministry said on Tuesday.Russia is considered by most military analysts to have the world's third most powerful navy after those of the United States and China, and Russia has a significant ballistic-missile nuclear submarine fleet.The Russian drills, which include 20,000 personnel and 300 ships, will test the readiness and capabilities of the navy at all levels…

The Russian navy started planned exercises involving most of its fleet as well as 20,000 personnel and 300 ships, Russian news agencies reported on Tuesday, citing the defence ministry.The drills are to test the navy's military command bodies of three fleets as well as the Caspian Flotilla, TASS news agency reported. Russia's Navy comprises of four fleets, the Caspian flotilla and several task forces.The Northern Fleet in Russia's Arctic, the Pacific Fleet in the Pacific Ocean…

Havana residents watched from shore on Saturday as Russian warships arrived for the second time in as many months, in a visit that Cuba called routine.Cuban authorities fired shots into the air to signal their welcome, while curious fishermen watched from Havana's waterside promenade as the ships advanced up the bay. Russian residents were also among the few up early to see the fleet's arrival.The patrol ship Neustrahimiy, training vessel Smolniy and support vessels, all from the Baltic Fleet…

Finland suspects a Russian vessel violated the Nordic country's territorial waters on Friday, the government said, in the latest incident to cloud relations between the two countries.The government said Friday's incident took place in the eastern Gulf of Finland."The Border Guard is investigating the incident and will provide further information as the investigation progresses," the Finnish defense ministry said in a statement.Finnish daily Helsingin Sanomat quoted border guard chief investigator Petter Stauffer as saying the ship was a seabed exploration vessel operating under the Russian nav