Cape Of Good Hope News

Between September 2024 and January 2025, ship capacity in deadweight tonnes transiting through the Panama Canal was 10% lower than the 2019-22 average.Although there were no transit restrictions during this period, transits of dry bulk, LNG and, to a lesser extent, tankers have not recovered to their historical levels, says Filipe Gouveia, Shipping Analysis Manager at BIMCO.Between June 2023 and September 2024, transits through the Panama Canal were restricted due to low water levels in the Gatun Lake.

Costamare has reported a net income of $290.7 million as part of its unaudited financial results for the fourth quarter and year ended December 31, 2024, also noting its plans to renew its owned fleet.Gregory Zikos, Chief Financial Officer of Costamare, said: “In the container ship sector the Red Sea crisis led to diversions via the much longer Cape of Good Hope route. These diversions, together with strong cargo demand, absorbed the incremental new building capacity. The commercially idle fleet remained low during 2024 and at the start of 2025.

In the ever-evolving world of maritime trade, ship ownership is a key indicator of economic influence and global commerce. As we enter 2025, Veson Nautical offers its Top 10 Ship Owning Nations, offering a detailed analysis of fleet values and industry shifts. This year, China has surged to the top, overtaking Japan in total fleet value, while geopolitical events and shifting market dynamics continue to shape the rankings.Let’s take a closer look at the global giants of ship ownership and the forces driving their dominance.1.

French shipping and logistics group CMA CGM will continue to avoid the Red Sea even though it considers the region is more stable following the ceasefire agreement between Israel and Hamas, it said on Saturday.Shipping executives remain cautious about a return to the Red Sea, where Iran-backed Houthis have carried out more than 100 attacks on ships since November 2023, leading most shipping companies to divert vessels to other routes.CMA-CGM said in a statement the improved stability was "a positive but fragile sign" for the industry, and safety was a priority."Given the ongoing tensions and a

Maersk will continue to divert vessels away from the Gulf of Aden and Red Sea and toward the southern tip of Africa despite Yemen's Houthis announcing they will curb their attacks on ships, the container shipping giant said on Friday.The Danish shipping company said the announcement by the Iran-backed militant group was "a very welcome step in the right direction towards stability and eventual normality for the global shipping industry".However, it said the security risk for commercial…

Two of the world's top shipping companies, Maersk and Hapag-Lloyd, said on Thursday they did not see an immediate return to Red Sea after the ceasefire between Hamas and Israel was announced.Both companies said they would be closely monitoring the situation in the Middle East and would return to the Red Sea once it was safe to do so."The agreement has only just been reached. We will closely analyze the latest developments and their impact on the security situation in the Red Sea…

Singapore’s annual vessel arrival tonnage, total tonnage of ships under the Singapore flag, container throughput, total bunker sales and sales of alternative bunker fuels, reached new highs in 2024. Cargo throughput handled at the port of Singapore also increased in 2024.The annual vessel arrival tonnage in the port of Singapore grew by 0.6%, reaching a new record of 3.11 billion gross tonnage (GT), up from 3.09 billion GT in 2023. The key shipping categories - bulk carriers, container ships and tankers - each accounting for close to a third…

The last 12 months has seen values rise to near-record levels across several sectors of the shipping industry, fuelled by the post-covid shipping boom and a strong newbuild market.The report states that the newbuild market experienced continued growth, with a notable rise in orders, particularly in the Post/Panamax and Capesize sectors. Chinese dominance in both ordering and shipyard production remains a defining trend, further consolidating their position in the bulker industry.Container…

The operator Tug Malta has held a naming ceremony for its latest tug, Med Aldebaran, following its delivery from Damen’s shipyard in Vietnam.With more than 80 tonnes of bollard pull at its disposal, the tug of Damen RSD Tug 2513 type will add significant strength to the company’s operations in Malta’s Port of Marsaxlokk.The tug is a compact, maneuverable vessel combining elements of ASD and tractor tugs.The Med Aldebaran tug has been outfitted with a Damen Marine NOX Reduction System.

On December 4th, Tug Malta held a naming ceremony for its latest vessel, a Damen RSD Tug 2513, in Malta. During a celebration attended by the Prime Minister of Malta Robert Abela, the vessel was named Med Aldebaran.With more than 80 tonnes of bollard pull at its disposal, the new vessel will add significant strength to the company’s operations in Malta’s Port of Marsaxlokk. The RSD Tug 2513 is a compact, maneuverable vessel combining elements of ASD and tractor tugs to deliver an ‘always bow first’ approach to towage.

Hapag-Lloyd expects lower profitability in the fourth quarter but still at a "good level", after freight rates peaked in the third quarter, Rolf Habben Jansen, the CEO of the German shipping company, said at a press conference on Monday.Habben Jansen also expects disruptions in the Red Sea linked to Houthi militants to continue well into 2025, meaning that rerouting around Africa would continue.Hapag's nine-month net profit fell by 47% as diverting container ships around Africa brought costs for the company.The world's fifth-biggest container shipping firm expects prolonged uncertainty beyond 2024 as volatile freight rates and geopolitical challenges persist.Its Gemini joint venture with Danish peer Maersk MAERSK remains on track with a network being built around the Cape of Good Hope…

Chevron Marine Lubricants has extended its global supply capacity to include Port Elizabeth, South Africa, to serve vessels avoiding current conflict areas.Chevron’s current range of marine engine lubricants, including the Taro Ultra range, will be available to ships calling at the multi-cargo port which is located on the western perimeter of Algoa Bay.The port is operational 363 days a year. In addition to bulk and container handling, Port Elizabeth has a berth for liquid cargo operations.Prior to 2023, records indicate an average of 1,050 visiting vessels over a 36-month period.

A.P. Moller-Maersk expects strong demand for shipping goods around the globe to continue in the coming months, though does not expect to resume sailing through the Suez Canal until "well into 2025".Attacks on vessels in the Red Sea by Iran-aligned Houthi militants have disrupted a shipping route vital to east-west trade, with prolonged re-routing of shipments pushing freight rates higher and causing congestion in Asian and European ports."There are no signs of de-escalation and it is not safe for our vessels or personnel to go there ...

The ongoing impact of conflict in the Red Sea, spiraling freight rates and congestion across global ocean container supply chains resulted in record high carbon emissions from the ocean container shipping industry in Q3.The Xeneta and Marine Benchmark Carbon Emissions Index (CEI), which measures carbon emissions across Xeneta’s top 13 ocean container shipping trades, hit 107.9 points in Q3 – the highest on record and up 12.2% compared to a year ago before the Red Sea crisis.The CEI is based on Q1 2018…

Liquefied natural gas shipping rates have hit multi-year lows and may extend losses going into 2025, analysts and shipping sources said, with new tankers being added at a faster rate than LNG production is rising and spot demand still tepid.New LNG tankers, built in anticipation of rising U.S. exports after a plunge in Russian gas supplies to Europe in 2022, are coming online earlier than liquefaction projects, which have been delayed amid inflation from strong wage growth and a shortage of skilled labour and equipment.With more ships expected to come…

International shipping company Hapag-Lloyd raised its full-year earnings guidance on Thursday citing stronger-than-expected demand and higher freight rates.Despite increased expenses from the diversion of vessels around the Cape of Good Hope, Hapag-Lloyd says it now expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2024 of between $4.6 billion and $5 billion, up from previous guidance of $3.5 billion to $4.6 billion.However, given very volatile freight rates and major geopolitical challenges…

The two people leading Hapag-Lloyd and Maersk into the new Gemini Cooperation spoke at the Xeneta Summit in Amsterdam last week expressing confidence in the new alliance achieving its ambition of 90% service reliability.The Gemini Cooperation will begin operating on February 1 next year, with a new hub and spoke approach of mainliner and transshipment services designed to increase reliability.Rolf Habben Jansen, CEO of Hapag-Lloyd, and Kenni Skotte, Vice President and Head of Ocean Network Product at Maersk…

Ships carrying Russian liquefied natural gas (LNG) to Asia are returning to the longer routes around Africa's Cape of Good Hope rather than those along the Arctic shore as the winter season begins, LSEG data showed on Thursday.Russia's new Arctic LNG 2 project also lacks enough ice-class gas carriers to continue navigation along the Northern Sea Route, although some such tankers still sail it.According to LSEG data, the conventional gas tanker LNG Megrez loaded at Yamal LNG plant on Oct. 2 and started its voyage around Africa to Asia with arrival set for Nov.

The containership CMA CGM Belem has arrived safely at anchorage in the Port of Ngqurha after losing nearly 100 containers in heavy seas off the coast of South Africa.The Maltese-flagged vessel suffered a significant stow collapse and a loss of 99 containers overboard while encountering severe weather off the coast of Richards Bay on the night of August 15, the South African Maritime Safety Authority (SAMSA) said.The 336-meter-long vessel had initially sought refuge at Maputo Bay but was redirected to Gqeberha…

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.

Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened, analysts said.Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such as gasoline and diesel using secondary units.But loadings of those products to the Gulf Coast, America's largest refining hub, fell by a third in August from the prior month to 260,000 barrels per day (bpd)…

BIMCO has released its Container Shipping Market Overview & Outlook September 2024 with Niels Rasmussen, BIMCO’s Chief Shipping Analyst, highlighting that the disruption caused by ships being rerouted via the Cape of Good Hope remains the key ship demand driver.As a result, ship demand is forecast to grow three times faster than cargo volumes in 2024. Without it, ship supply would have grown faster than ship demand but instead BIMCO expects that the supply/demand balance will on average be tighter during 2024 than during 2023.“During the second half of 2024…

In February 2025, Maersk and Hapag-Lloyd will launch their Gemini Cooperation aimed at delivering a flexible and interconnected ocean network with schedule reliability above 90% once fully phased in.The companies unveiled the concept in January 2024 and have been working on finalizing the details of a joint ocean freight network on East-West trades. Depending on which network the cooperation will phase in, the new network will consist of either 300 or 340 vessels:Trans-Suez Network: Approx.