Cargo News

The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said.Rising prices for Iranian oil as well as Russian crude are raising costs for independent Chinese refiners that account for about a fifth of demand at the world's top crude importer, underscoring challenges ahead as the Trump administration is expected to ramp up pressure on Iran.Some of the refiners are switching to supplies not under sanction restrictions…

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, inched up on Tuesday but recorded its worst year since 2014, hurt by weaker rates across all vessel segments.The Baltic report will not be published until Jan. 2, 2025 due to post-Christmas and New Year holidays. The index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 3 points to 997 points. It fell 52.5% this year.The capesize index rose 15 points to 1,147 points. The contract was down 66.7% for the year.

U.S. President-elect Donald Trump has picked Miami-Dade County Commissioner Kevin Marino Cabrera to serve as ambassador to Panama after having threatened for the U.S. to reassert control over the Panama Canal it handed over 25 years ago.Trump described Cabrera as "a fierce fighter for America First principles" who he said has been instrumental in driving economic growth and fostering international partnerships."Few understand Latin American politics as well as Kevin - He will…

The Port of Oakland’s container business continues to grow. Total cargo volume shot up 10% year-to-date, January through November 2024, compared to the same period in 2023.“We are optimistic that strong container volume will continue through the end of the year,” said Port of Oakland Manager of Business Development and International Marketing Carolyn Almquist. “We expect to be on track to return to our pre-pandemic baseline cargo numbers. Our total inbound and outbound volume is up…

Traffic was suspended in Turkey's Bosphorus strait on Thursday after a tanker had an engine failure during northbound transit through the strait that runs through Istanbul, shipping agent Tribeca and the Transport Ministry said.Tribeca said that the Panama-flagged tanker Cordelia Moon with Russia destination suffered an engine failure around Yenikoy area and that an assistance vessel was sent to the scene.(Reuters)

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday, as rates increased across larger vessel segments.The index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 4 points to 994 points.The capesize index was up 17 points to 1,132 points. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $144 to $9…

President-elect Donald Trump threatened to reassert U.S. control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.Speaking to a crowd of supporters in Arizona, Trump also said he would not let the canal fall into the "wrong hands," warning of potential Chinese influence on the passage.After the event, he posted an image on Truth Social of an American flag flying over a narrow body of water…

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped its three-session losing streak on Friday, supported by strong rates across the capesize and panamax vessel segments.The index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 14 points to 990 points. The contract was down 5.8% for this week.The capesize index was up 36 points to 1,115 points. The index lost about 11.7% this week.

The Mosel River in Germany will remain closed to cargo shipping in January despite the success of a temporary lock helping to free vessels trapped on the river after an accident, navigation authorities said on Thursday.The temporary lock will not permit a reduced level of cargo shipping to operate on the river while repairs to a damaged lock start in the new year, said a spokesperson for German inland navigation agency WSA.Germany's federal transport ministry said separately that a resumption of normal shipping along the Mosel could be possible in early February 2024.The river…

Deutsche Energy Terminal (DET) said on Thursday that Germany's Wilhelmshaven liquefied natural gas terminal intends to market capacity for ships to discharge LNG in May 2025, adding that there would be limited slots available in the first quarter there and at another location.DET has been commissioned by Berlin since the height of Europe's energy crisis in 2022 to market regasification of gas volumes arriving on LNG tankers, as well as related storage and gas deliveries to inland…

When U.S. presidential candidate Donald Trump started talking about new import tariffs on the campaign trail, Danny Reynolds checked the tags on wedding dresses in his bridal salon and sped up some shipments to his independent clothing store in Indiana."I was grabbing tags specifically to look at the country of origin and it was China, China, China, China, China, China," said Stephenson's of Elkhart boutique owner Reynolds, who moved deliveries of around 20 bridal gowns ahead…

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday, hitting its lowest level in nearly 17 months, as rates dipped across all vessel segments.The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 25 points to 1,028 points, hitting its lowest level since July 2023.The capesize index shed 71 points to 1,237 points, also hitting its lowest level since Sept. 2023. Average daily earnings for capesize vessels…

The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits.Biden in January had paused the Department of Energy's approvals of U.S. LNG exports to big consumers in Asia and Europe so that his administration could conduct the review, triggering complaints from the oil and gas industry."The main takeaway is that a business-as-usual approach is neither sustainable nor advisable…

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, retreated on Tuesday rates dipped across all vessel segments.The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 18 points to 1,053 points.The capesize index shed 32 points to 1,308 points. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $268 to $10…

Tanco Terminals is constructing a $8.2 million expansion of its liquid tank farm at Ports of Indiana-Burns Harbor to support growth in Lake Michigan shipments. Tanco is a third-generation, family-owned business operated at the port since 1977.The company stores and performs value-added services for liquid cargoes, from petroleum to food-grade oils.As part of the expansion, Tanco is adding a sixth rail loading track, a new truck scale, three storage tanks – two with 36,000-barrel capacity and a third at 42…

Port Houston Container Volumes Up 24% in November.Port Houston is on track to close 2024 as one of its most successful years to date, handling 3,799,573 twenty-foot equivalent units (TEUs) through November—a 9% increase over the same period last year. November volumes alone reached 369,361 TEUs, a notable 24% increase year-over-year. This marks the biggest month of the year for Port Houston in terms of containerized cargo volume.Loaded imports rose by 19% in November, driven by consumer goods and machinery, and loaded exports were up 16% the same month, reinforced by robust resin shipments.

President Joe Biden's administration will release as soon as Tuesday a study on exports of liquefied natural gas that is expected to stop short of saying the trade is not in the public interest, two industry sources with knowledge of the issue said.Biden in January paused the Department of Energy's approvals of U.S. LNG exports to big consumers in Asia and Europe in order for his administration to conduct the study on the environmental and economic impacts of the booming industry.President-elect Donald Trump opposed the pause and has said he would move quickly to overturn it.

Political winds blowing a raft of new tariffs and incoming supply uptick suggests a volatile 2025 Bearish sentiment crept into the car carrier market in June after the European Union (EU) announced increased import tariffs for Chinese-made electric vehicles (EVs) up to as much as 45.3%. The EU tariffs, which came into play in November for a period of five years and were increased following an investigation into Chinese state subsidies to domestic car manufacturers, are weighing…

The Baltic Exchange's dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, recorded its fourth consecutive weekly decline on Friday, dragged down by losses across all vessel segments for the week.The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 4 points to 1,051 points on Friday, its lowest since late July 2023. The index was down about 10% for the week.The panamax index fell 26 points to 995 points. The index also posted a weekly loss.

Navigation authorities will attempt to install a temporary lock system on the river Mosel in west Germany this weekend to enable the river, an important route for grains and rapeseed shipments to and from Germany and France, to reopen to cargo shipping.The river was closed to inland waterways shipping this week after an accident damaged a lock at Mueden south of Koblenz with repairs likely to last until late March.However, German navigation agency WSA said on Friday that it is preparing a temporary lock system which will be tested over the weekend.

Maersk expects global trade growth rising as much as 7% next year, bolstered by strong demand from the United States where a potential port strike and tariffs on foreign-made goods loom, an executive at the global carrier said on Wednesday."We predict anywhere between 5 and 7% (growth) overall," Charles van der Steene, regional president for North America at Maersk, told Reuters. "And at this stage, there's nothing that would indicate that it could not be the case," he said on the sidelines of the Reuters NEXT conference.Houthi attacks on vessels in the Red Sea and "resilient" demand from U.S.

BlueBox Systems, developers of intelligent freight tracking solutions, has further developed its BlueBoxCargo tracking platform.The new features include the tracking of CO₂ emissions for sea freight, simplified shipment registration for smaller customers and extended analysis options that further optimize decision-making for customers. This includes, for example, a new routing function for air freight customers. The enhancements give customers access to even more precise and comprehensive…

Port as primary gateway for Northern California region a key credit strength. Moody’s Investors Service, Inc. (Moody’s) has maintained the Port of Oakland's senior lien rating at A1 stable. The A1 stable senior bond rating reflects the Port’s strong liquidity, healthy debt service coverage ratio, manageable capital spending and significant long-term debt capacity.“The rating reflects the Port’s commitment to fiscal responsibility,” said Port of Oakland Chief Financial Officer Julie Lam.