Russian Firms to Build World's Most Powerful Nuclear Icebreaker
Two Russian companies signed a deal on Thursday to build the world's most powerful nuclear icebreaker to help boost trade on a northern sea route crucial to forging closer links with Asia.Atomflot, a subsidiary of Russian nuclear group Rosatom, and the Zvezda shipyard, owned by a consortium led by oil giant Rosneft, said they would work together to build the Lider (Leader) icebreaker.President Vladimir Putin has said that Arctic shipping routes along Russia's northern coast could rival the Suez Canal as a short-cut trade route between Europe and Asia.Rosatom said the 209-meter icebreaker…
Enterprise Offers Crude Shipments From Gulf Coast to Cushing
Enterprise Products Partners LP said it would offer spot shipments of crude on an existing pipeline from the U.S. Gulf coast to Cushing, Oklahoma, the delivery point for benchmark U.S. crude futures, as demand to store oil inland surges.The move marks a sharp reversal from recent pipeline projects that were all built connecting inland markets to the Gulf Coast as U.S. crude exports climbed to record highs after Washington lifted a ban in late 2015.However, the coronavirus pandemic has crushed global oil demand and dented U.S.
Baltic Index Rises
The Baltic Exchange's main sea freight index inched higher on Tuesday, marking its eighth straight session gain, as higher rates for panamax and supramax vessels outweighed lower capesize rates.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 2 points, or 0.4%, to 508 pointsThe capesize index fell 39 points to -278 pointsAverage daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, declined by $218 to $2,475.The panamax index climbed 19 points, or 2.3%, to 830 point
Baltic Index Falls
The Baltic Exchange's main sea freight index declined on Friday as lower rates for capesize and supramax segments offset gains in the panamax category.The Baltic index, which tracks rates for capesize, panamax and supramax vessels to ferry dry bulk commodities, dropped 16 points, or 3.7%, to 415.The main index has lost nearly 14.8% this week, its ninth consecutive week of decline.The capesize index fell 47 points to a negative 234, down for the 41st straight session.Average daily earnings for capesizes…
OOCL Posts Higher Container Volumes
Hong Kong-based carrier Orient Overseas Container Line (OOCL) said both container volumes and revenue were higher in the third quarter this year than in 2018.The COSCO-owned company said that the total volumes for the third quarter of 2019 (ended 30th September 2019) were 4.1% up from the same period last year. Total revenues increased by 5.8% to US Dollars 1,646.2 million. Loadable capacity increased by 4.7%.The overall load factor was 0.4% lower than the same period in 2018. Overall average revenue per teu increased by 1.6% compared to the third quarter of last year.For the first nine months of 2019 (ended 30th September 2019), total volumes increased by 3.5% over the same period last year and total revenues recorded a 6.3% growth.
Russia's First FSRU to Arrive at Kaliningrad to Start Up LNG Imports
Russia's first liquefied natural gas (LNG) floating storage and regasification unit (FSRU) is expected to dock at the port of Kaliningrad on Dec. 18, a source familiar with the matter told Reuters.The FSRU, called Marshal Vasilevskiy, is being installed at Kaliningrad - a city separated from Russia and bordering with Lithuania and Poland - by Russian energy major Gazprom in a move to bypass pipeline gas deliveries via Lithuania in case there are any disruptions in gas transit.The FSRU will be the first LNG import facility in Russia, the world’s second largest gas producer.The vessel is currently anchored outside the port of Kaliningrad…
MSC Sees Over $2 bln in Annual Fuel Costs from IMO Rules
Swiss-headquartered MSC expects to pay over $2 billion a year in fuel costs due to tougher global marine fuel rules and will introduce a bunker charge next year to recoup expenses, the world's number two container line said.UN agency the International Maritime Organization (IMO) will prohibit ships from using fuels with sulphur content above 0.5 percent from Jan. 1, 2020, compared with 3.5 percent today, unless they are equipped with exhaust gas cleaning systems, known as scrubbers…
Baltic Index Down as Capesize Rates Dip to Lowest Seven Month Low
The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, fell for the twelfth straight session on Wednesday after the capesize index dropped to a seven-month low.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 55 points, or 5.2 percent, to 1,009 points, its lowest since mid-April.The capesize index slid 18.5 percent, or 213 points, to 940 points, a level last touched on April 11. Average daily earnings for capesizes…
Capesize Rate Drag Baltic Index Down for Tenth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, declined for the tenth straight session on Monday on weakening demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 22 points, or 1.9 percent, to 1,125 points.The capesize index slipped 4.3 percent, or 63 points, to 1,398 points, its lowest since May. 30. Average daily earnings for capesizes, which typically transport 170…
Afghan Launches India-Iran Shipping
Afghan Ministry of Transportation will soon launch a commercial shipping line with the assistance of the Islamic Republic of Iran to conduct business activities between Chabahar Free Trade Zone and India.IRNA reported quoted the Afghan Ministry of Transportation as saying that the shipping sector would soon be formed and the ships could operate commercial activities with the flag of Afghanistan in free waters.The other local media hailed the move saying that Afghan will soon establish a department of shipping and ships will plough the ocean flying the Afghan flag. They said the ships would run between Iran’s free port of Chabahar and…
Low EU River Stir Fuel Markets in Singapore
Rhine water levels hit record lows in October; river is a key fuel transport hub for Europe.Low water levels on the Rhine river have caused a fuel supply deficit in parts of Europe's industrial heartlands that is sucking up cargoes from more than 10,000 km away in Singapore.Following a long, scorching summer, water levels on the Rhine - a key commodity shipping lane connecting industrial centres in Switzerland, Germany, France and the Netherlands to major seaports - fell to record lows…
