WFW and Hogan Lovells Advise on Hapag-Lloyd Green Ship Finance
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Watson Farley & Williams (WFW) and Hogan Lovells jointly advised on three separate green ship financing transactions with an aggregate value of over $1.5 billion.All three transactions, one of which was secured by Chinese ECA Sinosure, were carried out in accordance with the Green Loan Principles of the Loan Market Association. WFW advised arrangers, financing banks and green loan arranger, with Hogan Lovells acting for Hapag-Lloyd.In October 2024, Hapag-Lloyd signed two orders for a total of 24 container ships with two Chinese shipyards.
Baltic Index snaps 13-day losing streak
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The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a thirteen-day losing streak on Friday, supported by strong rates across the capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 20 points to 735 points, recording gains for the first time since Jan. 13. The contract was down 8.1% this week.The capesize index gained 33 points to 874 points.
Baltic Index Falls Again as Capesize, Supramax disappoint
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The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended losses for the thirteenth straight session on Thursday, pressured by a dip in rates across capesize and supramax segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 11 points to 715 points, hitting its lowest in 23 months.The capesize index slipped 35 points to 841 points, dropping to its lowest level since February 2023.
Siemens Energy Revenue Jumps 18%
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Siemens Energy, the world's biggest maker of offshore wind turbines, reported on Monday a preliminary first-quarter revenue of 8.94 billion euros ($9.37 billion), up 18.4% on a comparable basis and slightly above consensus estimates.The firm's preliminary order intake figures stood at 13.67 billion euros for the quarter, down 10.2% on a comparable basis, above consensus estimates.In November last year, Siemens Energy raised its midterm outlook as it reported a new record for its…
Third Straight Weekly Loss for Baltic Index
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The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday and posted its third straight weekly loss, weighed down by weaker rates across vessel types.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 46 points to 778 points, its lowest level since February 2023. The index was down over 21% for the week.The capesize index slipped 98 points to 983 points, dropping to its lowest level since March 2023.
Baltic index extends fall to 23-month low
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The Baltic Exchange's dry bulk sea freight index .BADI, which tracks rates for ships carrying dry bulk commodities, extended losses to a 23-month low on Thursday, dragged by weaker rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 69 points to 824 points, hitting its lowest since February 2023.The capesize index slipped 155 points to 1,081 points, dropping to over five-week low. Average daily earnings for capesize vessels…
Oil set for fourth week of gains on US sanctions
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Oil prices edged lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions.Brent crude futures were down 41 cents, or 0.5%, at $80.87 per barrel by 11:30 a.m. ET (1630 GMT), having gained 1.4% this week. U.S. West Texas Intermediate crude futures were down 89 cents, or 1.1%, at $77.81 a barrel, having climbed 1.6% for the week."Sanctions on Russia are causing tightness of supply in Europe…
Baltic Index logs second straight weekly drop
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The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, hit a one-week low on Friday and marked a second straight weekly fall as rates across all segments weakened.The index, which factors in rates for capesize, panamax and supramax shipping vessels, slipped 36 points at 987 points, its lowest level since Jan. 9. It was down 5.8% for the week.The capesize index fell 89 points to a one-week low of 1,393 points and lost 3.8% this week.
VLCC Rates Spike as US Sanctions Bite
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Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India, shipbrokers and traders said.Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers designed to curb the world No. 2 oil exporter's revenue due to its war in Ukraine.Many of the newly-targeted vessels, part of a so-called shadow fleet that seeks to avoid Western restrictions…
Port of New Orleans wins $1 Million EPA Grant
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The Port of New Orleans (Port NOLA) announced that it has been awarded $1,000,000 from the Environmental Protection Agency (EPA) for its Louisiana International Terminal (LIT) Sustainability Management Plan (SMP)."This funding is a crucial investment in Louisiana’s future, supporting sustainable infrastructure and creating meaningful opportunities for our communities. The Louisiana International Terminal represents economic growth and a commitment to environmental stewardship and workforce development that will benefit Violet, St. Bernard Parish and the entire state.
Box Shipping Rates may fall as US Port Strikes Averted
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Strikes at ports on the US East Coast and Gulf Coast, which would have caused an economic and supply chain crisis, have been called off – with ocean container freight rate growth now expected to slow or fall.The strikes were set to begin on 15 January and would have forced the closure of ports from Maine to Texas. This has now been averted after a tentative agreement over a new six-year master contract was reached between the International Longshoremen’s Association (ILA), which represents port workers…
AES Acquires CWind from Inspirit Capital
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All Energies Services Group (AES Group) has announced the acquisition of CWind Ltd, a market provider of offshore wind services, from private equity firm Inspirit Capital.This strategic acquisition marks a significant milestone in AES Group's mission to expand its footprint in the renewable energy sector and reinforces its commitment to driving the global transition to clean energy.Founded in 2010, CWind Ltd is known for delivering comprehensive support to the offshore wind industry, including crew transfer vessels, asset management, and turnkey engineering services.
Amid Falling Suez Canal Revenue, Egypt to get $1.2 bln IMF Boost
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Egypt is expected to receive a $1.2 billion disbursement from the International Monetary Fund this month as part of an $8 billion program with the international lender, Finance Minister Ahmed Kouchouk said on Sunday.Last month, the IMF said it reached a staff-level agreement with Egypt on the fourth review of the 46-month Extended Fund Facility arrangement, potentially unlocking the $1.2 billion disbursement."The (IMF's executive) board will convene in January and, God willing…
Iranian Oil Prices to China Spike as Shipping Sanctions Bite
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, including from the Middle East and West Africa, to meet seasonal winter and pre-Lunar New Year demand…
Baltic Index Logs Worst Year since 2014
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. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal…
Moody's: Port of Oakland A1 Rating Maintained
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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.
Maersk says Global Trade could rise 7% in 2025
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. companies will continue to spur consumption, he said. The United States is Maersk's largest market by sales.
Trump Threatens to Retake Control of Panama Canal
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, with the comment: "Welcome to the United States Canal!""Has anyone ever heard of the Panama Canal?" Trump said at AmericaFest, an annual event organized by Turning Point, an allied conservative group.
BIMCO's Shipping Number of the Week
Dry bulk contracting falls 70% below average amid low rates.“Over the past three months, dry bulk newbuilding contracting has been 70% below the yearly average. Declining freight rates in recent months, a cloudy outlook and high newbuilding prices contributed to the slowdown, and contracting in 2024 will likely fall short of 2023 levels,” says Filipe Gouveia, Shipping Analyst at BIMCO.Driven by healthy demand, the dry bulk market was strong throughout most of the first three quarters of 2024. However, in recent months, weaker Chinese import demand paired with a recovery in Panama Canal transits has impacted freight rates negatively.
Update on Insolvency of FSG-Nobiskrug Shipyard
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Salaries of the 500 employees are secured by insolvency money; discussions planned with clients for shipbuilding projects already underway. The Provisional insolvency administrators want to jointly develop restructuring solutions.The Flensburg and Neumünster district courts have initiated insolvency proceedings for four companies in the Schleswig-Holstein shipyard group FSG-Nobiskrug. The companies affected are FSG-Nobiskrug Holding GmbH, Flensburger Schiffbau-Gesellschaft mbH…
NRF: Imports to Soar on Tariff Threat, Potential Port Strike
With a strike possible again next month at East Coast and Gulf Coast container ports and President-elect Donald Trump planning to increase tariffs, the nation’s major container ports are expected to see a continued surge in imports through next spring, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.“Either a strike or new tariffs would be a blow to the economy and retailers are doing what they can to avoid the impact of either for as long as they can,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “We hope that both can be avoided, but bringing in cargo early is a prudent step to mitigate the impact on our industry, consumers and the nation’s economy.
Baltic Index Ticks Up as Large Bulkers Post Gains
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 $9,388.Iron ore futures rose on Monday, aided by expectations of restocking by steelmakers in top consumer China, although high portside inventories and concerns about demand going into next year limited the gains.The panamax index rose 4 points to 980 points.
Broad Sector Declines puts Baltic Index at 17-month low
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, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $587 to $10,261.Iron ore futures prices slipped on Wednesday, as supply concerns eased and demand slowed marginally due to maintenance of more furnaces by steelmakers in top consumer China.