Headwinds for the Poseidon Principles
The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels, influential…
Chinese Export Container Rates Plunge 27%
The bad news for liner operators appears to have no end. In a normal year, the weeks leading up to Chinese New Year (CNY) bring an increase in volumes and freight rates. So far, however, the lead-up to CNY in 2023 has been the worst in 13 years. Spot rates for containers loading in Shanghai will normally be 12% higher just before CNY than 10 weeks earlier. Similarly, average rates for all containers loading in China will normally end 4% higher. This year, both spot and average rates, however, continue to fall.
