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Market Watch: Container Freight Rates Fall, Costs Soar
"So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Liner operators continue to struggle with a worsening supply/demand balance, affecting freight rates.
Royal Caribbean Buys $1 Bln Stake in Silversea Cruises
Royal Caribbean Cruises Ltd (RCL.N) said on Thursday it would buy a 66.7 percent stake in privately owned Silversea Cruises for about $1 billion to add ultra-luxury and expedition cruises to its fleet.Silversea Cruises, which has nine ships, sails to destinations including Antarctica, the Arctic and Greenland, with most of its tickets selling for more than $5,000.In contrast, the most expensive cruises run by Royal Caribbean under its Azamara Club Cruises brand cost around $3…
CSC Welcomes Commitment to Decarbonise Shipping
The commitment by governments to require international shipping to decarbonise and at least halve its greenhouse gas emissions by 2050 is a welcome and potentially game changing development…
Fast, Quick Action Needed to Meet Paris Climate Goals: CAN
The International Maritime Organisation (IMO) has agreed on an initial strategy to decarbonise international shipping and reduce emissions from ships by at least 50% by 2050.
Wells Fargo Calls $100 Oil a 'Pipe Dream'
USD 100 per barrel oil is but a “pipe dream,” Wells Fargo said in a new investor note, reports MarketWatch. The report quoted Wells Fargo’s John LaForge saying…
First Commercial Cruise Will Sail Canada's Northwest Passage
The first commercial cruise ship to sail through Canada's Northwest Passage was set to depart on Tuesday, part of a growing Arctic tourism industry spurred by rising temperatures and receding ice. The ship Crystal Serenity was to depart from Anchorage, Alaska, and cut through frigid northern waters before reaching New York in one month, according to a schedule from its American operator, Crystal Cruises.
Experts Say Shipping Emissions Must Peak Soon to Achieve Paris Goals
International shipping and aviation will have to cap their greenhouse gas emissions (GHG) soon for the world to meet the ambitious goals laid down in the Paris Climate Change Agreement…
German Cruise Market Looks Top Slot
The ocean cruise market in Germany continues to be one of the fastest-growing tourism sectors. Going by current trends, Germany could rival the UK’s position as the second largest ocean cruise market.
Weird & Wonderful Cruise Line Attractions
Shore excursions: At Aqua Expeditions, a small luxury line that cruises the Amazon, the effort to offer something different sometimes takes the form of a pickup soccer game with the locals in whatever Amazon River town the ship has docked. A virtual porthole: Disney Cruise Line has come up with a solution to the problem of the windowless cabin: on its Dream and Fantasy ships, inside cabins have a “magical” porthole — that is…
U.S. DofE Likely to Grant More LNG Export Permits
The Department of Energy is likely to approve additional permits this year to companies looking to export liquefied natural gas more broadly, reports Market Watch, citing Morgan Stanley.
Japan Needs U.S. LNG, But Quickly ...
Japanese trade minister Toshimitsu Motegi calls for early U.S. approval for exports to his country of liquefied natural gas (LNG). The Japanese minister made his…
Daewoo: Exceeds $11B Order Target by 9%
According to a report on www.marketwatch.com, Daewoo Shipbuilding & Marine Engineering Co. exceeded its annual order target of $11 billion by 9%, helped by two separate…
Beijing Plan to Scrap Old Ships
China will provide subsidies to help shipping companies retire ageing oil tankers and some single-hull ships before they would normally be taken out of service, a move that will affect 2…
BP Claims Progress on Long-Term Solution
According to a June 13 report from MarketWatch, BP PLC said it was taking steps to implement a more permanent arrangement to capture the oil spewing into the Gulf of Mexico, as U.S.
Asian Shipping Stocks Poised for Gains
According to a Jan. 6 report from MarketWatch, as freight rates continue to recover and with demand for shipping expected to climb, shares of Asian shippers and…
House Approves Offshore Drilling
The U.S. House of Representatives OK'd a measure by a vote of 236 to 189 to lift a ban on offshore oil and gas drilling. The bill would allow drilling as close as 50 miles from the coast…
Market Watch
Tanker rates to the West firmed as charterers and operators took on board the implications of OPEC's decision to raise oil output, brokers reported. Rates of W68.5 ($11.50 per ton) for 280…
Rowan Profits Jump in 3Q
Rowan Companies, Inc. said profit in the third quarter jumped 50% on overseas demand for its offshore oil rigs and drilling services. The Houston drilling contractor…
Boeing Completes Purchase of C-Map
Boeing Co. (BA) completed its purchase of C-Map, a provider of digital maritime cartography with operations in Italy, the U.K., Norway, Poland, Russia, Ukraine, Australia and the U.S.
Coast Guard Meets with Lockheed, Northrop
U.S. Coast Guard Commandant Adm. Thad Allen met last week with chief executive officers from Lockheed Martin Corp. (LMT) and Northrop Grumman Corp. (NOC) to discuss…
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