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Freight Cost News

23 Jan 2024

What Does Red Sea Disruption Mean for Europe's Economy?

Weeks of attacks by Iranian-backed Houthi militants on vessels in the Red Sea have disrupted shipping in the Suez Canal, the fastest sea route between Asia and Europe, carrying around 15% of global sea trade.For the European economy, already skirting a mild recession as it tries to shake off high inflation, prolonged trade disruption could derail plans by central banks to start cutting interest rates this year.Here are some factors policymakers are considering as they assess the implications of the disruptions.WHAT HAS BEEN THE IMPACT ON THE EUROPEAN ECONOMY SO FAR?In macroeconomic terms…

15 Jun 2023

Supertanker Freight Rates Jump as Mideast Crude Exports to Asia Rise

©Carabay/AdobeStock

The costs of chartering supertankers to move crude oil from the Middle East to Asia have jumped to the highest since April as more cargoes are being booked in June, according to industry sources and data on Refinitiv Eikon.The rate for a Very Large Crude Carrier (VLCC) from the Middle East to China, Japan and Singapore is assessed at just above worldscale 80 on Thursday, according to shipbroking firm Meiwa International, the highest levels since April. Worldscale (W) is an industry…

29 Apr 2022

Costlier Smaller Tankers Deployed to Move Displaced Russian Oil to China

© Em Campos / Adobe Stock

Traders are deploying smaller, costlier vessels to ship displaced Russian oil from European ports to China, in a rare move as Western sanctions on Moscow force them to use unconventional methods to transport the product.About 5 million barrels of Russian Urals crude was scheduled to load in April and May destined for China on four Aframax-sized tankers that each carry 730,000 barrels and two Suezmax-sized vessels each holding around 1 million barrels, according to shipping reports and research by Refinitiv and Vortexa.A very large crude carrier (VLCC)…

05 Nov 2019

Maritime History & the Panama Canal

Grace Lines COLOMBIA transit of Panama Canal. Source: U.S.Merchant Marine Academy Maritime Museum.

The Panama Canal is a strategic crossroads for maritime traffic, and is arguably one of the most important maritime developments in the past century. Here we take a deeper dive into the history behind that famous strip of waterway.The present canal, which saw its first vessel transits in 1914, along with possible alternatives through Nicaragua and Mexico, had actually been on the minds of merchants, explorers and military/political strategists since the Age of Exploration in early 1500’s.

11 Mar 2019

Drewry Benchmarking Club Reaches Milestone

Drewry  has welcome one of the world’s leading automotive and energy companies to its exclusive, online ocean freight cost comparison service, Benchmarking Club.With this latest addition, Drewry Benchmarking Club now counts more than 10% of its members in the S&P 100 and Nasdaq 100.Launched in 2014, Drewry Benchmarking Club is a closed user group designed exclusively for shippers and is one of a number of ocean freight procurement support services from Drewry’s logistics consultancy arm, Drewry Supply Chain Advisors.These services give logistics and procurement teams within global manufacturers and retailers the visibility they need…

12 Mar 2018

GasLog Orders LNG Carrier Newbuild from Samsung

File photo: GasLog

Ship owner GasLog Ltd. announced it has ordered another newbuild liquefied natural gas (LNG) carrier from South Korean shipbuilder Samsung Heavy Industries, with options for additional newbuilds. The 180,000 cubic meter capacity Flex Plus vessel with XDF propulsion is the second LNG carrier ordered by GasLog this year. The two vessels are unchartered and scheduled to be delivered in the third quarter of 2019 and the second quarter of 2020 respectively. “Given that the outlook for LNG shipping demand remains robust…

25 Jan 2018

Taking the Plunge into Digital

(Image: Nautisk)

It’s a matter of when – not if. Digital is with us, and while many industries have embraced its potential, there is still some reticence in the shipping sector to take the plunge. Norwegian navigation expert Nautisk has rethought its entire product offering to embrace digital, so what have they learned? Nautisk’s head of marketing, John Dawson, explains. Nautisk has been a specialist chart agent for more than 100 years, and our core product base has been paper charts and printed publications for the shipping sector.

06 Nov 2017

The ‘Ag Coast’ of America

(Image: St. Louis Regional Freightway)

St. Louis Region’s Agriculture Freight Network Poised for Growth as Handling Capacity Increases along a 15-mile section of the Mississippi River. Located in the heartland of America, one 15-mile section of the Mississippi River in the St. Louis, Missouri, region delivers the highest level of grain barge handling capacity anywhere along the Mississippi River. Known as the “Agriculture or Ag Coast” of America in terms of barge transfer facilities for agricultural products, local stakeholders also know that in order to sustain and grow this impressive market share…

14 Sep 2017

St. Louis Region’s Agriculture Freight Network Poised for Growth

As cargo handling capacity increases along the Mississippi River, this 15-mile section of the Mighty Mississippi is being called the Ag Coast. Located in the heartland of America, one 15-mile section of the Mississippi River in the St. Louis, Missouri, region delivers the highest level of grain barge handling capacity anywhere along the Mighty Mississippi. In fact, it is now being called the “Agriculture or Ag Coast” of America in terms of barge transfer facilities for agricultural products. To sustain and grow this impressive market share, infrastructure investment in multimodal interconnectivity is critical. And as production and demand for commodities like corn and soybeans continue to increase, the St.

04 Jan 2016

Low Bunker Prices Benefit Ship Owners in 2015

As 2015 draws to a close and the Worldscale Organisation published the new 2016 Flat Rates, Poten and Partners goes through the annual exercise of updating Flat Rates in its systems. This highlighted once again the significant changes in bunker prices that occurred over the last 2 years. The Worldscale Organisation calculates Flat Rates based on average bunker prices over the period from October 1 of the prior year to September 30. The 2015 Flat Rates were based on Heavy Fuel Oil (HFO) prices of $614.81/metric tonne (MT) while the 2016 Flat Rates use prices of $367.55/MT, a reduction of 40%. Currently, HFO bunker prices are significantly lower again, at around $150/MT. The last time bunker prices were at such levels was in 2004.

09 Oct 2015

Creole Spirit Sets Sail for Sea Trials

Creole Spirit (Photo: Teekay)

Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, has sailed out from the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard for sea trials. Creole Spirit is Teekay’s first of nine LNG newbuildings equipped with dual fuel two stroke MEGI engines from MAN Diesel & Turbo. The engines were installed shortly after the ship’s keel was laid in March. The vessel is expected to enter service in January 2016 on a contract charter with Cheniere.

10 Jun 2015

DSME Launches LNG Carrier for Teekay

Creole Spirit (Photo: Teekay)

Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, was floated out at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea on May 29. The vessel is on charter contract with Cheniere and is expected to enter service early 2016, making it the most efficient LNG ship on the water with the lowest unit freight cost in the world fleet. The two-stroke engine technology provided by MAN Diesel, the MEGI propulsion system, is driving a step change in global LNG vessel efficiency.

12 Sep 2014

Vale, Cosco to Cooperate on Iron Ore Shipping

Brazilian miner Vale SA reached a deal with China Ocean Shipping Co (Cosco) for transporting iron ore, a move that could help the Brazilian miner resolve a costly two-year ban on docking its mega-ships at Chinese ports. Vale said in a statement that it would transfer ownership of four very large iron ore carriers of 400,000 deadweight tons to Cosco. It would then lease them back from Cosco, the state-owned parent of top Chinese dry bulk shipper China Cosco , for 25 years. The deal is part of a continuing effort by Vale to move away from owning its own vessels so it can focus on mining and shore up its balance sheet. But this agreement could also pave the way for more productive negotiations with China over docking Vale's mega-bulk carrier known as the Valemax.

22 Oct 2013

Equipment Shift Understates Demand in Box Trades

Demand for 40ft high-cube containers continues to grow, creating stowage problems for ocean problems for carriers and entities requiring an accurate assessment of demand, according to Drewry. This week’s Container Insight Weekly from Drewry highlights the growing share of 40ft high-cube (9ft 6in high) containers in the global maritime container fleet and how the phenomenon is causing problems for carriers and forecasters alike. The popularity of 40ft HCs is easy to understand.

13 Feb 2013

First Two Stroke Gas Engines for LNG Carriers

Teekay LNG Partners has ordered two 173,400m3 LNG carriers from Daewoo Shipbuilding & Marine Engineering in Korea. The vessels will each have two MAN Diesel & Turbo ME-GI dual-fuel, ultra long two-stroke gas injection engines. These engines received DNV type approval in 2010 and their use as part of an innovative propulsion package is claimed to give significant fuel savings when compared to propulsion commonly used for LNG carriers today. DNV experience from risk assessments of LNG-fuelled ships shows that a gas-fuelled main engine has the same risk level as a diesel-fuelled main engine.

12 Nov 2003

History: Amerian Origins: Lewis & Clark's Expedition and its Effects on Modern Navigation

By Debra Colbert, Waterways Work! In our fast-paced, contemporary world, it is sometimes hard to recall the historical origins of modern-day advances we take for granted. A good example is this country's inland waterways navigation system which allows for the transport of key commodities such as coal, grain, chemicals, and petroleum. And while our national waterways system today is a critical, integral component of the manufacturing, distribution and industrial economy of the United States and its ability to compete in world markets, its origin stems from a small river expedition of two young explorers, Meriwether Lewis and William Clark.

24 Sep 1999

The Ocean's At Our Doorstep

The fresh fruits and vegetables on your family table may be from the farms of Portugal, having made the six-day trip across the ocean in refrigerated containerships from Lisbon to the States. And nearly 2,000 passengers recently steamed into Venice aboard the Grand Princess, which, running the length of two and a half football fields, is the largest cruise ship in the world. About 90 percent of its passengers that day, as is the case every day on most cruise ships, were Americans. In Pennsylvania, hundreds of our products - among them Cannondale bikes, Cove shoes, JLG lifts, Freedom Forge Wheels, Letterkenny ammunition, and Empire chickens - travel by rail or truck to our ocean ports for shipment across the oceans of the world.

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