Record Year for Wind Farms Raises Hope for EU Goals
A record year for building new wind farms and a rebound in investments in the sector have raised hopes that the EU may achieve its clean energy targets, industry group WindEurope said on Wednesday.In an annual report, WindEurope described 2023 as a year of "significant improvements" in key areas of Europe's wind energy sector, which struggled in 2022 with soaring inflation, interest rates and volatile energy markets after Russia invaded Ukraine.Investments in European offshore wind last year jumped to 30 billion euros, up from the scant 0.4 billion euros that were invested in 2022.
Up to 35 Aframax Tankers Could Switch to Carrying Cleaner Fuel -Kpler
As many as 35 oil tankers that usually carry crude or fuel oil could switch to carrying cleaner products like diesel and jet fuel in the next two months as shipowners chase higher profitability, oil analytics firm Kpler said in a LinkedIn post.An LR2 (long-range 2) type tanker typically carries cargoes of about 90,000 metric tons of cleaner fuels.
Asia LNG Imports Are Robust, But Record Supply Keeps Spot Prices Muted
The spot price of liquefied natural gas (LNG) is continuing to meander at low levels amid ample supply from major exporters and signs that winter demand is easing in the top-importing regions of Asia and Europe.The spot price for LNG delivered to north Asia ended at $9.60 per million British thermal units (mmBtu) in the week to Feb. 2, up slightly from the seven-month low of $9.50 the previous week.Spot LNG prices have broken their usual seasonal pattern of rising during the northern winter and again in summer…
Baltic Dry Index Marks Worst Week Since 2008
The Baltic Exchange's dry bulk sea freight index slid on Friday as its worst week since 2008 came to an end with rates across vessel segments languishing at multi-month lows.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 94 points, or 6.1%, to 1,460, its lowest level since Nov. 2. It shed more than 30% for its biggest weekly decline since 2008.The capesize index dropped by 252 points, or 10.4%, to 2,172, extending its losing streak to the fifth session and hitting its lowest since Nov.
Record Container Ship Deliveries Expected in 2024
In 2023, shipyards delivered 350 new container ships with a total capacity of 2.2 million TEU, beating the previous record from 2015 when 1.7 million TEU was delivered. “The 2023 record is now likely to be beaten already in 2024,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As 2023 saw a relatively low level of container ship recycling, new ships entering the fleet caused an 8% rise in the capacity of the container fleet, the fastest growth registered since 2011. Ships larger than 15…
US Trade Deficit Shrinks on Falling Imports
The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…
Panama Canal Woes to Delay Grain Ships well into '24
Bulk grain shippers hauling crops from the U.S. Gulf Coast export hub to Asia are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal, traders and analysts said.The shipping snarl through one of the world's main maritime trade routes comes at the peak season for U.S. crop exports, and the higher costs are threatening to dent demand for U.S. corn and soy suppliers that have already ceded market share to Brazil in recent years.
Mideast-Asia Oil Shipping Rates Rebound, Capped by OPEC+ Supply Cuts
The cost of chartering a supertanker to load Middle Eastern crude oil for Asia has rebounded from a 19-month low in September, but industry sources expect output supply cuts, led by Saudi Arabia, to cap freight rates for the rest of the year.The world's benchmark very large crude carrier (VLCC) export route from the Middle East Gulf (MEG) to Japan, known as TD3, rose to W50.46 on Monday in the Worldscale measure of freight rates, LSEG data showed. It fell to W35.60 in September…
India, Russia to Widen Maritime Cooperation
India and Russia will explore the possibility of using new transport corridors such as the Northern Sea Route and Eastern Maritime Corridor between Vladivostok and Chennai to widen maritime cooperation, the Indian government said on Wednesday.A decision to work towards this was made during a meeting between India's Ports, Shipping and Waterways minister, Sarbananda Sonowal, and Russia's Development of the Far East and Arctic minister, A.O.
Decarbonisation Group's Biofuel Bunkering Trial Finds Sharp Drop in Emissions
The Global Centre for Maritime Decarbonisation (GCMD) found carbon emissions fell 83% using a vegetable oil biofuel blend compared with marine gasoil in a trial for a dual-fuel liquefied petroleum gas (LPG) carrier, the center said on Tuesday.This was the third of five supply chain bunkering trials that the GCMD has undertaken as part of an $18 million project to test different biofuel blends to reduce carbon emissions. The trials are key to helping the fuel and shipping industries…
Singapore Bunker Sales Rebound as Container Throughput Firms
Singapore's marine fuel sales, also known as bunker sales, rebounded in July after a sharp decline in June, while monthly container throughput hit a year-to-date high, official data on Monday showed.Bunker sales at Singapore are a key indicator of sentiment at the world's largest refuelling hub for ships, which is also one of the busiest shipping lanes globally.The volume totalled 4.52 million metric tons in July, up 14.9% month-on-month and 9.7% higher year-on-year, Singapore's…
As Container Fleet Grows (4.3%), So too do Sectors Woes
“Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU in 2023, beating the previous record by 0.2 million TEU. As recycling of ships has remained low, the fleet capacity has grown 4.3% since January,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The contracting of new ships has slowed since its record in 2021 but has year-to-date remained twice as high as during the 2010s. The 1.3 million TEU contracted so far this year has therefore kept the order book high…
Romania Bids to Clear Danube Logjam after Ukraine Attack
Romania expects around 30 ships from Ukraine to clear customs on the Danube River over the next two days as it bids to clear a logjam in the aftermath of Wednesday's Russian attack on Ukraine's main river port at Izmail.The river and its mouth, now Ukraine's last waterborne grain export route, are backed up with vessels travelling to and from Ukrainian ports, commercial ship tracking data shows.Romanian authorities managing the waterway still expect a "peak" in traffic in August…
India's GAIL Close to Finalizing Qatar LNG Purchase Deal
GAIL (India) Ltd is close to finalizing a long-term liquefied natural gas (LNG) import deal with Qatar to buy at least 1 million metric tons per year, potentially for more than 20 years, three industry and trade sources said.The deal would be part of GAIL's plans to lock in new supply contracts by 2030 to diversify its gas imports and hedge against supply disruptions like those seen after Russia's invasion of Ukraine last year, when LNG prices surged to a record high.Neither state…
Geir Bjørkeli to Step Down as CEO of Corvus Energy
Geir Bjørkeli has decided to step down as CEO of marine battery solutions provider Corvus Energy.He will continue in his position until at the latest December 31st 2023, ensuring a seamless transition to new leadership.Bjørkeli said: "After leading Corvus for five and a half years, I believe it is time for the company to have a new leader. Together with the rest of the team, I have dedicated extensive efforts to elevate Corvus into a prominent green industrial company within the maritime sector.
Corvus Energy CEO Resigns
Geir Bjørkeli has made the decision to step down from his role as CEO of Corvus Energy. However, he will continue in his position until at the latest December 31, 2023."After leading Corvus for five and a half years, I believe it is time for the company to have a new leader. Together with the rest of the team, I have dedicated extensive efforts to elevate Corvus into a prominent green industrial company within the maritime sector. The company continues to experience significant growth, with supply issues resolved post-pandemic and record-high order intake.
Pakistan's Import of Russian Crude Facing Obstacles
Pakistan is unlikely to meet a target for Russian crude to make up two-thirds of its oil imports, despite attractive prices, hampered by a shortage of foreign currency and limitations at its refineries and ports, officials and analysts say.The cash-strapped South Asian nation became Russia's latest customer snapping up discounted crude that has been banned from European markets due to Russia's war on Ukraine. Its first cargo arrived in June and a second is now under negotiation.It is targeting 100…
China's Coal Seaborne Imports Surge 73%
“Despite China’s strategy of pursuing increased domestic coal production, which has meant that year-to-date production stands 5.8% higher than last year, its seaborne imports of coal have nevertheless surged 73% y/y so far,” said Niels Rasmussen, Chief Shipping Analyst at BIMCO.The Chinese government target for domestic coal production is 4.6 billion tonnes in 2025, which is 2.5% higher than in 2022. As production year-to-date has already increased by 5.8% compared to 2022, Chinese…
Singapore May Bunker Sales Hit over 5-year High as Vessel Arrivals Spike
-Monthly sales of marine fuel, also known as bunker fuel, hit over five-year highs at the world's largest refuelling hub Singapore in May as vessel arrivals spiked amid firm container throughput, official data showed on Wednesday.Singapore's bunker sales are an indicator of sentiment at one of the world's major ports and demand also affects fuel oil refining margins in Asia. Sales extended gains for a third consecutive month to 4.52 million tonnes, up 6.2% month-on-month, Singapore's Maritime and Port Authority data showed.
Seafarer Labor Market Tightest on Record -Drewry
Officer supply shortfall has reached a record high and is not expected to improve, leading to manning cost inflation, according to the latest Manning Annual Review and Forecast report published by global shipping consultancy Drewry.The 2023 officer availability gap has widened to a deficit equating to about 9% of the global pool, which represents a marked rise from last year’s 5% shortfall and the highest level since Drewry first started analysing the seafarer market 17 years ago.
US LNG Exports Go Full Steam Ahead
U.S. producers of liquefied natural gas (LNG) exported at top capacity in April for a second consecutive month, with over two-thirds of shipments bound for Europe and rising volumes to Latin America, Refinitiv Eikon data showed on Monday.Following the full restart of a key Texas export facility in February, U.S. LNG producers are taking advantage of firm prices overseas and increasing demand in some markets.A total of 107 cargoes departed from U.S. ports last month carrying 7.78 million tonnes of LNG…
Global Freight Shows Signs of Bottoming Out
Global freight volumes fell at some of the fastest rates for three decades earlier this year, but at the end of the first quarter showed signs of bottoming out.Volumes were down by -2.1% between December and February compared with the same period a year earlier, according to the Netherlands Bureau of Economic Policy Analysis (“World trade monitor”, CPB, April 25).The rate of decline was in the 8th percentile for all overlapping three-month periods since 1992; volumes have only fallen this fast during the last three recessions in 2020…
2023 US Shipbuilding Report
Much has changed since Marine News’ 2022 shipbuilding report published in March last year, and business opportunities in certain market segments continue to grow. But the shipyards that are looking to cash in are still facing many of the same challenges.For example, many American shipyards and their partners throughout the shipbuilding supply chain are still finding it difficult to attract and retain the workers they need. If you’re a skilled craftsperson looking for a job in shipbuilding, you’re in luck, because there are plenty of openings at shipyards across the country.