Cape Of Good Hope News

In 2023, sanctions on Russian oil exports by the EU caused a major shift in tanker trades and a 10% increase in average sailing distances for EU tanker imports. Now, attacks on ships in the Red Sea area have caused average sailing distances to increase a further 16% and tonne mile demand to increase 12% despite falling volumes, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.During the first quarter of 2024, tanker import volumes to the EU fell 4% year-on-year due to a 1% increase in the clean tanker trade but a 5% fall in the dirty tanker trade.

Over the past eight quarters, ship recycling of bulkers, tankers and container ships has dropped to the lowest level in 20 years. “A combination of strong demand following a series of market shocks and low orderbooks have kept older ships operating for longer than usual,” says Filipe Gouveia, Shipping Analyst at BIMCO.During the first quarter of 2024, only two million deadweight tonnes (DWT) ship capacity were recycled. This marks the ninth consecutive quarter with recycling levels below three million DWT.

Shipping company Maersk said on Friday it was too early to resume sailings through the Red Sea due to a continued elevated risk level, despite an initiative by the European Union to increase safety in the region.Maersk, one of the world's biggest container shipping companies, suspended Red Sea traffic on Jan.

The BIMCO Container Shipping Market Overview & Outlook for March 2024 has been published, and Niels Rasmussen, BIMCO’s Chief Shipping Analyst, highlights that ship supply is expected to grow on average 9.1% in 2024 and 4.1% in 2025.Rerouting via Cape of Good Hope is assumed to impact the first half of 2024. Ship demand increases an estimated 9.5% in 2024 and falls 0.5% in 2025. The supply/demand balance is expected to tighten in the first half of 2024 but then weaken when ships can return to the Suez Canal routing.According to the IMF…

One of the largest of the international shipping associations BIMCO has reported increased threats associated with maritime shipping amid Red Sea risks related to Houthi strikes and rise of piracy activities offshore Somalia.Since November 2023, the threat to shipping has increased as the Houthis started attacking ships in the Red Sea and the Gulf of Aden. Simultaneously, piracy activity off the East coast of Somalia has risen and since December, two bulk carriers and several fishing ships have been hijacked.

The leader of Yemen's Houthis, Abdul Malik al-Houthi, said on Thursday the group's operations targeting vessels will escalate to prevent Israel-linked ships from passing through the Indian Ocean towards the Cape of Good Hope."Our main battle is to prevent ships linked to the Israeli enemy from passing through not only the Arabian Sea, the Red Sea and the Gulf of Aden, but also the Indian Ocean towards the Cape of Good Hope. This is a major step and we have begun to implement our operations related to it…

With more ships heading around the Cape of Good Hope due to attacks in the Red Sea region and a shutdown in their main South African bunkering operations, Mercuria and Trafigura have started refuelling services in Mauritius, four sources said.The two trading houses have opened operations in Port Louis to compensate for the shutdown at South Africa's Algoa Bay which stems from a tax dispute with authorities, sources familiar with the matter told Reuters.Algoa Bay is South Africa's…

Yemen's port city of Hodeidah and other western coastal areas were hit on Monday by a dozen airstrikes attributed to a U.S.-British coalition defending ships in the Red Sea, according to Al Masirah, the main Houthi-run television news outlet.The strikes follow the first civilian fatalities and vessel loss since the Iran-aligned Houthis began attacking commercial shipping in November. They also coincide with the first day of the Islamic holy month of Ramadan, a period of fasting for Muslims.Al Masirah did not specify which targets…

India's navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group's campaign against the key shipping route.The Iran-aligned militants fired a missile at the Barbados-flagged, Greek-operated True Confidence on Wednesday about 50 nautical miles off the southern Yemeni port of Aden, setting it ablaze.In a statement, the owners and manager said all 20 crew and three…

U.S. importers are playing the waiting game with new container shipping contracts, gambling the rate spike from Red Sea vessel attacks will fade and put them in a stronger negotiating position, shipping industry analysts said.Iran-aligned Houthi missile and drone attacks on commercial ships in the Red Sea have forced most container carriers to reroute vessels around Africa and sent spot rates soaring.That price shock is a "gift" that carriers will be giving back when the assaults stop…

Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers, at a level we haven't seen since the end of World War II," former U.S. Defense Secretary Robert Gates said at the opening of S&P Global's TPM24 container shipping conference in Long Beach, California, on Monday.Houthi missile and drone attacks on merchant ships in the Red Sea and Gulf of Aden are top of mind…

The BIMCO Tanker Shipping Market Overview & Outlook February 2024 by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, forecasts that the supply/demand balance will tighten further during both 2024 and 2025.Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is also expected to tighten in 2024 but weaken in 2025. Like the crude tanker market, longer sailing distances support demand growth despite slowing oil demand.

Disruption to shipping in the Red Sea region will impact QatarEnergy's deliveries of liquefied natural gas (LNG) but not its production, CEO Saad al-Kaabi said on Monday."It's only going to take longer to get it there. But it will not reach a point where we have to stop production because there isn't any ship.

Inbound cargo volume at the United States’ major container ports is expected to see year-over-year increases through the first half of the year despite attacks on ships in the Red Sea, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.“Only about 12% of U.S.-bound cargo comes through the Suez Canal but the situation in the Red Sea is bringing volatility and uncertainty that are being felt around the globe,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “U.S.

More ships carrying grain were diverted from the Suez Canal to sailings around the Cape of Good Hope this week as concern about attacks on vessels in the Red Sea continued, shipping analysts said on Friday."Another 13 vessels were diverted this week taking the total cargo diverted away from the Red Sea route to around 5.2 million metric tons of grains in about 90 ships since the attacks started late last year," said Ishan Bhanu, lead agricultural commodities analyst at data provider…

The Australian Alliance for Animals has written an open letter to animal exporters imploring them to voluntarily suspend all live animal exports to or through the Red Sea while the risk of attack remains and to suspend any extended journeys to the Middle East via the Cape of Good Hope.The move follows the recently aborted voyage of the Bahijah. The livestock carrier sailed from Australia for Israel on January 5 but was recalled over a week into the voyage after diverting towards…

In a well-timed decision given the current situation in the Red Sea and Gulf of Aden, the UK Supreme Court recently handed down judgment in Herculito Maritime Ltd v Gunvor International BV [2024] UKSC 2, a decision that arose from seizure of a ship by Somali pirates.Key factsThe vessel MT Polar was chartered to carry a cargo of fuel oil from St Petersburg to Singapore. The most direct route would be via the Suez Canal and Gulf of Aden.The Gulf of Aden was within the “high risk area” for piracy when the charter was agreed.

Japan's Mitsui OSK Lines (MOL) has rerouted all of its ships via the Cape of Good Hope due to attacks on commercial vessels in the Red Sea region, CEO Takeshi Hashimoto told Reuters on Tuesday.Before the Red Sea disruptions, 2-3 ships used to pass through the Suez Canal daily...currently no ships of the company are passing through the canal, Hashimoto said.Global shipping companies are sailing around Africa's Cape of Good Hope to avoid Houthi attacks in the Red Sea, in turn reducing passage through the Suez Canal…

Diplomatic efforts are underway to try to find a "climbdown" for Yemen's Houthis, the special U.S. envoy to Yemen said in a video recording released on Tuesday, in an apparent reference to finding a face-saving solution to ending their attacks on ships in the Red Sea.U.S. Special Envoy Tim Lenderking recorded his comments on Friday for a think-tank conference before flying to Oman for talks on the crisis that has triggered retaliatory U.S. and British strikes against Houthi weapons sites.Oman has been a mediator with the Iran-aligned Houthis…

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.

Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported…

Chevron is sending cargoes of Kazakhstan's CPC Blend oil to Asia around Africa's Cape of Good Hope rather than via the Red Sea to avoid the risk of attacks by Yemen’s Houthis, according to three industry sources and LSEG ship-tracking data.The Iranian-aligned Houthis have stepped up attacks on shipping despite U.S.-led air strikes on the group's positions in Yemen, leading more vessels to avoid using the Red Sea and the Suez Canal - the shortest sea route between Europe and Asia.CPC Blend crude is loaded at the Russian Black Sea terminal of Yuzhnaya Ozereevka, near Novorossisk.

Denmark on Monday sent a frigate to the Red Sea, where it will participate in a U.S.-led coalition to safeguard commercial traffic against attacks by Yemen's Houthi militants.The Iran-aligned Houthi have launched waves of exploding drones and missiles at commercial and navy vessels since Nov. 19, in response to Israel's military operations in Gaza.In response, shipping firms have since December diverted hundreds of vessels around southern Africa's Cape of Good Hope, a journey that takes 10-14 days longer and is more costly than the passage via the Red Sea and Suez Canal.Denmark…