Baltic Dry Index Marks Worst Week in Nearly Three Years
The Baltic Exchange's dry bulk sea freight index declined on Friday, posting its biggest weekly fall since early February 2019, as demand waned across its vessel segments.The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 119 points, or 4.8%, to its lowest level since mid-April at 2,379.The main index lost 27.3% this week.The capesize index shed 167 points, or 5.8%, to an over six-month low of 2,727. It posted a 43.5% weekly decline…
Baltic Index Falls on Weaker Panamax, Capesize Rates
The Baltic Exchange's main sea freight index fell on Wednesday, as weaker demand for panamax and capesize vessels weighed.The index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, fell 12 points, or 0.4%, to 3,154.The capesize index lost 3 points to 3,841, its lowest since July 22.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, inched $24 lower to $31,856.Shanghai steel…
Rotor Sail Installed Aboard Viking Grace
Cruise ferry M/S Viking Grace has become the world’s first passenger ship equipped with a rotor sail to harness wind power for propulsion. The rotor sail, developed by Finnish engineering company Norsepower Oy Ltd., is a modernized version of the Flettner rotor: a vertical spinning cylinder that uses the Magnus effect to harness wind power to propel a ship. When wind meets the spinning rotor sail, the air flow accelerates on one side of the rotor and decelerates on the opposite side.
Newport News Promotes Two
Huntington Ingalls Industries (HII) announced two promotions to the company’s leadership team at its Newport News Shipbuilding division: Dave Bolcar has been promoted to vice president of submarine construction, and Bill Smith has been promoted to vice president, fleet support programs. Having most recently served as director of the Columbia-class program, Bolcar is now vice president of submarine construction, which currently encompasses both the Virginia- and Columbia-class submarine programs.
Custom Wireless Telemetry Mooring Link Load Cell from LCM
With a range of ex-stock bow shackle load cells, U.K. load cell manufacturer and supplier LCM Systems is able to offer next day delivery on its range of standard TELSHACK-B load cells. However, sometimes the off-the-shelf solution isn’t quite right for a customers’ specific application and it’s here where LCM’s in-house design team and extensive experience in customizing load cells gives LCM a competitive advantage. This happened recently when a multinational marine engineering company in Canada enquired about the TELSHACK-B load cell. They liked the principle of a wireless telemetry shackle, but wanted to measure ship docking tension on a winch.
