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Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet. Prices of LNG delivered as marine fuel at the world's largest bunker hub Singapore are at steep discounts of nearly $100 per metric ton compared with conventional 0.5% very low sulphur fuel oil (VLSFO), industry sources report.That is a far cry from record premiums of more than $1,000 a ton seen in September 2023, based on data from S&P Global Platts published on industry coalition SEA-LNG's website…

Australian steelmaker Bisalloy shares have risen some 40% since December 2023, powered by defence deals signed as part of the AUKUS nuclear submarine deal between Australia, Britain and the United States.Defence contractors large and small are looking at the $237 billion plan to build Australia a fleet of nuclear-powered submarines as a decades-long source of work. Australia will build the vessels to a British design with U.S. technology.Bisalloy said earlier this month it had signed a deal to sell a shipment of steel to part of U.S. shipbuilder Huntington Ingalls Industries, maker of the U.S.

In the first quarter of 2024, global iron ore shipments rose 3.8% y/y on expectation of strong Chinese steel production which, however, failed to materialise. Iron ore supply has grown faster than Chinese demand which could lead to weaker shipments ahead, says Filipe Gouveia, Shipping Analyst at BIMCO.During the start of the year, Brazilian iron ore shipments typically slow down due to mining disruptions caused by heavy rainfall. However, this year conditions were better and Vale…

As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.In April, Enterprise Products Partners' SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could load two supertankers, each of which can carry up to 2 million barrels of oil at a time.But multi-year regulatory delays, a loss of commercial backers and slowing U.S.

The port of Corpus Christi, Texas, the top U.S. oil export hub, said it exported 6.40 million barrels per day of crude oil in the first quarter, up 6.9% from the same period a year ago.The U.S. Gulf Coast port handles more than half the nation's oil exports, benefiting from its pipeline ties to South and West Texas shale fields. Its volumes have risen along with shale oil production.Overall, the port has moved nearly 48.9 million metric tons of goods through the Corpus Christi Ship Channel in the first quarter.

The Biden administration said it would not renew a license set to expire early on Thursday that had broadly eased Venezuela oil sanctions, moving to reimpose punitive measures in response to President Nicolas Maduro’s failure to meet his election commitments.Just hours before the deadline, the U.S. Treasury Department announced on its website that it had issued a replacement license giving companies 45 days to “wind down” their business and transactions in the OPEC country's oil…

Russia's seaborne oil product exports fell 4.2% in March from the previous month to 10.178 million metric tons due to unplanned maintenance at refineries and a uel export ban, data from industry sources and Reuters calculations showed.Russia's daily offline primary oil refining capacity has jumped by around a third in March to 4.079 million metric tons from February due to drone attacks, Reuters calculations based on data from industry sources showed.Last month, a fire broke out after a Ukrainian drone attack at the Norsi refinery…

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a fourteenth consecutive session on Tuesday as rates for the larger vessel segments slipped.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 24 points, or 1.5%, to 1,570 points, its lowest level in two months.The capesize index dipped by 45 points, or 2.1%, to over a two-month trough at 2,153.Average daily earnings for capesize vessels…

A recent article in The Wall Street Journal claims that the assessment by 74% of poll respondents in election swing states who believe inflation moved in the wrong direction last year is incorrect. The piece went on to state that the respondents’ perceptions were “contradicted by hard economic data”.Like many of us, I just love “hard data”, especially when it’s “economic”.One great aspect of “hard data” is that we must assume it’s correct; otherwise, how could it be “hard”? In fact…

Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.Brent futures for June delivery were up $1.35, or 1.5%, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08.U.S. West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5%, to $84.98 after touching a peak of $85.46…

Australian shipbuilder Austal said on Tuesday it had rejected an A$1.02 billion ($662 million) takeover offer from South Korea's Hanwha Ocean as it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations.The Western Australia-based firm said it had received a bid at A$2.825 per share, representing a premium of 28.4% to Austal's last closing price.Austal's shares rose 8.2% in early trade, while the Australian S&P/ASX200 index was flat.The…

Australian shipbuilder Austal said on Tuesday it had rejected an A$1.02 billion ($662 million) takeover offer from South Korea's Hanwha Ocean as it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations.The Western Australia-based firm said it had received a bid at A$2.825 per share, representing a premium of 28.4% to Austal's last closing price.Austal's shares rose 8.2% in early trade, while the Australian S&P/ASX200 index .AXJO…

The Baltic Exchange's dry bulk sea freight snapped a 12-session winning streak on Tuesday, as pressure from lower capesize rates outweighed gains in smaller vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 0.3% at 2,291 points.The capesize index .BACI snapped its nine-session rising streak, shedding 57 points, or 1.4%, to 4,148.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal…

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

Venezuela's oil exports slightly increased in February to some 670,000 barrels per day (bpd), but ongoing shipping delays worsened a bottleneck of tankers waiting to load, according to documents and vessel monitoring data.State-run oil firm PDVSA's customers have rushed to send tankers to Venezuela in recent months to pick up crude and fuel before the United States potentially reimposes oil sanctions.Restrictions could resume on April 18 when an existing license expires, the U.S.

New U.S. sanctions on Moscow are more likely than previous ones to cut Indian imports of thermal coal from Russia because they specifically cite top exporters SUEK and Mechel, three major traders of Russian coal said.Russia, historically a minor exporter of the fuel to India, began boosting shipments to the south Asian country after Western sanctions against Moscow over its invasion of Ukraine.The latest U.S. sanctions also include Russia's payment system, financial institutions and energy production."With the new sanctions…

A bottleneck of vessels waiting to load crude and fuel in Venezuela has increased in recent weeks as state-run oil firm PDVSA struggles to deliver cargoes on time, according to people familiar with the matter, documents and shipping data.PDVSA has sought to ramp up shipments this month, the documents and data showed, following setbacks in January as outages at Venezuela's main port hit its exports. But the increase has been insufficient to ease the congestion.As of Monday, at least 19 supertankers were waiting to load near Venezuela's Jose and Amuay ports…

Seattle-based maritime transportation provider Centerline Logistics announced it has acquired a fleet of four liquid tank barges and four tugboats from maritime asset holding company JMB Shipping.The deal closed on February 23, and its terms were not disclosed. Prior to the acquisition, JMB Shipping was owned by JMB Capital Partners Lending, an investment firm that bid $115 million in 2021 to purchase a portion of Bouchard Transportation's tug and barge fleet after the New York-based marine transport company went bankrupt.

Royal Caribbean Group projected 2024 profit above Wall Street expectations after robust demand for cruise vacations and steeper ticket prices helped it beat fourth-quarter earnings estimates on Thursday.With travelers opting for cruises instead of more expensive land-based vacation options, operators are experiencing record levels of bookings compared to pre-pandemic levels, giving them enough room to mark up ticket prices."2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests…

Wind power production outpaced gas plants in Europe for the first time last year as fossil fuel electricity generation plummeted, cutting the region's carbon emissions, data from think-tank Ember showed.Europe is ramping up its renewable electricity generation as part of efforts to wean the bloc off Russian fuels and to help meet its climate goal of net zero emissions by 2050.Europe's fossil fuel power generation fell by a record 19% year-on-year in 2023, with gas-fired electricity production down 15% and coal electricity production down 26% the report by Ember showed.At the same time wind pow

The volume of goods moving through Spain's top ports rose by as much as 25% in January as attacks on shipping in the Red Sea caused companies to divert Europe-bound vessels around southern Africa instead.Spain's northern ports have also seen volumes in transit jump by up to triple as traders opt to avoid moving goods by truck through Europe because of widespread blockades by farmers, Spanish retail and food industry association Aecoc says.Ports such as Las Palmas in the Canary Islands and Barcelona saw a 25.4% and 7.6% increase in the volume of merchandise respectively…

The Baltic Exchange's dry bulk sea freight index rose for a third straight session on Tuesday to hit a one-month peak, as rates climbed across larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 13 points, or 0.8%, at 1,585 points, its highest since Jan. 10.The capesize index also scaled a one-month high. It added 23 points, or 0.9%, at 2,476 points.Average daily earnings for capesize vessels, which typically transport 150…

“The reshaping of global crude tanker markets continued in 2023. In 2022, sanctions shifted Russia’s exports from Europe to Asia while OPEC production cuts in 2023 increased the Americas’ share of exports. Brazil’s oil production increased by 12% year-on-year in 2023 while crude tanker exports rose 19%,” said Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the International Energy Agency (IEA), Brazil’s oil production reached 3.49 million barrels per day (mbpd) in 2023, up from 3.12 mbpd the year before.