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Friday, March 29, 2024
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Session News

25 Mar 2024

Baltic Dry Index Slips to Three-week Low

© aerial-drone / Adobe Stock

The Baltic Exchange's main sea freight index fell to over a three-week low on Monday, weighed down by weakness in the capesize and panamax vessel segments.he overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for the fifth straight session by 73 points, or 3.3%, to 2,123 points.The capesize index lost 187 points, or 5.4%, at 3,295, its lowest level since Feb. 27.Average daily earnings for capesize vessels, which typically transports 150…

05 Mar 2024

Baltic Dry Index Ticks Down as Capesize Losses Offset Gains in Smaller Vessels

© Daniel / Adobe Stock

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…

26 Feb 2024

IMO’s PPR11 Agrees Guidance on Key Environmental Issues

Source: IMO

The IMO’s Sub-Committee on Pollution Prevention and Response (PPR 11) agreed new guidance on several key environmental issues.Meeting from February 19 to 23, 2024, the following guidance will now be submitted to the Marine Environment Protection Committee for approval this March (MEPC 81) and October (MEPC 82):• the safe transport of plastic pellets by sea• best practices for cutting black carbon emissions from ships operating in or near the Arctic• reducing risks of use and carriage…

13 Feb 2024

OPINION: Seeing the Ship as a System Changes Everything

image credit ABB Marine and Ports

Shipping must engage with the decarbonization realities that lie ahead by changing the way it crafts maritime legislation to reflect its place in the interconnected, interdependent world economy, says Eero Lehtovaara, ABB Marine & Ports.ABB Marine & Ports Head of Regulatory & Public Affairs, Eero Lehtovaara has carved out an unusual - and possibly unique - role in the maritime industry over recent years, as a ‘stakeholder’ simultaneously mindful of the perspectives of owners, seafarers…

13 Feb 2024

Dry Bulk Vessel Rates on the Rise

© cloudvisual / Adobe Stock

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…

02 Feb 2024

IMO Secretary-General Sets Fresh Agenda for Maritime

Source: IMO

IMO Secretary-General Arsenio Dominguez has shared the Organization’s plans and focus areas for the next four years.Speaking at a press conference at IMO Headquarters in London, Dominguez outlined four strategic priorities:• IMO’s work to regulate international shipping;• its support to Member States – particularly Small Island Developing States and Least Developed Countries;• enhancing public awareness and image; and• relations with people and stakeholders. He said: “As a global industry that is responsible for transporting over 80% of trade around the world, shipping is indispensable.

18 Jan 2024

Baltic Dry Index Snaps Eight-day Losing Streak

© sandsun / Adobe Stock

The Baltic Exchange's dry bulk sea freight index snapped an eight-day losing streak on Thursday as rates increased across larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 49 points, or 3.8%, to 1,357.The capesize index rose by 120 points, or 6.9%, to 1,853.Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $990 to $15,365.Iron ore futures prices rebounded, aided by renewed hope of further stimulus from top consumer China following a speech

14 Jan 2024

2023 a Record Setting Year for Singapore

Source: Government of Singapore

Chee Hong Tat, Singapore’s Acting Minister for Transport, announced a record year in 2023 at a Singapore Maritime Foundation New Year Conversations event.The annual vessel arrival tonnage in the Port of Singapore crossed three billion gross tonnage (GT) for the first time, increasing by 9.4% over 2022 and setting a high of 3.09 billion GT in 2023. This reflects growth in all segments, including container ships, dry bulk carriers, liquid bulk and chemical tankers, ferries and specialised vessels…

12 Jan 2024

Baltic Dry Index Marks Worst Week Since 2008

© InfinitumProdux / Adobe Stock

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.

12 Jan 2024

UK and US Launch Land and Sea Strikes on Houthi Military Targets

© Adrian / Adobe Stock

U.S. and British strikes against Houthi military targets in Yemen were a limited act of self defense and London does not immediately plan any further missions, its junior defense minister said on Friday.The two countries launched strikes from the air and sea against Houthi military targets in Yemen in response to the movement's attacks on ships in the Red Sea since the Israel-Hamas war in Gaza began in October.British Armed Forces minister James Heappey said the strikes were a proportionate response…

09 Jan 2024

Baltic Dry Index Logs Biggest Fall in a Month

© debjit / Adobe Stock

The Baltic Exchange's dry bulk sea freight index fell on Tuesday to a nearly seven-week low in its worst showing in more than a month, as rates across vessel segments hit multi-week lows.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 147 points, or 7.3%, to 1,875, hitting a fresh low since Nov. 23.The capesize index dropped by 350 points, or 9.7%, to 3,249, also logging its biggest daily fall since Dec. 7.Average daily earnings for capesize vessels…

03 Jan 2024

Baltic Dry Index Edges Down as Demand for Smaller Vessels Slips

© owr / Adobe Stock

The Baltic Exchange's dry bulk sea freight index eased on Wednesday, as falling rates for panamax and supramax vessels overshadowed gains in the capesize segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 2 points, or 0.1%, at 2,091.The capesize index was up 85 points, or 2.4%, at 3,569, its highest in more than two weeks.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal…

02 Jan 2024

Shipping Firms Continue to Pause Red Sea Shipments

© hit1912 / Adobe Stock

Global Denmark's Maersk and German rival Hapag-Lloyd said on Tuesday their container ships would continue to avoid the Red Sea route that gives access to the Suez Canal following a weekend attack on one of Maersk's vessels.Both shipping giants have been re-routing some sailings via Africa's southern Cape of Good Hope as Yemen-based Houthi militants attack cargo vessels in the Red Sea. The disruption threatens to drive up delivery costs for goods, raising fears it could trigger…

20 Dec 2023

BP Pauses All Shipments Through Red Sea Amid Houthi Attacks

© vladsv / Adobe Stock

Oil prices were little changed on Tuesday as investors eyed the impact on oil supply after attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Brent crude futures rose 6 cents to $78.01 a barrel at 0726 GMT. The front-month U.S. West Texas Intermediate crude futures contract , which expires on Tuesday, fell 18 cents to $72.29 a barrel. The more active second-month contract dropped 10 cents, or 0.1%…

19 Dec 2023

Disruptions in Red Sea Unlikely to Have Large Effects on Oil, LNG, Goldman says

© vladsv /Adobe Stock

The disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and liquefied natural gas (LNG) prices as vessel redirection opportunities imply that production should not be directly affected, Goldman Sachs said.Oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Oil major BP temporarily paused all transits through the Red Sea and oil tanker group Frontline FRO.OL said on Monday its vessels would avoid

06 Dec 2023

IMO Adopts Tougher Resolution to Tackle Illicit 'Shadow' Fleet

© momentscatcher / Adobe Stock

The United Nations' shipping agency on Wednesday adopted a resolution targeting illicit shipping practices from the so-called unregulated "shadow fleet" in an effort to clamp down on unsafe activities at sea.There are hundreds of ageing oil tankers that form part of a parallel fleet of vessels transporting oil including for Russia, which has been hit by Western sanctions but also the enforcement of Group of Seven regulation that caps the price of Moscow's oil exports at $60 with penalties imposed on those that ship above that price.Iran, which has also been struggling with separate sanctions i

05 Dec 2023

Galaxy Leader Crew Allowed “Modest Contact” with Families - Shipowner

(Photo: Screenshot from video shared by Yemeni Armed Forces)

The crew of the Galaxy Leader commercial ship seized by Yemen's Iran-backed Houthis last month have been allowed "modest contact" with their families while various countries push for their release, the vessel's owner said this week.The Bahamas flagged car carrier was taken to the port of Hodeidah in the Houthi controlled north of Yemen after being boarded at sea on November 19 by commandos with the group.The vessel's crew is made up of nationals from Bulgaria, Ukraine, the Philippines, Mexico and Romania, Galaxy Maritime said.

04 Dec 2023

War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks

© momentscatcher / Adobe Stock

War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on Monday.The incidents are the latest in a series of attacks in Middle Eastern waters since a brutal war between Israel and the Palestinian Islamist group Hamas broke out on Oct. 7.The three commercial vessels came under attack in international waters in the southern Red Sea, the U.S.

29 Nov 2023

Canada's Top Admiral Says Navy in Critical State

Future Protecteur-class Joint Support Ship (Source: RCN)

Canada's understaffed and resource-stretched navy is in "a critical state" and might not be able to carry out its basic duties next year, the top admiral said in a YouTube video released this week.The comments by Vice-Admiral Angus Topshee are an unusually blunt expression of unhappiness from the military over the state of the armed forces. Canada only spends about 1.3% of its annual gross domestic product on defense, much less than the North Atlantic Treaty Organization target of 2%.In the video…

29 Nov 2023

SAR Officer Caleb Halle Receives 2023 IMO Bravery Award

Caleb Halle courtesy of the IMO.

The 2023 IMO Award for Exceptional Bravery at Sea has been presented to Caleb Halle, Aviation Survival Technician Second Class (AST2) of the United States Coast Guard (USCG). He was recognized for the outstanding courage, endurance and determination he showed during the rescue of the seven-strong crew of the tugboat Legacy in January 2023.AST2 Halle, based at the Coast Guard Air Station Atlantic City, received the award at the annual IMO Awards Ceremony in London. The ceremony…

30 Nov 2023

Arsenio Dominguez Velasco Confirmed as Next IMO Secretary-General

Source: IMO

Arsenio Antonio Dominguez Velasco has been confirmed as the next Secretary-General of the IMO. The IMO Assembly unanimously approved the decision of the Council at its 129th session on November 30.Dominguez Velasco will take up the office of Secretary-General on January 1, 2024, for an initial term of four years. He becomes the Organization's 10th elected Secretary-General.The outgoing Secretary-General, Kitack Lim, congratulated his successor on his appointment. "I am confident that the Membership as a whole has made a wise decision, and that Mr.

30 Nov 2023

MPA and IACS Collaborate on Maritime Initiatives

Source: MPA

The Maritime and Port Authority of Singapore (MPA) and the International Association of Classification Societies (IACS) have signed a Letter of Intent (LOI) to collaborate on various maritime digitalization and decarbonization initiatives.The LOI was signed by Teo Eng Dih, Chief Executive of MPA, and Nick Brown, Council Chairman of IACS, at the sidelines of the 33rd session of the IMO Assembly in London this week.Under the LOI, both parties will consider the development of technical standards and unified requirements to ensure that new maritime solutions are safely implemented.

30 Nov 2023

Baltic Dry Bulk Index Doubles in November

Source: Baltic Exchange

The Baltic Exchange's dry bulk sea freight index .BADI gained for the sixth consecutive session on Thursday, more than doubling in November to hit an one-and-a-half year peak helped by mounting supply of tonnage and cargo demand.The overall index .BADI, which factors in rates for capesize, panamax, supramax shipping vessels, was up 241 points or 8.9% at 2,937.