Consortium Forms North Pacific Green Corridor
Global industry leaders from North America, Asia and Europe have announced the formation of the North Pacific Green Corridor Consortium (NPGCC) whose members and partners will work together to decarbonize the value chain for commodities between North America and Asia.The NPGCC will apply its collective expertise to develop a corridor for the decarbonized transportation of multiple commodities, including agricultural products, metal concentrates and steelmaking coal.The members of the NPGCC are committed to establishing the consortium as a catalyst for decarbonization efforts…
Baltic Index Extends Decline as Larger Vessel Rates Dip
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…
Oldendorff Inks Deal with Teck for Rotor Sail Install
Canadian mining company Teck Resources announced it has signed a deal with German shipping company Oldendorff Carriers to use wind propulsion to further reduce CO2 emissions in Teck’s supply chain. The joint investment will see the vessel Dietrich Oldendorff, which carries shipments of Teck steelmaking coal from the Port of Vancouver, outfitted with a Norsepower Flettner Rotor system by mid-2024.The Flettner Rotors generate lift from the wind, which is translated into additional thrust, thereby reducing fuel consumption on voyages across the Pacific.
Carbon Capture Chasm Exposed at Climate Summit
Carbon capture and storage has emerged as flashpoint at the UN climate conference in Dubai about how big a role it is destined to play in reaching the target of net zero emissions.It has also prompted an unusual and bad-tempered confrontation between senior officials at the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).In the run up to the conference, the IEA called on oil and gas producers to let go of "the illusion that implausibly…
MAN Energy Solutions and Doen WaterJets Partner for Australian Military Tender
MAN Energy Solutions and Doen WaterJets (DOEN) have agreed to join forces to offer a fully integrated propulsion system solution to the Australian Army’s LAND 8710 Littoral Manoeuvre Vessel Phase 1A (LMV-M) program.The program aims to acquire a medium landing craft suitable for a range of missions in Australia’s northern waters and beyond.The cooperation spans the full product lifecycle including propulsion system design, integrated logistics support and commissioning, through…
Baltic Index Snaps 11-session Rally as Rates for Larger Vessels Edge Lower
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped its 11-session winning streak on Thursday as rates for capesize and panamax vessels edged lower.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 15 points to 1,569.The capesize index shed 60 points, or 2.9%, to 2,007, its worst day since Sept. 5.Average daily earnings for capesize vessels, which typically transports 150…
Decline in Bigger Vessels Drags Baltic Index to Monthly Dip
The Baltic exchange's main sea freight index tracing rates for ships ferrying dry bulk commodities recorded its first monthly decline in three months on Thursday, pressured by lower rates for the larger capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, edged down by 8 points, to 1,086.The main index shed 3.6% for the month of August.The capesize index fell 29 points or 2.6% to 1,094 on Thursday, its lowest level in almost six months.
Baltic Dry Index Down as Capesize Vessel Rates Fall
The Baltic Exchange's main sea freight index fell for a second straight session on Monday, weighed down by a dip in capesize vessel rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 14 points to 1,223.The capesize index fell 60 points, or 3.8%, to 1,538, its lowest in nearly four weeks.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $503 to $12,752.The panamax index slipped 1 point to 1,541, snapping its 18-day w
Norden and Teck Announce Emission Reduction Freight Contract
Danish shipping company Norden and Canadian mining company Teck Resources announced an agreement to reduce CO² emissions in Teck’s steelmaking coal supply chain.The agreement is expected to reduce annual emissions from Teck shipments handled by Norden by 25%, or up to 6,700 tonnes of CO², equivalent to removing over 1,400 passenger vehicles from the road.Norden said it will achieve emission reductions by utilizing a range of solutions, including the use of fuel-efficient ships…
Demand for Larger Dry Bulk Vessels Wanes
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a fourth straight session on Wednesday, pressured by lower rates for larger capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 33 points, or 3.2%, to 1,004.The capesize index went down by 61 points, or 4%, to its lowest level in near six-week at 1,468.Average daily earnings for capesizes…
Baltic Index Hits Multi-week Low on Retreat for Larger Vessels
The Baltic Exchange's main sea freight index on Tuesday fell to its lowest level in nearly four weeks, pressured by a dip in the larger capesize and panamax vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 24 points, or 2.3%, to 1,044 - its lowest level since June 8. The capesize index dipped 50 points, or 3%, to 1,601, declining for the seventh straight session. Average daily earnings for capesizes…
Baltic Index Rises on Strong Capesize, Supramax Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, aided by higher rates for capesize and supramax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 40 points, or 2.6%, to its highest in eight weeks at 1,598.The capesize index was up 125 points, or 5.2%, at 2,509 — its highest since Dec. 22.Average daily earnings for capesizes, which typically transport 150…
'Hydrogen Hubs' to the Fore
The path to decarbonization is defined by partnership and fueled by government funding. This month we examine the players, partnerships, and evolution of Hydrogen Hubs in the Gulf of Mexico.The Green Shipping Challenge, organized by the United States and Norway at COP 27 held in late 2022, brought about dozens of announcements on maritime decarbonization. Among these was a joint statement from the Blue Sky Maritime Coalition (BSMC) – a consortium of North American shipowners and…
Baltic Dry Index Logs Best Day in Over Five Weeks
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, posted its biggest single-day gain since mid-March on Thursday, steered by higher shipping rates for all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 60 points, or 4.4%, to 1,432 — its biggest daily percentage rise since March 14.The capesize index snapped its four-session losing streak, up 135 points, or 8.2%…
Baltic Dry Index Logs Worst Week in Two Months
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday to mark it worst week since mid-February as demand waned across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 28 points, or 1.9%, to 1,435.The index was down 8% for the week — its biggest weekly percentage fall since Feb. 17.The capesize index shed 38 points, or 2%, to 1,850. The index was down 9.4% for the week - its worst since the week ended March 31.Average daily earnings for capesizes…
Baltic Index Steady as Capesize Bounce Offsets Dip in Smaller Vessels
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, was flat on Thursday as higher rates for capesizes countered a dip in smaller vessel segments.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, remained unchanged at 1,463.The capesize index gained 66 points, or 3.6%, at 1,888 — its biggest rise in a week.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal…
Demand Wanes for Larger Dry Bulk Vessels
The Baltic Exchange's dry bulk sea freight index dropped to its lowest level in more than two years on Thursday, pressured by slowing demand for capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 28 points, or 4.2%, to 640, its lowest since June 4, 2020.The capesize index dropped 54 points, or about 10.8%, to its lowest in more than five months at 445.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore
Baltic Index Drops to Lowest Since June 2020
The Baltic Exchange's dry bulk sea freight index fell to its lowest since June 2020, weighed by weaker demand for capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or 1.9%, to 668 on Wednesday. The capesize index dropped 33 points, or about 6.2%, to its lowest in five months at 499. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $274 to $4,137.
Dalian Coking Coal Slumps as Traders Eye Australian Supply
Chinese coking coal futures extended losses to hit their lowest in four weeks on Wednesday, as traders kept an eye on a batch of Australian coal cargoes expected to arrive soon in top steel producer China.Rising Chinese steel inventories also weighed on overall market sentiment, analysts said.China is seen gradually resuming Australian coal imports, having eased an unofficial trade ban imposed in 2020, as signs of warming ties between the two countries have emerged.Prices of the steelmaking ingredient have dropped nearly 5% since the start of the year.The most-traded coking coal…
Baltic Index Sees Worst Day on Record as Vessel Demand Wanes
The Baltic Exchange's dry bulk sea freight index on Tuesday posted its worst decline on record, pressured by waning rates across vessel segments due to weak demand from China amid surging COVID-19 cases.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, lost 265 points, or 17.5%, to 1,250, its biggest daily percentage drop since 1984.The capesize index dropped 626 points, or 27.7%, marking its worst day in more than four months…
Baltic Index Hits Over 1-month Low as Vessel Demand Falters
The Baltic Exchange's dry bulk sea freight index extended its decline to hit an over one-month low on Wednesday, weighed by weaker demand across vessel segments. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, lost 74 points, or 5.9%, to 1,176, a day after posting its biggest daily percentage loss in decades.The capesize index dropped 119 points, or 7.3%, to 1,516, its lowest in more than four weeks.Average daily earnings for capesizes…
Has Green Hydrogen Sprung a Leak?
The green hydrogen express is gathering pace, but it may have a worrying problem with leaks.As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data on leaks and the potential harm they could cause is a blind spot for the nascent industry.At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere. Two scientists told Reuters that if 10% leaks during its production…
First Australian Coal Heads to China After End of Ban
China is set to receive at least two cargoes of Australian coal in early February, according to traders and shiptracking data, the first since an unofficial ban on imports in place since 2020 was lifted earlier this month.Coal traders will be paying attention to how easily the shipments pass customs for signs that the informal ban is truly over and in the hopes of sending more Australian coal to China.Australian thermal coal for power generation and metallurgical coal for steelmaking are favoured by Chinese consumers for their high-quality. China's coal demand is forecast to rise in the upcoming months amid an expected economic rebound after Beijing rolled back its draconian zero-COVID strategy.
