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Thursday, March 28, 2024
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Through Brokers News

27 Mar 2024

Constant Port Attacks Slowing Ukraine's Farm Exports

Constant attacks on Ukrainian Black Sea ports by Russian drones and missiles are leading to a slowdown in Ukraine's maritime agricultural exports, brokers said on Wednesday.A key maritime hub in the southern Odesa region has been under almost daily attacks in recent weeks, but authorities have not reported any significant damage to port infrastructure."Active shelling of Ukraine, particularly in the south, by Russia last week led to interruptions in export shipments and a slowdown in waterborne exports…

01 Mar 2024

Ukraine Expands Ship War Insurance with Marsh & Lloyd's to Iron Ore, Steel

© glebzter / Adobe Stock

Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, following Russia's invasion of Ukraine two years ago."Expanding insurance to cover ships carrying all non-military cargo is extremely important for Ukraine…

18 Feb 2024

Shipping Industry Calls for Release of Galaxy Leader Crew

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

The international maritime industry, led by the International Chamber of Shipping, has joined together to express their concern for the seafarers from the Galaxy Leader who have been held hostage and call on the Houthis to release them.Monday February 19, 2024 marks the three-month anniversary since the Houthis seized the Galaxy Leader and its 25 seafarers in the Red Sea.The roll-on/roll-off vehicle carrier was seized on November 19.“The 25 seafarers who make up the crew of the Galaxy Leader are innocent victims of the ongoing aggression against world shipping…

24 Jan 2024

Ukraine's Black Sea Grain Export Success Tested by Red Sea Crisis

© wifesun / Adobe Stock

Ukraine has managed to boost its Black Sea grain exports to a level not seen since before Russia's invasion, although the Red Sea shipping crisis poses a new challenge to its crucial agricultural trade.Kyiv's success in replacing a UN-backed Black Sea export deal with its own shipping scheme has brought relief for Ukrainian farmers and importing countries while representing a naval breakthrough for Ukraine's military as a land counteroffensive has stalled.The export turnaround…

18 Jan 2024

Colebrook Rebrands As CSO Shipbrokers

© David Maddock / Adobe Stock

Chartering, sale and purchase, and market intelligence brokerage Colebrook Offshore has changed its name to CSO Shipbrokers in a strategic rebrand.“We have achieved significant growth over the past two years, more than doubling the size of our team and consistently developing our client base and list of active projects” said Tony Colebrook, Chief Executive Officer of CSO Marine Group.“Colebrook Offshore has served us well up to this point, but with Sam Stout now taking the reins as Managing Director of the Brokerage…

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…

30 Nov 2023

FEPORT, ETA, EMPA and ECASBA Raise Cargo Diversion Concerns

Source: FEPORT

As risks of cargo diversion to the detriment of EU ports are becoming more and more real with the upcoming entry into force at the beginning of 2024 of EU ETS for shipping, local organizations are voicing their concerns.The Federation of European Port Companies and Private Terminals (FEPORT), European Tugowners’ Association (ETA), European Maritime Pilots’ Association (EMPA) and European Community Association of Ship Brokers and Agents (ECASBA) members are expressing major concerns regarding the lack of real assessment of the EU ETS for shipping related effects on EU ports.

10 Nov 2023

Baltic Index Logs Weekly Gain as Rates Across Vessels Rise

Credit: Kamchai/AdobeStock

The Baltic Exchange's dry bulk sea freight index rose on Friday, marking a weekly rise, steered by higher rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 45 points, or 2.8%, to 1,643. The index added 12.4% this week.The capesize index added 103 points, or 4.1%, to 2,589, up 21.4% for the week. Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal…

10 Nov 2023

Ukraine Corridor Freight Costs Up after Missile Attack, Brokers Say

Credit: olyasolodenko/AdobeStock

Freight costs for ships using Ukraine's alternative export corridor have risen following an attack on a cargo vessel in the Black Sea off Odesa, brokers said on Friday.Ukrainian officials said on Wednesday a Russian missile damaged a Liberia-flagged civilian ship entering a Black Sea port in the Odesa region, killing one person and injuring four others. The vessel was supposed to transport iron ore to China.Later, they said that the corridor was working despite the attack. "As a result of a Russian missile hitting a cargo ship...

31 Oct 2023

M3 Marine (Offshore Brokers) UK Ltd Appoints Robert Day as Managing Director

Credit: Ian Dyball/AdobeStock

M3 Marine (Offshore Brokers) UK Ltd (M3OBUK) – a newly established London-based broking company focusing on the offshore and renewables sectors, announced on Tuesday the appointment of Robert Day as its Managing Director.Day brings with him almost a decade of experience, having previously held the role of Associate Director and Head of Offshore at VesselsValue, where he ran the offshore desk which specialized in valuations, broking, market analysis, and business development with a focus on offshore support vessels…

19 Oct 2023

Singapore Calls for Financiers and Insurers to Support Adoption of Electric Harbor Craft

© ake1150 / Adobe Stock

The Maritime and Port Authority of Singapore (MPA) has launched an Expression of Interest (EOI) inviting financial institutions and intermediaries, as well as marine insurance providers and brokers, to submit proposals to accelerate the adoption of electric harbor craft in Singapore.The EOI aims to help drive the adoption of electric harbor craft among owners and operators of harbor craft in Singapore.EOI participants are expected to propose the demand planning parameters for…

04 Oct 2023

Ukraine Expects 12 More Cargo Ships at Its Black Sea Ports

Credit: wifesun/AdobeStock

Ukraine's navy said on Wednesday that 12 more cargo vessels were ready to enter a fledgling Black Sea shipping corridor on their way to Ukrainian ports, as Kyiv steps up a push to defy a de facto Russian blockade on its vital sea exports.Russia, which has a much more powerful and bigger naval fleet in the Black Sea, pulled out of a deal in July that had allowed wartime Ukraine to safely ship food products out through what is traditionally its main export corridor. Ukraine responded by setting up a temporary "humanitarian corridor" for cargo vessels…

07 Sep 2023

Ukraine Says It's Shipping Grain via Croatian Ports

© Richard Cff / Adobe Stock

Ukraine has started exporting grain via Croatian seaports, aiming to broaden its export routes while its Black Sea ports are blocked, a senior Ukrainian official said on Thursday.Ukraine's main grain export route is usually via its deep Black Sea ports, but Kyiv has been looking for alternative routes since Russia invasion last year and Moscow's decision to quit the Black Sea grain export deal in mid-July.Foreign Minister Dmytro Kuleba said during a visit to Zagreb in late July…

14 Aug 2023

Commercial Fishing on the Great Lakes is a Family Affair

© Hank Erdmann / Adobe Stock

Although the number of fishermen who make a living on the waters of the Great Lakes is much diminished from a half century ago, the region's commercial whitefish fishery continues to be viable and profitable.Henriksen Fisheries is one of about a dozen commercial entities in the Wisconsin waters of Lake Michigan, focused on trap netting whitefish in Green Bay and the waters surrounding the Door Peninsula.Charlie Henriksen started his family-owned fishing business in Door County in 1987.Originally from Illinois…

10 Aug 2023

Maritime Careers: How to Get Ahead in Shipbroking

Copyright Who is Danny/AdobeStock

Want to set yourself apart from the crowd? Institute of Chartered Shipbrokers Chairman Glenn Murphy offers this advice to young shipbrokers In the bustling world of global trade, shipbrokers play a crucial role in facilitating seamless transactions and ensuring the smooth movement of goods across vast oceans. As a shipbroker, you are at the heart of this dynamic industry, and staying ahead of the competition requires a strategic approach and a particular set of skills.Shipping does not stand still: shipbroking is a multifaceted skill which has always moved with the times.

07 Aug 2023

Hydor Acquires EF Marine

© evannovostro / Adobe Stock

Oslo-based Marine MGA Hydor AS has acquired all the shares in the Singapore- and Rotterdam-based marine MGA, EF Marine Pte. Ltd., and its subsidiary.The combined company will from hereafter be branded as Hydor, with a total team of 34 people, having offices in Oslo (head office), Rotterdam, Hamburg, Singapore, Hong Kong and Shanghai. The acquisition follows the investment by Longship Fund II into Hydor in April 2022.Morten Skomsøy, current CEO of Hydor, said, “The acquisition…

12 Jul 2023

Marine Assekuranz, Fram Insurance Brokers Form JV "Marine Alliance"

Image courtesy Marine Assekuranz, Fram Insurance Brokers

Marine insurance brokers Marine Assekuranz from Hamburg and Fram from Norway are joining forces. With the core expertise in insuring ships and transports worldwide for decades – now they are joining forces under the umbrella of the "Marine Alliance". The alliance was founded last year by Söderberg & Partners, a Stockholm-based family business that is the majority shareholder of Fram. The Marine Alliance will offer specialized industry know-how, provide marketing services for both partners and bundle their purchasing power.

01 Jun 2023

Follow the Money: Norway is Fertile Grounds for Shipping Projects

Image courtesy Oslo Børs

With the world’s largest sovereign wealth fund, Norway’s financial muscle is beyond question. Howev-er, at a corporate level, the country’s capital markets offer a range of benefits to overseas companies seeking equity, debt … or both. Øivind Amundsen is CEO of Oslo Børs and, as you would expect, a strong advocate of the Norwegian capital as a place to raise money for marine-related projects. The diverse nature of the companies which are listed on the Børs, part of Europe’s largest stock exchange group…

04 May 2023

ZeroNorth and Vitol Team Up on Emissions Reporting

© Mariusz / Adobe Stock

Technology company ZeroNorth has signed a long-term strategic partnership with energy and commodity company Vitol.The deal will see Vitol gain full access to the ZeroNorth platform, and ZeroNorth customers will in turn gain access to Vitol’s carbon reduction solutions and bunkering services through subsidiary Vitol Bunkers.Vitol will use the ZeroNorth platform to optimise operations in a number of key business areas, including voyage, vessel, bunker and emissions optimisation…

23 Feb 2023

Top Threats for the Marine Industry in 2023

Fire and explosion onboard ships remains the number one concern. Copyright Artem/AdobeStock

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

21 Feb 2023

ZeroNorth Acquires Bunker Supplier Software Provider BTS

Kenneth Juhls, Managing Director of ZeroNorth Bunker

Technology company ZeroNorth announced that it has acquired BTS PTE Ltd., a software platform for marine fuel suppliers, headquartered in Singapore.The deal will see ZeroNorth acquire BTS’s flagship suite of services - iBMS (Intelligent Bunker Management System), which helps marine fuel suppliers, traders and brokers digitalize their business processes through eliminating unproductive tasks, automating work processes, greater sharing of information and enhancing decision making.iBMS…

05 Dec 2022

Oil Tankers Queue off Turkey as Price Cap on Russian Crude Kicks In

© sarymsakov / Adobe Stock

Oil tankers formed a traffic jam off the coast of Turkey on day one of the West's price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday.Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the report said, citing ship brokers, oil traders and satellite tracking services.A $60 per barrel price cap imposed by the Group of Seven nations, Australia and the 27 European Union states on Russian seaborne crude oil took effect this week…

05 Dec 2022

Russian Oil Sanctions Fuel Demand for Old Tankers

©Vladimir/AdobeStock

The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they're snapping up old tankers that might normally be scrapped.The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.