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Developers in the U.S. offshore wind industry will likely cancel some power sales contracts in New York after the state last week denied passing on more of the costs to consumers, but major projects off Massachusetts and Rhode Island are set to start up later this year.Several states and U.S. President Joe Biden's administration consider offshore wind to be a key part of their plans to transition away from fossil fuels for energy, create jobs and reduce carbon dioxide emissions.Last week…

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…

John Ehresmann loves that the cost of shipping an ocean container from Asia to a U.S. port or buying a load of lumber has fallen back to earth.If only that were true for everything he buys — but it’s not.Some parts of his supply chain have clearly improved, said the vice president of global supply for Graco Inc, the Minneapolis-based maker of fluid handling equipment such as paint sprayers. But the complex nature of global supply chains means that companies like Graco are still struggling…

Oil fell by more than 1.5% on Monday, pressured by expectations of weaker global demand and by U.S. dollar strength ahead of possible large increases to interest rates, though supply worries limited the decline.Central banks around the world are certain to increase borrowing costs this week and there is some risk of a blowout 1 percentage point rise by the U.S. Federal Reserve. "The upcoming Fed meeting and the strong dollar are keeping a lid on prices," said Tamas Varga of oil broker PVM.Brent crude for November LCOc1 delivery fell $1.49, or 1.6%, to $89.86 a barrel by 1002 GMT. U.S.

Egypt's finance ministry has put in place a package of measures to clear a backlog of goods piled up in port, a ministry statement said on Tuesday.A severe shortage of foreign currency in Egypt over the last six months has sent banks and importers scrambling to pay for the letters of credit needed to get their cargo released from customs. Factories and retailers complain that production and sales have been hurt due to a lack of inputs.The foreign exchange crisis was triggered by the Ukrainian war and interest rate hikes by the U.S.

Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth.Brent crude LCOc1 futures for September settlement dropped 48 cents, or 0.5%, to $102.72 a barrel at 0205 GMT, down for a fourth day.U.S. West Texas Intermediate (WTI) crude CLc1 futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, also down for a…

U.S. natural gas futures edged up about 2% on Tuesday on record power demand in Texas, forecasts for more gas demand over the next two weeks than previously expected, a reduction in gas output, low wind power and much higher global gas prices.Power demand in Texas failed to hit a new all-time high on Monday due to less hot weather, but will likely break peak use records on Tuesday and later this week as homes and businesses keep air conditioners cranked up to escape a lingering heatwave.

A widely-shared meme has taken several facts about the Titanic out of context to make unsubstantiated claims that imply the ship’s sinking was a deliberate act. This is not true—experts widely agree the sinking of the Titanic was an accident. The meme was posted to Facebook on March 1 and has been shared more than 600 times (here). It consists of two images: one of the ship and a second of American financier John Pierpont (J.P.) Morgan. These sit alongside a wall of text that…

The World Health Organization (WHO) has declared the outbreak of the novel coronavirus a pandemic. There is little doubt that this will have significant implications for the shipping industry. But to what extent? BIMCO expects that the strict containment measures imposed by governments around the world will result in substantially lower global economic growth and consequentially, lower demand for shipping. Container and dry bulk shipping are at the front line when it comes to feeling the fallout…

Chinese steel futures hit their highest in nearly two months on Monday on signs of a recovery in demand, and as policymakers worldwide rolled out more stimulus measures to cushion global economies reeling from the coronavirus pandemic.The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday, in line with a global policy effort to stave off a steep economic downturn as increasing lockdowns and travel bans hit businesses across the globe.The central bank of China on Friday cut the cash that banks must hold as reserves for the second time this year…

Confidence in the shipping industry rose in the last quarter to its highest level for 18 months, according to the latest Shipping Confidence Survey from leading shipping adviser and accountant BDO.The average confidence level expressed by respondents to the survey was 6.4 out of 10.0, compared to 5.8 Q3 2019. This is the highest rating since the same level of confidence was recorded in May 2018, and it is necessary to go back to February 2014 in order to see confidence at a higher…

By the end of last year, hedge fund positions in diesel had fallen to a level normally associated with a sharp slowdown in economic growth if not an outright recession.Most middle distillate fuels such as diesel, gasoil and jet fuel are consumed in freight transport (ships, trucks, railroads and air cargo) as well as manufacturing and mining.Middle distillate consumption and prices are therefore more closely tied to the state of the economy than other refined fuels such as gasoline.

Shipping confidence held steady at its highest rating in the past three-and-a-half years in the three months to end-November 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was unchanged at the level of 6.2 out of 10 recorded in the previous survey in August 2017. Confidence on the part of charterers was significantly up, from 4.7 to 7.7, the highest…

Oil rose on Tuesday to above $31 a barrel on hopes that OPEC and non-OPEC producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate. Iraqi Oil Minister Adel Abdel Mahdi said on Tuesday he saw "some flexibility" for a deal, an idea has been repeatedly mooted and dismissed for over a year. Brent crude was up $1.02 at $31.52 a barrel by 11:05 a.m. EST (1605 GMT), rebounding from a decline earlier in the session. On Jan. 20, Brent reached as low as $27.10, its lowest since November 2003. U.S.

A slump in dry bulk shipping is set to worsen as the meltdown in global commodities and too many ships free for hire rock the sector used by investors to gauge the health of world trade. Slower coal and iron ore demand from China - the world's biggest industrial importer - have battered the dry bulk sector, already in the midst of its worst ever downturns that is expected to extend well into next year. This week the Baltic Exchange's main sea freight index , which tracks rates for ships carrying dry bulk commodities and seen by investors as a forward-looking indicator of global industrial activity, plunged to an all-time low. A slump in oil and other commodity prices, due to slowing Chinese demand, has widely been seen as one of the reasons for U.S.

Brent crude dropped to a 16-month low under $99 per barrel on Wednesday, stretching its losses into a fifth session amid continued worries about rising supplies and weak global demand. While a larger-than-expected fall in weekly U.S. crude stocks kept a floor under oil prices, gains were curbed by a firmer U.S. dollar that makes commodities priced in the greenback more expensive for holders of other currencies. The dollar index stood near a 14-month high, with some investors betting the U.S. Federal Reserve would raise interest rates earlier than previously thought. Brent crude was trading down 27 cents at $98.89 a barrel at 0719 GMT, off a low of $98.85 hit earlier in the session - the lowest intraday price since May 1, 2013. U.S. crude was down 21 cents at $92.54 a barrel.

COSCO Vice-Chairman & President, Captain Wu Zi Heng responded in a question and answer session about his views on the future of the shipping market in an interview incorporated in the company's recent 2013 Annual Report. Q. What do you foresee the next few years will be like for the shipbuilding business? A. The shipping market picked up slightly in the second quarter of 2013 in anticipation of the recovery of the Eurozone economies as well as that of the United States. However, demand was uneven across the various ship types and classes, which were still stuck in an oversupply situation.

The last 12 months has been one for the books ... or the trash. There was no shortage of government inducements to turn the lackluster tide in 2012—stimulus spending in China and Japan, quantitative easing by the U.S. Federal Reserve, and multiple actions by the European Central Bank to strengthen the Eurozone. But as the year evolved, weak macroeconomic fundamentals decisively trumped monetary policy initiatives and continued their choke on global commerce, hence the maritime sector.

According to an August 9 report from Reuters, Seoul shares rose as investor hopes for further stimulus measures from the U.S. Federal Reserve strengthened ahead of its meeting, with gains in shipyards and banking stocks lifting the index. The Korea Composite Stock Price Index .KS11 (KOSPI) ended up 0.36 percent at 1,790.17 points.. (Source: Reuters)

London, UK, November 24 2003: Drewry Shipping Consultants, the world’s leading maritime consultants, today announced that its latest report, “LNG Shipping Market Review 2003/04” is now available to purchase. The latest in Drewry’s series of annual reports provides an independent and detailed assessment of the LNG shipping market that has been experiencing discrete, yet substantial, growth since the turn of the century. The report identifies which market trends have been contributing towards this considerable growth and what will enable the market to sustain it. Various factors apply but, since the turn of the century, there has been…