Trades News

In 2023, sanctions on Russian oil exports by the EU caused a major shift in tanker trades and a 10% increase in average sailing distances for EU tanker imports. Now, attacks on ships in the Red Sea area have caused average sailing distances to increase a further 16% and tonne mile demand to increase 12% despite falling volumes, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.During the first quarter of 2024, tanker import volumes to the EU fell 4% year-on-year due to a 1% increase in the clean tanker trade but a 5% fall in the dirty tanker trade.

Growth in demand for container shipping imports from China into Mexico in January 2024 increased by 60% compared to 12 months ago, further fuelling suspicions it has become a back door into the US.According to analysts at Xeneta, 117,000 TEU was shipped in January of this year compared to 73,000 TEU in January 2023 (source: Container Trades Statistics).Annual growth in container shipping between China and Mexico had already increased by 34.8% in 2023 compared to just 3.5% in 2022.Peter Sand…

Ocean Network Express (ONE) has opened a West Asia Regional Headquarters in Dubai. The move aims to expand ONE's growth in the rapidly developing markets of the Indian Subcontinent, Middle East and East Africa.The West Asia Regional Headquarters office will serve as ONE’s central hub across the region, encompassing functions such as commercial activities, customer service, and digitization. It will also house a team dedicated to developing regional trade partnerships and exploring…

The Singapore government has recounted the achievements of Maritime Singapore to date to highlight the nation’s successes as a maritime hub in 2023:Total business spending by key maritime companies overseen by MPA exceeded S$4.8 billion, up from S$4.3 billion in 2022. Twenty-five maritime companies established or expanded their operations in Singapore last year. These included maritime services companies and companies setting up sustainability desks in Singapore as part of their…

DHT Holdings announced it has entered into agreements to build four very large crude carriers (VLCC) in South Korea for delivery between April and December 2026.Two of the large tankers will be constructed at Hyundai Samho Heavy Industries and the other two at Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), for an average price of $128.5 million. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.The vessels have been ordered to Super Eco-designs and have carrying capacity of about 320,000 metric tons.

Hede (HONGKONG) International Shipping Limited has been classified by the US Federal Maritime Commission as a controlled carrier of the Government of the People’s Republic of China and added to the agency’s Controlled Carrier List.The Controlled Carrier List was further revised by removing COSCO Shipping Lines (Europe) GmbH, which has ceased serving the US trades and has cancelled its tariff. Other COSCO entities remain on the list.Controlled Carriers are ocean common carriers operating in the US-foreign trades that are…

Spiraling ocean freight rates from the Far East to the United States, caused by the Red Sea crisis, may have peaked, with some relief on the horizon emerging for the shippers, according to the latest analysis from Xeneta, and ocean and air freight rate benchmarking and market analytics platform.The latest data released by Xeneta indicates a peak may have been reached after spot rates from the Far East into the US declined slightly since the last round of General Rate Increases (GRIs) were implemented at the start of February.Into the US East Coast…

Seaspan Shipyards announced it has completed construction of the ‘Prototype Block’ for the Canadian Coast Guard’s (CCG) Polar Icebreaker program. Construction of this Prototype Block ensures that Seaspan has the proper processes, procedures, equipment and skills necessary to build the first heavy Polar Icebreaker in Canada in more than 60 years.Seaspan said it developed and built the Prototype Block to ensure that its production teams are fully prepared to cut steel on the Polar Icebreaker in late 2024.

U.S.-based boat builder Metal Shark is expanding its presence in its home state of Louisiana with the addition of a third manufacturing facility and a new recruitment effort.The expansion follows the recent divestiture of its Alabama-based ship refit and repair business, after the company sold its operations to Birdon America.With a new 40,000 square foot manufacturing facility in Iberia Parish, Louisiana, Metal Shark is looking to boost its production capacity.Together with its nearby Jeanerette and Franklin production facilities…

In 2023, the container market grew 0.2% year-on-year, ending at 173.8 million TEU. Compared to 2019, before the COVID pandemic hit, the market grew 1.5%.“Container market growth has lagged behind overall economic development significantly, as the world economy has grown 10% since 2019,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Highlighting the challenge for liner operators, the container fleet capacity in 2023 grew 21% vs 2019 and 8% vs 2022. The order book of new ships will add nearly 25% to the capacity during the next four and a half years.

Anacortes, Wash. shipbuilder Dakota Creek Industries announced it has opened the application process for its three-year paid apprenticeship program.Slated to begin on July 1, 2024, the formalized, structured program offers both on-the-job training (OJT) and related supplemental instruction through a combination practical, classroom and technical training."Essential skills taught during the program are tailored to meet or exceed industry standards, ensuring that apprentices are equipped with the expertise needed for a successful career in the marine industry…

Portland, Ore. shipbuilder Gunderson Marine announced plans to open a new training center aimed at addressing a demand for skilled trades workers. For many shipyards across the U.S., hiring and retaining a skilled workforce has become a major challenge.Gunderson's new training center, scheduled to open this spring, will serve as a central hub for trades skills development, offering paid training programs in areas such as in basic metals fitting, industrial safety practices and various welding techniques, the company said.

Maersk said explosions nearby forced two ships operated by its U.S. subsidiary and carrying U.S. military supplies to turn around when they were transiting the Bab al-Mandab Strait off Yemen, accompanied by the U.S. Navy."While en route, both ships reported seeing explosions close by and the U.S. Navy accompaniment also intercepted multiple projectiles," Maersk said in a statement, adding it was suspending Red Sea transits by vessels of the U.S. subsidiary.A spokesperson for Yemen's Houthi military forces said they fired ballistic missiles at several U.S. warships that were protecting two U.S.

In 2023, shipyards delivered 350 new container ships with a total capacity of 2.2 million TEU, beating the previous record from 2015 when 1.7 million TEU was delivered. “The 2023 record is now likely to be beaten already in 2024,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As 2023 saw a relatively low level of container ship recycling, new ships entering the fleet caused an 8% rise in the capacity of the container fleet, the fastest growth registered since 2011. Ships larger than 15…

Seafarers International Union President Emeritus Michael Sacco died December 28, 2023, in St. Louis, surrounded by family members. He was 86 years old and passed away from natural causes.Mike was the longest-serving president in SIU history, having led the organization from 1988 until his retirement in February 2023, a period spanning nearly 35 years.The Seafarers International Union, Atlantic, Gulf, Lakes and Inland Waters, AFL-CIO, represents professional United States merchant mariners sailing aboard U.S.-flag vessels in the deep sea…

Bulk grain shippers hauling crops from the U.S. Gulf Coast export hub to Asia are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal, traders and analysts said.The shipping snarl through one of the world's main maritime trade routes comes at the peak season for U.S. crop exports, and the higher costs are threatening to dent demand for U.S. corn and soy suppliers that have already ceded market share to Brazil in recent years.

Nova Marine Carriers group of Lugano, which is headed by the Bolfo Gozzi and Romeo families, announced the acquisition of two new ships,  finalizing the purchase in Japan of the (renamed) Sider Ambos, a 20,000 dwt bulk carrier, built in 2017, particularly suited to the steel and gypsum trades in which Nova Marine is engaged.A few days later a second 38,000 dwt vessel also joined the fleet. Built in 2012 by Imabari shipbuilding (and still in Japan) this ship has been renamed Sider Pera and will also operate under the cooperation agreement with the Greek Halkidon group.

A.P. Moller - Maersk is about to launch the first of its 18 large methanol-enabled vessels currently on order. On February 9, 2024, it will enter service on the AE7 string connecting Asia and Europe, which includes port calls in Shanghai, Tanjung Pelepas, Colombo and Hamburg, with Ningbo, China, being its first destination.The container vessel built by Hyundai Heavy Industries (HHI) in South Korea has a nominal capacity of 16,000 TEU and is equipped with a dual-fuel engine enabling…

"So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Liner operators continue to struggle with a worsening supply/demand balance, affecting freight rates. On average, the fleet has year-to-date grown 5% and 19% compared with 2022 and 2019 respectively.

The North Carolina Department of Transportation’s Ferry Division is looking into whether a second vessel maintenance facility could improve service to customers.Currently, the NCDOT Ferry Division has one maintenance facility, the Manns Harbor Shipyard in Dare County.The new planning study—funded by a $400,000 Federal Transit Administration grant, plus a $100,000 match from Ferry Division—will explore the conceptual site design for a larger, better equipped depot-level maintenance…

The November edition of Marine News magazine highlighted a selection of the most notable American newbuilds delivered of 2023—from a first-of-its-kind green towboat, to the lead vessel in a series of game-changing ships to train U.S. mariners.Empire StateAs the lead vessel in a series of five new training ships being constructed to serve America's state maritime academies, Empire State is easily one of the most important U.S.-built vessels delivered in recent memory.Built by Philly Shipyard for the U.S.

Hamburg-based ship finance platform oceanis’s Q4 State of Ship Finance Report comes with a thank-you to shipping companies that are committed to the green transition.Over the past decade, oceanis has seen large changes to the ship financing landscape towards greener projects. The most obvious green financiers are the Poseidon Principles banks, the initiative launched in 2019 whose signatories manage 70% of the world’s shipping loans. At the same time, many other banks and funds are moving away from financing ‘brown’ assets and trades.

As Diwali holiday celebrations concluded, Alang recyclers seem to slowly be filtering back to work amidst declining plates prices, sentiments, says cash buyer GMS, and local offerings that remain stagnant.“Unfortunately, this remains the ongoing dilemma across much of the Indian sub-continent ship recycling markets, especially as steel plate prices are yet to gain ground to the extent many in the industry had been hoping for thus far, whilst currencies simultaneously continue to cause ongoing worries for respective domestic markets.”On the flip side…