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Commodity Traders News

09 Feb 2024

More Grain Ships Diverted from Red Sea Due to Houthi Attacks

© Lukasz Z / Adobe Stock

More ships carrying grain were diverted from the Suez Canal to sailings around the Cape of Good Hope this week as concern about attacks on vessels in the Red Sea continued, shipping analysts said on Friday."Another 13 vessels were diverted this week taking the total cargo diverted away from the Red Sea route to around 5.2 million metric tons of grains in about 90 ships since the attacks started late last year," said Ishan Bhanu, lead agricultural commodities analyst at data provider…

05 Oct 2023

Low Water Hampers Rhine River Shipping in Germany

Credit: CL-Medien/AdobeStock

Low water levels after recent dry weather are preventing cargo vessels from sailing fully loaded on the Rhine river in Germany with surcharges added to the usual freight rates, commodity traders said on Thursday.Low water is hampering shipping on most of the river south of Duisburg and Cologne, including the chokepoint of Kaub, traders said.Some vessels can only transit Kaub about 50% full, depending on ship type, they said.Shallow water means vessel operators impose surcharges on freight rates to compensate for vessels not sailing fully loaded, increasing costs for cargo owners.

21 Aug 2023

Historic Drought, Hot Seas Slow Panama Canal Shipping

Source: Panama Canal Authority

Before the Ever Max ship carrying lava lamps, sofas, Halloween costumes and artificial Christmas trees could make its inaugural Panama Canal voyage this month, a historic drought forced it to drop weight by offloading hundreds of containers.Weather-related disruptions denied the vessel, owned by Taiwanese shipping company Evergreen Marine, a chance on Aug. 1 to set a record for carrying the most containers through the vital maritime shortcut that connects the Pacific and Atlantic…

15 Aug 2023

'Stop machine' - Russia Releases Video Showing Navy Boarding Cargo Ship in Black Sea

Screenshot from Russian Defense Ministry's video

Russia on Tuesday released video footage showing an armed naval inspection unit boarding a cargo ship in the southwestern Black Sea on Sunday and questioning the captain about why the ship had not stopped when demanded to by a Russian warship.Russia said that it fired warning shots with automatic weapons at the Palau-flagged Sukru Okan vessel after it failed to respond to a demand for it to halt, though it was unclear why the ship was boarded so close to Turkey.In a video released by the Russian defense ministry…

13 Aug 2023

Russian Warship Fires Warning Shots at Cargo Ship in Black Sea

A Russian warship on Sunday fired warning shots at a cargo ship in the southwestern Black Sea as it made its way northwards, the first time Russia has fired on merchant shipping beyond Ukraine since exiting a landmark UN-brokered grain deal last month.In July, Russia halted participation in the Black Sea grain deal that allowed Ukraine to export agricultural produce via the Black Sea. Moscow said that it deemed all ships heading to Ukrainian waters to be potentially carrying weapons.On Sunday, Russia said in a statement that its Vasily Bykov patrol ship had fired automatic weapons on the Palau-flagged Sukru Okan vessel after the ship's captain failed to respond to a request to halt for an inspection.Russia said the vessel was making its way toward the Ukrainian port of Izmail.

02 Aug 2023

Rhine River Levels in Germany Back to Normal after Rain

Credit: diegograndi/AdobeStock

Heavy rain has raised water levels on the river Rhine in Germany to levels allowing cargo vessels to sail fully loaded, data from German inland waterways agency WSA said on Wednesday.Data from the WSA’s website Pegelonline showed that the last shallow sectors of the river around Cologne had now reached levels generally permitting full vessel loads.Dry weather in June meant the river became too shallow for vessels to sail fully loaded and ship operators imposed surcharges on freight rates to compensate for vessels sailing partly empty, increasing costs for cargo owners.

27 Jul 2023

Rain Raises Rhine River Levels in Germany; North Still Too Shallow

Cologne - Credit: Luis/AdobeStock

Heavy rain has raised water levels on the Rhine in Germany, but the river is still too shallow in central northern areas for cargo vessels to sail fully loaded, commodity traders said on Wednesday.The river is a major western European shipping route for commodities including grains, minerals, coal and oil products. Dry weather in June meant it became too shallow for vessels to sail fully loaded and operators imposed surcharges on freight rates to compensate for ships sailing partly empty…

03 Jul 2023

Rain Raises Rhine River Water in Germany, North Still Too Shallow

© EdNurg / Adobe Stock

Water levels on the river Rhine in Germany have risen after rain but are still too low in northern and central areas for cargo vessels to sail fully loaded, commodity traders said on Monday.Dry weather in June meant the river became too shallow for vessels to sail fully loaded and vessel operators imposed surcharges on freight rates to compensate for vessels sailing partly empty, increasing costs for cargo owners.The Rhine is an important shipping route for commodities such as grains…

23 Mar 2023

Oil Spills and Near Misses: More Ghost Tankers Ship Sanctioned Fuel

© komi$ar / Adobe Stock

An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control.These vessels were part of a "shadow" fleet of tankers carrying oil last year from countries hit by Western sanctions, according to a Reuters analysis of ship tracking and accident data and interviews with more than a dozen industry specialists.Hundreds of extra ships have joined this opaque parallel trade…

20 Jan 2023

Shipping Still in Dark Over Clean Fuel Solutions, Industry Official Says

©Yellow Boat/AdobeStock

Shipping companies are still waiting for "real green" fuel solutions as part of decarbonization efforts to clean up the industry, a leading industry official said.Shipping, which transports around 90% of world trade and accounts for nearly 3% of the world's CO2 emissions, is under growing pressure from environmentalists to deliver more concrete action, including a carbon levy."We are still awaiting engine and shipbuilders to come up with real green solutions," Haralambos Fafalios…

29 Sep 2022

Rain Lifts Rhine Water Levels, Helps Cool Off Cargo Rates

© Fokke Baarssen / Adobe Stock

Water levels on the river Rhine in Germany have risen sharply after rain this week, approaching normal levels and helping cool off cargo shipping rates, vessel brokers and commodity traders said on Thursday.Prices for cargo shipping are falling as vessels are able to load more freight, they said.Spot prices for a liquid tanker barge from Rotterdam to Karlsruhe south of Kaub were at about 55 euros a tonne on Thursday, down from about 68 euros last week and peaks of about 118 in August…

23 Sep 2022

Depleted Rhine Water Level in Germany Holds Above Crisis Lows

© EdNurg / Adobe Stock

Water depths on the river Rhine in Germany have fallen after dry weather this week but remain well above the crisis lows of this summer, vessel brokers and commodity traders said on Friday.Rain is expected in south German river catchment areas over the weekend and next week, which is expected to raise water levels again, they said.Weeks of high temperatures and scant rainfall in August had reduced the commercial artery's water levels, causing delays to shipping and pushing up freight costs. There were fears disruption could even hit overall German economic growth.

19 Sep 2022

Rhine Water Levels in Germany Approaching Normal Depths

© Margarita / Adobe Stock

Water depths on the Rhine River in Germany have risen thanks to recent rain and are approaching normal levels after falling this summer to lows that disrupted transportation, vessel brokers and commodity traders said on Monday.But, since dry weather was forecast for much of this week, levels could fall again and the picture had not yet normalized, brokers said.The Rhine is an important shipping route for such commodities as grains, minerals, coal and oil products, including heating oil.Weeks of high temperatures and scant rainfall in August lowered water levels in the river…

08 Aug 2022

River Rhine Level in Germany Drops Further, Ships Only Part-loaded

Rhine river in Cologne - Photo by Bartolomej Tomić (File Photo)

Water levels on the Rhine in Germany fell again during hot dry weather over the weekend and cargo vessels cannot sail fully loaded, vessel brokers and commodity traders said on Monday.Shallow water is causing problems for shipping on the entire river in Germany. The Rhine is one of the key channels linking Germany's industrial heartlands with the North Sea ports from which products are exported to world markets.Freight shipping on the river continues, but with vessels sometimes forced to sail three-quarters empty.

29 Jul 2022

Rhine Level in Germany Falls Again, Vessels Only Part-loaded

© bios48 / Adobe Stock

Water levels on the Rhine in Germany have fallen again with vessels often sailing only half full and prices for cargo transport rising, commodity traders and shipbrokers said on Friday.Shallow water after dry weather continues to hinder shipping on the entire river in Germany.

21 Jul 2022

Rain Helps Rhine River in Germany But Shipping Problems Remain

Panorama of a cargo ship on the river Rhine near Koblenz, Germany
©venemama/AdobeStock

Heavy rain is helping stabilize the river Rhine in Germany as it suffers low water levels, but it is unlikely to be enough to solve freight shipping problems, navigation authorities said on Thursday.Shallow water is hampering shipping on the entire river in Germany south of Duisburg, and freight shipping on the river continues but with vessels carrying greatly reduced loads, said a spokesman for German inland waterways navigation agency WSA.A slight increase in water levels is…

01 Jun 2022

Singapore's New Trade Data Sharing Platform Aims to Stem Fraud

© ake1150 / Adobe Stock

A Singapore trade data sharing platform backed by banks, commodity houses and state firms has signed up 70 participants as part of the city-state's attempts to bolster confidence after a spate of commodity trade finance frauds in recent years.The Singapore Trade Data Exchange (SGTraDex), whose founders include banks DBS and Standard Chartered, commodity trader Trafigura and the local tech regulator, Infocomm Media Development Authority, was launched on Wednesday after plans were announced last year."We're trying to replicate what's happening in the physical world…

07 Jan 2021

Mercuria Teams Up with Envysion for Project Investment

© Igor Groshev / Adobe Stock

Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal, signed on Wednesday, will see Mercuria present potential projects for investment to Envysion, founded and led by former Julius Baer banker Veronica Shim. Envysion will then decide whether to participate via a fund with a start-up amount…

18 Feb 2020

Anatomy of a Marine Casualty Investigation

MV Argo Merchant was a Liberian-flagged oil tanker that ran aground and sank southeast of Nantucket Island, Mass., on Dec. 15, 1976, causing one of the largest marine oil spills in history. U.S. Coast Guard Archives

Blank Rome’s maritime attorneys have represented clients in some of the largest maritime casualties in the last 20 years, including the Staten Island Ferry allision with a maintenance pier in New York, the blow out and eventual loss of the Deepwater Horizon drilling rig in the Gulf of Mexico, the sinking of the El Faro during Hurricane Joaquin, and the collision between the Navy Destroyer USS John S. McCain and the tanker ALNIC MC in the Singapore Strait. These casualties have resulted in the catastrophic loss of life…

17 Nov 2019

Epic Gas Buys 11,000 CBM Vessel

Epic Gas Shipping Company,  which owns and operates a fleet of fully pressurized gas carriers, has announced the acquisition of 2015-built 11,000 cbm LPG carrier Epic Sicily.The Singapore-based LPG carrier operator said that the vessel, Epic Sicily, is built by the Sasaki Shipbuilding Co. Ltd. of Japan in 2015.The vessel has been on bareboat charter-in since Feb 2015 and Epic Gas is now exercising the purchase option under the charter contract. Finance of 60% of the acquisition cost comes from Epic Gas’s recently closed refinancing, with the balance paid from cash.This acquisition will generate savings in debt service of $1.4m p.a. (this figure was included in the $2.8m savings announced at the time of the refinancing)…

10 Oct 2019

Ocean Yield Buys Ethylene Gas Carrier

Norwegian shipowner Ocean Yield ASA has agreed to acquire Navigator Aurora, a 37,300 cbm ethylene gas carrier owned by Navigator Gas.According to agreement, the ship will be purchased for a total consideration of USD 69.75 million net of a seller’s credit, with a 13-year bareboat charter to a company 100% owned and guaranteed by Navigator Holdings - Navigator Gas.The vessel is expected to be delivered to the Company during October 2019. Navigator Gas has certain options to acquire the vessel during the charter period. The transaction is subject to final documentation.The vessel, Navigator Aurora, is a 37,300 cbm ethylene gas carrier that was built in 2016.

09 Sep 2019

Epic Gas Refinances Two LPG Tankers

Singapore-based gas carrier owner and operator Epic Gas has completed the refinancing of two 2010-built liquefied petroleum gas (LPG) tankers.The  two ships – the Epic Bali and Epic Borneo (each 2010 built, 7200 cbm) - were both in a finance lease structure and Epic Gas exercised a purchase option to refinance the vessels through a sale and lease back transaction with a Japanese ship owner, a press release from the fully pressurized gas carriers providing seaborne services for the transportation of LPG and petrochemicals.The bareboat charter back term is 10 years, with a purchase option from year five, it said.This transaction has reduced Epic Gas’s interest and amortization by US$1.3m p.a.

21 Jun 2019

Eye in the Sky for Inland INTEL

Genscape Maritime’s Vessel Coverage of U.S. Inland Waterways offers new perspectives and a leg up on the competition. In today’s transportation markets, information is everything.It was back in 2016 that Genscape announced the complete integration of more than 400 terrestrial AIS antennas in North America, providing an impressive level of data accuracy and visibility into ship movements in the U.S. today, Genscape’s proprietary antenna network offers customers insights into ship movements, commodity flows, and other important data metrics in North America.Genscape’s private monitoring network covers every commercial port in the U.S., and over 90 percent of U.S. inland waterways, including extensive coverage of key regions such as the Mississippi and Ohio Rivers, and the Gulf Coast.