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Market Watch: Container Freight Rates Fall, Costs Soar
![](https://images.marinelink.com/images/maritime/w200h200c/-146049.jpg)
"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.
Carbon Capture Chasm Exposed at Climate Summit
![Copyright VectorMine/AdobeStock](https://images.marinelink.com/images/maritime/w200h200c/copyright-vectormineadobestock-146047.jpg)
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…
NCDOT Awarded Federal Grant to Study Second Ferry Maintenance Facility
![© Noel / Adobe Stock](https://images.marinelink.com/images/maritime/w200h200c/noel-adobe-stock-146023.jpeg)
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…
US Coast Guard Responds to Another GoM Oil Spill
![A Main Pass Gathering Company, LLC Panther helicopter conducts an overflight to observe visible sheen off the coast of Louisiana, Nov. 18, 2023. (Source: US Coast Guard)](https://images.marinelink.com/images/maritime/w200h200c/a-main-pass-gathering-company-146012.jpg)
The U.S. Coast Guard said on Wednesday it was responding to an oil discharge near the Main Pass Oil Gathering (MPOG) Co's pipeline system in the Gulf of Mexico, while the main pipeline and several surrounding ones remained shut in."The reported sheen is being investigated and has not been confirmed to be associated with the November 16 observed initial discharge," the Coast Guard said.The Coast Guard…
Governments Take Action to Keep Offshore Wind Projects on Track
![© Chirapriya / Adobe Stock](https://images.marinelink.com/images/maritime/w200h200c/chirapriya-adobe-stock-146003.jpeg)
Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets.Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants.But some countries'…
War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks
![© momentscatcher / Adobe Stock](https://images.marinelink.com/images/maritime/w200h200c/momentscatcher-adobe-stock-145962.jpeg)
War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on Monday.The incidents are the latest in a series of attacks in Middle Eastern waters since a brutal war between Israel and the Palestinian Islamist group Hamas broke out on Oct. 7.The three commercial vessels came under attack in international waters in the southern Red Sea, the U.S.
New Wave Data Underpins Ship Structural Integrity
![Sofar Ocean’s hundreds of Spotter buoys continuously contribute masses of accurate wave data. Image courtesy of Sofar Ocean](https://images.marinelink.com/images/maritime/w200h200c/sofar-oceans-hundreds-of-spotter-145944.jpg)
The loss of the Stellar Daisy in 2017 was a tragic reminder of the importance of wave data to ship design and operation. The vessel sank in the South Atlantic Ocean, with 22 of 24 crewmembers lost. The structural failure of the vessel was attributed to several factors including material fatigue and the forces imposed on the hull as a result of the weather conditions.Survey requirements for some vessel types have since been tightened…
bp's Search for New CEO to Extend into Next Year
![Murray Auchincloss (Source: bp)](https://images.marinelink.com/images/maritime/w200h200c/murray-auchincloss-source-bp-145888.jpg)
bp's search for a new chief executive is set to extend into the first quarter of 2024, three sources told Reuters, while the board's probe into whether previous CEO Bernard Looney breached the code of conduct in his undisclosed personal relationships with staff drags on.The oil company has been in turmoil since Looney's resignation in September, company sources told Reuters, and the share price has…
FINLAND: ‘A Birthplace for Icebreakers’
![Captain Pasi Järvelin on the bridge of Arctia icebreaker Polaris. Järvelin has more than 40 years’ experience in the maritime industry, including 36 years on icebreakers, and was part of the concept team that developed the vessel. (Photo: Eric Haun)](https://images.marinelink.com/images/maritime/w200h200c/captain-pasi-jrvelin-on-the-145881.jpg)
Finnish companies have designed about 80 percent of the world’s icebreakers, and about 60 percent of them have been built by Finnish shipyards.Finland is home to a strong and vibrant maritime cluster, with a mix of large, medium and small shipyards, as well as a deep pool of marine engineering expertise and a broad network of vessel equipment suppliers.As one of the world’s northernmost countries,…
Xeneta Data Points to "Brutal" 2024 for Ocean Freight Carriers
![Chart courtesy Xeneta](https://images.marinelink.com/images/maritime/w200h200c/chart-courtesy-xeneta-145877.jpg)
Latest data from Xeneta suggests 2024 could be even more brutal than expected for carriers in the ocean freight shipping market, as the Xeneta Shipping Index (XSI), which tracks real-time developments in global long-term contracted rates, today stands at 158.5 points, which is 62.3% lower than November 2022.“The XSI is an average of all long term contracts on the market – so in essence the global index…
Zaadnoordijk Named CEO of Radio Holland
![Sven Zaadnoordijk (Photo: Radio Holland)](https://images.marinelink.com/images/maritime/w200h200c/sven-zaadnoordijk-photo-radio-holland-145794.jpg)
Radio Holland Group, part of the Pon Group, has appointed Sven Zaadnoordijk as its new CEO effective January 1, 2024. Sven will replace Kees-Jan Mes, who led the group through an important transformation over the last few years.Zaadnoordijk joined the group in 2012 and brings a wealth of experience in the maritime industry. Having served as Chief Commercial Officer (CCO) and Regional Director for both Asia and Americas…
The $1 Billion Offshore Wind Prize for US Shipyards
![© A / Adobe Stock](https://images.marinelink.com/images/maritime/w200h200c/a-adobe-stock-145790.jpeg)
The U.S. offshore wind market presents a $1 billion long-term opportunity to builders of crew transfer vessels (CTV) and service operation vessels (SOV) that will support both wind farm construction and long-term operations and maintenance. Unlike many of the construction vessels to be deployed on U.S. wind projects, CTVs and SOVs must be Jones Act compliant, meaning they will be built, owned and operated by U.S.
Study Calls for 'Liberation of Data' in Shipping Shift for Decarbonization
![Interconnection of disparate shipboard systems is seen as necessary to drive digitalization for enhanced operational efficiency. Image: BV](https://images.marinelink.com/images/maritime/w200h200c/nnection-of-disparate-shipboard-systems-145779.jpg)
Siloed data systems represent a “recipe for duplicative and multiplicative cost inside a company and across companies”, an OrbitMI-hosted panel at the recent Shipping Insight event in the US was told, as a Bureau Veritas-backed study highlighted this as a big barrier to data collaboration for digitalization of shipping to cut emissions.Vast amounts of data are generated from ship operations - such…
COP28 Puts Spotlight on Methane Pledges
![Source: Global Methane Pledge](https://images.marinelink.com/images/maritime/w200h200c/source-global-methane-pledge-145775.jpeg)
Delegates at this year's U.N. COP28 climate summit are anxious to boost the world's climate change agenda with concrete plans for clamping down on the second-most prominent greenhouse gas – methane.While more than 150 countries have promised since 2021 to slash their methane emissions 30% from 2020 levels by 2030 under the U.S.- and EU-led Global Methane Pledge, few have detailed how they will achieve…
Biden's Clean Energy Agenda Faces Mounting Headwinds
![Credit: Dragon Claws/AdobeStock](https://images.marinelink.com/images/maritime/w200h200c/credit-dragon-clawsadobestock-145757.jpg)
Canceled offshore wind projects, imperiled solar factories, and fading demand for electric vehiclesA year after the passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda.Soaring financing and materials costs, unreliable supply chains, delayed rulemaking in Washington…
China Unlikely to Repeat Last Winter's Surge of Fuel Exports
![© Igor Groshev / Adobe Stock](https://images.marinelink.com/images/maritime/w200h200c/igor-groshev-adobe-stock-145674.jpeg)
A surge of diesel and gasoline exports from China in the last northern winter eased then-prevailing fuel shortages in Asia but a repeat performance this year is unlikely.China's exports of refined products have eased from high levels in recent months, partly as a result of stronger domestic demand, but a lack of available quotas and shrinking profit margins for fuels have also played a role.In the…
Meet the CIO: Erika Graziuso, Crowley
![Photo credit Rick Wilson/Courtesy Crowley](https://images.marinelink.com/images/maritime/w200h200c/hoto-credit-rick-wilsoncourtesy-crowley-145665.jpg)
Erika Graziuso, Chief Information Officer, Crowley, brings a breadth and depth of non-maritime experience to bear in her quest to drive Crowley’s digital transformation in the name of decarbonization, holistic transportation efficiency and crew attraction and retention.Emulating best practices from industries outside of maritime has been a mantra in boardrooms and conferences for decades, as traditional maritime mindset has…
Two Ships Divert Course Away from Red Sea After Vessel Seized by Houthis
![© aerial-drone / Adobe Stock](https://images.marinelink.com/images/maritime/w200h200c/aerialdrone-adobe-stock-145644.jpeg)
Two commercial ships that diverted their course in the Red Sea and Gulf of Aden were connected to the same maritime group whose vessel was seized by Yemen's Houthis, according to shipping data and British maritime security company Ambrey.Israel on Sunday said the Houthis had seized a British-owned, Japanese-operated cargo ship in the southern Red Sea, describing the incident as an "Iranian act of terrorism" with consequences for international maritime security.The Houthis…
GMS: Steel Plate Prices Not Yet as High as Hoped
![Source: GMS](https://images.marinelink.com/images/maritime/w200h200c/source-gms-145614.png)
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…
Strong Vessel Demand Lifts Baltic Dry Index to Second Weekly Gain
![© Igor Groshev / Adobe Stock](https://images.marinelink.com/images/maritime/w200h200c/igor-groshev-adobe-stock-145609.jpeg)
The Baltic Exchange's dry bulk sea freight index rose on Friday and posted a second consecutive weekly gain on the back of stronger demand across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose to an over three-weeks high as it added 62 points, or 3.5%, to 1,820. It was up 10.8% this week.The capesize index added 99 points, or 3.7%, to 2,763.