Bulker New Island departed Chornomorsk last week as the fifth chartered vessel to carry wheat exports for the UN’s World Food Program (Ukraine’s Ministry of Infrastructure) With Russia having increased its attacks in recent days on the infrastructure and civilian targets in Ukraine, fears are growing that Russia could also move to block an extension…
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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped on Wednesday as a dip in panamax and supramax vessels overshadowed an uptick in the larger capesize segment. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 18 points, or…
The immediate supply shock caused by Russia’s invasion of Ukraine was felt in power, petrol and supermarket prices across Europe — and now, as the war enters its fifth month, sanctions and financing restrictions may trigger supply-side changes that could affect natural gas, crude, diesel and grains for years to come. Russia’s commodity exports fell…
For the past two years, it has been a roller coaster ride in the ocean freight business. After the early-pandemic slowdown in 2020, demand soared in 2021, resulting in massive profits for ocean carriers. But we may be nearing the end of the late-pandemic boom. As consumers return to reopened bars and restaurants, spending in…
The International Chamber of Shipping (ICS), representing over 80% of world’s merchant fleet, has signed a Partnership Agreement with the International Renewable Energy Agency (IRENA) to support the decarbonisation of the shipping sector and its role in the transition towards a global energy sector based on renewables. Signed during a meeting between the heads of…
The Getting to Zero Coalition, a group of leading maritime companies and environmental NGOs dedicated to reducing carbon emissions from shipping, has released a new report calling for carbon pricing of about $200 per tonne of CO2. To make green future fuels more cost-competitive with conventional HFO and VLSFO, the coalition says that a combination…
he dry bulk market had one of its best years in 2021 and the success story could repeat itself in 2022 as well. In its latest weekly report, shipbroker Allied said that “the dry bulk sector, undoubtedly, began the new year with a strong start. We are at 12-year high levels in average returns for…
hina’s tensions with Australia led to a significant increase in iron ore imports from Brazil, which now accounts for 22.5% of global iron ore shipments. In a recent report, shipbroker Banchero Costa said that “2021 has proved fairly robust, but far from remarkable, in terms of global seaborne iron ore trade. Total global loadings in…
The shipping industry continues to watch closely as new cases of multiple variants of the COVID-19 virus are reported in different regions of China, but despite being in the areas around major ports, so far carriers are reporting few interruptions. Just weeks from the opening of the Winter Olympics and factories rushing to get goods…
OPEC+ decided to maintain its higher crude oil production during the month of February, a move which is expected to support the crude tanker market in the short term. In its latest weekly report, shipbroker Gibson said that “the first key item on the agenda for oil markets was the January 4th OPEC+ meeting in…
