European Maritime

by hellenicshippingnews… on 4 October 2024 at 9:00 pm

LPG imports from the EU have been on the rise so far in 2024, reversing last year’s downward trend, although not entirely. In its latest weekly report, shipbroker Banchero Costa said that “global LPG (liquified petroleum gas) trade has been steadily recovering in the past three years, following a very disappointing 2021. Total seaborne exports …

by hellenicshippingnews… on 4 October 2024 at 9:00 pm

This week’s chart highlights a notable decline in the quarterly vessel count for dirty tanker transits through the Red Sea, underscoring growing concerns over the region’s shipping activity. The 7-day Moving Average (left chart) shows a clear downward trajectory in the vessel count throughout the year compared to the previous year’s daily transits for key …

by hellenicshippingnews… on 4 October 2024 at 9:00 pm

Strike action at ports on the US East and Gulf Coast ended last night, Thursday, after a new wage agreement was reached – but a backlog of more than 40 ships waiting to offload billions of dollars of cargo means the pain is not yet over. The International Longshoremen’s Association and the United States Maritime …

by hellenicshippingnews… on 3 October 2024 at 9:00 pm

The dry bulk market could benefit from a Chinese real estate market revival, after the latest stimulus unveiled by the country’s central bank. In its latest weekly report, shipbroker Xclusiv said that “China’s central bank has introduced a wide-ranging monetary stimulus package to revive its slowing economy and restore investor confidence. The measures, unveiled by …

by hellenicshippingnews… on 3 October 2024 at 9:00 pm

This week’s focus is on the U.S. port congestion amid recent port strikes. The ongoing U.S. port strikes, particularly at the Port of New Orleans, are causing significant congestion and delays. As one of the key Gulf Coast ports, New Orleans handles a substantial amount of dry bulk commodities, including agricultural exports like grains. Ships …

by hellenicshippingnews… on 2 October 2024 at 9:00 pm

The ship recycling market is showing some early signs of life, with the Indian market emerging as a bright spot. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading global cash buyer of ships said that “the ship recycling industry displayed varied dynamics across different regions. In India, the market experienced a noticeable improvement, …

by hellenicshippingnews… on 2 October 2024 at 9:00 pm

“The Shanghai Containerized Freight Index (SCFI) fell another 10% in week 39. In total, the SCFI has dropped 43% during the third quarter, the largest Q3 drop in a year not affected by the COVID pandemic (2020-2023) since the SCFI was launched in October 2009,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO. The only …

by hellenicshippingnews… on 2 October 2024 at 9:00 pm

Following a lengthy legislative process, the Magna Carta of Filipino Seafarers was finally signed into law in the Philippines on 23 September 2024. The Magna Carta aims to align domestic legislation with international conventions such as the Maritime Labour Convention (MLC) and the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW), …

by hellenicshippingnews… on 1 October 2024 at 9:00 pm

Activity in the second hand market was rather lively over the past week. In its latest weekly report, shipbroker Banchero Costa said that there was “a steady flow activity notwithstanding some pressure filtering on the back of softer sales recorded during the month of September. The dry market is getting strong support by Capesize whilst …

by hellenicshippingnews… on 1 October 2024 at 9:00 pm

As the maritime industry grapples with growing geopolitical tensions and environmental challenges, the need for strategic partnerships and collaboration has never been more critical. At the upcoming Antwerp XL conference, where I have the honour of speaking, I intend to highlight the urgent need for forwarders, shippers, and logistics professionals to work more closely together …

by hellenicshippingnews… on 30 September 2024 at 9:00 pm

India is expected to reduce its dependence from Russian oil in the coming weeks and months, with Middle East imports potentially increasing their share among the country’s import mix. This could lead to a reduction of ton-mile demand. In its latest weekly report, shipbroker Intermodal said that “India’s crude oil import landscape has been undergoing …

by hellenicshippingnews… on 30 September 2024 at 9:00 pm

Clarkson Research’s six-monthly outlook for the global shipping markets, Shipping Review & Outlook, has today 30th September 2024 been released by Clarksons Research. The outlook profiles a strong earnings environment across much of shipping, with Clarksons industry wide “barometer”, the cross-sector ClarkSea Index, averaging $25,584/day in 2024 (+10% y-o-y and +35% on the 10-year trend) …

by hellenicshippingnews… on 29 September 2024 at 9:00 pm

The Russian effect in the tanker market is expected to be in full force in the coming weeks and months, with flows and market impact expected to shift, both in crude and in the product segments. In its latest weekly report, shipbroker Gibson said that “monumental shifts in global tanker flows that followed the Russian …

by hellenicshippingnews… on 29 September 2024 at 9:00 pm

The 17th Intersessional Working Group on GHGs has concluded with a number of important developments, that can be used to guide expectations on the nature of measures the IMO is expected to adopt in 2025. The meeting progressed the drafting of a new Chapter 5 in MARPOL Annex VI, taking different detailed drafting proposals from …

by hellenicshippingnews… on 29 September 2024 at 9:00 pm

Capesize This week saw significant positive momentum in the Capesize market. The BCI 5TC surged by $3,436, closing the week at $30,598, driven largely by robust activity in the North Atlantic region. Monday began with an encouraging uptick in both the Pacific and North Atlantic, pushing the BCI to $27,162. Despite some uncertainty in the …

by hellenicshippingnews… on 27 September 2024 at 9:00 pm

The dry bulk market has been a mixed bag so far in 2024, in terms of performance, with Capesizes faring much better than smaller ship classes. In its latest weekly report, shipbroker Xclusiv said that “the dry bulk market has exhibited a mixed performance since the beginning of the year, with different segments experiencing varying …

by hellenicshippingnews… on 27 September 2024 at 9:00 pm

Ahead of next week’s International Maritime Organization’s Marine Environment Protection Committee meeting (IMO, MEPC 82, September 30-October 4), the Clean Shipping Coalition urged national delegations that support ambitious climate action to also insist that the IMO revise its ship efficiency standards to ensure the organisation’s climate targets are met. Along with this week’s Intersessional Working …