The Baltic Exchange’s main sea freight index rose to a two-week high on Thursday, helped by a jump in capesize vessel rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 60 points, or 5.6%, to 1,141, the highest since Aug. 23. The capesize index jumped 155 points, or nearly 15%, to 1,189. Average…
Fukui Seisakusho Co., Ltd. (FUKUI) and ClassNK have signed a Memorandum of Understanding concerning a joint study on a safety relief valve for a cargo tank of liquefied hydrogen carriers at the “Gastech2023” held in Singapore. To combat global warming, attention is growing towards hydrogen as an energy source that does not emit CO2 at the point of use. The…
Shipping service company, Marcura Group, is to acquire maritime online procurement firm, ShipServ, to create what it describes as a ‘vertical software, data, payments and procurement platform focused on the maritime sector’. Paul Bartlett | Aug 30, 2023 Together, the joint entity will have a workforce of more than 970, a customer base of 800 maritime customers, and a network of…
Analysts Sea-Intelligence noted this week that the level of blanked sailings this year is at about a third of the four-year average and just 25% of 2019’s high at a lowly 3%, on some trades. Nick Savvides | Aug 31, 2023 Specifically looking ahead at the four-week period that starts with Golden Week, China’s annual national celebrations where industry shuts down…
The Port of Valencia has taken delivery of the hydrogen-powered reach stacker, developed within the framework of the European H2PORTS project. Michele Labrut | Aug 31, 2023 This prototype joins the hydrogen-powered tractor unit and the mobile hydrogen supply station (HRS) which will be tested in real operating conditions in the Port of Valencia from this month until December 2024. It…
Panama Canal restrictions are already forcing ships to take multi-week detours via the Suez Canal and Cape of Good Hope. One shipping segment is more exposed to these reroutings than any other: specialized tankers that carry liquefied petroleum gas (LPG) from the U.S. to Asia. America is the world’s largest exporter of LPG, i.e., propane and butane. Since the Neopanamax…
A VLCC newbuilding orderbook that sits at just 1.5% of the current fleet and the fact any new vessel contracts inked now won’t be delivered until second half of 2026, was flagged up by Frontline during its half year results. “What is worrying is the lack of orderbooks for VLCCs and Suezmax. We have the highest percentage of kind of…
Woodside Energy and its labor unions announced that they have reached an in-principle agreement for an enterprise labor agreement for the company’s liquified natural gas operations in Australia. Energy market analysts welcomed the news noting that the threatened strike against Woodside and Chevron was putting as much as 10 percent of the world’s LNG supply at risk. Negotiations are still ongoing with…
The state’s transportation department has waived wharfage charges for inbound humanitarian shipments at Maui’s Port of Kahului. Editor’s Note: Want to help? The American Red Cross, American Logistics Aid Network, Hawaiʻi Community Foundation and Maui Food Bank are accepting donations. Carriers and companies continue to join widespread disaster relief efforts after a wildfire ravaged the town of Lāhainā on Maui earlier this month. FedEx has delivered medicine, shelter,…
Options for cargo owners include longer intermodal routes and alternative lanes like the Suez Canal, analysts say. Shippers may need to look for alternative routes to avoid potential cargo delays as disruption threats compound in the Panama Canal, analysts told Supply Chain Dive this month. “Delays at the Panama Canal are now up to 15 days or more and likely…