The Suez Canal Economic Zone (SCZONE) announced, this morning, the arrival of the first container ship powered by green fuel in the world. As the vessel started its path from Asia, passing to Africa, through the Arab Republic of Egypt, and from there to Europe. The container ship arrived at the East Port Said port, which is ranked among the…
Vessel efficiency is once again a major talking point for ship owners and managers following the 80th meeting of the International Maritime Organization’s (IMO’s) Marine Environmental Protection Committee in July. Amidst a renewed commitment to reduce the maritime sector’s carbon emissions was an aim to review and strengthen the energy efficiency design requirements for ships, including the regulations by which…
The Baltic Exchange’s main sea freight index .BADI rose to its highest level in nearly three months on Thursday, propelled by gains in smaller panamax and supramax vessels. * The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, increased 14 points to 1,247, its highest since May 24. * The panamax…
The containership sector continues to set new records despite the overall downturn in volumes and rates which is contributing to a near-term dramatic drop in the carriers’ revenues and net income. In its latest analysis, the trade group BIMCO highlights that the industry has already hit a record level of new capacity delivered this year and is on track to…
A new warning was issued after a rash of robberies aboard bulkers underway in the Singapore Strait. The monitoring and reporting organization ReCAAP based in Singapore is reporting four incidents in the past three days with a strong increase in incidents so far in 2023. As of the beginning of August, ReCAAP warns that the number of reports equals all…
Over the Week 32, the MABUX global bunker indices showed relatively minor fluctuations, demonstrating moderate growth. The 380 HSFO index rose by 3.83 USD: from 554.65 USD/MT last week to 558.48 USD/MT. The VLSFO index added 5.44 USD (662.64 USD/MT versus 657.20 USD/MT last week). The MGO index also gained 2.86 USD (from 926.57 USD/MT last week to 929.43 USD/MT).…
The Baltic Exchange’s main sea freight index .BADI edged lower on Thursday as a decline in capesize rates overshadowed advances in the panamax segment. * The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, ticked down by 7 points, or 0.6%, to 1,137. * The capesize index .BACI fell 78 points,…
With reports of dramatic increases in the backlog waiting to transit the Panama Canal, the authorities informed shipping companies of a change in the reservation system for at least the next two weeks. The Panama Canal Authority continues to encourage shipping companies to enter into the lottery system to gain reservations, advice it issued after it announced it would reduce…
Shipping lines have been in the red in the trans-Pacific trades for months. They may have just inched back into the black again, courtesy of the rise in spot rates over the past five weeks. Annual trans-Pacific contract rates reset to sharply lower levels in May. Even so, multiple ocean carrier execs insisted on conference calls that they did not…
Maersk, the world’s second-largest container shipping company, raised its full-year earnings outlook Friday while simultaneously lowering its forecast for the second half. The hike in full-year guidance was due to better-than-expected performance in the past — the second quarter — not greater optimism toward the future. Second-quarter upside was driven by lower-than-expected costs (in part due to slow steaming), not…