Ocean freight container shipping market set to surpass Red Sea crisis peak and hit levels not seen since Covid-19 pandemic Ocean freight container shipping spot rates are set to exceed the level seen at the height of the Red Sea crisis when the latest round of increases hit the market on 1 June, according to the latest data released by Xeneta. Peter Sand, Xeneta Chief Analyst, said: "The ocean freight container shipping market has seen rapid and dramatic increases during May and that is set to continue with further g
Singapore reopens disused container terminals to alleviate bottlenecks The Maritime and Port Authority of Singapore (MPA) said on 30 May that operations at shuttered container terminals in the city-state's downtown have been temporarily resumed to ease the backlog of ships queueing to dock in the world's second busiest port. MPA said, "We've seen large increases in container volumes and the 'bunching' of container vessel arrivals over the previous months due to supp
Hapag-Lloyd updates Adriatic Sea Express service German ocean carrier Hapag-Lloyd has announced changes in its Adriatic Sea Express (ADX). The new rotation of the ADX service will be as follows: Piraeus, Greece -> Alexandria, Egypt -> Damietta, Egypt ->Koper, Slovenia -> Rijeka, Croatia -> Ancona, Italy -> Venice, Italy -> Piraeus Hapag-Lloyd has noted below the first vessel call of the new rotation, including vessel voyage, Estimated Time of A
India keen to operate Bangladesh's major port Neighbouring India now wants to operate Bangladesh's second seaport Mongla, where both New Delhi and Beijing are also keen to invest in new terminal construction. India already has secured transshipment facilities at Bangladesh's two seaports in Chittagong and Mongla for carrying cargoes to its landlocked seven-sister states in the North East to avoid travelling over 1,650 kilometres. Earlier in
Port of Halifax monitoring impasse between Canadian railways and union members The Port of Halifax in Nova Scotia, Canada, is bracing for operational impacts should the two major freight railways and their union employees fail to reach a labor agreement later this year and go on strike. "Supply chains are interconnected, and what happens to one partner will have a domino effect on another. The Port of Halifax is monitoring for potential impacts," Port of Halifax spokesperso
Metrans unveils major terminal area expansion in Slovakia Metrans, a subsidiary of Hamburger Hafen und Logistik AG (HHLA) specializing in rail transport, has recently completed a significant expansion of its hub terminal located in Dunajská Streda, Slovakia, adding approximately 50,000 m² to its operational area. This expansion marks a strategic move by Metrans to enhance its service offerings, providing customers with increased storage capacity and imp
DP World introduces new rail transport solution for finished vehicles DP World has introduced an industry-first solution using 53-foot intermodal containers with racking systems to transport finished vehicles by rail from Mexico to the United States and Canada. Starting 1 June 2024, DP World will offer this innovative 53-foot intermodal container service, enabling the transport of cars via rail from Mexico to the US and Canada. Vehicles will be loaded into containe
Brexit opens EU ETS savings window The European Union (EU) carbon taxation scheme (ETS) came into effect in January 2024, imposing a tax on CO2 emissions for ships calling at EU ports. Under this scheme, ships sailing between two EU ports must pay a carbon tax for the entire duration of the journey. In contrast, ships travelling between a non-EU port and an EU port are required to pay a carbon tax for 50% of the journey. It's impo
Maersk applies peak season surcharge from South China to Bangladesh Danish box carrier Maersk is implementing a Peak Season Surcharge (PSS) for both dry and reefer containers originating from South China ports and destined for Bangladesh. The surcharge will be effective from 15 June, as follows: Origin Destination Effective Dates Container Type Currency New tariff levels South China (including Hong Kong) Bangladesh 15 June All Dry and Reefer containers US$ US$700
CN analysis: Freight rate erosion on Indian trades continues as exporters bet on trade growth Container freight rates on trades out of India have been unable to hold the rate gains they made from the Red Sea crisis, according to an analysis of market data for May by Container News . On the westbound India-Europe trade, while average short-term contract rates for 20-foot container bookings from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gatewa
Port of Oakland seeks federal grant for zero-emissions transformation The Port of Oakland, in collaboration with a coalition of 20 partners, has submitted an application for a federal grant aimed at expediting the Oakland Seaport's transition to 100% zero-emissions cargo handling operations. They are seeking a US$417 million grant from the Environmental Protection Agency (EPA) Clean Ports Program under the Zero-Emission Technology Deployment Competition. Their grou
German Tanker Shipping bumps up orderbook in China German Tanker Shipping has boosted its orderbook of product carriers in China to six. The Bremen-based outfit has lifted options for two additional 41,000 dwt units at Fujian Mawei Shipbuilding and Xiamen Shipbuilding Industry as construction started on a series of four tankers booked late last year at an undisclosed price. Founded in 1998, GTS ...
Oceanteam to merge with industrial waste management firm A former offshore shipping player Oceanteam is merging with Norwegian industrial waste management firm Soiltech. The merger will be completed by Oceanteam transferring all its assets, including about NOK21m ($2m) in cash, rights and obligations to Soiltech, as the acquiring company. Oceanteam shareholders will get 6.65% of the combined company. The deal is subject to ...
Study suggests global sulphur cap has contributed to climate crisis Several US scientists have claimed in a paper published this week that a rule imposed by the International Maritime Organization in 2020 could have increased global temperatures, explaining last year's high temperatures. The IMO 2020 fuel regulations, also known as the global sulphur cap, abruptly reduced the emission of sulfur dioxide from international shipping from ...
Framar seals Trident PSV deal Framar Shipping has secured a contract with Trident Energy for its platform supply vessel, Fram Princess. The 2013 Havyard designed and Tersan-built vessel has been booked for around 120 days to support a three-well drilling campaign offshore Equatorial Guinea carried out by the drillship Noble Venturer. The deal, which should keep the unit fixed until ...
Singapore brings shuttered terminals back online to battle severe box congestion To staunch the severe congestion building up at the world's largest container transhipment hub, PSA Singapore has reactivated older berths and yards that have previously been decanted at Keppel Terminal, while also adding significant manpower to battle the box build-up. "Port congestion has returned to haunt the container markets, with Singapore becoming the latest chokepoint," ...
Greece's Veritas books kamsarmax brace at Hengli Heavy Greek owner Veritas Shipmanagement has ordered two kamsarmax bulk carriers at Chinese shipyard Hengli Heavy Industries in Dalian. The outfit, based in the seaside Athens suburb of Vouliagmeni, is paying $38m to see the 82,000 dwt duo delivered in 2026, according to one Greek broker. Veritas is listed on VesselsValue with five bulkers and one ...
UK court hands jail term to Syrian shipowner A UK court has issued an arrest warrant for a Syrian shipowner, handing down an 18-month sentence for lying to a court. Abdul Jalil Mallah is sanctioned for his ties to Iran and the Houthis in Yemen. Oaktree Capital Management took Mallah, 49, to court in London in a bid to recover two bulk carriers ...
Goan miner sells newcastlemax Goa-based Fomento Group, which entered shipowning eight years ago, has sold one of its four ships, offloading the 2016-built Fomento One newcastlemax to Greek interests for $55.9m, a ship that the Indian miner had ordered at Daehan Shipbuilding in South Korea a decade ago. The company is left with three newcastlemaxes. Run by the Timblos ...
MPC Capital merges broking units Effective July 1, Hamburg's MPC Capital will merge the shipbroking activities of Harper Peterson and Albis Shipping & Transport. Operating under the joint brands of Harper Petersen, covering containers and S&P, and Harper Petersen Albis, covering tankers and bulkers, MPC Capital said the merger will enhance its service offerings and global presence. "With offices in ...
Panama Canal increases vessel draft ahead of schedule The Panama Canal has issued an advisory to shipping lines stating that, effective yesterday, it has increased the maximum authorised draft to 13.7 m. This adjustment, originally scheduled to take effect on June 15, is being implemented earlier due to the expected onset of the rainy season in the Panama Canal watershed and the current ...
How to keep crew content Staff retention rates are an important metric for all managers. Here's some advice contained in our brand new shipmanagement magazine on how to ensure employees stay put. Attracting and retaining qualified employees is undoubtedly challenging during times of skills shortage. Officer supply shortage has hit an all-time high and is unlikely to improve, resulting in ...
Your Posidonia hierarchy of needs Steven Jones has some practical advice for the thousands of people descending on Athens airport in the coming days. Posidonia is running up the flags of many nations, readying for the biennial bash where the shipping industry gets to properly shed the winter blues, shimmying back into lighter-than-sensible outfits, as we hit the trail from ...
Booming LPG shipping stocks now hitting new all-time highs LPG shipping stocks may not be as 'mainstream' as crude tanker, product tanker, dry bulk, and container shipping equities. But...
LOF on life-support: salvors - and owners - need more than this It is long past time for salvors and underwriters to grasp the truth that they serve the same client, not...
European Commission mulls Ingosstrakh sanctions Russian insurer providing cover for crude exports insists it is fully compliant with sanctions
Desperate shippers push box rates higher Carriers are struggling to provide capacity as networks snarl up with congestion; but shippers are desperately trying to beat delays...
Chinese consortium will win bid for Georgia's Black Sea container port Anaklia Georgia will invest $600m in the initial phase of the revived port project, with an anticipated annual capacity of 600,000...
Tramp sector fears exclusion from EU Innovation Fund 'Unfair' regulation could have unintended consequences detrimental to European shipping and is part of a pattern of Brussels ignoring the...
Eastern Pacific to install AI monitoring across its fleet The operator is partnering with DeepSea Technologies to reduce fuel consumption and greenhouse gas emissions through real-time monitoring
Can bygone shipping prominence be Hong Kong's future? HKSOA chairman Angad Banga tells Lloyd's List he remains confident of Hong Kong's prospects but reminds the government of the...
MPC Capital merges Harper Petersen and Albis shipbrokers MPC said the merger will enable it to provide better research and operations across three offices in Europe and Asia
Panama Canal increases maximum draught ahead of schedule More transit slots have been available since May 16 as the start of the rainy season eases water shortage fears
Daily Briefing Exclusive: Countries plan informal MEPC talks in Bonn | Tanker giant Frontline: 'We're in for a long one' in current...
Soaring newbuilding prices are outpacing the dry bulk freight market Newbuilding prices for bulkers have continued to escalate and have reached a 15-year high, yet spot rates are roughly in...
Singapore battles port congestion as Red Sea crisis snarls container traffic Congestion is unlikely to ease any time soon, amid the rising demand from the US and Europe, coupled with an...
Vessel congestion building outside Charleston, Savannah Container ships are anchoring outside both southeast US ports due in part to a project in Charleston that will shut one berth at the Wando Welch Terminal until the fall.
Global port congestion taking out capacity, creating more delays Ports not designed for transshipment are being inundated with boxes, one of the knock-on effects of Suez Canal diversions that is contributing to a global capacity crunch, experts say.
Carriers omit Singapore calls amid growing delays as Asia port congestion spreads Carriers and forwarders said the average berthing delay is three to five days at Southeast Asia's leading container gateway, but HMM and ONE said they are experiencing more than that.
Seattle-Tacoma seeking more direct vessel-to-rail container moves After a successful one-off exercise involving 300 containers moving through Terminal 18 in Seattle, the Northwest Seaport Alliance will seek to convince ocean carriers to implement greater use of block stowage of rail cargo on vessels leaving Asia.
US rail cargo crime on the rise as thieves, methods gain sophistication Cargo theft on the rails is becoming highly organized, with criminals targeting specific pallets inside containers being carried on a train rather than ransacking boxes at random.
Seanergy alleges George Economou 'has not engaged' or brought new ideas to proxy fight Stamatis Tsantanis-led shipowner fires back at Greek rival's effort to appoint his own board members.
Seven seafarers dead after explosion rocks Greek-managed bulker Fire reportedly ignited in engine room after blast
Oaktree seeks to shed majority control of Torm in $275m share sale US private equity giant announces latest stock disposal after cutting stake last year
Canada has been 'smart' with new tanker pipeline bypassing Panama Canal, consultant says Maritime NXT's Punit Oza argues that west coast loadings are 'critical' for the country
Podcast: Marine insurance braces for challenges of decarbonising shipping Allianz highlights how attacks on shipping make the job a hard sell to would-be seafarers
Make the Carbon Intensity Indicator 'fair' or put shipping economics at risk, Intercargo says Controversy over the IMO greenhouse gas regulation rages on
Editor's selection: Evangelos Marinakis celebrates, Forrest in action and Greeks spend big at shipyards These were some of the big stories making headlines this week in the buildup to Posidonia.
Goldman Sachs: Global LNG supply to increase by 80% in 2030 Research arm brands US LNG expansion as 'extraordinary'
Pelagic Partners celebrates new finance deal at NIBC shipping dinner Cypriot owner and Dutch lender get together in Amsterdam after signing 'competitive' transaction
Economou turns up the heat on Seanergy, seeking changes to the board Minority shareholder proposes confidantes Liveris and Kokkodis to the board of US-listed capesize owner
Greek champagne, Houthis renew attacks and a broken port pier stops aid to Gaza Greek shipowners are beyond bullish, but are they green?
Trading giant Vitol extends South Korea deal to supply LNG cargoes to 2028 Trading giant stretches agreement originally signed in 2011
Opec production decision not expected to be tanker rate driver once expected Bloc is likely to maintain cuts at its meeting on Sunday
Container spot rates hit highest level this year - and the rally is not over yet More rate hikes beckon in the Red Sea-disrupted container shipping market
BW LPG says Panama Canal congestion to increase despite transits rising CEO Kristian Sorensen believes sheer weight of ship numbers will outstrip increase in daily slots
Hafnia eyes clutch of VLAC newbuildings as it builds out ammonia interests BW unveils emission cuts for its LNG and bulkers in 2023 Sustainability Report
Frontline holds firm with 'big boys' pushing for seven-year tanker deals Chief executive Lars Barstad says market is emerging for longer-term charters
Clarksons launches new metals derivatives desk under Philip Lye in Geneva Operation will focus on base and battery metals
The big, fat, Greek tanker sale: Hellenic shipowners see receipts from disposals race past $9bn Owners have made a killing selling older ships over the past two years
Chinese giant CMES selling $1bn container ship and car carrier fleet in 36-vessel deal Owner working on transaction with compatriot Antong Holdings as it seeks to focus on tankers, bulkers and gas
Global 'war for talent' puts P&I clubs in crosshairs, says Steamship Mutual boss CEO Jonathan Andrews says clubs are not only competing with rivals but other industries
Can new Greek shipping minister Christos Stylianidis raise the flag? National pride alone will not lift Greece's ailing registry out of the doldrums
Break point: Pelagus says 3D printing is a licence to save money and cut emissions Wilhelmsen and Thyssenkrupp-backed company has signed up 25 owners and managers
Cash mountain: BW LPG struggling to find profitable ways to invest, chief executive says VLGC owner's chief executive admits balance sheet is 'too robust'
Why the risk of a Baltimore bridge-style disaster happening again is 'higher than you think' Catastrophe highlights the dangers posed by ever-larger ships, say researchers
Oaktree seeks to shed majority control of Torm in $303m share sale US private equity giant announces latest stock disposal after cutting stake last year
Greek shipowner Thanassis Martinos reflects on 'efficient and sophisticated' Houthi threat Eastern Mediterranean owner reacts to latest attacks on his vessels
Frontline is 'go-to' shipping stock with high pricing here to stay, analyst says Fearnley Securities' Fredrik Dybwad argues 'superior' company's shares are still a buy despite trading above net asset value
Performance Shipping boss believes 'solid' tanker market is sustainable Andreas Michalopoulos says balanced chartering policy leaves Greek company well positioned
'Impressive' first-quarter performer BW LPG upgraded by Fearnleys Gas carrier owner sees share target price raised to NOK 280
Can new shipping minister Christos Stylianidis raise the Greek flag? National pride alone will not lift Greece's ailing registry out of the doldrums
Jinhui back in black as geopolitical events drive tonne-mile demand growth Shipowner said any fleet growth will come from secondhand acquisitions or charters rather than newbuildings
Singapore's PSA reactivating boxship terminals to relieve congestion crush Container volumes this year are up 8.8%
Panama Canal eases draught restrictions early as water levels rise Transits to rise to 32 per day as impacts of El Nino weather system fades
Former Polar Air Cargo COO sentenced to 4 years in prison Lars Winkelbauer, a former high-level executive at Polar Air Cargo, received a four-year prison sentence for defrauding the company.
Atlas Air to end Amazon flights, focus on international customers Atlas Air will phase out flight operations for Amazon but continue to lease aircraft to the retailer while targeting more cross-border shipping.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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