Markets
Containers
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Latest From Containers
Hapag-Lloyd dismisses shipper fears of Gemini Cooperation
There will be winners and losers in terms of direct calls under the Gemini Cooperation’s hub-and-spoke network. But transhipment should not lead to poorer services
Yang Ming boxship knocks down three cranes at Turkish port of Evyap
A statement said no one was hurt but local media reported that a crane operator was seriously injured
MSC in fourth containership recycling sale of the year
‘Red Sea diversions have created an artificial uplift in earnings resulting in a deferral of boxship demolition decisions,’ says Braemar container market analyst
Bunker demand faces long-term decline despite geopolitical spikes
Replacement of older, less-efficient vessels and the adoption of cleaner fuels as part of shipping’s decarbonisation efforts will inevitably lead to reduced future consumption of both high-sulphur and low-sulphur fuel oils
Slow and steady transatlantic box trade settles back to normal patterns
Trade between Europe and North America is expected to see little growth. But for carriers the transatlantic can yield profits if capacity is managed carefully
DP World strengthen integrated logistics with Busan investment
The investment in Busan marks another step for the Dubai-headquartered port giant in its strategic shift towards integrated supply chains solutions
Dry Bulk
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Novorossiysk-bound ships detouring amid heightened drone threat
A document circulated on social media suggests ships are being instructed to alter course after a general cargoship spotted a naval drone in the Black Sea earlier this month; however, the exact reason why others are anchoring mid-route is not clear
The week in newbuildings: Crude oil and product tanker orderbook sees further boost
Greek and Israeli shipowners have ordered a combined 12 large tankers in the past week, comprising four ships each in the VLCC, suezmax and long range two sectors
Indian Navy rescues hijacked bulker Ruen from Somali pirates
All 17 hostages freed uninjured from hijacked bulker Ruen on Saturday after a two-day, anti-piracy operation that saw Indian commandoes parachute onto the vessel and capture 35 Somali pirates
Dual-fuel newbuildings still not viable, says Norden’s Jan Rindbo
Norden aims to cut emissions by 16% by 2030 from a 2022 baseline, by using measures such as slow steaming and refusing to take on the least-efficient vessels
Seanergy ups dividend as it clinches increased capesize earnings
Nasdaq-listed owner of 18 large bulkers intends to ‘vigorously defend’ itself against Economou lawsuit
The Lloyd’s List Podcast: How long can Ukraine keep its grain corridor open?
Ukraine’s Black Sea corridor is an undeniable success. Ships are sailing into and out of Ukraine outside of an international agreement and most importantly without direct Russian interference. It is a critical route for grain export and many countries besides Ukraine have a vested interest in its continued operation. Ukraine says the military is key to the corridor functioning. This week we discuss how true this is, and whether or not a lack of military aid could really result in the route’s closure
Tankers & Gas
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Latest From Tankers and Gas
Novorossiysk-bound ships detouring amid heightened drone threat
A document circulated on social media suggests ships are being instructed to alter course after a general cargoship spotted a naval drone in the Black Sea earlier this month; however, the exact reason why others are anchoring mid-route is not clear
The week in newbuildings: Crude oil and product tanker orderbook sees further boost
Greek and Israeli shipowners have ordered a combined 12 large tankers in the past week, comprising four ships each in the VLCC, suezmax and long range two sectors
The week in charts: Houthi attacks will continue | Newbuilding prices set to rise | Ship recycling recovery on hold | Chinese demand props up Russia oil exports
Robust weapons supply chain continues to support Houthi firepower, shipbuilders’ bulging orderbooks mean prices are set to creep up in 2024 and Russian crude oil imports hit eight-month high in China
Bunker demand faces long-term decline despite geopolitical spikes
Replacement of older, less-efficient vessels and the adoption of cleaner fuels as part of shipping’s decarbonisation efforts will inevitably lead to reduced future consumption of both high-sulphur and low-sulphur fuel oils
Ex-CNOOC president ensnared in Beijing’s graft crackdown
Li dedicated nearly his entire career to the Chinese oil and gas major. His case demonstrates that Beijing's anti-corruption campaign among government officials and state-owned enterprise executives is still ongoing
US blacklists suezmax tanker and owner for Iran and Houthi links
The US has slapped sanctions on a suezmax tanker and its registered owner for shipping Iranian commodities in support of the IRGC-QF and a sanctioned Houthi financial facilitator. Ofac says the suezmax took Iranian oil from a sanctioned tanker that spoofed its location during the cargo transfer
Finance
Latest From Finance
Belgium court also denies FourWorld’s complaint against CMB’s Euronav takeover
The Belgium Market Court has denied a request by New York-based FourWorld Capital Management to block CMB’s takeover of Euronav, a day after a US court denied its motion for preliminary injunction relief
Seanergy ups dividend as it clinches increased capesize earnings
Nasdaq-listed owner of 18 large bulkers intends to ‘vigorously defend’ itself against Economou lawsuit
Shanghai sets sights on expanding shipping futures
Container futures contracts based on the Shanghai Container Freight Index of Settlement have shown active trading since their launch in August of last year
Seafarer supply the biggest challenge for shipowners in future, says d’Amico chief
Paulo d’Amico, chairman and chief executive of d’Amico International Shipping, says fewer people want to go to sea, but the global fleet continues to grow
Habben Jansen: Return to Red Sea will come quickly but only when it is safe
Hapag-Lloyd stayed profitable in 2023 despite ‘unsustainable rates’. But it is looking to alter its strategy to avoid the volatility of ocean shipping
US court clears path to CMB’s Euronav takeover
The US District Court for the Southern District of New York denied FourWorld Capital’s motion for an injunction against CMB’s US offer to buy all outstanding Euronav shares
Insurance
Latest From Insurance
American Club takes tonnage and premium hit after ratings agency downgrade
Growth seen at past two renewals has slightly retreated, in part because of derisking, argues chief executive Ioannou
Dark fleet insurance? Not reassuring
It’s 2024 and we still still have vessels ‘owned’ by anonymous brass plate companies, ‘flagged’ with fictitious ‘registries’, ‘IMO numbered’ with digits based on mum’s birthday, ‘classed’ by little-known ROs and ‘insured’ by shaky fixed premium providers. This isn’t progress
Owners have legal duty to seek release of ransomed crews
War risk, hull and machinery or kidnap and ransom cover will normally foot the bill, with cargo contributing through general average
Marsh Netherlands to get new marine broking director
Role involves hull and cargo insurance broking services and risk advisory expertise for Dutch maritime sector
Somalia piracy resurgence makes kidnap & ransom cover necessary
‘You might as well have it, because stuff happens,’ lawyer warns
NorthStandard partners with navigational safety start-up Orca AI
NorthStandard to incentivise members to use Orca AI’s automated watchkeeper platform by subsiding part of their investment. The club envisions members ‘making significant savings as a result of using Orca AI’s advanced solution’
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