Latest Maritime News
9 September 2024
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Shipping Costs Could Double As More Liners Begin Complying With Regulations to Reduce Emissions
Shipowners and operators face sharply increased costs as they gear up to comply with a slew of new decarbonisation regulations coming on stream over the next few years.
The need to develop, test and implement a wide range of new technologies and infrastructure to support the use of cleaner, alternative fuels on ships is expected to deliver a sizeable financial hit to commercial shippers.
New technologies and fuels are needed to remove emissions and reduce shipping’s impact on the environment to reach the International Maritime Organisation’s (IMO) 2050 target, but these will come at a cost to the industry and consumers, said an Aug 30 report by DNV. Continue reading here (Source: The Straits Times).
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US Crude Oil Rebounds More Than 1% After Worst Week Since 2023
U.S. crude oil futures rebounded more than 1% on Monday after posting the worst week since October 2023.
The U.S. benchmark, West Texas Intermediate, and the Brent global benchmark have fallen more than 15% in the third quarter.
“We have lost 400 million barrels of financial demand since early July,” Daan Struyven, oil research head at Goldman Sachs, said on CNBC’s “Squawk Box Asia” on Monday. “That is basically 7 million barrels per day of financial demand that we lost.” Continue reading here (Source: CNBC).
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Dry Bulk Shipping Sees Renewed Momentum
The dry bulk shipping sector is experiencing a resurgence, with the Baltic Dry Index (BDI) showing improvement and major financial institutions taking notice. Deutsche Bank has recently initiated coverage on two key players in the industry, signaling renewed investor interest in the sector.
The BDI, a widely watched market indicator, has been ranging between 1,500 and 2,000 points over the past ten months. This follows a brief surge in late 2023 when it exceeded 3,500 points. Notably, the Capesize segment has shown particular strength, with brokers SSY reporting “strength across the board” in their weekly analysis. Continue reading here (Source: gCaptain).
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Ship Fuels: Ammonia - Is the Juice Worth the Squeeze?
As the maritime industry grapples with stringent regulations to reduce greenhouse gas emissions, ammonia emerges as a potential darling alternative fuel, offering a solution devoid of carbon emissions during combustion. However, it’s highly toxic and corrosive and must be stored at below-zero temperatures. Given the massive pros and cons of the substance, the industry is asking, "Is the juice worth the squeeze?" Continue reading here (Source: The Maritime Executive).
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Threat of Strike Looms as US Ports Brace for Busy Season
Bombastic ILA leader Harold Daggett doubled down on his uncompromising stance at the weekend, increasing the likelihood of a US east and Gulf coast port strike.
In a letter to union members, Mr Daggett, president, and son Dennis, EVP, dismissed last week’s USMX press release as “nothing more than propaganda”.
The Daggetts claimed that inflation had cut sharply into wages, while USMX’s “corporate greed has made them delusional”. Continue reading here (Source: The Loadstar).
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Oversupplying Causing Fall in Container Shipping Rates
In a report issued on Monday it was noted that container freight rates had “fallen markedly” by 4% last week, and were 5% lower year-on-year as overcapacity plagued the Asia – Europe and transpacific trades.
On the demand front though headhaul volumes of the transpacific and Asia – Europe trades have grown 10% and 7% respectively year-on-year, with global container shipping demand growing by 4.9% year to date.
“The weaker freight rates are mainly driven by industry oversupply rather than a reflection of weak shipping demand. Therefore, unless global container shipping demand growth accelerates or more capacity is being taken out, the liners’ planned rate hikes in mid-November and early December may meet with limited and short-lived success,” the report said. Continue reading here (Source: Seatrade Maritime News).
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California Passes Bill to Enhance Maritime Safety and Port Efficiency
Surveys show inflation remains a top concern for most Americans — and no wonder, with groceries and rent up by more than 20 percent since January 2021.
Now it appears more price hikes and supply-chain problems are coming. Union contracts between East Coast port workers and management expire on Sept. 30, and the International Longshoreman’s Association is threatening to strike.
Continue reading here (Source: The Hill).
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Current Price Indications
*Prices are indications only.
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Bangkok, Thailand
HSFO 3.5% (IFO-380cst): N/A
VLSFO 0.5%: USD650/MT
MGO (DMA): USD835/MT
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Busan, South Korea
HSFO 3.5% (IFO-380cst): USD515/MT
VLSFO 0.5%: USD655/MT
MGO (DMA): USD705/MT
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Callao, Peru
HSFO 3.5% (IFO-380cst): USD610/MT
VLSFO 0.5%: USD720/MT
MGO (DMA): USD980/MT
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Hong Kong
HSFO 3.5% (IFO-380cst): USD470/MT
VLSFO 0.5%: USD640/MT
MGO (DMA): USD675/MT
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Houston, TX, USA
HSFO 3.5% (IFO-380cst): USD440/MT
VLSFO 0.5%: USD535/MT
MGO (DMA): USD675/MT
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Kaohsiung, Taiwan
HSFO 3.5% (IFO-380cst): USD460/MT
VLSFO 0.5%: USD645/MT
MGO (DMA): USD740/MT
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Long Beach/Los Angeles, CA, USA
HSFO 3.5% (IFO-380cst): USD515/MT
VLSFO 0.5%: USD620/MT
MGO (DMA): USD740/MT
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Manta, Ecuador
HSFO 3.5% (IFO-380cst): USD460/MT
VLSFO 0.5%: USD700/MT
MGO (DMA): USD1,010/MT
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New York Harbor, NY, USA
HSFO 3.5% (IFO-380cst): USD525/MT
VLSFO 0.5%: USD580/MT
MGO (DMA): USD715/MT
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Panama Canal
HSFO 3.5% (IFO-380cst): USD420/MT
VLSFO 0.5%: USD555/MT
MGO (DMA): USD790/MT
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Singapore
HSFO 3.5% (IFO-380cst): USD445/MT
VLSFO 0.5%: USD640/MT
MGO (DMA): USD655/MT
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Marine Fuels & Lubricants
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San Diego, CA 92106 USA
Tel: +1-619-692-9701
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#03-24 Box #8
Singapore 179804
Tel: +65-9640-7998
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www.clipperoil.com
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