Latest Maritime News
17 February-2 March 2021
Container Line Schedule Reliability at Record Low for 6th Month Running

Global container line schedule reliability plunged to just 34.9% in January 2021 as container carriers continue to grapple with a combination of a sharp surge in demand, shortage of equipment and port congestion on the US West Coast.

The SeaIntel schedule reliability report covers 34 different trades and more than 60 lines and for the last six months has been at its lowest levels since the index was introduced in 2011. Schedule reliability in January 2021 was 33.5 percentage points lower than the same month in 2020. Continue reading here (Source: Seatrade Maritime News)
Oil Prices Surge as US Announces $1.9tn Stimulus Package

Global crude oil prices increased by more than $1 after the US House of Representatives passed a $1.9tn pandemic aid package, which now awaits the US Senate’s approval.

Brent crude futures for May rose $1.07, or 1.7%, to reach $65.49 per barrel while US West Texas Intermediate (WTI) crude futures spiked $1.10, or 1.8%, to reach $62.60 a barrel, Reuters reported.

Axi chief global markets strategist Stephen Innes was cited by the news agency as saying in a note: “Oil prices are recovering this morning in line with most risk assets on the back of the US stimulus bill passing the House and as central banks continue to sabre rattle to ward off market-implied financial tightening.” Continue reading here (Source: Offshore Technology)
2021 Sailing Plans From Several Major Cruise Lines

Bad news for any eager cruisegoers: cruise lines are continuing to extend cruising suspensions into 2021 as the COVID-19 pandemic continues. 

The cruising industry initially saw a quiet period after the Centers for Disease Control and Prevention posted and extended its no-sail order as the coronavirus pandemic began surging in 2020. But after months of waiting, in October, the CDC replaced its mandatory sailing pause with a "framework for Conditional Sailing Order," a list of rigorous requirements needed for cruise lines to continue operating again.  Continue reading here (Source: Business Insider).
Ocean Carriers Hold All the Cards in Contract Talks With Shippers

It’s annual-contract negotiation season for U.S. importers — and the hand they’ve been dealt couldn’t be worse. The deck is heavily stacked in ocean carriers’ favor.

Incredibly, Asia-West Coast spot rates are now nearing a base rate of $5,000 per forty-foot equivalent unit (FEU), not including a few thousand dollars of extra charges slapped on top. There’s talk that spot rates could stay strong until Q4, if not 2022.

Now is the time U.S. shippers negotiate annual contracts, which are usually finalized by May or June. The risk to shippers: If they don’t agree to much higher long-term rates than they’re used to, they could be even more exposed to spot rates, which would cost them even more. Continue reading here (Source: FreightWaves)
Dry Bulk Shipping: Strong Start to Year Ends as Slow Recovery Awaits

The dry bulk industry has enjoyed an unseasonably robust start to 2021. Average earnings in January were much higher than in recent years, because the usual seasonal slump in cargoes was delayed. However, at the start of February, the Capesize market saw average earnings fall steeply, from around USD 25,500 per day to just USD 12,057 per day on 8 February. After this, they seemed to turn a corner and rose to USD 15,856 per day on 17 February, still well below their break-even level.

The strong January was in part a result of higher-than-usual demand for iron ore. This led to increased exports and raised prices, from which exporters were keen to profit. These rose to around USD 170 per tonne, their highest level since 2011. Though they remain high, prices slipped back from their mid-January peak at the start of February. 
Continue reading here (Source: BIMCO)
Container Lines Running Out of Ships as Transpacific Bottleneck Intensifies

A combination of a surge in demand in the second half of last year post Covid-19 lockdowns, larger vessels, lower productivity in US import terminals versus Asian load terminals, and working restrictions coinciding with seasonal holidays has produced a pro-longed bottleneck situation on the transpacific trade.

Speaking at TPM21 Nixon said that by the first week of January there were over 30 vessels at anchor in Los Angeles/Long Beach waiting to berth as the situation hit saturation point, and this number today stands at 41. Continue reading here (Source: Seatrade Maritime News)
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