The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, extended gains for a third consecutive session on Thursday, buoyed by higher rates for the larger vessel segments. The overall index, which factors in…
Libra Group exited the container shipping market this week after selling close to 100 vessels for more than $2 billion over several years to focus on innovation and sustainability as new drivers of growth, the company’s executive chairman said. The…
Crude tanker freight rates could garner support from non-OPEC+ production through the summer and later from the announced easing of OPEC+ cuts, following the latest amendments to the group’s policy, according to analysts. Saudi Arabia and seven other countries have…
Boluda Towage has acquired Les Abeilles International, a provider of emergency response services primarily off the Atlantic and Mediterranean coasts of France. The acquired company will now operate as Boluda Towage France. Its six French-flagged vessels will be added to…
Drewry’s World Container Index (WCI) was up 12% week-on-week on 6 June at $4,716 per feu. Meanwhile the Shanghai Containerized Freight Index (SCFI) on 7 June stood at 3184.87 points, a 4.6% increase, slowing from the previous week’s double-digit percentage jump that…
Continuing forward with Russian President Vladimir Putin’s imperative to develop the Northern Sea Route as an alternative means of transporting cargo, Rosatom which oversees the NSR and a Chinese shipping company announced an agreement to form a joint venture. The…
The Australian Maritime Safety Authority (AMSA) reports it has banned its third ship in 2024, this time citing an “unseaworthy” condition for the action. The authority is known for a strict policy and for taking actions both to protect seafarers…
Russia is continuing to play a “shell game” moving around its tankers in an effort to avoid sanctions and maintain the vital financial flow. This comes as demand has been falling according to Bloomberg and many of the sanctioned tankers…
Korean officials gathered on May 31 at Pohang Yeongilman Port to celebrate the commissioning of the country’s first domestically-built geophysical exploration research vessel named Tamhae 3. The project took eight years to complete and the government invested a reported amount exceeding…
MMC and APM Terminals run PTP handled 1.078 million teu in May 2024, which it claimed to have handled without any congestion at the Southeast Asian transhipment hub. Tan Sri Che Khalib Mohamad Noh, PTP Chairman, said that achieving record monthly volumes without…