International Shipping News.

The Baltic Exchange’s main sea freight index snapped a seven-session winning streak on Friday as capesize rates declined, but was up for the second straight week. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, fell 49 points, or 1.5% to $3,218. The main index was up more than 12% for ... The post Baltic index snaps seven-session winning streak as capesize rates dip first appeared on Hellenic Shipping News Worldwide. […]

The IMO’s GloLitter Partnerships Project, which aims to help the maritime transport and fishing sectors in developing countries move towards a low-plastics future, has been granted a one year extension by the initial funding body, Norwegian Agency for Development Cooperation (Norad). The USD 4.6 million project was originally launched in December 2019 with a deadline ... The post One year extension for IMO GloLitter project first appeared on Hellenic Shipping News Worldwide. […]

Overview A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committee has adopted a clearly worded standalone ... The post BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts first appeared on Hellenic Shipping News Worldwide. […]

Drewry’s composite World Container index increased 3.4% or $231 to $6,957.44 per 40ft container. Our detailed assessment for Thursday, 17 June 2021 The composite index increased 3.4% or $231 this week, and also, remains 305.7% higher than a year ago. The average composite index of the WCI, assessed by Drewry for year-to-date, is $5,427 per ... The post Drewry: World Container Index Up 3.4% on Week and 305.7% Higher in a Year first appeared on Hellenic Shipping News Worldwide. […]

Global food trade looks set for a resilient year ahead despite supply and demand uncertainties, according to a report from the Food and Agriculture Organization of the United Nations (FAO). Trade flows for agricultural, and particularly less-perishable, foods have reached record highs during the Covid-19 pandemic, leading the FAO to predict that the world food ... The post Record-breaking world food trade forecast: Robust supplies and resilient demand characterise outlook first appeared on Hellenic Shipping News Worldwide. […]

Consolidation and partnerships between companies will be crucial for the tanker sector to keep abreast of the energy transition, said Lois Zabrocky, president and CEO of tanker firm International Seaways June 16. The sector is under pressure from a cocktail of challenges, including not just an uncertain future for propulsion but also more immediate problems ... The post Consolidation key to tankers meeting climate goals: International Seaways CEO first appeared on Hellenic Shipping News Worldwide. […]

Braemar (LSE: BMS), a leading international provider of shipbroking, financial advisory, risk management and logistics services, notes certain speculation that the purchaser of the Wavespec business, which Braemar disposed of in March 2021, has not fulfilled certain contractual obligations , with the result that Wavespec is unlikely to be able to continue to operate. If ... The post Braemar Shipping Services PLC Update on the sale of Wavespec first appeared on Hellenic Shipping News Worldwide. […]

The shipping industry has welcomed the growing momentum for a USD 5 billion R&D Fund for shipping, but is calling on governments to act in line with their climate commitments and not waste more time in moving forward with decisive action to support the decarbonisation of the industry. At the recent UN IMO meeting (MEPC ... The post Shipping industry urges governments to act on USD 5 billion decarbonisation fun first appeared on Hellenic Shipping News Worldwide. […]

The trajectory of trans-Pacific spot rates brings to mind the retail-trader catchphrase “to the moon.” Carriers implemented general rate increases (GRIs) on June 1. Spot rates rose. They enacted more GRIs on Tuesday. Rates jumped again. Another wave of GRIs is set for July 1. Add fallout from China port congestion to the mix, and ... The post Rise in trans-Pacific spot rates is relentless — and accelerating first appeared on Hellenic Shipping News Worldwide. […]

International Maritime Organization (IMO) adopts key mandatory measures to reduce ships’ carbon intensity; establishes ship rating system. New mandatory measures to cut the carbon intensity of international shipping have been adopted by the International Maritime Organization (IMO), setting shipping on a course to meet greenhouse gas reduction targets established in the 2018 Initial IMO Strategy ... The post Further shipping GHG emission reduction measures adopted first appeared on Hellenic Shipping News Worldwide. […]