Ktzoras/shipping_llm_results_2k_sample · Datasets at Hugging Face

https://www.hellenicshippingnews.com/global-lng-freight-falls-sharply-as-bintulu-lngs-up-to-three-trains-temporarily-down/

2025-04-18T00:00:00

Global LNG freight falls sharply as Bintulu LNG’s up to three trains temporarily down

Global LNG freight tumbled sharply April 16 as at least three of the nine trains at Bintulu LNG were temporarily down due to technical issues and this delayed export loadings at the port, prompting shippers to relet their ships, two sources with a direct knowledge of the matter said.“Some of the LNG tankers that were scheduled to load at Bintulu terminal are now being offered for spot voyages elsewhere at significantly lower than the last done freight levels,” said a source whose company imports cargoes from Bintulu.Another source said that around three of the trains were down, causing the LNG freight in Asia-Pacific to be significantly lower day over day.Among the fixtures heard, Petronas, which exports LNG from Bintulu, has given one of its LNG two-stroke carriers to BP at around $17,000/day.S&P Global Commodity Insights assessed the two-stroke LNG carriers’ freight for spot voyages at $22,500/day on April 16, down $2,000 day over day. The corresponding decline in freight for TFDE ships was $1,000/day to $15,000.One of the sources involved in such spot deals said that charterers tried to grab the two-stroke LNG carriers at freight below $20,000/day.LNG brokers in Singapore said that the additional supply of LNG carriers due to temporarily lesser loadings at the Bintulu terminal came at a time when demand has already declined due to no imports by China from the US after a steep hike in tariff.China’s LNG imports could potentially decline by at least 3 million mt this year, from an estimated 78 million tons in 2024, trade sources in Singapore said.Bintulu LNG has an annual production capacity of around 30 million tons, among the world’s largest.Sources said that the latest suspension in Bintulu LNG operations has nothing to do with Petronas’ plans to decommission the 500 km Sabah-Sarawak gas pipeline, which has been operational for more than a decade and connects Kimanis in Sabah to Bintulu in Sarawak.Source: Platts

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NEGATIVE

Global

Other

None

Other

None

Negative

Significant

Global

Other

All

Short

Negative

Significant

Global

Other

None

Other

Short

Negative

Significant

Global

Other

None

Other

None

Negative

Significant

null

https://www.hellenicshippingnews.com/imos-net-zero-strategy-for-global-shipping-starts-with-pricing-carbon-but-its-not-perfect/

2025-04-18T00:00:00

IMO’s net-zero strategy for global shipping starts with pricing carbon but it’s not perfect

The IMO has adopted a framework that puts a price on carbon exceeding target levelsOn Friday, 11 April, the Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) agreed upon a set of mid-term measures to get the sector on track to net-zero by 2050. This follows the global shipping regulator’s earlier implementation of short-term measures focused on fuel efficiency. The package is due to be adopted by October 2025, with details and implementation guidelines to be specified and approved in spring 2026, before being included in the MARPOL treaty and coming into force in 2027.The most important elements of the net-zero framework are:Carbon price on target-exceeding emissions: The framework sets a price of $380 per tonne of CO2 equivalent for emissions that fail to meet the base target of an 8% greenhouse gas reduction by 2030, increasing to a 30% reduction by 2035 compared to 2008 levels (starting in 2027). For emissions falling short of a 21% reduction by 2030, running up to 2040 but below the base target, a charge of $100 is applied (see chart). Shipping companies could end up paying up to $1200 per tonne of bunker fuel emitted above the base target, which would quadruple current prices and force action. This means that the largest fraction of shipping emissions remains out of scope. Transport and Environment expects the framework to generate some $10 billion in revenues until 2035. The charges will be redistributed to support greening. What this will look like exactly still needs to be worked out.Rewarding fast movers: Companies outperforming the framework in terms of GHG reduction will receive surplus units, which they could save or sell.Fuel agnostic: The framework introduces a global fuel standard and takes a well-to-wake approach. It doesn’t exclude fuels or particular feedstocks, but focuses on greenhouse gas intensity in grams CO2-equivalent per Mega Joule (gCO2eq/MJ).But the policy fails to introduce a pricing mechanism covering all shipping emissionsAlthough the willingness to make progress on pricing measures is encouraging, the proposed framework doesn’t introduce full carbon pricing as implemented under the European Union’s ETS for shipping. This would only make bunker fuel less attractive, it generates much more budget to support greening as well. Several market players, including leading global container liners and shippers such as Cargill and Trafigura, have previously advocated for putting a price on all emissions as this could be a forceful instrument to support decarbonisation. Maersk called for a levy starting from $150-200 and preferably even significantly higher to support the transition.However, this also raises the costs of shipping, and adopting this was probably not achievable at the global level at this point. From an economic point of view, though, this would ultimately be necessary to narrow the gap between bunker fuels and costlier renewable fuels like green methanol and ammonia, and support investments in infrastructure and availability.Fuel neutrality risks putting biofuels at the forefrontThe net-zero framework takes a well-to-wake approach and looks at the greenhouse gas intensity of the fuels that companies use. It’s still unclear which fuel options will be eligible for subsidies and to what amount, but the agreement doesn’t exclude alternative fuels (and includes LNG as well). As such, companies are also allowed to use biofuels, which are often the cheapest and easiest lower-carbon option as they can be used in the existing fleet and don’t require investments in new technology. This will boost demand while demand from the aviation sector also starts to mount. It also raises questions about controversial (first-generation) feedstocks without specific requirements. Moreover, it could distract from investments in alternatives.Targets fall short of earlier ambitionsIn terms of target setting, the IMO previously adopted a goal of reducing GHG emissions by 20%, striving for 30% by 2030, and 70%, striving for 80% by 2040, both compared to 2008. The adopted framework seems to focus on a reduction of at least 8%-21% by 2030, which looks less ambitious. At the same time, total absolute emissions in shipping have risen in recent years, underscoring the need for more decisive action.All in all, I believe this framework is a step in the right direction, but it should also be seen as a framework to build upon further down the line.Source: ING

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https://www.hellenicshippingnews.com/landmark-imo-deal-set-to-shake-up-shipping/

2025-04-18T00:00:00

Landmark IMO deal set to shake up shipping

A decisive moment for global shipping regulation unfolded last week as the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC) concluded its 83rd session, which culminated in the approval of draft amendments establishing the ‘IMO Net-Zero Framework’.This global mechanism will combine mandatory greenhouse gas (GHG) limits with carbon pricing for the maritime sector and represents a move towards achieving the goals laid out in the IMO’s 2023 GHG Strategy, which targets net-zero emissions from international shipping by or around 2050, supported by interim reduction goals for 2030 and 2040.Hailed by the IMO as a world-first for any industry sector, the measures are set to apply to large vessels over 5,000 gross tonnage – the segment responsible for about 85% of shipping’s CO2 emissions.IMO secretary-general Arsenio Dominguez was in a celebratory mood at the end of proceedings: “The approval of draft amendments to MARPOL Annex VI mandating the IMO net-zero framework represents another significant step in our collective efforts to combat climate change, to modernize shipping and demonstrates that IMO delivers on its commitments.”Framework mechanicsThe Net-Zero Framework, to be integrated into MARPOL Annex VI, Chapter 5, is built upon two key pillars: a global fuel standard and an economic measure. MARPOL Annex VI, with its wide ratification covering 97% of global tonnage, provides the existing legal foundation.The Global Fuel Standard requires ships to progressively decrease their annual greenhouse gas fuel intensity (GFI). Calculated on a well-to-wake basis, the GFI measures GHG emissions per unit of energy used. Ships must meet increasingly stringent GFI reduction targets over time, driving the adoption of lower-emission fuels and technologies.Complementing this is the Global Economic Measure, introducing a GHG emissions pricing mechanism. Vessels exceeding the permitted GFI levels will need to acquire “remedial units” to cover their emissions deficit. Conversely, high-performing ships using zero or near-zero (ZNZ) GHG technologies, achieving emissions below a tighter ‘Direct Compliance Target’, can earn financial rewards and tradable “surplus units”.Compliance incorporates flexibility. Ships can meet their obligations by acquiring surplus units from others, using previously banked units, or purchasing remedial units via contributions to a new central fund.A cornerstone of the economic measure is the establishment of the IMO Net-Zero Fund.This fund will pool the contributions generated by the emissions pricing. Its revenues are strategically allocated to support the sector’s decarbonisation: rewarding low-emission vessels, funding innovation, research, and infrastructure development (especially in developing nations), supporting training and capacity building under the GHG Strategy, and, critically, mitigating adverse impacts on vulnerable states like SIDS and LDCs, underpinning a just and equitable transition.Ambition under scrutinyHowever, the framework’s approval was met with caution from environmental advocacy groups. Transport & Environment (T&E) acknowledged the step forward but argued the current draft “will fall short of delivering” the IMO’s own 2030 and 2040 targets, and is insufficient for the Paris Agreement’s 1.5°C goal.T&E’s analysis suggests projected annual revenues of around $10 billion until 2035 will be inadequate to properly incentivise the crucial uptake of scalable ZNZ fuels like green e-fuels.They estimate funding for ZNZ support could run out by 2032 without additional measures.Furthermore, T&E raised concerns about the framework’s neutrality on fuel types, warning it could unintentionally favour cheaper, first-generation biofuels from feedstocks like palm oil or soy. They argue reliance on these could undermine genuine emissions savings due to deforestation impacts.Faig Abbasov, T&E’s shipping director, offered a balanced view: “Multilateralism isn’t dead… the IMO deal creates a momentum for alternative marine fuels.” But he added: “Unfortunately it is the forest-destroying first generation biofuels that will get the biggest push for the next decade. Without better incentives for sustainable e-fuels from green hydrogen, it is impossible to decarbonise this heavy polluting industry.” He concluded that national policies are now needed to support truly sustainable options.Cleaner air milestoneMEPC 83 also marked progress on regional air pollution, approving a new Emission Control Area (ECA) for the North-East Atlantic. This designation enforces stricter limits on SOx, NOx, and particulate matter emissions, yielding significant air quality, health, and ecosystem benefits.As the world’s largest ECA, it covers waters off the Faroe Islands, France, Greenland, Iceland, Ireland, Portugal, Spain, and the UK, connecting existing ECAs in Northern Europe and the Mediterranean. The proposal, based on research by the International Council on Clean Transportation (ICCT) and Porto University, was submitted jointly by the EU27, UK, and European Commission. ICCT senior researcher Liudmila Osipova said that the approval “reflects a strong international commitment to cleaner shipping.It’s a crucial step toward improving air quality and protecting public health and marine ecosystems for the long term.”The journey for the Net-Zero Framework now enters its formalisation phase. The draft MARPOL amendments will be circulated to Member States before a planned extraordinary MEPC session in October 2025 (MEPC/ES.2) for final adoption. Detailed implementation guidelines are slated for approval at MEPC84 in Spring 2026. Following the standard MARPOL timeline, the regulations are anticipated to enter into force 16 months after adoption, likely in 2027.While the approved framework provides a structure, its ultimate success will hinge on the detailed negotiations ahead – refining targets, finalising economic measure mechanics, ensuring robust fund governance, and addressing sustainability concerns around fuel pathways. Global shipping will need to watch closely as the final details emerge, as the industry starts to prepare for a markedly different operational landscape.Source: Baltic Exchange

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Global

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Significant

Global

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https://www.hellenicshippingnews.com/russian-arctic-oil-exports-to-china-jump-helped-by-sts-transfers-sources-say/

2025-04-18T00:00:00

Russian Arctic oil exports to China jump helped by STS transfers, sources say

Russia’s Arctic oil exports to China are set to rise sharply this month buoyed by a jump in ship-to-ship transfers at sea to ensure tankers pulling into port are not on U.S. sanctions lists, according to traders and data from Vortexa.The Arctic oil business accounts for a tenth of Russia’s seaborne oil exports which were hit with widened U.S. sanctions in January on nearly all tankers carrying crude oil grades such as ARCO and Novy Port and on Russian producer Gazprom Neft.To evade the curbs, ship-to-ship (STS) transfers of cargoes are taking place in international waters off Singapore and Malaysia where cargoes are loaded on to Very Large Crude Carriers (VLCCs) that are not subject to sanctions before heading for Chinese ports, according to traders and Vortexa senior analyst Emma Li.At least 4 million barrels of Arctic oil completed STS last week and 16 million more have arrived, or will arrive, in the South China Sea this month, Li estimated.China’s Arctic oil imports are rebounding given ample supply, but the volume eventually discharged will vary depending on logistics hurdles and buying interest from Chinese refiners, she added.Russian oil exporter Gazprom Neft did not immediately respond to a Reuters’ request for comment.China’s imports of Arctic oil from Russia in March averaged 25,000 barrels per day (bpd), according to Vortexa.China has said it opposes unilateral sanctions, which have been imposed by the United States, EU and others aimed at curbing Russian, Iranian, and Venezuela energy revenue.Yet STS transfers are being used, according to one trader, because many Chinese buyers want to avoid being linked to tankers subject to such sanctions as they are wary of secondary sanctions and are willing to pay higher prices for these STS cargoes.For example, the VLCC Atila loaded 2.07 million barrels of ARCO from two sanctioned tankers in March in waters off Singapore and delivered the cargo to China’s port of Dongying in eastern Shandong province in April, Kpler data shows.Atila previously engaged in STS transfers involving Iranian oil.Arctic grades – ARCO, Novy Port, and Varandey – are produced in Russia’s northern regions, where harsh winter weather affects production and oil projects require huge investment.These grades are typically shipped from oilfields to floating storage in Murmansk and then shipped to end-users, making it difficult to track exports of each grade.These shipments currently take two months to reach China as tankers are travelling via the Suez Canal, with the STS adding to shipping costs. The shorter North Sea Route (NSR) to China is closed until July.“It’s a very long and expensive route,” one trader said. “The only idea is to evacuate barrels.”Light Arctic oil is offered at discounts to benchmark Brent prices, down from premiums previously, the traders said.Not all the Arctic oil cargoes are set to find a home soon as some of them are being stored on ships, traders said.For instance, tanker Fast Kathy loaded Arctic oil in Murmansk on March 14 and has been floating off Port Said in Egypt since April 9, LSEG data showed.India, previously the top buyer of Arctic oil, has cut purchases due to sanctions, traders said. Arctic oil going to India is mostly Varandey supplied by Litasco, the trading arm of Russia’s Lukoil LKOH, they added.Lukoil did not immediately respond to a Reuters’ request for comment.This month, Indian authorities barred a tanker from conducted an STS operation off the port of Mumbai involving a cargo of Russian crude.Other Arctic oil buyers include Syria, which received its first shipments earlier this year, and Myanmar.Source: Reuters

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NEGATIVE

Global

Other

None

Positive

Moderate

Global

Other

All

Other

Medium

Positive

Moderate

Global

Other

VLCC

Other

Medium

Positive

Moderate

Global

Other

None

Positive

Moderate

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https://www.hellenicshippingnews.com/baltic-index-rises-on-strong-rates-across-vessels/

2025-04-18T00:00:00

Baltic Index Rises On Strong Rates Across Vessels

The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose on Friday as demand increased across all vessel segments.The main index, which tracks rates for capesize, panamax and supramax shipping vessels, gained 20 points, or 1.6%, to 1,261. But the index was down 1% for the week, set for the fifth weekly loss in a row.The capesize index rose by 22 points, or 1.3%, to 1,678; the index fell 7% during the week.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $179 to $13,913.The panamax index added 35 points, or 2.8%, to 1,273. The index was set for weekly gains of 2.8%.Average daily earnings for panamax vessels which usually carry 60,000-70,000 tons of coal or grain, was up $322 at $11,460.Among smaller vessels, the supramax index added seven points, or 0.7%, to 950 points and was on track for its second straight week of gains.The Baltic Exchange will not be trading on Friday and Monday in observances of Good Friday and Easter.Source: Reuters

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NEGATIVE

Global

Dry

All

Short

Positive

Minor

Global

Dry

All

Short

Positive

Minor

Global

Dry

All

Short

Positive

Moderate

Global

Dry

All

Short

Positive

Minor

null

https://www.hellenicshippingnews.com/flng-gimi-completes-first-lng-offload/

2025-04-18T00:00:00

FLNG Gimi completes first LNG offload

Golar LNG Limited (“Golar”) is pleased to announce that FLNG Gimi completed the offload of its first full LNG cargo to the LNG carrier British Sponsor. This introduces Mauritania and Senegal to the international gas market and triggers the final pre-Commercial Operations Date milestone bonus payment to Golar under the terms of the commercial reset agreed in August 2024. Commissioning remains on track for a Q2 2025 Commercial Operations Date (“COD”). COD triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.Source: Golar LNG

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POSITIVE

Global

Other

None

Other

Long

Positive

Significant

National

Other

All

Long

Positive

Significant

Global

Other

None

Other

Long

Positive

Moderate

Global

Other

None

Other

Long

Positive

Significant

null

https://www.hellenicshippingnews.com/imo-outcomes-of-the-marine-environment-protection-committee-mepc-83/

2025-04-18T00:00:00

IMO: Outcomes of the Marine Environment Protection Committee (MEPC 83)

The Marine Environment Protection Committee (MEPC) met for its 83rd session in person at IMO Headquarters in London (with remote participation enabled) from 7 to 11 April 2025. The meeting was chaired by Dr. Harry Conway (Liberia), with Mr. Hanqiang Tan (Singapore) as Vice-Chair.MEPC 83 highlights:Tackling climate change – Mid-term measures to reduce GHG emissions from international shipping approvedReview of the short-term GHG reduction measures – Phase 1 completedReport on the annual carbon intensity and energy efficiency of the fleetOnboard Carbon Capture and Storage (OCCS) and other energy efficiency mattersAddressing marine plastic litter – Action Plan approvedNorth-East Atlantic Ocean Emissions Control Area approved and Particularly Sensitive Sea Areas off Peru agreed in principleReview of the Ballast Water Management Convention – ongoingAir pollution prevention – various developmentsAmendments to NOx Technical Code adoptedPollution prevention and response – actions takenReports from other Sub-Committees approvedNew outputs approved1. Tackling climate change – Mid-term measures to reduce GHG emissions approvedThe Committee finalized and approved the draft legal text for the “IMO Net-Zero Framework”, to be included as a new chapter in Annex VI to the International Convention for the Prevention of Pollution from Ships (MARPOL). The draft amendments to MARPOL Annex VI were circulated to Member States immediately after the meeting, with a view to adoption at an extra-ordinary session of MEPC in October 2025. (See Circular Letter: CL No.5005 – Draft Revised MARPOL Annex VI )The IMO Net-Zero Framework includes a set of “mid-term measures” aimed at reducing greenhouse gas emissions from international shipping, in line with the reduction targets set out in the 2023 IMO GHG Strategy. These measures consist of:a technical element: a goal-based marine fuel standard designed to gradually lower the GHG intensity of marine fuels; andan economic element: a pricing mechanism for maritime GHG emissions.Following adoption, the measures are expected to enter into force 16 months later, under the “tacit acceptance” procedure, in accordance with the amendment provisions in MARPOL. (More details: IMO approves net-zero regulations for global shipping)Food securityThe Committee agreed that in the period between the adoption of the IMO Net-Zero Framework and its entry into force, further assessment (qualitative and quantitative, as appropriate) of the potential impacts of an increase in maritime transport costs on food security resulting from the adopted framework should be conducted. The Committee agreed to keep the potential impact on food security under continuous review.2. Review of the short-term measure to reduce GHG emissions – Phase 1 completedThe Committee finalized Phase 1 of the review of IMO’s short-term GHG reduction measures, which were adopted in 2021 and entered into force in 2022. Key elements of the short-term measures include: Energy Efficiency Existing Ship Index (EEXI), enhanced Ship Energy Efficiency Management Plan (SEEMP), and Carbon Intensity Indicator (CII) rating scheme. The measures aim to improve ship energy efficiency and reduce carbon intensity by at least 40% by 2030 compared to 2008.The review of the effectiveness of the short-term measures began in July 2023 (MEPC 80). Under Phase 1, the Committee gathered data from Member States about their experience implementing the short-term measures, analyzed this data and identified a list of challenges and/or gaps. At MEPC 83, the Committee took the following actions:Carbon intensity (CII) reduction factors for 2027-2030 – amendments adoptedThe Committee adopted amendments to the 2021 Guidelines on the operational carbon intensity reduction factors relative to reference lines (CII reduction factors guidelines, G3). These Guidelines outline the methods for determining the annual operational carbon intensity reduction factors and their values from 2023 to 2030 (indicating how much carbon intensity need to be reduced by ships over this period to meet targets), as referred to in Regulation 28 of MARPOL Annex VI. The amendments include newly defined CII reduction factors for 2027 to 2030.Access to the IMO Data Collection System for ship fuel consumption – amendments approvedThe Committee approved draft amendments to Regulation 27 of MARPOL Annex VI to make the IMO’s data collection system (IMO DCS) on ship fuel consumption more accessible to the public. The IMO DCS requires ships to record and report their fuel oil consumption, which is then used to calculate ships’ operational carbon intensity (CII). The amendments will ensure that all reported data in the IMO DCS are accessible to Parties to Annex VI, in a non-anonymized form. An anonymized database (i.e., identification of a specific ship will not be possible) will be made accessible to public users.Workplan for Phase 2 of the review of short-term GHG reduction measures agreedThe Committee agreed on a work plan for Phase 2 of the review of the short-term GHG reduction measures, to run from Spring 2026 to Spring 2028. Phase 2 will look at enhancing the SEEMP framework, further developing CII metrics, as well as ensuring synergies between the IMO carbon intensity/energy efficiency framework and the IMO Net-Zero Framework.Ship Energy Efficiency Management Plan (SEEMP) framework – amendments adoptedThe Committee adopted Amendments to the 2024 Guidelines for the development of a Ship Energy Efficiency Management Plan (SEEMP) (resolution MEPC.395(82)), to allow the possible development of other CII metrics at future MEPC sessions, as envisaged in the work plan for the review of the short-term GHG reduction measures.3. Report on the annual carbon intensity and efficiency of the fleetThe Committee noted the report by the IMO Secretariat on the carbon intensity of the international shipping fleet for the year 2023 (both demand- and supply-based), including a summary of carbon intensity developments of the fleet from 2019 to 2023. The report showed reductions in the carbon intensity of shipping ranging from 4.8% to 9.9% (depending on the method of calculation) from 2019 to 2023, and a decrease in total fuel consumption from 213 million tonnes in 2019 to 211 million tonnes in 2023.The report also indicated that, compared to 2008 levels, the average carbon intensity of shipping in 2023 has fallen by 31.0% (calculated based on supply measurement) and by 36.5% (based on demand measurement).4. Onboard Carbon Capture and Storage (OCCS) and other energy efficiency mattersThe Committee approved a work plan on the development of a regulatory framework for the use of onboard carbon capture and storage (OCCS). OCCS systems capture carbon produced by a ship before it is emitted into the air.The Committee adopted new Guidelines for testbed and onboard measurements of methane (CH4) and/or nitrous oxide (N2O) emissions from marine diesel engines.The Committee re-established the Correspondence Group on Measurement and Verification of Non-CO2 GHG Emissions and Onboard Carbon Capture, and tasked it with the following:further develop the framework for the measurement and verification of actual methane (CH4) and nitrous oxide (N2O) emission factors and fuel slippage values for marine diesel fuels;develop a regulatory framework for the use of onboard carbon capture and storage using the approved work plan; andsubmit a written report to MEPC 84.5. Addressing marine plastic litter from ships – Action Plan adoptedThe Committee adopted the 2025 Action Plan to Address Marine Plastic Litter from Ships (2025 Action Plan) agreed by the Sub-Committee on Pollution Prevention and Response (PPR 12), and approved updated groupings of short-, mid- and long-term actions under this plan.The 2025 Action Plan is expected to be eventually combined with the Strategy to Address Marine Plastic Litter from Ships in a single resolution at a later date, after the Strategy has been reviewed and updated by the PPR Sub-Committee.With regard to the carriage of plastic pellets in freight containers by sea, the Committee noted that PPR 12 included a dedicated action for the development of mandatory measures to reduce the environmental risks of plastic pellets transported by sea in freight containers in the above 2025 Action Plan.6. North-East Atlantic Ocean Emissions Control Area approved and Particularly Sensitive Sea Areas off Peru agreed in principleThe Committee approved a proposal to designate the North-East Atlantic Ocean as an Emissions Control Area for Sulphur oxide emissions (SOX), particulate matter (PM) and nitrogen oxide emissions (NOX). The associated draft amendments to MARPOL Annex VI will be submitted to the extraordinary MEPC session in October 2025, with a view to adoption as part of the revised MARPOL Annex VI.The Committee agreed in principle to the designation of the “Reserva Nacional Dorsal de Nasca” (Nasca Ridge National Reserve) and the “Reserva Nacional Mar Tropical de Grau” (Grau Tropical Sea National Reserve) as Particularly Sensitive Sea Areas (PSSAs). The Committee invited Peru to further develop the proposed associated protective measures and submit them to MEPC for consideration and approval at MEPC 84.7. Addressing harmful aquatic organisms in ballast water – BWM Convention review ongoingThe Committee continued its ongoing review of the Ballast Water Management (BWM) Convention, including stocktaking of the progress made and consideration of the way forward with regard to the overall plan for completion of the review, with some high-level decisions needed to facilitate the achievement of the review targets.The Committee re-established the Correspondence Group on Review of the BWM Convention to finalize draft amendments to mandatory provisions of the Convention (regulations and appendices in the Annex to the Convention, and BWMS Code) for submission to MEPC 84 for approval, with a view to adoption by MEPC 85.The revision of existing and development of new guidelines are expected to be completed ahead of the amendments’ entry into force.8. Air pollution prevention – various developmentsExhaust Gas Cleaning Systems (scrubbers)The Committee noted an update from the Sub-Committee on Pollution Prevention and Response (PPR) on regulating the discharge from EGCS or “scrubbers”. Interested Member States and international organizations were invited to submit new proposals on regulatory measures addressing the matter to PPR 13 in early 2026.The Committee requested the re-establishment of the GESAMP Task Team on EGCS to develop a standard methodology for the development of data sets and calculation of emission factors for use in the environmental risk assessment of the discharge water from EGCS, with a view to reporting its findings to PPR 13.Black Carbon emissionsThe Committee noted the ongoing work on the concept of “polar fuels” (fuels that are most suitable for use in the Arctic to minimize environmental impact) and extended the target completion year for this output to 2027, to allow additional time to further develop the concept.Nitrogen Oxide (NOx) emissionsThe Committee adopted the 2025 Guidelines on Selective Catalytic Reduction (SCR) Systems. SCR systems are active emission control technology systems used to reduce NOx emissions.9. Amendments to NOx Technical CodeThe Committee adopted amendments to the NOx Technical Code 2008 related to the following:use of multiple engine operational profiles for a marine diesel engine, including clarifying engine test cycles (expected entry into force 1 March 2027);certification of an engine subject to substantial modification or being certified to a tier to which the engine had not been certified at the time of its installation (expected entry into force 1 September 2026).The amendments will allow ships to optimize fuel consumption based on their operational profile, thus improving energy efficiency, while ensuring compliance with NOx emission requirements.10. Pollution prevention and responseThe Committee considered and approved the report of the Sub-Committee on Pollution Prevention and Response (PPR12) and took the following actions:approved Interim guidance on the carriage of blends of biofuels and MARPOL Annex I cargoes by conventional bunker ships;approved Guidance on in-water cleaning of ships’ biofouling; andadopted amendments to the 2023 Guidelines for the development of the Inventory of Hazardous Materials, clarifying the relevant threshold in respect to cybutryne when samples are taken directly from the hull or from wet paint containers. The inventory is a key requirement under the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships.11. Reports of other Sub-CommitteesThe Committee, having approved the reports of the Sub-Committees on Carriage of Cargoes and Containers (CCC 10) and Implementation of IMO Instruments (III 10), and considered action requested of it by the Sub-Committee on Ship Design and Construction (SDC 11), took the following specific actions:Casualty analysis reports and derived statisticsThe Committee, concurring with the decision of MSC 109, endorsed the issuance of III.3/Circ.13 on Casualty analysis and statistics – observations on the quality of investigation reports.With regard to the outcome of the analysis of six Consolidated Audit Summary Reports (CASRs) containing lessons learned from 82 audits conducted under the IMO Member State Audit Scheme (IMSAS) between 2016 and 2022, the Committee concurred with the decisions of MSC 109 to:endorse the outcome of the analysis regarding the five main areas of recurrent findings and observations identified;endorse the outcome of the analysis regarding the most recurrent references recorded, which identified a lack of effective implementation of mandatory IMO instruments;concur with the four main areas of root causes, indicating reasons for the shortfall in the effective implementation and enforcement of mandatory IMO instruments and the audit standard, including specific issues/difficulties under each area.Draft Code on Alerts and Indicators, 2025The Committee approved, subject to a concurrent decision by MSC 110, the draft Code on Alerts and Indicators, 2025, and the associated draft Assembly resolution, developed by SDC 11, for subsequent adoption by the IMO Assembly at its next session (A 34).The draft 2025Code provides updated general design guidance and promotes uniformity for alerts and indicators required by the International Convention for the Safety of Life at Sea (1974 SOLAS Convention). It reflects updated instruments and new developments in the industry since the 2009 Code on Alerts and Indicators was adopted by resolution A.1021(26).12. New outputs approved, including development of a legally binding instrument on biofoulingThe Committee approved the following proposals for new outputs:Development of a legally binding framework for the control and management of shipsʹ biofouling to minimize the transfer of invasive aquatic species;Assessment of the implementation of the Hong Kong Convention through an experience building phase and development of clarifications and amendments to the Convention;Review and amendment of the NOX Technical Code 2008 to provide a means for certification of engines that operate on non-carbon-containing fuel or mixtures of carbon-containing and non-carbon-containing fuels; andDevelopment of guidelines for the management of ammonia effluent generated by ships using ammonia as fuel.Source: IMO

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NEGATIVE

Global

Other

All

None

Global

All

Long

Negative

Significant

Global

Other

None

All

Long

Positive

Moderate

Global

Other

All

None

null

https://www.hellenicshippingnews.com/record-breaking-carbon-emissions-in-ocean-container-shipping-heres-what-shippers-need-to-know/

2025-04-18T00:00:00

Record-breaking carbon emissions in ocean container shipping: here’s what shippers need to know

Latest data reveals global ocean container shipping emitted all-time high carbon emissions in 2024, driven largely by the impact of conflict in the Red Sea.The data, released by Xeneta and Marine Benchmark this week, is a timely reminder that, while the geo-political climate is heating up due to the US tariff announcements, we must not forget the actual climate emergency and the work that needs to be done in supply chains to combat it.With emissions heading in the wrong direction, it raises fundamental questions around whether the International Maritime Organization’s (IMO) target of net zero by or around 2050 is remotely achievable. Shippers must also understand the impact emissions regulations will have on their business and the role they can play in reducing carbon in supply chains.Record-breaking emissionsGlobal container emissions increased 14% in 2024 to 240.6m , comfortably surpassing the previous record of 218.5m tons of carbon set in 2021.To be clear, this record-breaking statistic should not be used as a stick to beat the maritime freight industry with because it is largely due to ships sailing longer distances around the Cape of Good Hope following the escalation of conflict in the Red Sea in December 2023.A new record high is the inevitable outcome of these diversions, both in terms of the increase in transport work and the record-high demand of laden containers being moved in 2024 as shippers responded to the Red Sea crisis by frontloading imports. Overall transport work (a measurement of tons of cargo moved multiplied by nautical miles sailed) increased 18% in 2024.Emissions on the agendaThe record-high emissions data is a timely reminder of the colossal task at hand following a meeting last week (7-11 April) of the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC) in London.Agreement was reached during the meeting on specific reduction targets on fuel intensity in container shipping, as well as the financial penalties for non-compliance (more details are provided later in this blog).Biggest increases coming from the biggest shipsFirstly, we must understand the detail behind the record-breaking emissions in 2024.The biggest increases in carbon emissions came from the largest ships, with these also the ones to experience the biggest increases in transport work.Emissions from ships between 14 500 and 20 000 TEU hit 24.2m tons in 2024. This is up 7.3m tons (+43%) compared to 2023.Ships over 20 000 TEU also saw large increases, up 35% from 2023 to 19.6m tons.The two categories of ships over 14 500 TEU accounted for 18% of total CO2 emissions from the container shipping fleet in 2024, but this statistic is cast in a different light when we consider they make up 25% of total global capacity.While ships over 14 500 TEU may have had the biggest year-on-year increases, they are perhaps not the main cause for concern.That is because ships between 8 000 and 12 000 TEU have a much higher share of total emissions.A higher base in 2023 means the 51.3 million tons of CO2 emitted by this category of ship in 2024 is only up 8% year-on-year. However, these ships account for more than fifth of total emissions despite only making up 20% of global container shipping capacity.The disproportionate relationship between share of shipping capacity and share of emissions is explained by bigger ships tending to be newer and therefore much more carbon efficient.Increase in transport work explains much of the emissions growth – but not all…Across many ship sizes the increase in emissions in 2024 is within a few percentage points of the increase in transport work.For example, ships between 14 500 and 20 000 TEU saw transport work increase 43%, in line with its growth in emissions.This significant increase in transport work has in part been made possible by fleet growth of 26% between December 2023 and December 2024 for ships with capacity between 14 500 and 20 000 TEU.There are however some exceptions where transport work growth and emissions growth aren’t aligned.On the positive side, emissions increases for smaller size ships are lower than transport work. This is driven by improved efficiency through higher capacity utilization and stable (if not slightly decreasing) average sailing speed.On a less positive note, the biggest ships over 20 000 TEU saw emissions increase 35% in 2024, more than double the 16.6% transport work growth.That gap is explained by falling efficiency for these larger ships.Firstly, sailing speed increased 5% in 2024, which adversely impacts fuel efficiency.Secondly, the ships saw a drop in utilization, which is measured in tons of cargo carried multiplied by nautical miles sailed divided by TEU capacity in tons multiplied by nautical miles sailed. Or in more simple terms, how much cargo ships carried compared to how much they could have carried based on its capacity.This utilization measure has fallen by almost 10 percentage points for the biggest ships compared to 2023.The explanation is quite straightforward – total capacity offered by the largest ships in the fleet has increased, while at the same time, demand growth on key backhaul trades slowed.This meant ships were even less full on these return legs than they were previously, which eats into a ship’s annual utilization.Fronthaul volumes, measured in TEU, grew 9.5% in 2024, while demand on backhaul trades rose only 0.9%.Regulation is comingTurning attention back to the IMO agreement in London last week, a key standard in this new regulation will be the fuel intensity used by global shipping. This is measured on a well-to-wake basis (including the full life-cycle of the fuel).Starting in 2028, ships must lower their fuel intensity by a certain percentage compared to the baseline set in 2008.There are two tiers when it comes to the reduction factors:Tier 1 – the base targetSet at a 4% reduction in 2028. A ship will pay USD 380 for every ton of GHG emissions above the base reduction target.Tier 2 – the compliance targetSet at 17% reduction in 2028. A ship falling between the base target and compliance target will pay USD 100 for every ton of GHG emissions or buy remedial units. Any ships outperforming the compliance target will earn surplus units, which can be banked for two years, or traded with non-compliant ships.Reduction targets will increase every year, with expectations of a 65% reduction in carbon intensity by 2040. Plenty of details still need to fall into place, many of which should come in October 2025 when the agreement is expected to be finalized, and adopted.While opinions on the deal are mixed, carriers now have more certainty on the path to decarbonization.Carbon reduction strategy for shippersWe must be realistic when it comes to priorities right now. With the threats of US tariffs on every nation in the world and more than 100% from China, it will be difficult to get carbon emissions in supply chains onto the board meeting agenda at the moment.However, while there are currently massive financial pressures for shippers, they can still include carbon reduction in their freight procurement strategy.The carriers are anonymized for this blog (Xeneta customers have visibility of Carbon Emissions Index data in the platform), but it is clear there is a significant spread in performance.It is important to stress that lower emissions do not always equate to lower freight rates. While it is understandable shippers will be prioritizing the optimal rate during negotiations for their next contract, this does not mean they cannot also factor in carbon emissions, especially when they are choosing between two carriers with similar price and service delivery.This data is also essential for those shippers looking to move more goods via ocean rather than the more expensive and more carbon intense air cargo.Source: Xeneta

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https://www.hellenicshippingnews.com/trade-war-fallout-cancellations-of-chinese-freight-ships-begin-as-bookings-plummet/

2025-04-18T00:00:00

Trade war fallout: Cancellations of Chinese freight ships begin as bookings plummet

U.S. importers are being notified of an increase in canceled sailings by freight ships out of China as ocean carriers try to balance the pullback in orders resulting from President Trump’s tariffs and the escalation of tensions in the trade war.A total of 80 blank, or canceled, sailings out of China have been recorded by freight company HLS Group. It wrote in a recent note to clients that with the trade war between China and the U.S. leading to a demand plummet, carriers have started to suspend or adjust transpacific services.Major ocean freight alliance ONE has “suspended until further notice” a route it had previously been planning to bring back in May, which would include ports of Qingdao, Ningbo, Shanghai, Pusan, Vancouver, and Tacoma. Meanwhile, an existing route is planning to cancel its port call at Wilmington, North Carolina.The impact of the diminished freight container traffic to North America will be significant for many links in the economy and supply chain, including the ports and logistics companies moving the freight. If each sailing was carrying 8,000 to 10,000 TEUs (twenty-foot equivalent units), that would equal a decline in freight traffic of between 640,000-800,000 containers, and lead to decreased crane operations at the ports, lower fees that could be collected, and declines in container pick-ups and transports by trucks, rails, and to warehouses for storage.The World Trade Organization warned on Wednesday that the outlook for global trade has “deteriorated sharply” in the wake of Trump’s tariffs plan. JB Hunt shares hit their lowest level since November 2020 after commentary during the trucking company’s earnings call about the uncertainty from tariffs.“We have no way of knowing how significant this drop in orders will be on vessel schedules,” said Alan Murphy, CEO of Sea-Intelligence. “There are no models to extrapolate this. What I can tell you is the majority of containers on the vessels servicing the Asia to U.S. trade routes is China. We won’t go to zero containers, but we will see a decrease in containers and as a result, in the future, we will see a massive raft of blank sailings announced.”China accounts for approximately 30% of all U.S. containerized imports (down from 37% in 2018), but accounts for approximately 54% of all U.S. containerized imports from Asia (down from 67% in 2018).Bruce Chan, director of global logistics & future mobility for Stifel, said the tariff policy has created significant uncertainty with respect to consumer demand, and retailers have been positioning their businesses conservatively with inventory, especially given “scar tissue” from the recent overstock after the post-Covid supply chain squeeze from 2021-2022. “That uncertainty is beginning to manifest in blanked container ship sailings on core eastbound transpacific lanes, in our view, opening the potential for a double-digit decline in inbound containerized imports as early as next month,” he said.Booking volumes from the last week of March to first week of April across global and U.S. trade lanes plummeted. There were sharp decreases in bookings across several categories, including apparel & accessories; and wool, fabrics & textiles, both down over 50%. Major product categories from China that are moved in containers include apparel, toys, furniture, and sports equipment, all of which are subject to steep tariffs.As a result of the decrease in containers, ocean carriers will not only cancel vessels, but also adjust or cancel vessel routes commonly called “vessel strings,” such as the ONE service from China to Vancouver and Tacoma. These routes dedicating vessels to move the ocean freight at specific ports take months of planning. The elimination of vessels also impacts U.S. exports bound for Asia and relying on ships traveling in both directions.Ocean carriers need to move full vessels to generate a return on investment, but it is not in their best interest to use large vessels if they cannot be filled. To ensure vessels are used at full capacity, carriers have a number of ways to alter the vessel strings. Stretching out ship arrivals by canceling sailings is an option for container volume to better match capacity. According to Murphy, 99% of vessel services are weekly and it takes a vessel approximately seven weeks to make a round trip.“During Covid, ocean carriers parked their vessels for maintenance,” Murphy said. “Ocean carriers can also blank (cancel) a sailing, omit vessel strings entirely, use smaller vessels, or slow steam the vessels where they are traveling longer.”These measures will cut the available vessel capacity for containers, according to Murphy, which helps remaining ships to be filled, with uncertain implications for overall pricing in the ocean freight business. While a decline in sailings could lead to a drop in prices, during Covid, blank sailings were identified by shippers around the world as a reason for container rates that spiked as high as $30,000. In that case, shippers say the ocean carriers canceled sailings for longer than needed.Vietnam continues to gain on ChinaThe global supply chain demand and pricing situation remains fluid and subject to sharp short-term swings tied to tariffs policy. As Chinese trade comes under strain, a key metric in ocean freight rates shows Vietnam surging in early April.The “mid-low” ocean rates, which represent the costs of shipping goods for a larger-sized shipper on a particular ocean route, have jumped by 43% since March 30 for Vietnam. Xeneta calculates the market mid-low and market mid-high segments by looking at the values of the 25 and 75 percentiles of a trade lane rate.“The fact that the lower end of the market has been rising shows the heat is on,” said Peter Sand, chief analyst at Xeneta. He said that is continuing after Trump’s decision to pause what he called “reciprocal” tariffs on countries other than China for 90 days.“Shippers large and small all have to pay up for frontloading, as the ‘pause’ made the pulling forward of freight possible again,” Sand added.This demand from U.S. shippers importing goods can be seen in the increase in container shipping spot rates on the Ho Chi Minh City to Los Angeles ports route, jumping by 24% going into April.According to data compiled by Xeneta for 2025, the spread between China’s largest container port, Shanghai, and Vietnam’s largest container port, Ho Chi Minh City, has also narrowed per forty-foot equivalent unit (FEU) for shipments to the ports of LA and Long Beach.Even with increased costs for shippers, they will continue to bring in imports from non-China nations because the situation remains highly unpredictable, Sand said. “There is every possibility the higher tariffs come into effect 90 days from now or even at an earlier stage,” he added.Source: CNBC

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NEGATIVE

Global

Other

All

Other

None

Negative

Significant

Global

Other

All

None

Negative

Significant

Global

Other

None

Other

Short

Negative

Moderate

Global

Other

All

Other

None

Negative

Significant

null

https://www.hellenicshippingnews.com/fortescue-and-cmb-tech-sign-agreement-for-ammonia-powered-ore-carrier-2/

2025-04-18T00:00:00

Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier

Fortescue has signed an agreement with Bocimar, part of CMB.TECH, to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry.The 210,000 dwt Newcastlemax vessel is expected to be delivered to Fortescue by the end of next year and will play a vital role taking iron ore from the Pilbara to customers in China and around the world.The modern, highly efficient vessel will feature a dual-fuel engine, making it capable of operating on ammonia that can be created using renewable energy.While Fortescue is committed to eliminating Scope 1 and 2 emissions from its Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions by 2040 reflects the challenge of eliminating emissions from the shipping of its products to customers and from steelmaking.Fortescue has taken a global leadership position by advocating for the early adoption of zero emission fuels such as green ammonia, widely accepted as the long-term solution, and the bypassing of transitional fuels such as biofuels and LNG.The Fortescue Green Pioneer, the world’s first class society approved dual-fuel ammonia-powered vessel, has been in London since early March and will soon embark on a tour of global ports to bring attention to the need for a hastened transition to zero emissions fuels.Fortescue Metals CEO Dino Otranto said: “Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in ammonia-powered ships.“The days of ships operating on dirty bunker fuel, which is responsible for three per cent of global carbon emissions, are numbered. We continue to implore shipping regulators to show the character and leadership that is necessary to ensure this happens sooner rather than later.“Our agreement with Bocimar is just the beginning and is a critical step in addressing our Scope 3 emissions. Through the Fortescue Green Pioneer we have demonstrated that the technology to decarbonise shipping exists now.“We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emissions vessels and help accelerate the widespread adoption of green ammonia as a marine fuel.”Alexander Saverys, CEO of CMB.TECH, said: “Fortescue and Bocimar have been close partners for more than 20 years. We share the same values and are both passionate about decarbonising the maritime industry.“Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero emission shipping.“This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow.”Source: Fortescue

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POSITIVE

Global

Other

Newcastlemax

Other

Long

Positive

Moderate

Global

Other

Newcastlemax

Other

Long

Positive

Moderate

Global

Dry

Newcastlemax

C5

Long

Positive

Moderate

Global

Other

Newcastlemax

Other

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/lloyds-register-and-pusan-national-university-partnership-to-drive-innovation-in-liquefied-hydrogen-carrier-technology/

2025-04-18T00:00:00

Lloyd’s Register and Pusan National University Partnership To Drive Innovation In Liquefied Hydrogen Carrier Technology

The partnership aims to advance liquefied hydrogen carrier technology, promoting sustainable and zero-emission maritime transport.Lloyd’s Register (LR) has signed an agreement with the Hydrogen Ship Technology Center at Pusan National University (PNU) in Korea, forming an international partnership aimed at advancing liquefied hydrogen carrier technology and cryogenic engineering.The Memorandum of Understanding (MoU), signed on 16 April at LR’s Busan Office, establishes a strategic collaboration focused on developing liquefied hydrogen as a clean and scalable energy source.Through this new partnership, LR and PNU will collaborate across a wide range of activities, including joint research and technology development, the exchange of technical expertise, international academic cooperation, and shared policy development. The agreement represents a significant step forward in accelerating the commercialisation of liquefied hydrogen carriers and ensuring that they are designed, built and operated to the highest international safety and performance standards.PNU, home to Korea’s first university-based institute specialising in eco-friendly ships, is helping to address the challenge. As the lead organisation behind the ‘Hydro Ocean K’ project, the world’s largest liquefied hydrogen carrier currently in development, the university is contributing to the future of zero-emission maritime transport.Sung-Gu Park, President – North East Asia, Lloyd’s Register, said: “We have taken an important first step towards the development of liquefied hydrogen carriers and cryogenic engineering technology. This agreement will serve as a significant turning point, allowing us to advance in the key areas of the future hydrogen economy through differentiated international exchange activities based on world-class cryogenic technology.”Dr Jae-Myung Lee, Director of the Hydrogen Ship Technology Center, said: “The collaboration between our university and Lloyd’s Register is a differentiated international exchange activity based on world-class ultra-low temperature technology. It will be an important turning point for further advancement in the utilisation of liquid hydrogen, a key field in the future hydrogen economy.“We will make joint efforts to create synergies in the development of ultra-low temperature research, an unexplored field for human society.”Source: Lloyd’s Register

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POSITIVE

Global

Other

None

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

Global

Other

None

Other

Long

Positive

Moderate

Global

Other

None

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/singapore-fuel-oil-stockpiles-climb-on-strong-mideast-inflows/

2025-04-18T00:00:00

Singapore fuel oil stockpiles climb on strong Mideast inflows

Onshore fuel oil stockpiles at key trading hub Singapore rose for a second straight week, supported by strong inflows of Middle Eastern supply, data showed on Thursday.Residual fuel inventories (STKRS-SIN) were at 22.9 million barrels (about 3.6 million metric tons) in the week to April 16, based on Enterprise Singapore data.The inventories were up 3.9% week-on-week, holding above typical weekly averages and reaching their highest in 17 weeks.The top three supply origins recorded for the week were Iraq, the United Arab Emirates, and Kuwait.Middle Eastern supply arriving in the broader Asia region had surged last month, while western supply and regional supply also firmed, ship-tracking data showed.Attractive high-sulphur fuel prices had attracted more incoming barrels during then, even though volumes for April have tapered off slightly compared to March, trade sources said.Meanwhile, outflows of fuel oil from Singapore onshore tanks were mostly headed to the Philippines and China, excluding movements to storage facilities in Malaysia.The high-sulphur fuel oil spot market remained under pressure in recent days, while the low-sulphur fuel oil market was rangebound.“Singapore’s onshore residual stocks have been above 3 million tons since mid-March, buoyed by strong arrivals in March and softer maritime fuel demand,” said Emril Jamil, a senior analyst at LSEG Oil Research.“The build-up in onshore stocks and weaker demand has dampened ex-wharf high-sulphur bunker premiums,” he added.Source: Reuters

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NEGATIVE

None

Regional

Other

All

Other

None

Negative

Minor

National

Other

None

Other

Short

Negative

Minor

None

null

https://www.hellenicshippingnews.com/wista-india-conference-shines-spotlight-on-sustainable-shipping-and-diversity-success/

2025-04-18T00:00:00

WISTA India Conference shines spotlight on sustainable shipping and diversity success

Sustainable shipping and successes in diversity took centre stage at the inaugural WISTA India ExCo Conference in Mumbai, which coincided with the first WISTA International Mid-Term Meeting to take place in India.With WISTA International membership exceeding 6,000 this month, the Executive Committee (ExCo) met over two days to discuss topics that included the professional training programmes available to members and the upcoming report following the IMO/WISTA Women in Maritime Survey. Priority was also given to regional reports, while an in-depth review of the equity fund examined strategies to support National WISTA Associations (NWAs) in need.Entitled Navigating Change: The Future of Sustainable Shipping, the WISTA India ExCo Conference brought together local industry, consulates, maritime leaders and professionals to share insights on how to drive the industry towards greener, more resilient maritime operations.WISTA International Executive Committee and WISTA IndiaAddressing the conference, WISTA International President, Elpi Petraki, highlighted the way collaboration and greater diversity could help overcome industry challenges and create a more sustainable future for global shipping.“A collaborative spirit is essential to make the most of the opportunities that arise from the challenges we face,” said Petraki.“Shipping brings together people from all around the world and has always included a wide range of cultures, nationalities and ethnicities. Diverse and global by nature, it demands versatility and collaboration every working day. It has taken thousands of years of collaboration to create the global maritime community we enjoy today. Even during trying times, therefore, we must not lose sight of the fact that it will be by working together that women will be most effective in driving the positive changes that benefit our global community.”WISTA India, Sanjam Gupta, said: “It was an honour to host the first WISTA India ExCo Conference and the WISTA International Executive Committee in Mumbai. The conference provided an excellent opportunity to discuss key elements of the industry’s green transition while also showcasing India’s position as a sustainable shipping leader and many of the women who are driving change and contributing to the country’s swift transition to greener shipping operations.”In a direct engagement with a key maritime stakeholder in India, the WISTA International ExCo visited the Anglo-Eastern Maritime Academy to discuss the programmes it has in place to support and attract more females to the seafaring profession. In touring the academy’s facilities, delegates made full use of opportunities to speak to many of the female cadets enrolled.WISTA India ExCo Conference“As a major maritime hub, significant steps have been taken in India to educate the seafaring community about the importance of creating an inclusive and safe working environment onboard,” added Petraki.“Over 450 cadets graduate from the Anglo-Eastern Maritime Academy each year, and in the last year, the number of female cadets studying there has increased, showing the effort that is being made to create a more diverse and inclusive seafaring profession.”Source: WISTA International

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https://www.hellenicshippingnews.com/xeneta-weekly-ocean-container-shipping-market-update-average-spot-rates-from-far-east-to-mediterranean-increased-6-8/

2025-04-18T00:00:00

Xeneta Weekly Ocean Container Shipping Market Update: Average spot rates from Far East to Mediterranean increased 6.8%

Average spot rates from Far East to US East Coast and US West Coast are flat during April to stand at USD 3951 per FEU (40ft container) and USD 2910 per FEU respectively.Average spot rates from Far East to North Europe increased 4.8% on 15 April to stand at USD 2457 per FEU.Average spot rates from Far East to Mediterranean increased 6.8% on 15 April to USD 3270 per FEU.Average spot rates from North Europe to US East Coast remain flat during April at 2158 per FEU.Average spot rates on all fronthaul trades are down from 1 January:Far East to US East Coast: -43%Far East to US West Coast: -50%Far East to North Europe: -49%Far East to Mediterranean: -44%North Europe to US East Coast: -20%Container shipping capacity on trades from Far East to North Europe set to hit all-time high in week commencing 14 April (capacity data based on four week rolling average).Previous record set during Covid-19 disruption in November 2021 when 336,800 TEU of capacity was offered from Far East to North Europe.Xeneta analyst insight – record capacity from Far East to North EuropePeter Sand, Xeneta Chief Analyst:“We are looking at record-breaking container shipping capacity leaving the Far East for North Europe this week, which means carriers know something is boiling.“At the same time as record capacity, we are seeing an uptick in spot rates from the Far East to North Europe. This suggests a nervous market, but the demand must also be there to put upward pressure on rates.“The question is whether this record capacity and rate increase is a consequence of the tariff threat if shippers are redirecting goods from the Far East to Europe instead of the US. What we can say is that this is usually a slack time of year for container shipping, so an uptick in pressure is likely related to the tariffs in some way.Xeneta analyst insight – congestion in North Europe portsPeter Sand, Xeneta Chief Analyst:“We are seeing heavy port congestion in North Europe including Antwerp, Le Havre, London Gateway and Hamburg, but the main cause is likely weather, crane maintenance, labor unrest and strikes, rather than tariffs.“However, if we are seeing record levels of capacity leaving the Far East this week, there could be carnage by the time these ships arrive in North Europe, if congestion is still high.“Average transit time from the Far East to North Europe is 55 days, so there could be serious issues on the horizon in June. As we saw in 2024, congestion is toxic for ocean container shipping and can quickly spread across global supply chains.”Source: Xeneta

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https://www.hellenicshippingnews.com/leading-maritime-charities-partner-to-launch-industry-first-programme-to-support-neurodivergent-seafarers/

2025-04-18T00:00:00

Leading Maritime charities partner to launch industry-first programme to support neurodivergent seafarers

As part of our ongoing efforts to foster greater equity, diversity and inclusion within the maritime space, NeurodiversAtSea, the Seafarers Hospital Society and The Seafarers’ Charity are delighted to announce the launch of an industry-first project to provide tailored support to neurodivergent seafarers.The project builds upon research conducted by NeurodiversAtSea which identified a lack of industry support for neurodivergent seafarers, with just two out of 118 survey respondents reporting their employer provided any form of assistance to access formal assessments or diagnosis. Additionally,62% of respondents reported no specific assistance for neurodivergent employees.By making £9,761 available to UK-based seafarers as part of an initial pilot scheme, this project aims to provide grant funding for seafarers who suspect they’re neurodivergent to pursue a formal diagnosis, enabling them to access reasonable adjustments for exams and from their employer.With up to 15% of the UK population being neurodivergent, including an estimated 1.2 million autistic individuals and 2.2million with ADHD, alongside other conditions such as dyslexia, dyspraxia and dyscalculia, this project takes an important step towards unlocking an under-utilised talent pool for Maritime within the UK.Sandra Welch, CEO at Seafarers Hospital Society (Copyright: Seafarers Hospital Society)The project seeks to provide an alternative to lengthy waits for formal assessments via the NHS, which are up to 3 years in some areas, and will fund formal diagnostic assessments and in some cases expenses related to attending these appointments for; ADHD, autism, dyslexia, dyspraxia, dyscalculia and other specific learning differences. The funds will be administered and distributed by the Seafarers Hospital Society, on behalf of NeurodiversAtSea.Commenting on the launch, Sandra Welch, CEO of the Seafarers Hospital Society said “Diversity, equity and inclusion are integral to a healthy and happy workplace, which is why we’re delighted to be partnering with NeurodiversAtSea, enabling neurodivergent seafarers to access the right assessments and support whilst working at sea”Echoing this, Daniel Smith, Founder and Chair of NeurodiversAtSea said “Neurodivergent individuals face countless barriers preventing them from having a fulfilling career at sea. This leads to burnout, and people leaving the industry early. By providing access to a formal diagnosis, we enable neurodivergent seafarers to access support – allowing them to reach their full potential.”Tina Barnes, Impact Director at The Seafarers’ Charity added: “This important new initiative will enable recognition and support for neurodiverse conditions experienced by seafarers. I am pleased that The Seafarers’ Charity’s trustees have recognised the need to support neurodivergent seafarers with this grant award.”Source: Seafarers Hospital Society

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https://www.hellenicshippingnews.com/seafarers-are-key-workers-ilo-declares/

2025-04-18T00:00:00

Seafarers are key workers, ILO declares

Seafarers have been declared to be key workers by a formal resolution of the International Labour Organization, which met in Geneva, Switzerland recently (7 to 11 April 2025).Recalling the disruptions to shipping and seafarers caused by governmental responses to SARS-CoV2 (the virus that causes the COVID respiratory disease), and recalling the many and various declarations by governments and UN bodies around the world calling upon all parties to tackle the crisis imposed on seafarers, and recalling the basic human rights of seafarers, the ILO passed a resolution that could protect seafarers in the future.The ILO, in its “Resolution on Recognizing Seafarers as Key Workers”:“Calls upon ILO Members to effect the early implementation of Guideline B2.5.2 – Key workers, and designate and recognize seafarers as key workers and take appropriate measures to facilitate their safe movement when travelling in connection with their employment or work, including, but not limited to, access to shore leave, repatriation, crew changes and medical care ashore.“Reaffirms the commitment of the tripartite constituents of the ILO to advocate for the wellbeing and rights of seafarers, promoting initiatives that recognize their indispensable contributions to global maritime commerce , including giving full effect in the Maritime Labour Convention, 2006, as amended, to the right of seafarers to safe movement when embarking or disembarking a vessel, including access to shore leave, repatriation, crew changes and when necessary, access to shore-based medical treatment”.But will it actually have any effect?Those of us who are cynical and jaded, might reasonably query whether or not the new declaration, as is, will actually have any effect.Consider, for example, the case of Australia during the COVID years (2020 to 2022). Australia is now, and was back then, a signatory to the Maritime Labour Convention (2006) having signed up to it in 2011. It entered into force in Australia in August 2013 thereby giving it legal effect (in theory). So Australia agreed to be, and in legal fact was, bound by the rules of the Maritime Labour Convention between 2020 to 2022.Article I of the Maritime Labour Convention states in black and white that:“Each Member which ratifies this Convention undertakes to give complete effect to its provisions in the manner set out in Article VI”.Article VI states:“The Regulations and the provisions of Part A of the Code are mandatory”.Ok, so let’s summarise. Countries that sign-up to and ratify the Maritime Labour Convention agree to be bound by its rules. Australia signed-up to, and agreed to be bound by, the Maritime Labour Convention so it was bound by its rules.That should be clear enough.What does the MLC state about… say… access to medical care?Regulation 4.1(3) – which it is mandatory for Member States – including Australia – to comply with – states in black and white:“Each Member shall ensure that seafarers on board ships in its territory who are in need of immediate medical care are given access to the Member’s medical facilities on shore”.Standard A4.1(4) – which it is mandatory for Member States – including Australia – to comply with states in black and white:“Each Member shall ensure prompt disembarkation of seafarers in need of immediate medical care from ships in its territory and access to medical facilities ashore for the provision of appropriate treatment”.And were those rules complied with in every case and instance? Well, no.Australian official behaviour was, in some cases, shamefulWe want to emphasise that there were certain governments and officials in Australia who upheld the letter, spirit, and morality of the Maritime Labour Convention. The Federal Government at the time never banned seafarers from accessing medical care. Maritime Safety Queensland was also notable for facilitating access. They ought to be congratulated.However, there were other governments and parties in various government offices that did not facilitate access to essential medical care for seafarers. Worse still, they blocked access. Both of these are in contravention to the letter and spirit of the Maritime Labour Convention, and, indeed, are contrary in spirit to the impulses of humanitarianism, empathy for other people, morality, and basic decency.There were seafarers who suffered broken bones. They were denied access to medical care. There was a seafarer who developed an abscess in his jaw. He was denied access to medical care. He was forced to sail around Australia with that infection in his jaw for many days, probably weeks. There were a range of other cases too. Shipping companies, their executives, and their agents, both here in Australia and overseas, were frantic in their efforts to get their injured and sick crewmembers off ships and into medical care.Anyone who blocked desperately needed access to medical care ought to be ashamed.However, today, some of those very same people now lambast shipping companies, their executives, and their agents for not getting crew members off ships to, for example, enjoy their legal right to shore leave.How very convenient it is to enjoy selective amnesia.ILO’s new declaration ought to be embedded into Australian law“Such shameful treatment of seafarers should never happen again. Shipping Australia calls upon all State, Territory and Federal Governments to effectively implement this new declaration from the ILO by enacting it into domestic law,” said Shipping Australia CEO Capt. Melwyn Noronha.Structure of the Maritime Labour ConventionThe MLC is comprised of three parts – the Articles, which are largely addressed to the Member States of the ILO, and which set out the basic rights of seafarers (and also set out a variety of administrative and procedural matters); the Regulations and Standards – which are mandatory, and the Guidelines (Part B) which are not mandatory.A word is warranted on the structure of the MLC as it can be a little confusing, especially if the reader is familiar with other international conventions or Acts of the Australian Parliament.The Articles are found at the front of the MLC, immediately after the pre-amble and are standalone as, in effect, a single chapter. However, each Regulation (which is mandatory to comply with) is immediately followed by the relevant Standard (also mandatory) and then the appropriate Guideline (non-mandatory).For example, Regulation 1.1 of the MLC sets out minimum age standards to work on a ship – no-one under the age of 16 can work on a ship. Standard A1.1, which immediately follows, sets out a range of mandatory elaborations, for example, adding that e.g. persons under the age of 18 cannot do night-work on a ship. The non-mandatory Guideline B1.1, which immediately follows Standard A1.1, urges Members (i.e. Member States of the ILO) to give “special attention to the needs” workers under the age of 18.Source: Shipping Australia

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https://www.hellenicshippingnews.com/new-sailor-6110-mini-c-gmdss-system-software-release-cuts-cost-noise-and-waste-with-printerless-operation/

2025-04-18T00:00:00

New SAILOR 6110 mini-C GMDSS System Software Release Cuts Cost, Noise and Waste with Printerless Operation

Cobham Satcom, a global leader in maritime safety and satellite communication technology, has released a significant update to its SAILOR 6110 mini-C GMDSS system. Available from today, the new software version unlocks printerless operation, aligning with the International Maritime Organization’s (IMO) Resolution MSC.434(98) and supporting the maritime industry’s shift towards digitalization.The SAILOR 6110 GMDSS system has long been a trusted solution for distress and safety communications and is now the only mini-C system available to offer printerless operations onboard. With this latest update, vessels can remain fully compliant with IMO regulations without the need to install a printer. Instead, messages can be stored within Integrated Navigation Systems (INS) or other approved external backups. This change reflects the growing momentum toward smarter, more integrated bridge systems that enhance efficiency, reduce complexity, and support environmentally conscious operations.The elimination of onboard printers brings a number of operational, cost and sustainability advantages. It helps to lower noise levels on the bridge, reduces the environmental footprint by removing the need for paper, and simplifies ongoing maintenance while delivering cost savings across the vessel’s lifecycle. For fleet operators, the move also means fewer components to manage and greater flexibility when configuring GMDSS-compliant setups.Printerless operation is enabled via a new software release for the SAILOR 6018 Message Terminal, which forms part of the SAILOR 6110 mini-C GMDSS system. The update also delivers a range of safety and usability enhancements, including improved visibility of incoming distress alerts on the connected Alarm Panel and more robust handling of Bridge Alert Management (BAM) warnings to support better onboard situational awareness.“By embracing fully digital GMDSS operation, we’re helping our customers improve efficiency, reduce costs, and minimize environmental impact,” said Niels Peter Agdal, Product Management, Cobham Satcom. “With more than 40 years of leadership in GMDSS innovation, Cobham Satcom continues to evolve its technology to meet changing regulations and the real-world needs of modern shipping.”The new SAILOR 6110 mini-C GMDSS system software has been successfully type approved under EU Marine Directive (MED), UK Marine Mark (UKMA) by TÜVSÜD UK, and China Classification Society (CCS). It is available now via Cobham Satcom’s Partner Portal, along with an updated Declaration of Conformity and a new Technical Note (95-163805-G) outlining the full capabilities of the release. End-users can access the new functionality by contacting their local Cobham Satcom dealer, reseller or service partner.Source: Cobham Satcom

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https://www.hellenicshippingnews.com/jamaica-welcomes-progress-on-greenhouse-gas-reduction/

2025-04-17T00:00:00

Jamaica welcomes progress on greenhouse gas reduction

The agreement on a framework to achieve the International Maritime Organisation’s greenhouse gas (GHG) reduction targets for the international shipping industry was a historic achievement for Jamaica and member States of the Caribbean Community commonly known a CARICOM.Speaking after the close of the IMO’s Marine Environment and Protection Committee’s 83rd meeting (MEPC83), Bertrand Smith, Director General of the Maritime Authority of Jamaica, remarked: “Although the final draft text of the amendments to the MARPOL Convention do not reflect our original position it is a step in right direction”.Commenting on the meeting’s progress he highlighted: “Jamaica is a member of the IMO Council with significant flag, port and coastal interests, and has always taken a balanced view to the negotiations to implement IMO’s 2023 Strategy on the reduction of GHG emissions from ships. At all times we were mindful of the need to ensure that the draft amendments to MARPOL addressed three primary issues – namely, the promotion of the energy transition, incentivising the fleet, and facilitating a just and equitable transition”.Bertrand Smith, Director General of the Maritime Authority of JamaicaIt is in the latter area that Jamaica, as a member of the CARICOM group and in collaboration with Pacific Small Island Developing States (SIDS), made proposals to ensure that SIDS and developing countries would not be left behind as the shipping industry took significant steps to decarbonise. This was critical as decarbonisation will come at a major cost to SIDS which are already incurring relatively high transport costs and are having to make significant amounts of expenditure to replace infrastructure damaged by extreme weather events.A recent example is Hurricane Beryl, an early season Category Four hurricane which, in the space of a few hours, left damage to agriculture and infrastructure amounting to 1% of the total GDP of Jamaica.The incorporation of economic measures leading to the establishment of a Net-Zero fund were an area of focus for CARICOM SIDS, who at all times negotiated in good faith and in the true IMO spirit and yielded in some areas in order to achieve a text that could be accepted by the majority of member States.Mr Smith added: “Notwithstanding the historic achievement, much work is left to be done in finalising the several guidelines which will support the draft text – which is expected to be adopted at MEPC 84 in autumn this year. What was, however, made clear at the end of the negotiations was that Caribbean and Pacific SIDS, regardless of their small populations, are now a major force to reckon with in the efforts to adopt mandatory provisions to incorporate IMO’s mandate to decarbonise the international shipping industry by or around 2050.”Source: Maritime Authority of Jamaica

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https://www.hellenicshippingnews.com/est-floattech-expands-type-approved-certifications-for-the-octopus-series-with-rina/

2025-04-17T00:00:00

EST-Floattech expands type approved certifications for the Octopus Series with RINA

EST-Floattech, Dutch supplier of maritime battery systems, gains the RINA type approval for the Octopus Series, designed for ESS applications from 100 kWh to multiple MWh. With this, the company’s Octopus Series, currently consisting of High Energy, High Power, Lite and Lite XL modules, has once again demonstrated its industry-leading safety in hard- and software and user friendliness. In addition, Bureau Veritas has granted type approval for the Cyber Security of all Octopus products, confirming its compliance with requirements and showing the connection can be safely used.“Safety has always been at the core of our battery solutions,” said Diederick Stam, Technical Director at EST-Floattech. “Our ‘safe by design’ philosophy ensures that every aspect of the Octopus Series, from individual cells to complete system integration, meets the highest safety standards. The certifications are a testament to our approach to meet and exceed the highest quality and reliability standards.”EST-Floattech containerWith over 300 projects, the Octopus Series is a proven, future-proof solution for electric and hybrid vessels. Its modular design supports various battery types with a standardized interface, allowing seamless integration into different ship types. For shipowners and integrators, full certification means faster, simpler compliance—saving time and reducing project complexity.Laboe Octopus“Our team’s expertise and dedication continue to improve the safety and reliability of marine electrification,” said Mark Witjens, CEO of EST-Floattech. “Achieving these certifications is a testament to the hard work as a team that drives our success. We are committed to delivering safe, high-performance energy storage solutions that support the global transition to sustainable shipping.”EST Floattech @ Frisia E-I – Media-CreatorsAs EST-Floattech continues to expand its footprint in the maritime industry, the company remains focused on ensuring the highest standards of safety and operational excellence.Source: EST-Floattech

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POSITIVE

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Other

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Global

Other

All

Long

Positive

Moderate

Global

Other

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Other

Long

Positive

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Other

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https://www.hellenicshippingnews.com/asia-fuel-oil-spot-differentials-ease-in-thin-pre-holiday-trade/

2025-04-17T00:00:00

Asia Fuel Oil: Spot differentials ease in thin pre-holiday trade

Spot differentials for fuel oil retreated on Thursday, with trading momentum thinning ahead of a holiday.Singapore cash differential for very low sulphur fuel oil (VLSFO) dipped backed to around a premium of $3 a metric ton over Singapore quotes, reflecting slightly softer offers.Margins for VLSFO (LFO05SGBRTCMc1) continued to hover below premiums of $9 a barrel, based on LSEG data.Meanwhile, cash differential for 380-cst high sulphur fuel oil (HSFO) ended the week in steeper discounts, though cracks (FO380BRTCKMc1) held stable near premiums of $1 a barrel on Thursday.In spot tenders, Vietnam’s Nghi Son this week offered more fuel oil for April loading.As for derivative markets, trading was also broadly quiet for key fuel oil contracts, market sources said. Backwardation spreads narrowed at the prompt months for both HSFO and VLSFO.REFINERY UPDATES– Valero Energy Corp said it was taking a $1.1 billion pre-tax impairment related to its California refineries and told state regulators it would permanently shut or restructure its San Francisco-area refinery in Benicia, California by the end of April 2026.– Motiva Enterprises has restarted the gasoline-producing fluidic catalytic cracker at its 626,000 barrel-per-day (bpd) Port Arthur, Texas refinery, people familiar with plant operations said.OTHER NEWS– Oil prices extended gains on Thursday on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade and as some OPEC producers pledged more output cuts to compensate for pumping above agreed quotas.– Turkey’s largest oil refiner Tupras has returned to buying Russian Urals crude cargoes, after it stopped doing so earlier this year due to stronger U.S. sanctions on Moscow, according to three trading sources and shipping data.– The Organization of the Petroleum Exporting Countries (OPEC) has received updated plans for Iraq, Kazakhstan and other countries to make further cuts to oil output, to compensate for pumping above agreed quotas, the group said.– The United States issued new sanctions targeting Iran’s oil exports, including against a China-based “teapot” oil refinery, as President Donald Trump’s administration seeks to ramp up pressure on Tehran.WINDOW TRADES– 180-cst HSFO: No trade– 380-cst HSFO: No trade– 0.5% VLSFO: No tradeSource: Reuters

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https://www.hellenicshippingnews.com/us-issues-new-sanctions-targeting-chinese-importers-of-iranian-oil/

2025-04-17T00:00:00

US issues new sanctions targeting Chinese importers of Iranian oil

The United States on Wednesday issued new sanctions targeting Iran’s oil exports, including against a China-based “teapot refinery”, as President Donald Trump’s administration seeks to ramp up pressure on Tehran.The U.S. Treasury Department said in a statement the action would increase pressure on Chinese importers of Iranian oil as Trump seeks to restore his “maximum pressure” campaign on Iran, which includes efforts to drive its oil exports down to zero.The action comes as the Trump administration has relaunched negotiations with Iran over its nuclear programme this month, with talks in Oman last weekend and a second round expected in Rome this weekend.The Treasury on Wednesday said it imposed sanctions on a China-based independent “teapot” refinery it accused of playing a role in purchasing more than $1 billion worth of Iranian crude oil.Washington also issued additional sanctions on several companies and vessels it said were responsible for facilitating Iranian oil shipments to China as part of Iran’s “shadow fleet”.Iran’s mission to the United Nations in New York and China’s embassy in Washington did not immediately respond to requests for comment.China does not recognize U.S. sanctions and is the largest importer of Iranian oil. China and Iran have built a trading system that uses mostly Chinese yuan and a network of middlemen, avoiding the dollar and exposure to U.S. regulators.“Any refinery, company, or broker that chooses to purchase Iranian oil or facilitate Iran’s oil trade places itself at serious risk,” Treasury Secretary Scott Bessent said in the statement.GUIDANCE FOR SHIPPING“The United States is committed to disrupting all actors providing support to Iran’s oil supply chain, which the regime uses to support its terrorist proxies and partners.”The Treasury on Wednesday also updated guidance for shipping and maritime stakeholders on “detecting and mitigating Iranian oil sanctions evasion,” warning, among other things, that Iran depends on a vast shadow fleet to disguise oil shipments.The Treasury said it was the sixth round of sanctions targeting Iranian oil sales since Trump restored his “maximum pressure” campaign on Iran, which includes efforts to drive its oil exports down to zero in order to help prevent Tehran from developing a nuclear weapon.In his first 2017-21 term, Trump withdrew the U.S. from a 2015 deal between Iran and world powers that placed strict limits on Tehran’s uranium enrichment activities in exchange for sanctions relief. Trump also reimposed sweeping U.S. sanctions.Since then, Iran has far surpassed that deal’s limits on uranium enrichment.Western powers accuse Iran of having a clandestine agenda to develop nuclear weapons capability by enriching uranium to a high level of fissile purity, above what they say is justifiable for a civilian atomic energy program. Tehran says its nuclear program is wholly for civilian power purposes.“All sanctions will be fully enforced under the Trump Administration’s maximum pressure campaign on Iran,” State Department spokesperson Tammy Bruce said in a separate statement on Wednesday.“As long as Iran attempts to generate oil revenues to fund its destabilizing activities, the United States will hold both Iran and all its partners in sanctions evasion accountable.”Source: Reuters

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https://www.hellenicshippingnews.com/shipping-china-cargo-bookings-expected-to-plunge-as-us-trade-war-intensifies/

2025-04-17T00:00:00

SHIPPING: China cargo bookings expected to plunge as US trade war intensifies

Container throughput from China’s main ports fell by 6.1% over the past week and cargo bookings over the next three weeks are projected to be down by 30-60% in China and by 10-20% in the rest of Asia as the trade war intensifies.Market intelligence group Linerlytica said the Labor Day holiday in China will further dampen cargo demand in May which could force carriers to cancel additional sailings over the coming weeks to slow the decline in cargo rates.US President Donald Trump initiated the trade war by imposing tariffs with the goal of strengthening supply chains and bringing back domestic manufacturing that has increasingly moved overseas.Lars Jensen, president of consulting firm Vespucci Maritime, noted a survey from television news channel CNBC that showed the effort may be futile.According to the survey, most respondents said bringing back supply chains could double the costs, leading most to instead search for new sources of material from low-tariff countries.More than half of respondents said the main impediment to reshoring is high costs, while 21% said finding skilled labor was the top reason.Instead of moving supply chains back to the United States, 61% of respondents said it would be more cost-effective to relocate supply chains to lower-tariffed countries.ASIA-US CONTAINER RATESAverage rates rose last week, reversing the trend that saw prices for shipping containers fall steadily from July 2024.Linerlytica said that three transpacific services have been withdrawn this year, with the MSC Mustang and Premier Alliance PN4 both withdrawn even before they were launched while TS Line’s AWC2 deployed small 1,700 TEU (20-foot equivalent unit) ships on irregular schedules.“These tentative capacity cuts have done little to restore market balance with further turbulence ahead,” Linerlytica said.Linerlytica said that recent tariff concessions are likely insufficient to restore transpacific volumes with about 30-40% of transpacific container imports still effectively halted by the tariffs that remain in place.The trade war is principally affecting carriers with the largest exposure to Chinese transpacific exports to theUS, with Hede (100%), Matson (90%), SeaLead (82%), TS Lines (80%) and COSCO (71%) being most at risk from the immediate fallout.The following chart shows transpacific liftings by carrier for this year.Meanwhile, US container imports surged over the first three months of the year as retailers pulled forward volumes to get ahead of the tariffs.But the Global Port Tracker from the NRF and Hackett Associates is predicting import cargo at the nation’s major container ports to drop dramatically beginning next month, as shown in the following chart.“Imports during the second half of 2025 are now expected to be down at least 20% year over year,” Hackett Associates Founder Ben Hackett said. “Even balanced against elevated levels earlier this year, that could bring total 2025 cargo volume to a net decline of 15% or more unless the situation changes.”Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. Titanium dioxide (TiO2) is also shipped in containers.They also transport liquid chemicals in isotanks.Source: ICIS by Adam Yanelli, https://www.icis.com/explore/resources/news/2025/04/15/11092871/shipping-china-cargo-bookings-expected-to-plunge-as-us-trade-war-intensifies/

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NEGATIVE

Global

Other

All

Other

None

Negative

Significant

Global

Other

All

Long

Negative

Major

Global

Dry

None

Other

Short

Negative

Moderate

Global

Other

All

Other

None

Negative

Significant

null

https://www.hellenicshippingnews.com/fujairah-data-ship-fuel-sales-soar-15-in-march-from-record-low-in-feb/

2025-04-17T00:00:00

FUJAIRAH DATA: Ship fuel sales soar 15% in March from record low in Feb

Ship fuel sales at the UAE’s Port of Fujairah, the world’s third-largest bunkering hub, jumped 15% in March to 644,802 cu m month over month, the highest since August, according to data published April 15.The sales rose from 558,300 cu m in February, the lowest since the port began sharing data with S&P Global Commodity Insights in 2021.Total sales fell 8.7% from a year earlier.All categories except marine gasoil showed gains month over month.Sales of high sulfur and low sulfur fuel oils, however, were lower year over year. LSFO remained the top seller in March.Source: Platts

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NEGATIVE

None

National

Other

All

None

National

Other

None

Other

Short

Positive

Minor

None

null

https://www.hellenicshippingnews.com/a-call-for-essential-maritime-waste-management-training/

2025-04-17T00:00:00

A Call for Essential Maritime Waste-Management Training

In my 30 years in the industry, I have witnessed firsthand how waste handling on ships remains one of the most underestimated challenges in maritime operations. The problem is not a lack of care—officers and crew members do not want to pollute the oceans. We have previously written about regulatory shortfalls, substandard products, and poor onboard culture as contributing factors to the waste management issues we see today. However, at the core of all these problems is a fundamental lack of knowledge and training. While sufficient solutions exist on the market today, without a clear understanding of the underlying principles, it becomes nearly impossible to distinguish between effective and ineffective ones. Additionally, without knowledge of chemical processes, environmental impacts, and regulatory constraints, personnel risk making decisions that inadvertently lead to pollution. How can we expect someone to manage waste treatment processes that, on land, would require specialized education, if they themselves have never received proper training?It is time to address this shortfall with a mandatory waste-handling training program for all maritime officers. This foundational course must be followed up with a refresher at least every five years, much like Advanced Firefighting training. Without it, we cannot expect ship crews to understand the complexities of waste management, evolving regulations, or new waste streams generated by modern fuels and onboard systems.The Knowledge Gap That Leads to PollutionMost pollution at sea does not happen because someone intentionally ignores the rules. Instead, officers and crew face practical challenges they do not have the training to handle.They take action based on what seems reasonable at the time, unaware of the environmental consequences. When waste-management mistakes happen repeatedly, it leads to a culture of resignation—“It doesn’t matter what we do; nothing works.”This must change. Crews need education, not just stricter rules and more oversight. Without understanding how waste-handling systems work, even the best-designed regulations and equipment will fail in practice.Training That Pays OffOne key advantage we have seen at Marinfloc from educating ship crews is that proper waste-management training does not only lead to better environmental compliance—it also improves operational efficiency and reduces costs. Vessels where crews receive structured training show measurable improvements in waste handling, reducing inefficiencies that often lead to unnecessary expenses.A Training Program That Matches RealityThe reality is that many ships today are operating with outdated or suboptimal equipment. The industry is not full of cutting-edge waste-processing systems—far from it. Training must reflect the conditions officers and crew actually work with, not an idealized vision of state-of-the-art technology.Basic Waste-Handling Training: A required course for all officers, covering essential waste streams, international regulations (such as MARPOL), and how onboard waste-processing equipment functions in real conditions.Mandatory Refresher Every Five Years: This course will ensure that officers stay up to date with regulatory changes, evolving waste-management practices, and improved methods for pollution prevention.Moving Beyond Regulations: Building Awareness and ResponsibilityRegulations alone will never solve this issue. Rules change, technologies evolve, and enforcement can only go so far. What we truly need is awareness and responsibility among officers and crew. This starts with education. If crews understand not just what they need to do, but why it matters, compliance becomes a natural outcome rather than an imposed obligation.Benny Carlson, Co-FounderMarinfloc, A Clean SeaAddressing the Full Scope of Waste StreamsA well-structured training program should cover the many waste streams onboard, each requiring careful documentation in logbooks:Oil Record Book: Managing oily waste, understanding chemical interactions, and sludge disposal.Incinerator Record Book: Proper incineration procedures and required documentation.Sewage Record Book: Handling sewage safely and minimizing risks such as H2S formation.Scrubber and EGR Record Books: Managing and documenting byproducts from exhaust-gas cleaning systems.Garbage and Food Waste Record Books: Complying with disposal regulations for solid and food waste, both at sea and onshore.Keeping Pace with ChangeThe maritime industry is evolving rapidly, with new fuels, chemicals, and waste streams emerging regularly. Without structured, recurring training, crews cannot keep up. It is not enough to conclude regulatory texts with vague training requirements like those found in MEPC 107(49):Training 1.1.5 Ship staff training should include familiarization in the operation and maintenance of the equipment.We need more than basic familiarity—we need expertise. Every time new equipment is introduced, a mandatory risk assessment should be conducted to evaluate its impact on waste management.Conclusion: Knowledge is the Key to Cleaner OceansIf we truly want to prevent maritime pollution, we must stop assuming that ship crews will “figure it out” on their own. Education is the missing piece.By implementing a structured waste-handling training program—reinforced by a mandatory refresher every five years—we can ensure that ship officers and crew are not just blindly following rules but making informed, responsible decisions. This will not only protect the marine environment but also By implementing a structured waste-handling training program—reinforced by a mandatory refresher every five years—we can ensure that ship officers and crew are not just blindly following rules but making informed, responsible decisions. This will not only protect the marine environment but also, as we have seen with the customers we educate, lead to greater efficiency and lower operating costs.Source: By Benny Carlson, Co-Founder of Marinfloc

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NEGATIVE

None

Global

Other

All

Long

Positive

Moderate

Global

Other

None

All

Long

Positive

Minor

None

null

https://www.hellenicshippingnews.com/standardisation-across-maritime-it-systems-essential-for-future-of-industry/

2025-04-17T00:00:00

Standardisation across maritime IT systems ‘essential’ for future of industry

Ensuring that standardisation and interoperability across maritime IT systems is firmly encased in regulations is crucial to becoming a safer and more unified industry, says SmartSea.The maritime industry has long been labelled as fragmented with multiple uncoordinated IT systems and no proper support or guidance from regulatory bodies to ensure a solid IT infrastructure that is interpretational across the industry.SmartSea, powered by SITA, the global leader in technology solutions for the air transport industry, is leading the way in lobbying for change and a more standardised approach to IT systems to bring maritime in line with aviation.Director, Technology Sales Simon Fotakis, at SmartSea said: “Maritime is really missing direction from regulatory bodies. I would like to see them defining and mandating uniform data formats, communication protocols, and interoperability requirements for systems used in safety, navigation, and emergency response. Some of these requirements should be baked in regulations so that they are strictly adhered to. They can also endorse systems through certification to ensure compliance.”Working within a fragmented IT infrastructure can have a significant impact on crew safety and can lead to delayed decision-making, poor situational awareness, and inefficient coordination during a crisis at sea, says Smart Sea.Mr Fotakis added: “Delayed or misinterpreted information during a maritime emergency can severely compromise crew safety and response times. When critical data is not received or understood promptly, crews may hesitate, act on wrong assumptions, or miss the window for effective containment.Simon Fotakis, Director, Technology Sales at SmartSea“This confusion can escalate minor issues into life-threatening situations, delay coordination with shore teams or rescue services, and reduce overall situational awareness. In high-stress environments, even small delays or miscommunications can mean the difference between control and catastrophe. With a shared situational picture, decisions can be made more confidently and actions prioritised effectively, ultimately enhancing safety and minimising the impact of the emergency.”Varying IT standards can also impact efficient coordination between different ships, ports and authorities., leading to slow data exchange and miscommunication during emergencies or routine operations.“This fragmentation hinders real-time coordination, delays decision-making, creates logistics inefficiencies and forces crews to adapt to different systems with each voyage. This is in stark contrast to aviation, which operates on globally standardised systems, enabling seamless communication and coordination across aircraft, airports, and control centres,” said Mr Fotakis.Drawing on SITA’s experience in the aviation industry, SmartSea is working to create a ‘single maritime voice’ with a standardised, integrated and interoperable approach to maritime IT systems across ships, ports and authorities.Source: SmartSea

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NEGATIVE

Global

Other

All

None

Global

All

Long

Positive

Moderate

Global

Other

None

All

Long

Positive

Moderate

Global

Other

All

None

null

https://www.hellenicshippingnews.com/baltic-index-falls-to-six-week-low-as-capesize-rates-dip/

2025-04-17T00:00:00

Baltic Index Falls To Six-Week Low As Capesize Rates Dip

The Baltic Exchange’s dry bulk sea freight index on Wednesday slipped to a six-week low as rates for capesize vessels dipped.The main index, which tracks rates for capesize, panamax and supramax shipping vessels, dropped 22 points, or 1.7%, to 1,241, its lowest level since March 5.The capesize index fell to a near seven-week low, shedding 97 points, or 5.5%, to 1,656.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, was down $801 at $13,734.Tariff tensions between the U.S. and China have disrupted U.S. coal exports, particularly metallurgical coal, forcing producers to seek new markets, while China turns to existing suppliers to fill the gap left by the 10.7 million tons of U.S. coal exported in 2024, Intermodal said in a note dated Tuesday.Meanwhile, the panamax index (.BPNI) marked a one-week high, gaining 30 points to 1,238.Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, increased $265 to $11,138.Among smaller vessels, the supramax index (.BSIS) added six points, or 0.6%, to 943.Source: Reuters

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NEGATIVE

Global

Dry

Capesize, Panamax, Supramax

Other

None

Negative

Moderate

Global

Dry

All

None

Negative

Moderate

Global

Dry

Capesize

C5

Short

Negative

Moderate

Global

Dry

Capesize, Panamax, Supramax

Other

None

Negative

Moderate

null

https://www.hellenicshippingnews.com/agreement-reached-on-new-global-minimum-wage-for-seafarers/

2025-04-17T00:00:00

Agreement Reached on New Global Minimum Wage for Seafarers

The International Labour Organization (ILO) has concluded the latest round of minimum wage negotiations for able seafarers at a meeting of the Subcommittee on Wages of Seafarers of the Joint Maritime Commission (JMC), held in Geneva on 14 and 15 April 2025.This critical bipartite dialogue brought together shipowners and seafarers’ unions from around the world, coordinated by the International Chamber of Shipping (ICS) and the International Transport Workers’ Federation (ITF).Maritime transport remains the only industry with a formally recognised global minimum wage, in place for seafarers since 1958. ILO’s 2006 Maritime Labour Convention, mandates that the minimum monthly basic wage for an able seafarer be set periodically by the JMC.Following the negotiations, a Resolution was adopted setting out the updated minimum wage levels, to be submitted for approval by the 355th session of ILO’s Governing Body, in November this year. The newly agreed figures are as follows:• US$690 as of 1 January 2026.• US$704 as of 1 January 2027.• US$715 as of 1 January 2028.The updated wage structure represents an increase of more than 6% and builds on the previous 3-year agreement concluded in September 2022, which set the minimum at US$673 as of 1 January 2025.Mr Pål Tangen (Norwegian Shipowners’ Association), Spokesperson for the shipowners group during the meeting, said:“This agreement strikes a careful and considered balance between recognising the vital contribution of seafarers and maintaining the commercial sustainability of the global shipping industry. Seafarers play an indispensable role in keeping world trade flowing, often under tough and unpredictable conditions. These are not ordinary times, and this resolution reflects our respect for their service, while ensuring that shipowners can continue to operate in a highly competitive and volatile global market.”Agreement Reached on New Global Minimum Wage for SeafarersMr Mark Dickinson (Nautilus International), Spokesperson for the seafarers group, commented:“Seafarers are crucial in delivering 90% of all goods for people in every nation of the world and the ITF will always demand proper recognition for these workers. Last week we made an important breakthrough with recognition of seafarers’ key worker status inthe Maritime Labour Convention. This week we have taken a further step to improve their welfare through pay rises that both retain and increase the value of the ILO AB minimum wage, taking into account increases in the cost of living since 2022.”Mr Frank Hagemann, Director of the ILO Sectoral Policies Department, added:“The outcome of this wholly unique global collective bargaining forum represents more than just a technical adjustment to the minimum wage. It reflects a shared responsibility and commitment to uphold decent work at sea.”The negotiations in Geneva took place against the backdrop of the escalation in global trade tensions. In their opening remarks, both sides expressed concern about the current cloud of uncertainty and the prospect of a potential full-scale trade war, which could divide the world and reshape global trade, with shipping caught in the crosshairs and therefore impacting the lives and livelihoods of the world’s nearly two million seafarers. Seafarers must not be collateral victims of global economic conflict. We reaffirm that fair trade must also mean fair treatment for those who keep global trade moving.Source: ICS (International Chamber of Shipping)

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POSITIVE

Global

Other

All

Long

Positive

Moderate

Global

Other

All

Long

Negative

Moderate

Global

Other

None

All

Medium

Positive

Minor

Global

Other

All

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/dry-weekly-market-monitor-grain-dry-bulk-flows-brazil-vs-u-s-a/

2025-04-17T00:00:00

Dry Weekly Market Monitor: Grain Dry Bulk Flows (Brazil Vs U.S.A)

This week’s highlight focuses on the shifting trends in soybean dry bulk flows from Brazil and the U.S. to China, following the latest round of tariffs imposed amid escalating trade tensions. We had already anticipated these changes in agricultural trade dynamics in November 2024, following the outcome of the U.S. elections.Shift in Global Soybean Trade FlowsVoyage data from the Signal Ocean Platform reveals a clear structural shift in the global soybean trade, underscoring China’s increasing reliance on Brazilian imports. In recent years, Brazil has steadily emerged as China’s primary soybean supplier—a trend closely tied to broader macroeconomic dynamics, notably the ongoing trade tensions between the United States and China. Brazil’s competitive edge stems from record harvests, favorable pricing, and a lack of trade barriers, positioning it as a more dependable and cost-effective source for meeting China’s growing soybean demand.U.S. Soybean Exports: Declining Share and Strategic SetbackU.S. soybean exports to China have traditionally adhered to a clear seasonal pattern, with peak shipments occurring in the first and last quarters of each year. However, this trend is showing signs of disruption. In March 2025, export volumes plummeted to approximately 2 million tonnes—significantly lower than during the same periods in 2023 and 2024. This decline highlights the enduring consequences of the U.S.-China trade war. As tariffs and geopolitical tensions continued, Chinese importers increasingly turned to alternative suppliers, especially Brazil. The outcome has been a persistent decrease in U.S. market share, leaving American farmers and agribusinesses struggling with diminished demand, decreasing prices, and increasing financial pressure.Brazil’s Export Surge: A Geoeconomic WindfallIn sharp contrast, Brazilian soybean exports to China have surged in 2025, with volumes in March and April exceeding 10 million tonnes—well above levels recorded in previous years. This growth reflects Brazil’s alignment with China’s seasonal demand and highlights its capacity to step in as U.S. exports falter. Sustained high export volumes into mid-year further reinforce Brazil’s emergence as a reliable and dominant supplier. More than just a trade shift, this trend signals deeper economic integration between China and Brazil, solidifying Brazil’s strategic role in global agricultural supply chains and reshaping the dynamics of the soybean market.SECTION 1/ FREIGHT – Freight Rates ($/t) Weaker‘The Big Picture’ – Capesize and Panamax Bulkers and Smaller Ship SizesSentiment in the Capesize freight market is softening as the number of ballasters rises, while early signs also point to a weakening outlook in the Panamax segment.Capesize vessel freight rates from Brazil to North China closed at $19 per tonne, showing a 20% decrease compared to last month.Panamax from the Continent remained at nearly $30 per tonne, showing a 6% monthly decrease, and a 30% decrease compared to last month.Supramax vessel freight rates on the Indonesia–East Coast India (ECI) route held firm at approximately $9 per tonne, marking a 5% increase month-on-month.Handysize freight rates for the NOPAC Far East route slipped slightly below $30 per tonne, registering a 6% decline month-on-month.SECTION 2/ SUPPLY – Ballasters (# vessels) MixedSupply Trend Lines for Key Load AreasThe latest ballaster indicators suggest continued upward momentum for Capesize activity in Southeast Africa, while Panamax levels face downward pressure.Capesize, SE Africa: The number of vessels has risen to 12. This is an increase from approximately 80 vessels three weeks ago, and it is also higher than the yearly average of 110 vessels.Panamax SE Africa: The vessel count continued to decline, falling to nearly 96 — approximately 34 below the annual average.Supramax SE Asia: Current trends indicate a sustained upward trajectory from the peak observed in Week 13, with recent levels now hovering slightly above the annual average of 100.Handysize NOPAC: The Handy NOPAC segment’s levels have increased to 95, continuing an upward trend that began at the end of week 11.SECTION 3/ DEMAND – Tonne Days MixedSummary of Dry Bulk Demand, per Ship SizeThe third week of April is marked by a downward trajectory in the Panamax growth of tonne days, while a remarkable spike is recorded in the Supramax.Capesize: The growth trend has been declining since its recent peak at the end of Week 11, though there are early signs of a recovery. Despite the dip, levels remain well above the low point seen in Week 9.Panamax: A downward trend has emerged since the peak recorded two weeks ago, though levels remain elevated compared to the softer momentum observed in Week 8.Supramax: The growth rate remained elevated, marking a firmer pace than the levels observed in Week 11.Handysize: Its growth rate remained steady compared to the previous two weeks, though it showed a gradual decline in the latter half of the month.SECTION 4/ PORT CONGESTION – No of Vessels IncreasingDry bulk ships congested at Chinese portsDry bulk port congestion in China saw a significant rise across all vessel size categories.Capesize: Capesize vessel congestion rose 142, up 10 compared to the previous week’s end.Panamax: Panamax vessel congestion rose by nearly 198, around 20 more than at the end of the previous two weeks.Supramax: The highest congestion levels since the end of week 9 were observed, with levels around 350.Handysize: Congestion levels rose 238, marking an increase of 18 compared to the end of the previous week.Source: By Maria Bertzeletou, Signal Group, https://go.signalocean.com/e/983831/4794301VrDkoisq-Dry-Week16-pdf/2r22dl/486907400/h/J6SgW3VNW6HMr1H8YJ3tdufZZ-218S-C5RhGJzsHb3s

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POSITIVE

Global

Dry

All

Other

None

Negative

Moderate

Global

Dry

All

None

Negative

Moderate

Global

Dry

All

Other

Short

Negative

Moderate

Global

Dry

All

Other

None

Negative

Moderate

null

https://www.hellenicshippingnews.com/container-quarterly-outlook-remains-grim-as-carriers-struggle-with-overcapacity-weak-demand-in-q1-2025/

2025-04-17T00:00:00

CONTAINER QUARTERLY: Outlook remains grim as carriers struggle with overcapacity, weak demand in Q1 2025

The European container market experienced further deterioration in the first quarter of 2025, marked by persistent bearish sentiment and significant fluctuations in spot rates.The quarter was defined by aggressive pricing strategies among carriers, compounded by geopolitical uncertainties and ongoing port congestion.January opened with a dramatic decline in spot rates, as the Platts Container Rate 1 — PCR 1 — for westbound shipments from North Asia to North Europe plummeted from $5,000/FEU at the start of the month to a low of $3,000/FEU by Jan. 31. This 40% drop was primarily driven by a price dispute among carriers, as they scrambled to retain market share amid the reshuffling of alliances.“The alliance changes have forced carriers to adopt aggressive pricing strategies, leading to unsustainable rate levels,” a forwarder source said. “It’s a race to the bottom, and unfortunately, shippers are caught in the crossfire.”Similarly, rates into the Mediterranean — PCR 3 — followed a downward trajectory, starting at $5,300/FEU and falling to $4,300/FEU by month-end. The lack of demand post-Lunar New Year exacerbated the situation, as carriers faced challenges in securing bookings.February continued the downward trend, with PCR 1 assessed at $2,400/FEU by the end of the month, reflecting a further decline amid ongoing labor strikes that caused congestion at major European ports. The strikes led to significant delays and prompted carriers to reroute ships, further complicating the supply chain.“Port congestion is a major headache for everyone involved,” a carrier source said. “With delays of up to 10 days in Rotterdam, we are forced to consider alternative ports, which adds to our costs and complicates logistics.”March saw a continuation of the bearish sentiment, with PCR 1 hitting a low of $1,800/FEU by the end of the month. This marked a significant decline from February, highlighting the intense competition among carriers desperate to fill capacity in a slack demand environment. The Mediterranean rates — PCR 3 — also softened, falling to $2,600/FEU, as carriers struggled to balance capacity utilization with dwindling demand.“Carriers are throwing out all sorts of deals, but the reality is that the market is oversaturated, and rates are in free fall,” a forwarder said. “It’s going to take some time for the market to stabilize.”Long-term contracts under pressure as shippers adopt a cautious approachAs the quarter progressed, shippers began to adopt a more cautious stance, with many opting for spot bookings rather than committing to long-term contracts. The volatility in spot rates and the unpredictable market conditions have led to a wait-and-see approach among many market participants.“The uncertainty in the market is palpable, and shippers are understandably hesitant to lock in long-term agreements when rates are fluctuating so wildly,” a logistics analyst said. “This trend is likely to continue as we head into the second quarter.”In conclusion, Q1 2025 was characterized by a challenging landscape for the European container market, with bearish trends dominating the narrative. As carriers grapple with overcapacity, weak demand, and ongoing geopolitical uncertainties, the outlook for the upcoming quarters remains uncertain, leaving many participants on edge as they navigate this turbulent environment.Source: Platts

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NEGATIVE

Regional

Other

All

Other

None

Negative

Significant

Global

Other

All

None

Negative

Major

National

Other

None

Other

None

Negative

Significant

Regional

Other

All

Other

None

Negative

Significant

null

https://www.hellenicshippingnews.com/new-edition-of-drug-trafficking-and-drug-abuse-on-board-ship-guidelines-for-owners-and-masters-on-preparation-prevention-protection-and-response/

2025-04-17T00:00:00

New edition of Drug Trafficking and Drug Abuse On Board Ship – Guidelines for Owners and Masters on Preparation, Prevention, Protection and Response

The International Chamber of Shipping (ICS) and Witherby Publishing Group have released a new edition of ‘Drug Trafficking and Drug Abuse On Board Ship – Guidelines for Owners and Masters on Preparation, Prevention, Protection and Response’.This publication provides guidance on how to combat drug trafficking at sea and how to recognise the signs of drug use and dependence among crew members. Considered the leading industry publication on the topic, this 2025 – 2026 edition has been fully updated by industry experts to assist shipping companies, Masters and officers to prepare for, prevent, protect against and respond to drug trafficking and drug abuse at sea.The new edition has been fully updated and revised to reflect the latest industry and regulatory guidance. Key updates include emerging drug trafficking trends and high-profile seizures, enhanced physical security measures both in port and on board, recommended training at ship and corporate levels, detailed search procedures and concealment methods, cyber security risks such as social engineering and guidance on responding to drug-related incidents on board, including reporting protocols.Drug trafficking is a huge criminal enterprise, involving enormous sums of money and a complex international network of often violent and highly organised cartels and gangs. Commercial shipping is sometimes unknowingly exploited as a means of transporting illicit substances, and the shipping industry must stay vigilant, protect against misuse and remain aware that failure to do so can result in severe penalties or imprisonment for both companies and crew. The latest guidelines, developed in consultation with global authorities, aim to help shipping companies and crew identify and address drug trafficking and onboard drug abuse. The edition also covers evolving threats such as cyber risks and provides practical, up-to-date guidance to support prevention and response efforts.Source: Witherby

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https://www.hellenicshippingnews.com/vlsfo-spot-premium-inches-up-on-more-trading-momentum/

2025-04-17T00:00:00

VLSFO spot premium inches up on more trading momentum

Asia’s spot premium for very low sulphur fuel oil (VLSFO) was stable to higher on Wednesday after more trades at stronger premiums emerged.The cash differential for VLSFO was pegged at a premium of $3.50 a metric ton to Singapore quotes, with three trades done at stronger premiums compared to the previous day.However, refining margins for VLSFO eased amid volatile crude prices. The crack for May (LFO05SGBRTCMc1) fell below a premium of $9 a barrel, LSEG data showed.Meanwhile, the spot market for high sulphur fuel oil (HSFO) was largely rangebound, though cracks retained strength amid seasonal demand drivers. Singapore 380-cst HSFO crack (FO380BRTCKMc1) closed at a premium near $1 a barrel.Backwardation widened at prompt trading months across all key fuel oil grades, indicating a supported outlook for the short term.FUJAIRAH DATA– Marine fuel sales at the Fujairah port in the United Arab Emirates recovered in March, after hitting a record low in February, as per latest data. Volumes, excluding lubricants, totalled 639,811 cubic metres (about 634,000 metric tons).– Fujairah heavy fuel inventories (FUJHD04) fell 17.2% to 11.00 million barrels (1.73 million tons) in the week to April 14, showed FOIZ data published by S&P Global Commodity Insights.OTHER NEWS– Oil prices rose 1%, reversing early losses as the market took a bullish view on China’s stance on potential trade talks with the United States, though gains were capped by continuing fears that the trade war will curb energy demand.– China’s oil refinery throughput edged up 0.4% in March from a high base a year earlier, data showed on Wednesday, supported by production increases at small independent plants and higher operations at a new plant.– The Mexican government has halted U.S. fuel imports sent into the country by road, as it cracks down on illegal deals, three sources familiar with the matter said on Tuesday.– Australia’s top fuel retailer Ampol reported a 49% drop in first-quarter refining margins for its Lytton refinery in Queensland on Wednesday, citing lost production due to Cyclone Alfred and weak refining margins in Singapore — a bellwether for Asia.WINDOW TRADES– 180-cst HSFO: No trade– 380-cst HSFO: No trade– 0.5% VLSFO: Three tradesSource: Reuters

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NEGATIVE

None

Global

Other

All

Short

None

Global

Other

None

Other

Short

Positive

Minor

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https://www.hellenicshippingnews.com/pwc-completes-latest-independent-assurance-audit-of-baltic-exchange-information-services-ltd-dry-bulk-and-container-indices/

2025-04-17T00:00:00

PwC Completes Latest Independent Assurance Audit Of Baltic Exchange Information Services Ltd Dry Bulk And Container Indices

Baltic Exchange Information Services Limited (BEISL) has published its latest independent assurance reports following its most recent audit by PricewaterhouseCoopers LLP (PwC).The independent audits, which are commissioned annually by the directors of BEISL, are conducted to ensure the way Baltic Exchange assesses ocean bulk and container markets remains robust and complies with the national and international regulations, guidelines and principles it is required to adhere to. These include ensuring the controls are in place in response to the UK Benchmark Regulation, the IOSCO Principles for Financial Benchmarks, the IOSCO Principles for Oil Price Reporting Agencies, and Baltic Exchange’s own Guide to Market Benchmarks and Guide to Freightos Baltic Global Container Index.The latest reports, which is the fifth annual cycle between BEISL and PwC for Ocean Bulk and the third cycle for Container Indices, include reasonable assurance opinions by PwC over the design and operating effectiveness of BEISL’s controls, throughout the period 1 January 2024 to 31 December 2024, for its market benchmark services, including data collection, systems and processes, calculations and publishing.“Despite a period of uncertainty and volatility in both the ocean bulk and container markets, BEISL continued to provide reliable assessments to our users throughout 2024. Our latest set of audits from PwC continues to show that our data is audited, verifiable and independent, and that users have confidence that our indexes are developed in accordance with industry standards,” said Mark Jackson, Chief Executive Officer of Baltic Exchange Limited.“Baltic Exchange data is routinely used to settle physical and futures contracts, and the quality and validity of our data is a key foundation of our offering to our users. By once again partnering with PwC to assess our indexes, we continue to maintain our high standards and ensure our benchmarks are administered in accordance with industry requirements and best practice,” said Matthew Cox, Head of Benchmark Production at Baltic Exchange.“We continue to believe that ensuring our methodology and controls are independently assessed by one of the world’s leading audit firms is in the best interest of our various stakeholders, partners, clients and users around the world,” he added.Source: Baltic Exchange

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https://www.hellenicshippingnews.com/wartsila-upgrade-package-expected-to-deliver-potential-co2-emissions-savings-of-over-1500-tons-annually-for-two-ulusoy-bulk-carriers/

2025-04-17T00:00:00

Wärtsilä upgrade package expected to deliver potential CO2 emissions savings of over 1,500 tons annually for two Ulusoy bulk carriers

Technology group Wärtsilä will upgrade the Wärtsilä RT-flex main engines on two bulk carrier vessels owned by Turkey-based Ulusoy Sealines. The planned engine retrofits and upgrades will extend the vessels’ operational life and improve both performance and fuel efficiency, thereby significantly reducing emissions. The orders were booked by Wärtsilä in Q4 2024 and Q1 2025.Current regulations – such as Carbon Intensity Indicator (CII) – are requiring the majority of the merchant fleet to become more energy efficient. Therefore, the aim of the upgrade is to align the engines’ performance with the latest operational profile of the two vessels, both of which have undergone substantial changes since the initial delivery of the vessels to the market in 2011.Wärtsilä will upgrade the Wärtsilä RT-flex main engines on two bulk carrier vessels owned by Turkey-based Ulusoy Sealines – ULUSOY 11 and ULUSOY 12. © Ulusoy SealinesWith the integration of Wärtsilä Part Load Optimisation (WPLO), Intelligence Combustion Control (ICC), and Fuel Actuated Sackless Technology (FAST), a CII improvement of 5% is anticipated, equating to a 2-year extension of the CII rating. Additionally, annual fuel savings of nearly 250 tons are estimated, resulting in potential cost savings of more than 150,000 US Dollars per year, and a reduction in CO2 emissions of approximately 780 tons per year per vessel.“We continuously strive to operate our fleet in the most environmentally friendly and efficient manner possible. These engine upgrades are, therefore, very important to us and we are excited to be able to provide added value to our customers by combining existing assets with these state-of-the-art engine retrofits,” comments Capt. A.Akin OZCOREKCI/DPA–OPR MANAGER, Ulusoy Sealines.Wärtsilä has closely cooperated with Ulusoy for several years and this project is a continuation of the two companies’ joint efforts to maintain environmental and operational efficiency and comply with all relevant regulations.Wärtsilä will upgrade the Wärtsilä RT-flex main engines on two bulk carrier vessels owned by Turkey-based Ulusoy Sealines – ULUSOY 11 and ULUSOY 12. © Ulusoy Sealines“These engine upgrades will involve the integration of various solutions, both long-standing and newly developed, which are meticulously fine-tuned to achieve the highest operational improvements and maximum savings tailored to the vessel’s specific operational profile,” says Peter Knaapen, Director, 2-Stroke & Other OEM Services – Wärtsilä Marine.The delivery of the required parts and equipment for the two vessels – ULUSOY 11 and ULUSOY 12 – is scheduled to take place during the first half of 2025.Source: Wärtsilä

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https://www.hellenicshippingnews.com/v-secures-full-management-contract-with-international-seaways-for-six-dual-fuel-lng-ready-newbuild-tankers/

2025-04-17T00:00:00

V. secures full management contract with International Seaways for six dual-fuel (LNG) ready newbuild tankers

V., the global ship manager and marine services provider, has been awarded the full technical and crew management of six scrubber-fitted, dual-fuel (LNG) ready LR1 vessels by International Seaways, Inc.The contract further strengthens V.’s long-standing partnership with INSW in which V.Ships UK already manages 44 vessels in the INSW fleet, spanning VLCCs, Suezmax, Aframax, Panamax (LR1) and MR vessels.The six LR1 vessels, currently under construction at K Shipbuilding Co., Ltd. in South Korea, will be delivered over a 12-month timeframe, starting in the third quarter of 2025. The vessels stand out for their dual-fuel (LNG) ready capability, positioning them at the forefront of the industry’s drive towards more sustainable shipping operations.Commenting on the contract win, René Kofod-Olsen, Chief Executive Officer, V.Group, said: “We are delighted to further expand our relationship with International Seaways through this significant new contract. Our decade-long partnership with INSW is built on open and transparent collaboration, and this contract win is testament to the value we deliver through our comprehensive ship management and marine services.”Shubpreet Singh, Senior Managing Director, V.Ships UK, added: “We are excited to be strengthening our relationship and further growing our INSW fleet. These dual-fuel ready vessels represent the future of shipping, and we’re proud to be entrusted with their management from the moment they leave the shipyard.”William Nugent, Chief Technical and Sustainability Officer, International Seaways, commented: “This contract reinforces our long-standing collaboration with V., and recognises their position in managing advanced, environmentally progressive vessels. We are looking forward to the experienced V. team applying their expertise to these state-of-the-art vessels, ensuring they operate at the highest standards of safety, efficiency and compliance from day one.”The agreement represents another milestone in V.’s growth strategy and highlights the company’s commitment to supporting shipowners in their transition towards more sustainable and efficient vessel operations. V.’s proven track record in managing diverse vessel types positions it well to be the partner of choice for forward-thinking shipping companies across a range of market segments.Source: V.

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POSITIVE

Global

Other

LR1

None

Long

Positive

Moderate

Global

Other

LR1

All

Long

Positive

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Global

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Panamax

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Medium

Positive

Moderate

Global

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LR1

None

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Positive

Moderate

null

https://www.hellenicshippingnews.com/stena-bulk-to-register-up-to-five-suezmax-tankers-under-the-swedish-flag/

2025-04-17T00:00:00

Stena Bulk To Register Up To Five Suezmax Tankers Under The Swedish Flag

Leading tanker shipping company Stena Bulk has today confirmed its intention to register up to five of its Suezmax vessels under the Swedish flag. A Suezmax tanker is one of the largest types of tankers and is approximately 275 meters long with a gross tonnage of 81,000 tonnes. Up to five of these vessels will be the largest ships under the Swedish flag.This initiative marks Stena Bulk’s commitment to the Swedish shipping industry and reflects the Swedish government’s efforts to create a more attractive and competitive framework for shipowners operating under the national flag.In recent years, Sweden has made notable progress to improve its competitiveness as a shipping nation. Reforms such as the removal of stamp duty on ship registration, improvements to the Swedish Ship Register, and the proposal for a more competitive tonnage tax regime have created a more favourable environment for domestic investment and are now translating into concrete decisions by shipowners.The move will fill a current gap in Sweden’s maritime registry, as presently there are no Suezmax tankers currently flagged in the nation. It also reflects the evolving geopolitical landscape and the growing need for control over strategic transportation assets.Work is ongoing to ensure this transition is fully aligned with the practical realities of vessel operation. Stena Bulk is working closely with Swedish authorities and relevant trade unions to ensure all aspects – from crewing to compliance – are addressed in a way that maintains safe and efficient operations. This is a fundamental priority for the company and a prerequisite for proceeding.Stena Suede. Photo: Dan LjungsvikThe target is to complete the registration and transition process around the 1st of July 2025, subject to final administrative steps and continued constructive dialogue with all involved parties.This initiative will also support the wider maritime ecosystem in Sweden by creating demand for Swedish officers, seafarers, and maritime professionals. The presence of these vessels under the Swedish flag will further enhance Sweden’s ability to influence global maritime regulations through institutions, including the European Union and the International Maritime Organization.Erik Hånell, President & CEO of Stena Bulk, commented: “This is a natural and timely step for Stena Bulk. We are acting in line with the new conditions established by the government and responding to the clear need for greater national capacity in deep-sea shipping. We are committed to ensuring this works not only in principle, but also in practice – with safe, effective, and sustainable operations at the core.”Stena Bulk remains committed to contributing to Sweden’s long-term maritime strategy through collaboration with government stakeholders, unions, and industry actors. This development underscores how strong partnerships between public and private sectors can deliver strategic value for maritime nations.Source: Stena Bulk

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https://www.hellenicshippingnews.com/wingd-x-el-wins-first-hybrid-integration-project-for-wind-assisted-vessels/

2025-04-17T00:00:00

WinGD X-EL wins first hybrid integration project for wind-assisted vessels

Swiss marine power company WinGD is to integrate hybrid power and energy systems on four 113,600 DWT, wind-assisted tankers under construction for Union Maritime Limited (UML). The agreement marks the first time that WinGD’s X-EL Integrated Energy solution will be deployed with wind-assisted propulsion systems, ensuring optimal use of power generated by the main engine and the sails onboard.The vessels will be built by Xiamen Shipbuilding Industry Co, with WinGD configuring the hybrid power system, installing a shaft generator for the main engines, coupled with the WinGD X-EL energy management system. The system will optimise the power and electrical distribution between the engines, shaft generator in a power-take out mode and sails, allowing for efficient energy use in extended ranges and all operating conditions. The vessels are also the first on which WinGD will apply its integrated energy system to third-party main engines.WinGD’s X-EL Integrated Energy solution will be deployed with wind-assisted propulsion systemsWinGD Head of Integrated Energy Solutions Stefan Goranov said: “To maximise the energy savings from wind-assisted propulsion, operators need an energy management system that can optimise engine and electrical power in response to the available wind power. Our expertise in system integration and control of two-stroke-based hybrid energy systems enable us to optimise the efficiency and reliability of operations of a vessel with wind-assisted propulsion. UML’s new vessels will be a showcase for the efficiencies that can be achieved through holistic energy management based around the main engine.”Union Maritime Limited Head of Technical Bhuvnesh Dogra said: “Our ambition is to build the most energy efficient vessels on the market and we believe wind-assisted propulsion is a key element in achieving that. So too is effective energy management across the vessel. WinGD’s X-EL solution, managing overall energy use while using the fuel-efficient main engine to generate auxiliary electrical power, will be an important contributor to the efficiency of these vessels.”WinGD X-EL Integrated Energy Solutions have been used by vessels in service since 2022. By using the power margin of the main engine, rather than the auxiliary engines traditionally used to generate electricity onboard, the solution delivers more fuel-efficient energy production and greater flexibility in how power is managed across vessels. WinGD’s unique expertise in two-stroke engines means that the company can optimise electricity generation potential, while its state-of-the-art digital capabilities support both the configuration of the initial energy system – including its control strategies – and its subsequent management and in-service optimisation.Stefan Goranov, Head of Integrated Energy Solutions, WinGDWinGD X-EL Energy Management can tailor integrated energy systems for any vessel powered by any make of engine. Configurations can include energy storage such as batteries and fuel cells as well as other energy resources including wind-assisted propulsion.Source: WinGD

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POSITIVE

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Other

None

Global

Other

All

Long

Positive

Moderate

Global

Other

None

Other

Long

Positive

Moderate

None

Other

None

null

https://www.hellenicshippingnews.com/engine-europe-africa-fuel-availability-outlook-6/

2025-04-17T00:00:00

ENGINE: Europe & Africa Fuel Availability Outlook

Northwestern EuropeHSFO and LSMGO supplies in the ARA are normal, while VLSFO supply remains tight, a trader told ENGINE. However, securing very prompt delivery of HSFO can be difficult in the hub, with recommended lead times of 8-10 days. Lead times of 3-5 days are advised for LSMGO, while VLSFO requires up to seven days.The ARA’s independently held fuel oil stocks are down by 9% so far this month compared to March, according to Insights Global data. At 6.63 million bbls, the region’s fuel oil stocks are at their lowest so far this year.The region has imported 269,000 b/d of fuel oil so far this month, an increase from 198,000 b/d of fuel oil imported in March, according to data from cargo tracker Vortexa.Mexico (30% of the total) has emerged as the region’s topmost import source, followed by Estonia (23%), the US (15%), the UK (12%), France and Poland (8% each), Denmark (4%) and Finland (1%).The region’s independent gasoil inventories – which include diesel and heating oil – have averaged 5% lower in April thus far. The ARA hub has imported 172,000 b/d of gasoil and diesel so far this month, marking a steep decline from 346,000 b/d imported in March, according to Vortexa data.Prompt bunker supply is good in Germany’s Hamburg port, a trader said. All bunker grades require lead times of 3-5 days, consistent with the last few months.MediterraneanBunker supply in the Gibraltar Strait has improved now, after remaining tight for prompt deliveries last week. Lead times of 4-8 days are recommended for all three grades.After multiple days of adverse weather conditions, Gibraltar, Algeciras and Ceuta are now fully operational. Conducive weather is forecast in Gibraltar until Friday. However, strong winds are expected to hit the port on Saturday and Sunday, which could complicate deliveries.Similar to last week, prompt supply is tight in the port of Las Palmas, a trader said. Lead times of 12-14 days are advised for all three grades.Bunker supply is stable in other Mediterranean ports, including Istanbul, Piraeus and Malta Offshore, a trader told ENGINE.In Turkey’s Istanbul, prompt availability is good for all three grades. Lead times of 3-5 days are recommended for deliveries there.In the Greek port of Piraeus, securing bunker deliveries during the Easter weekend can be difficult, as barge operations will be suspended between 19-20 April, a source said.Malta Offshore has good bunker supply with prompt delivery dates available, a trader said.AfricaVLSFO supply remains tight in the South African ports of Durban and Richards Bay, with lead times of 7-10 days advised for the grade in both ports, according to a trader.Durban’s LSMGO supply still remains dry, a trader said. The grade has been dry since the last week of January, when suppliers ran out of LSMGO stock.Port Louis continues to have normal bunker availability. Prompt deliveries with lead times of 5-7 days are possible for VLSFO and LSMGO, while HSFO requires 7-10 days.Source: By Samantha Shaji, ENGINE, https://engine.online/news

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https://www.hellenicshippingnews.com/prostep-develops-ai-chatbot-for-the-digital-product-pass/

2025-04-17T00:00:00

PROSTEP develops AI Chatbot for the Digital Product Pass

In the future, the EU will require a digital product passport (DPP) for a large number of products. The DDP provides information about the components, materials and substances used in a product and how the product can be repaired, recycled and disposed of. PROSTEP does not only support the creation of DDPs but, as part of the Decide4ECO project funded by the German Federal Ministry for Economic Affairs and Climate Protection (BMWiK), has also developed an AI-based chatbot that makes this information available more quickly. At Hanover Trade Fair in Hanover, Germany, PROSTEP demonstrated how easy it is to find information in the DPP using the chatbot.Many companies will in the future be facing the challenge of using their numerous different data sources to generate a transparent digital product passport that is always up-to-date. This is because, from 2027 onwards, the EU Ecodesign Regulation will require them to record, manage and, if necessary, share with partners information on materials and substances, carbon footprints, resources used and the recyclability for certain groups of products, as well as operating instructions, product identification and proof of origin.“The DPP is not only intended as a tool that regulatory authorities can use to monitor the market. It should also be possible, for example, for manufacturers to use it for sustainability reporting, retailers for marketing purposes, repair shops for making repairs or for recycling, and consumers for making purchase decisions”, says Rainer Zeifang, Head of the Business Unit Software Development and AI Evangelist at PROSTEP. “Access to the DDP must therefore be as easy and flexible as possible and also support different views of the digital twin.”Experience shows that the information required to create the DPP is stored in different IT systems. Collecting this information and keeping it up to date manually would be far too time-consuming. This is why PROSTEP uses its digital thread platform, which incorporates the time-tested solutions OpenCLM for cross-domain data linking and OpenPDM for PLM integration, for the automated generation of the DPP. OpenPDM ensures access to information in the most widely used PLM, ALM and ERP systems and other enterprise applications using standardized connectors.The technical foundation for creating the DPP and exchanging relevant information is the so-called Asset Administration Shell (AAS). It describes the digital twin or the DPP in a standardized format that allows all partners in the value chain to use the information and to supplement it with their own data. PROSTEP’s new EDC connector can be used to make this data available in a Gaia-X-compliant manner in trusted data ecosystems such as Catena-X or Manufacturing-X.PROSTEP has integrated a chatbot into the solution to make it as easy as possible for different user groups to access the information in the DPP. It allows users to search for information using natural language, to aggregate it and, for example, to compare the CO2 footprint of different products. The chatbot uses generative AI methods, as we know them from ChatGPT, to access the information.Source: PROSTEP

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https://www.hellenicshippingnews.com/steelpaint-secures-major-39-vessel-order-for-stelpant-corrosion-protection-system/

2025-04-16T00:00:00

Steelpaint Secures Major 39-Vessel Order For Stelpant Corrosion Protection System

German coatings firm Steelpaint GmbH has secured a major order to supply its specialist Stelpant system for application to 20 dry bulk vessels operated by one of the world’s largest shipping companies. An additional 19 bulkers are scheduled for application next year.The Singapore-based shipping group, which manages a fleet of large bulkers totalling 16 million dwt, has worked with SteelPaint for over a decade. After initial success on a couple of vessels, the shipowner opted to apply the coating to 39 ships as part of a broad fleet maintenance initiative focused on steel preservation, reduced downtime, and operational efficiency.Previous applications found that Stelpant outperformed conventional coatings, which were quickly damaged following high mechanical stress, resulting in frequent steel replacement and recoating.Independent testing and shipowner calculations estimate that the Stelpant system can extend maintenance intervals to 2.5 years between drydockings, significantly reducing the need for steel renewal.Frequent impact from grabs and bulldozers causes significant wear to and damage to conventional coatingsDmitry Gromilin, Steel paint’s Chief Technical Supervisor, said: “Compared to competing systems, trials under extreme mechanical stress showed that Stelpant retained a protective film on high-wear, high-impact areas after more than 17 months in service. For operators, this can substantially reduce steel replacement in cargo holds, saving an estimated $4.5 million in lifecycle savings per vessel.”Vessels ranging from 70,000 to 200,000dwt will undergo coatings work at three Chinese shipyards: Youlian (Zhoushan) shipyard, Youlian (Shekou) shipyard, and Qingdao Beihai shipyard. SteelPaint Ltd (China) will supervise the application process.Li Yinlong, General Manager of Steelpaint Ltd (China) said: “Application areas will focus primarily on tank tops and lower hopper regions, where frequent impact from grabs and bulldozers can cause significant wear and damage to conventional coatings.” It is anticipated Stelpant will also be applied to hatch coamings and inner bottom plating.In each case, two 100m2 layers of the single component, zinc-rich polyurethane coating will be applied – between 7000m2 to 11,000m2 of paint per vessel.The holds of six vessels have already been coated, with Steelpaint working closely with local partners and shipyards to ensure the quality of surface preparation and application processes.Steelpaint Director Frank Müller said the order marks a “significant expansion of our partnership with this owner”.A Stelpant corrosion protection system being applied to the cargo hold of a bulk carrierHe furthered that coatings renewal programmes of this size are indicative of a shifting industry mindset that prioritizes lifecycle efficiency and performance over initial material costs.“With demand for dry bulk tonnage remaining strong, and drydock space at a premium, coatings that reduce time in the yard while enhancing structural longevity are becoming critical to competitive fleet management.”Developed in the early 1980s, Stelpant is the result of decades long research into zinc-rich polyurethane coatings designed for extreme environments.Unlike conventional epoxy systems, Stelpant combines high mechanical resilience with cathodic corrosion protection, making it especially suited for steel surfaces subject to heavy impact, abrasion, and prolonged moisture exposure. Its unique formulation allows for flexible reapplication without full system removal, enabling efficient touch-ups during regular maintenance cycles.A Stelpant coated hold after 20 months of operationFirst adopted in heavy civil engineering projects such as sluice gates and sheet piles, Stelpant has gained growing recognition in the shipping industry over the past decade for its performance in cargo holds and ballast tanks, where conventional coatings often fail prematurely.The bulk carriers included in the coatings order operate on major Asia-Pacific trade routes, moving iron ore and other minerals between Australia, New Zealand, and key markets in China and Southeast Asia. Four vessels have had already completed coatings work with three currently in progress.Source: Steelpaint

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NEGATIVE

Global

Dry

Capesize

Other

Long

Positive

Moderate

Global

Dry

Capesize

C5

Long

Positive

Moderate

Global

Dry

Capesize

C5

Medium

Positive

Moderate

Global

Dry

Capesize

Other

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/dismantling-of-first-oil-vessel-in-brazil-running-a-year-late/

2025-04-16T00:00:00

Dismantling of first oil vessel in Brazil running a year late

A dispute between state-run oil company Petrobras and steelmaker Gerdau will delay the first dismantling of an oil production vessel in Brazil by at least a year, people familiar with the matter said, in a setback for local shipyards.The operation had been hailed as a chance to reinvent Brazil’s struggling shipbuilders as industrial recyclers, generating jobs as Petrobras plans to spend $9.9 billion in the next five years to retire another 10 ships of the same kind.The 45,000 ton production, storage and offloading vessel (FPSO), called P-32, was set to wrap up its decommissioning by December 2024 under a new Petrobras sustainability program.Instead, the work began only last month, according to the head of a local metalworker’s union in Rio Grande do Sul state Benito de Oliveira Goncalves. He said a dispute between Petrobras and Gerdau over removing petroleum residues from the vessel had stalled work for more than a year.Another person familiar with the matter, who asked not to be named, said the ship arrived in the yard with 30 million liters of oily water and 270,000 liters of marine diesel on board, without a consensus on how to pay for its removal.The marine diesel has been pumped out and sold to a local refinery, Goncalves said, but the oily water still needs to be cleaned out before the hull can be broken down. By next month a firm should be hired for that work, the other person said.A Petrobras executive, who also requested anonymity, said the oil company and steelmaker were in talks without an agreement on how to split the additional costs. It was not clear who had paid for the extra services so far.Asked about the dispute, Petrobras said any contractual issues are discussed privately between the parties. Gerdau said the dismantling operation is under way, with all necessary procedures being conducted “responsibly”.Ecovix, which runs the Rio Grande shipyard, declined to comment.Gerdau acquired the P-32 and a second vessel, P-33, for an undisclosed amount in 2023, in a deal giving it the right to dismantle and recycle scrap metal from the vessel.It was a landmark contract, introducing a new business model for Brazilian shipyards that have been struggling for years. President Luiz Inacio Lula da Silva, a former metalworker, has made it a priority to generate jobs at the shipyards with Petrobras, which has also commissioned several new ships.However, the dispute over P-32 means that the Rio Grande shipyard in southern Brazil has yet to benefit from the new decommissioning work. The costs with the vessel at the shipyard have already exceeded the value of the dismantling contract signed between Gerdau and Ecovix, around 30 million reais ($5.13 million), one source said.The delay in dismantling P-32 also means that the shipyard may lose the contract to break down P-33, the source said, as it has other work lined up, including four vessels for Petrobras.Source: Reuters

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https://www.hellenicshippingnews.com/bureau-veritas-classed-cma-cgms-24000-teu-lng-dual-fuel-container-ship-delivered-at-hudong-zhonghua-shipyard/

2025-04-16T00:00:00

Bureau Veritas Classed CMA CGM’s 24,000 TEU LNG Dual-Fuel Container Ship Delivered at Hudong-Zhonghua Shipyard

Bureau Veritas Marine & Offshore (BV) announced the successful delivery of the CMA CGM SEINE, a new 24,000 TEU LNG dual-fuel container ship, by Hudong-Zhonghua Shipbuilding (HZSY) yesterday. This milestone marks the completion of the first vessel in a four-ship series, with BV providing classification and BV Solutions Marine & Offshore (BVS) providing advisory services. Designed with cutting-edge technologies, the CMA CGM SEINE represents a significant leap forward in vessel performance and a significant advancement in the shipping industry’s shift toward more sustainable, low-carbon operations in the ultra-large container ship sector.The CMA CGM SEINE plays a crucial role in CMA CGM’s low-carbon strategy. The vessel integrates a dual-fuel propulsion system supported by GTT Mark III membrane-type LNG bunker tanks, with a total capacity of 18,600 cubic meters, designed to enhance both environmental performance and operational efficiency.Measuring 399.9 meters in length and 61.3 meters in beam, the vessel has a carrying capacity of 23,876 TEU and is equipped with a WinGD W12X92DF-2.0 dual-fuel main engine, incorporating the Intelligent Control by Exhaust Recycling (iCER) system.This configuration significantly reduces methane emissions and enables compliance with IMO Tier III emission standards when operating in “Diesel + iCER mode”. BV worked closely with the engine manufacturer and the shipyard to test the parent engine and issued the Engine International Air Pollution Prevention (EIAPP) certificate, establishing a foundation for compliance across the series. The iCER system optimizes energy efficiency, achieving an Energy Efficiency Design Index (EEDI) reduction well beyond the IMO’s Tier III standards.Delivery ceremony of CMA CGM SEINE.Throughout the construction stage, BV worked closely with the shipyard’s design and quality assurance departments to reinforce inspection procedures. BV conducted a comprehensive gap analysis between the existing vessel design and BV rules, guiding the shipyard to upgrade the cargo hold fire protection system, and enhance overall fire safety.To address the critical sloshing challenges in large-volume LNG bunker tanks, BVS performed direct computational fluid dynamics (CFD) simulations. The verified pressure data was provided to the design unit for structural strength checks, ensuring the safety of the cargo containment system and hull support structure.The vessel features advanced technologies to boost operational performance and energy efficiency. Equipped with the SmartEye intelligent monitoring system and the TotalCommand full-control system, it achieves automated precision control during berthing, significantly reducing berthing time and enhancing port operations.Energy efficiency is further improved by applying variable frequency drive (VFD) technology to the engine room fans and seawater cooling pumps. Meanwhile, the WinGD Data Collection Monitoring (DCM) system offers real-time tracking and analysis for the dual-fuel main engine, supporting operational optimization.BV also supported the upgrade of BV-certified boil-off gas (BOG) compressors by conducting sea trial tests and re-issuing product certificates, facilitating seamless system commissioning and vessel delivery.Matthieu de Tugny, President of Bureau Veritas Marine & Offshore, said: “Throughout the project, BV and BVS integrated expertise in green propulsion, smart shipping, and structural safety, establishing a full-cycle collaboration mechanism with CMA CGM and Hudong-Zhonghua.“The successful delivery of CMA CGM SEINE marks the mature application of ultra-large LNG dual-fuel container ship technology and underscores BV’s leadership in marine emission reduction, smart equipment, and safety certification.”Mr. Xavier Leclercq, Vice President of CMA Ships said: “Today’s delivery of the ‘CMA CGM SEINE’ featuring LNG as fuel at such a large scale, will remain a major landmark in the shipping world and embodies the engagement of the CMA CGM group toward an ambitious decarbonization path, leading the way in our industry.“The achievement of the construction is the result of the hard work and strong cooperation between all the partners of the project: Hudong, China Shipbuilding Trading Co., Ltd, CMA CGM, Bureau Veritas and all other involved stakeholders. We would like to address our sincere thanks to the Hudong-Zhonghua shipyard and to the CSSC group for their indefectible cooperation and support during all the stages of the construction of this vessel. And our warmest congratulations to all the staff involved in the successful completion and delivery of the ship.”Image provided by CMA CGM.Mr. Xiufeng ZHANG, Vice General Manager of Hudong-Zhonghua shipyard said: “CMA CGM SEINE, as the lead ship of the four 24,000-TEU LNG dual-fuel powered container ships ordered by CMA Ships from our company, stands as a new-generation maritime “Green Giant” and “super-cargo hauler”. I wish to express sincere appreciation to the entire team of the shipowner and BV representatives stationed at our shipyard.“The newly delivered vessel named today is not only a powerful testament to both parties’ unremitting pursuit of green shipping and green shipbuilding, but also fully embodies Hudong-Zhonghua’s customer-centric approach and its core values of integrity, pragmatism, and the pursuit of excellence.”Source: Bureau Veritas

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POSITIVE

Global

Other

None

Long

Positive

Significant

Global

Other

All

Long

Positive

Significant

Global

Other

None

Other

Long

Positive

Moderate

Global

Other

None

Long

Positive

Significant

null

https://www.hellenicshippingnews.com/drewry-intra-asia-container-index-up-11/

2025-04-16T00:00:00

Drewry: Intra-Asia Container Index Up 11%

Drewry’s Intra-Asia Container Index (IACI), a weighted average of regional spot container freight rates, increased 11% in the fortnight to 15 Apr 25 to $668 per 40ft container.Intra-Asia Container Index assessment for 15 April 2025The Intra-Asia Container Index (IACI) increased 11% to $668 per 40ft container in the first half of April. This marks the first rise after seven consecutive fortnightly declines that began in mid-December.Drewry’s Intra-Asia Container Index (IACI) reports actual spot container freight rates for major intra-Asia trade routes. The Index, which will be updated fortnightly, consists of 18 route-specific indices representing individual shipping routes and a composite index. All indices are reported in USD per 40ft container.Market freight rates are collected for the following routes:Busan-ShanghaiHo Chi Minh City-ShanghaiJakarta-ShanghaiJawaharlal Nehru Port-ShanghaiKaohsiung-ShanghaiLaem Chabang-ShanghaiShanghai-BusanShanghai-Ho Chi Minh CityShanghai-JakartaShanghai-Jawaharlal Nehru PortShanghai-Jebel AliShanghai-KaohsiungShanghai-Laem ChabangShanghai-ManilaShanghai-SingaporeShanghai-Tanjung PelepasShanghai-YokohamaYokohama-ShanghaiRelated ContentIntra-Asia Container Market Insight (Annual Subscription)Source: Drewry

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NEGATIVE

Regional

Other

None

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Short

Positive

Moderate

Regional

Other

All

Short

Positive

Moderate

Regional

Other

None

Other

Short

Positive

Moderate

Regional

Other

None

Other

Short

Positive

Moderate

null

https://www.hellenicshippingnews.com/new-imo-medium-term-measures/

2025-04-16T00:00:00

New IMO medium term measures

On the 31st of March I walked into the main hall at IMO London HQ for the start of their working group session: with the goal of finalizing the regulatory measures that will decarbonize international shipping. The tangible buzz in the room on that first morning was, looking back, maybe more of a nervous energy than I realized at the time…Over the 11 days that followed we saw the IMO’s proposed regulation first being disparaged by many for its lack of ambition, before the US State Department pulled out of talks with the complete opposite reasoning, publicly rejecting any attempt to regulate GHG emissions from shipping and promising retaliation if US ships are ever taxed. Then, the night before the deadline, a group of countries led by Saudi Arabia took the floor to accuse the process of leaving them behind, to criticize the proposal itself, and to force a vote on the matter.In all the time in between – Saturday and Sunday included, and deep into the evenings – delegates from all round the world were working to bridge the gap. Finally, on the 11th of April, the Member States of the IMO were able to come together and agree on a common solution to create the regulation. The proposal was in the end supported by the EU+friends, by China, Brazil, Japan, India, and by many more countries across a broad spectrum of beliefs, values, and economic and political interests. It was not supported unanimously. A lot of work and negotiation still remains to achieve formal adoption in October this year.The regulation will impose this cost by requiring every vessel to reduce the GHG intensity of its annual fuel mix to meet set yearly targets (see Fig. 1 below). If vessels do not comply by using alternative fuels, they must purchase Remedial Units (RUs) from the IMO or Surplus Units (SUs) from other over-compliant vessels in sufficient quantity to meet the targets.• Vessels above the Base target must purchase either RUs from the IMO costing indicatively 380 USD/tCO2e or SUs from other vessels at a slightly lower cost.• Vessels above the Direct Compliance target must purchase RUs from the IMO costing indicatively 100 USD/tCO2e.• Vessels below the Direct Compliance target generate SUs which may be sold to vessels above the Base target.This regulation will require and reward vessels to phase in alternative fuels over time. Vessels continuing to burn conventional fossil fuels will now face an effective emissions cost for the full fuel consumption starting at around 20 USD/tCO2e rising to 100 USD/tCO2e in the mid-2030s, and continuing to rise thereafter.Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session. Credit: IMOThis regulation will substantially increase fuel-based costs for shipping as the large majority of vessels in the world fleet will continue to burn today’s heavy fuel and will face the added costs of buying RUs or burn substantially more expensive biofuels.The shipping industry needs such incentives because every alternative to fossil fuels is more expensive: e-fuels require a massive scale-up of renewable electricity, and sustainable biofuel feedstock is by definition limited. The IMO’s announcement will encourage further exploration of novel solutions in energy use and system efficiency that may be hard for us to imagine today.And although we in KCC have spent years now advocating a stronger and simpler regulation than this – wanting a GHG tax that reflects the real cost of carbon and fully bridges the price gap to zero-emission alternative fuels – we believe that, in the increasingly fragmented and complex world we live in, there are many reasons to celebrate the difficult birth of this regulation. It is a right step in the process which has felt, at times, like it needed a miracle to reach consensus.Source: Klaveness Combination Carriers

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NEGATIVE

Global

All

Long

Positive

Significant

Global

All

Long

Negative

Significant

Global

Other

None

All

Long

Positive

Moderate

Global

All

Long

Positive

Significant

null

https://www.hellenicshippingnews.com/vehicle-carrier-safety-forum-publishes-guidance-on-fire-response/

2025-04-16T00:00:00

Vehicle Carrier Safety Forum publishes guidance on fire response

Yesterday – the Vehicle Carrier Safety Forum (VCSF) publishes its second industry good practice guidelines entitled ‘Fire Response – High Level Guidelines’. The VCSF recognises that responding to vehicle fires onboard PCCs, PCTCs, RoRo and Ro-Pax vessels is both dangerous and challenging. These guidelines have been designed to reduce the risk to the safety of crews, passengers, the environment, the vessel and the cargo. The guideline’s sole aim is to assist vessel operators and crews to be better prepared to meet the challenges presented by vehicle fires.The Vehicle Carrier Safety Forum is a consortium of vessel operators, insurers and other industry experts, whose role is to promote safety on vessels designed to carry vehicles. The guidance is supported by industry bodies the International Group of P&I Clubs, the International Chamber of Shipping and the TT Club.The guidelines are intended to be used by vessel operators when considering their own fire response policies and procedures with a particular emphasis on using existing fixed firefighting systems to control vehicle fires early in their development.Geir Jorgensen, Chair of the IG P&I Ships’ Technical Committee, is a strong supporter of the guidelines;“These guidelines are the result of industry collaboration focused on safety. We all share a common goal of making life at sea safer, and these guidelines should be viewed as a valuable tool for operators to develop their own instructions as part of their safety management system.”Philip Bacon, Vice President Commercial Operations of Siem Shipping, who is part of the VCSF Steering Committee says“The guidance reflects a range of views and best practices which we are seeing develop in the sector and offer a framework within which operators can take steps to manage the risk within their own ecosystem. Vessel operators are concerned about fire response where a fire involves lithium-ion batteries and the guidelines are designed to incorporate response to fires involving lithium ion batteries.”Mike Yarwood, Managing Director Loss Prevention, at TT Club comments;“Our Members with port terminal operations have welcomed the opportunity, via the VCSF to contribute to guidelines that will provide the foundations for a safer response to fires in port. The guidance to carry out port drills involving port operators and fire fighters is of particular relevance to TT club members. Fire response is more complex during port operations and it is important that the ship and shore side develop a sharded plan for fire response in port.”Lional Sharon, Senior Marine Adviser at International Chamber of Shipping, commented;“ICS appreciates the work done by VCSF and recognises this guidance has a significant role to play in improving fire safety of ships carrying vehicles. In February 2025, the International Maritime Organization’s (IMO) Ship Systems and Equipment (SSE) Sub-Committee has established an action plan to enhance fire safety measures for ships carrying new energy vehicles, including Battery Electric Vehicles (BEVs), through improved fire detection, prevention, and extinguishing systems. The contents of this guidance align with the proposals by the industry and can supplement the work flow at IMO.”Full ReportSource: International Chamber of Shipping

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POSITIVE

Global

Other

None

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

Global

Other

None

All

Long

Positive

Moderate

Global

Other

None

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/engine-east-of-suez-bunker-fuel-availability-outlook-185/

2025-04-16T00:00:00

ENGINE: East of Suez Bunker Fuel Availability Outlook

VLSFO lead times in Singapore have widened to 8–12 days, up from 7–10 days last week. In contrast, HSFO lead times have shortened to 5–9 days, compared to the previous 7–11 days. LSMGO availability remains steady, with recommended lead times ranging from 2-7 days.According to the latest data from Enterprise Singapore, the port’s residual fuel oil stocks have averaged 15% higher so far this month than in March. Fuel oil imports have surged by 29%, increasing by 1.64 million bbls. This rise has far outpaced the 432,000-bbl increase in exports, resulting in a notable buildup of stock levels. On the other hand, middle distillate inventories at the port have dropped by 9% this month to 9.35 million bbls—the lowest level since January.At Malaysia’s Port Klang, VLSFO and LSMGO remain readily available, with prompt deliveries possible for smaller volumes. However, HSFO supply continues to be limited.East AsiaAvailability has improved across all grades in Zhoushan, where most suppliers now recommend lead times of 4–6 days, down from 5–7 days previously.In northern China, Dalian and Qingdao have healthy stocks of VLSFO and LSMGO, although HSFO remains limited in Qingdao. Tight supply conditions persist in Tianjin for both VLSFO and HSFO, while LSMGO availability remains steady.In Shanghai, VLSFO and HSFO are also under supply pressure, but LSMGO continues to be readily available. Further south, Fuzhou has strong availability of both VLSFO and LSMGO. Xiamen has good VLSFO supply but limited LSMGO.Prompt deliveries of VLSFO and LSMGO remain difficult to secure in Yangpu and Guangzhou.In Hong Kong, lead times for all fuel grades remain stable at around seven days, unchanged from recent weeks.In Taiwan, VLSFO and LSMGO supplies remain stable in Hualien and Keelung, with lead times holding steady at around two days, the same as last week. In Kaohsiung and Taichung, deliveries of both grades require lead times of approximately three days.Lead times for all fuel grades at several South Korean ports have shortened from 3–10 days last week to 3–6 days currently.However, bunker operations are expected to face disruptions due to high waves and strong winds in Ulsan, Onsan, and Busan from 16–21 April, in Daesan and Taean from 16–19 April, and in Yeosu from 19–21 April.Prompt VLSFO supply remains tight across several Japanese ports, including Tokyo, Chiba, Yokohama, Kawasaki, Osaka, Kobe, Sakai, Nagoya, Yokkaichi and Mizushima.LSMGO availability is generally stable, although prompt deliveries can be difficult to secure in Osaka, Kobe, Sakai, Nagoya, Yokkaichi and Mizushima. Similarly, prompt HSFO supply remains constrained across many Japanese ports. In Oita, availability of all fuel grades is subject to enquiry.OceaniaIn Western Australia, Kwinana, Fremantle, and Kembla have strong supplies of VLSFO and LSMGO, with recommended lead times of 7–8 days. In New South Wales, Sydney has ample LSMGO availability, though securing prompt HSFO deliveries remains challenging.In Victoria, both Melbourne and Geelong report abundant VLSFO and LSMGO stocks, but prompt HSFO stems are difficult to obtain. Queensland ports—Brisbane and Gladstone—also maintain sufficient VLSFO and LSMGO supplies, with lead times of 7–8 days. However, HSFO availability in Brisbane remains limited.In New Zealand, Tauranga and Auckland have adequate VLSFO stocks, and suppliers in Auckland can provide prompt LSMGO deliveries. Bunker operations in Tauranga, however, may face intermittent disruptions due to rough weather expected throughout the week.South AsiaVLSFO continues to be in tight supply at several Indian ports—Mundra, Kandla, Mumbai, Tuticorin, Chennai, Visakhapatnam, Cochin, and Haldia—reflecting conditions seen in recent weeks. LSMGO availability at most Indian ports remains subject to inquiry.Adverse weather is expected to disrupt bunker deliveries at Kandla and Sikka from 16–19 April, and at Visakhapatnam from 17–19 April.In Sri Lanka, a supplier recommends lead times of approximately eight days for all grades at ports including Colombo and Hambantota.Middle EastIn Fujairah, prompt availability remains tight despite low demand, with lead times for all grades steady at 5–7 days, the same as last week. Suppliers in Khor Fakkan report similar lead times.In Jeddah, VLSFO supply continues to be limited, while LSMGO is sufficiently available. In Djibouti, bunker supply is under pressure, with both VLSFO and LSMGO running low.At Omani ports—including Sohar, Salalah, Muscat, and Duqm—LSMGO supply remains ample.Source: ENGINE, By Tuhin Roy, https://engine.online/news

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https://www.hellenicshippingnews.com/chic-cosco-shipping-partners-with-norsepower-to-enable-a-step-change-in-the-global-rotor-sail-market/

2025-04-16T00:00:00

CHIC (COSCO Shipping) partners with Norsepower to enable a step change in the global rotor sail market

Norsepower, the global leader in wind propulsion, has signed a strategic Memorandum of Understanding (MOU) agreement with COSCO Shipping Heavy Industry Equipment (Nantong) Co., Ltd. (CHIC) to accelerate the serial production, sales, installation, and service of Norsepower Rotor Sails™ in the region.The partnership builds on Norsepower Rotor Sail™ Factory in Dafeng, China. This is the world’s first factory specializing in rotor sail manufacturing, which guarantees the needed capacity and high-quality in serial production of Norsepower’s products. Combined with this factory and Norsepower’s exclusive production hub in Poland, the new cooperation with CHIC strengthens the company’s ability to meet growing global demand.By leveraging CHIC’s extensive resources in shipbuilding and offshore equipment, the collaboration will drive innovation in wind propulsion and further integrate Norsepower Rotor Sails™ into the regional market. The partnership aims to provide shipping companies with practical, cost-effective solutions to reduce fuel consumption and emissions in line with tightening IMO regulations.Heikki Pöntynen, CEO of Norsepower, commented: “This agreement marks a significant step forward in expanding access to wind propulsion solutions in China. By combining Norsepower’s technology leadership with CHIC’s shipbuilding expertise, we are creating a strong foundation for advancing sustainable shipping. We will achieve breakthroughs in both product supply efficiency and application expansion. We look forward to building on this collaboration and exploring further opportunities together.”Zhang Jianxin, Deputy General Manager of CHIC, added: “We are excited to partner with Norsepower to advance wind propulsion technology. This cooperation will enhance innovation across product design, manufacturing, and business development, ensuring we deliver high-quality, energy-efficient solutions for the shipping industry.”With increasing regulatory pressure to decarbonise shipping, Norsepower’s partnership with CHIC underscores the growing momentum behind wind propulsion. By combining expertise and resources, both companies are committed to accelerating the adoption of sustainable products and supporting the industry’s transition to a low-carbon future.Source: Norsepower

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POSITIVE

Global

Other

All

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

Global

Other

None

All

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/baltic-index-snaps-3-day-winning-streak-on-lower-capesize-rates/

2025-04-16T00:00:00

Baltic index snaps 3-day winning streak on lower capesize rates

The Baltic Exchange’s dry bulk sea freight index fell on Tuesday, snapping a three-day winning streak due to weaker capesize rates.The main index, which tracks rates for capesize, panamax and supramax shipping vessels, fell 19 points or 1.5% to 1,263.The capesize index shed 74 points or 4.1% to 1,753.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $613 to $14,535.The panamax index rose by 18 points to 1,208, marking a one-week high.Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was up $161 at $10,873.Among smaller vessels, the supramax index broke a 14-session losing streak, adding one point to reach 937.Source: Reuters

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NEGATIVE

Global

Dry

All

None

Negative

Moderate

Global

Dry

All

None

Negative

Moderate

Global

Dry

All

Short

Negative

Minor

Global

Dry

All

None

Negative

Moderate

null

https://www.hellenicshippingnews.com/trump-tariffs-to-trigger-seismic-trade-shifts/

2025-04-16T00:00:00

Trump tariffs to trigger seismic trade shifts

The spectre of significant US import tariffs, reintroduced and expanded under a second Trump administration, is casting a long shadow over global trade routes and the international transport sector, according to analysis from maritime consultancy Drewry.The analyst warns that the proposed levies, targeting major trading partners like China, Vietnam, and the European Union, carry the potential to fundamentally “reshape trade and international transport”, demanding proactive adaptation from shippers, forwarders, and carriers alike.Drawing parallels with the previous Trump administration’s actions, Drewry highlights the tangible impact of the 2018 tariffs levied against China. Citing historical data, the consultancy points out that these measures effectively stalled growth in containerised goods flowing from China to the US. Over a six-year period encompassing the tariff implementation, volumes saw a net increase of zero percent. In contrast, Vietnam, which was not subject to those specific tariffs at the time, experienced a 45% surge in container volumes to the US during the same period, clearly benefiting from trade diversion.The sensitivity of trade flows to such protectionist measures is further underscored by academic research cited by Drewry. A 2024 study by Haberkorn et al., examining the 2018-19 US tariff hikes on Chinese goods, found a direct correlation: “A 1% increase in US tariffs resulted in a 1% decline in trade, one year after tariff imposition.” This finding reinforces the significant potential impact of the much higher tariffs proposed under what Drewry terms the “Trump 2.0” scenario.‘Broad, but uneven’ approachThe tariffs outlined in the potential “Trump 2.0” playbook, as detailed by Drewry, represent a dramatic escalation.Unlike the more targeted approach of the first administration, these proposed tariffs would apply broadly but unevenly across trading partners. China faces a particularly steep increase, with a proposed 34% tariff potentially being stacked atop the previous 20%, resulting in a effective tariff rate of 54%. Perhaps more surprisingly, Vietnam, a key beneficiary of the previous trade shifts, is now targeted with a proposed 46% tariff, signalling a major policy shift that could reverse its recent gains.However, the proposed tariff structure isn’t uniformly punitive across Asia. Drewry notes that some nations appear to be treated more favourably under this potential regime. The Philippines, for instance, faces a proposed tariff of “only” 17%, while Malaysia is looking at 24% and South Korea at 25%. This differential treatment is expected to trigger significant strategic realignments within regional supply chains.Drewry anticipates that the “much higher US tariffs on Chinese goods will prompt favoured Southeast Asian nations like the Philippines and Malaysia to prepare for an influx of factories relocating”. This isn’t merely a speculative possibility; the consultancy observes that countries already well-positioned within global value chains, including Vietnam (despite the proposed tariffs), Thailand, Malaysia, Indonesia, and the Philippines, have been actively courting investment, particularly in high-value sectors like electronics and automotive manufacturing. The proposed tariffs would likely accelerate this trend, forcing companies reliant on Chinese manufacturing for the US market to seriously consider shifting production to these comparatively lower-tariff locations.The potential fallout isn’t confined to US import dynamics. Drewry notes that major economic blocs, specifically “China and the European Union have said that they will retaliate”. This indicates a strong likelihood of tit-for-tat measures, meaning trade friction could impact goods flowing in both directions between the US and these key partners, broadening the scope of disruption.While acknowledging that these “new radical trade policies will cause pain to some economies and businesses”, Drewry also points out that “others may gain because of shifts in trade flows”.This creates a complex landscape of winners and losers. Furthermore, the resulting turbulence within the shipping container industry could have an “asymmetric impact on carriers and shippers in the short run”. This echoes recent market dynamics where disruptions, such as those caused by the Covid-19 pandemic and Suez Canal blockages, coupled with strong demand, led to periods of “supernormal profits for carriers”, often at the expense of shippers facing high rates and capacity constraints.A crucial distinction Drewry makes between the previous tariff rounds and the potential “Trump 2.0” scenario concerns overall trade volume. “Whereas last time tariffs shifted trading patterns around while volumes continued to grow,” the consultancy warns, “a tariff-fuelled US recession could also see ocean volumes dip.” This raises the stakes considerably; instead of merely rerouting trade, the new policies could lead to an overall contraction in global shipping demand, particularly if they contribute to a broader economic slowdown in the US.Need to pivotIn this volatile environment, Drewry emphasises the need for strategic adaptation across the logistics chain. “Carriers will need to rethink their strategies and business models”, the analysis states, suggesting a necessary pivot towards “adapting to new realities prioritising protectionism, regional trade and strategic alliances over the previously unfettered flow of goods and services across borders”.For shippers navigating this uncertainty, Drewry offers several key recommendations. Firstly, businesses must undertake a thorough “review and where possible divert sourcing”, actively exploring alternative suppliers and countries of origin less exposed to high tariffs. This necessitates a deep dive into the “logistics of new sourcing locations”, analysing the transport infrastructure, lead times, and associated costs of shifting production or procurement. The complexity of navigating varied and changing tariff regimes also means companies may need to “hire more tariff experts” to ensure compliance and optimise duty exposure. Crucially, shippers must “anticipate and plan for volatility in transport capacity and rates”, building resilience into their supply chains to withstand potential fluctuations in shipping availability and cost.Furthermore, Drewry advises shippers to conduct detailed impact assessments. These should consider scenarios such as “possible lower freight rates from lower volume growth” if tariffs dampen overall demand but also brace for “possible higher freight rates from US penalties on China-built ships” – a specific potential measure that could inflate operational costs for carriers using such vessels.Shippers also need to evaluate the risk of a “possible fall in US port coverage by carriers”, as shipping lines might consolidate services or alter rotations in response to changing trade patterns and volumes, potentially affecting accessibility and inland transport costs.Carrier concernsCarriers and forwarders face their own set of strategic imperatives. Drewry suggests they must “recalibrate transport capacity by route to and from the US”, adjusting vessel deployment and service frequencies to match shifting demand patterns. Given the potential friction in the US market, carriers are advised to “look for new markets outside the US”, diversifying their geographical focus to mitigate reliance on potentially contracting trans-Pacific or trans-Atlantic trades. Aligning operations with market realities might also necessitate difficult decisions, including potentially needing to “consider capacity reductions to match lower volume growth” overall if a tariff-induced slowdown materialises.Addressing the specific threat of penalties on vessels built in China, Drewry suggests carriers should proactively “introduce a fair pass-through mechanism” to transparently manage and allocate these potential additional costs to customers. As a potential mitigation strategy, carriers might even need to “divide their fleet of ships (artificially) between ships ‘subject to’ and ‘not subject to’ US penalties”, creating operational distinctions to manage exposure on US-related trade lanes.Drewry’s analysis paints a picture of significant potential upheaval. The proposed scale and scope of “Trump 2.0” tariffs, targeting not just China but also previous beneficiaries like Vietnam, coupled with the threat of retaliation, signal a potential move away from predictable global trade flows towards a more fragmented, protectionist, and volatile landscape.Source: Baltic Exchange

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NEGATIVE

Global

Other

All

None

Negative

Significant

Global

Other

All

None

Negative

Major

Global

Other

None

All

Short

Negative

Moderate

Global

Other

All

None

Negative

Significant

null

https://www.hellenicshippingnews.com/shipowners-and-recyclers-ask-basel-cop-for-removal-of-obstacles-to-safer-ship-recycling/

2025-04-16T00:00:00

Shipowners and recyclers ask Basel COP for removal of obstacles to safer ship recycling

BIMCO has drafted a paper to submit to the Conference of the Parties to the Basel Convention (BC COP-17), asking for more clarity and for obstacles to be removed as the Hong Kong Convention enters into force in two months.The paper has been prepared by BIMCO’s recently established Ship Recycling Alliance, which represents both the global shipping as well as the main ship recycling industries located in Bangladesh, India, Pakistan and Türkiye.With the document, the Alliance aims to present a full overview and increase the understanding of the process up until today. It warns that current inconsistencies between the two conventions affecting ship recycling will slow down progress.On 26 June 2025, the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (the Hong Kong Convention) will enter into force alongside the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal (the Basel Convention).The Hong Kong Convention offers significant advancement in harmonising global standards of the ship recycling industry. This includes an improved reporting system for ships destined for dismantling and an approach to address the ships’ entire lifespan as opposed to only addressing end-of-life ships via the BC’s Prior Informed Consent (PIC) Procedure.“The Hong Kong Convention is only two months from entering into force. While it is crucial for the future of safe and sound ship recycling, for people and the environment, inconsistencies and contradictions between the conventions still exist. If these obstacles are not removed, we fear it will slow down the progress of improving the global ship recycling industry,” says David Loosley, BIMCO Secretary General & CEO.Currently, there are several overlaps and conflicts with the provisions of the Basel Convention. One important example is that the Hong Kong Convention relies on the concept of the flag State and the recycling State. This contradicts the Basel Convention’s procedures that focus on exporting and importing States.The Alliance stresses that the current documents on the table, among which is the International Maritime Organization’s provisional guidance, is not yet sufficient. While Article 11 of the Basel Convention allows for Parties to enter bilateral, multilateral, or regional agreements that ensure environmentally sound management of hazardous wastes, it is not considered a viable long-term solution for ship recycling.“The interplay between the two conventions will result in significant challenges for ship recycling. We ask that all States which are both party to the IMO and to the Basel Convention urgently examine the conflicts and agree on solutions. The shipping and ship recycling industries need a harmonised approach that can ensure a coherent set of regulations,” Loosley says.In that process, the co-existence of UN Conventions also needs to be better defined and the interplay between the ship and the shore urgently needs to be further clarified.Source: BIMCO

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NEGATIVE

Global

Other

All

None

Global

Other

All

Long

None

Global

Other

None

All

Long

Positive

Moderate

Global

Other

All

None

null

https://www.hellenicshippingnews.com/pronounced-spike-in-low-level-crimes-in-singapore-straits/

2025-04-16T00:00:00

Pronounced spike in low-level crimes in Singapore Straits

The ICC International Maritime Bureau (IMB) has revealed a rise in global piracy and armed robbery incidents in the first quarter of 2025 – driven by a spike of incidents in the Singapore Straits.A total of 45 cases of piracy and armed robbery against ships were recorded in the first three months of 2025 – an almost 35 percent increase compared to the same period in 2024.Of the incidents reported, 37 vessels were boarded, four were hijacked and four had attempted attacks. The threat to crew safety remains high with 37 crew members taken hostage, 13 kidnapped, two threatened and one injured.Rise of incidents in Singapore StraitsThe Q1 report highlights a spike in recorded incidents in the Singapore Straits as 27 incidents were reported from vessels transiting these waters compared to seven for the same period in 2024.While most incidents were considered low-level opportunistic crimes, crew members were at great risk with guns reported in 14 incidents. In 2024, guns were reported in 26 incidents globally. Ten crew members were taken hostage in six separate incidents, two were threatened and one was reported injured.Ninety-two percent of all vessels targeted in the Singapore Straits were successfully boarded, including nine bulk carriers and tankers over 100,000 deadweight tonnage in size.IMB Director Michael Howlett said: “The reported rise of incidents in the Singapore Straits is concerning, highlighting the urgent need to protect the safety of seafarers navigating these waters. Ensuring the security of these vital routes is essential and all necessary measures must be taken to safeguard crew members.”Caution advised in the Gulf of GuineaAlthough the number of reported incidents within the Gulf of Guinea waters and adjoining littoral states continues to be at its lowest in nearly two decades, the IMB urges continued caution as crew members remain at risk.All 13 kidnapped crew were reported in these waters in two separate attacks – with a total of six incidents reported in the first quarter of the year. In March, pirates hijacked a bitumen tanker southeast of Santo Antonio, in Sao Tome and Principe, kidnapping 10 crew members – while a fishing vessel south of Accra, Ghana, was boarded by armed pirates who kidnapped three crew members.“While we welcome the reduction of incidents, the safety of crew members in the Gulf of Guinea remains at greater risk. It is essential to maintain a strong regional and international naval presence to address these incidents and ensure the protection of seafarers,” Mr. Howlett said.Somali piracy threat remainsBetween 7 February and 16 March 2025, two fishing vessels and a dhow were hijacked off the coast of Somalia. In these incidents, 26 crew members were taken hostage, demonstrating the continued capabilities of Somali pirates. Reports indicate all crew have been released along with the vessels.The IMB advises ships navigating these waters to exercise caution and to strictly follow the latest version of the Industry Best Management Practice (BMP).Source: ICC International Maritime Bureau (IMB)

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NEGATIVE

Global

Other

All

Other

None

Negative

Moderate

Global

Other

All

None

Negative

Moderate

Global

Dry

Capesize

Other

Short

Negative

Moderate

Global

Other

All

Other

None

Negative

Moderate

null

https://www.hellenicshippingnews.com/the-imo-confirms-the-methane-pathways-role-in-shippings-decarbonisation/

2025-04-16T00:00:00

The IMO Confirms The Methane Pathway’s Role In Shipping’s Decarbonisation

SEA-LNG congratulates the IMO and its delegates on reaching the agreement on a regulatory framework for GHG emissions reductions last Friday. We are pleased to see that the IMO has held firm to its principles of goal-based, technology neutral regulation. While many details need to be decided this provides a clear decarbonisation framework for the global shipping industry and will enable all fuel pathways, be they methane (LNG), methanol or ammonia, to compete on a level playing field.The framework, assuming it is adopted in October, means that ship owners can confidently continue to invest in LNG-dual fuel engine technologies, secure in the knowledge that the LNG, or more accurately, methane pathway to decarbonisation is recognised by the IMO. A pathway that is practical, realistic, scalable and low cost compared with those offered by other alternative marine fuels. Critically, on the supply side, the proposed regulations will further incentivise the growth we are seeing in liquefied biomethane bunkering and catalyse additional investments in e-methane.Source: SEA-LNG

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POSITIVE

Global

Other

All

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

Global

Other

None

All

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/dht-holdings-inc-business-update-2/

2025-04-16T00:00:00

DHT Holdings, Inc. Business Update

DHT Holdings, Inc. today provides the following business update:For the first quarter of 2025, the Company estimates time charter equivalent earnings for its fleet at $38,200 per day, comprising of $36,300 per day for the Company’s VLCCs operating in the spot market and $42,700 per day for the Company’s VLCCs on time charter. The estimated time charter equivalent earnings are based on 2,077 revenue days for the first quarter, of which 1,465 days are spot days.Thus far in the second quarter of 2025, 56% of the available spot days have been booked at an average rate of $48,700 per day on a discharge-to-discharge basis. 73% of the available revenue days, spot and time-charter days combined, have been booked at an average rate of $45,100 per day.In March 2025, the Company entered into a one-year time charter contract for DHT Tiger, built 2017, with a global energy company. The time charter contract has a rate of $52,500 per day. DHT Tiger was delivered into the time charter contract at the end of March 2025.In April 2025, the Company entered into a seven-year time charter contract for DHT Appaloosa, built 2018, with a global energy company. The time charter contract has a fixed base rate of $ 41,000 per day plus an index-based profit-sharing structure calculated on the ship’s specifications. All index-based earnings in excess of $41,000 will be shared equally between the customer and DHT. The customer has the option to extend for two additional years. DHT Appaloosa is expected to deliver into the time charter contract in May 2025.Source: DHT Holdings, Inc.

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NEGATIVE

Global

Other

Long

Positive

Moderate

Global

Other

VLCC

All

Long

Positive

Moderate

Global

Other

VLCC

Other

Medium

Positive

Moderate

Global

Other

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/asyad-shipping-below-water-as-stabilisation-ends/

2025-04-16T00:00:00

Asyad Shipping below water as stabilisation ends

Volatile global markets meant it was perhaps inevitable that newly listed Asyad Shipping would need support from stabilisation following its IPO, though Omani companies haven’t always had the easiest debuts of late anyway.Asyad Shipping is the first Omani IPO to include stabilisation and a brownshoe was used. The company allocated up to OR10m of proceeds to stabilisation manager Ubhar Capital to support the shares.Ubhar spent OR8.38m in stabilisation, shrinking the IPO to OR119.7m (US$310.9m).Purchases were made at the OR0.123 issue price and OR0.118. The price range for the IPO was OR0.117–OR0.123 and shares on Monday closed down 0.9% at OR0.116.The IPO initially saw 1.04bn shares sold, representing 20% of the company, in a process run by joint global coordinators EFG Hermes, Oman Investment Bank, Jefferies, JP Morgan and Sohar International and joint bookrunners Credit Agricole/Kepler Cheuvreux and Societe Generale.Shares had traded at or just above issue following the March 12 debut until dropping 4.8% to OR0.118 on April 7.Asyad receives around 51% of time charter equivalent revenue from oil and gas, and oil-exposed local peers have been particularly hit by the fallout from US president Donald Trump’s tariff announcements, with OQ Exploration and Production down 13.8% and Abraj Energy Services down 3.1% since markets reopened on April 6 following Eid al-Fitr.Energy names including Aramco and Adnoc Drilling led indices lower last week with losses of more than 5% in a single day.The first Omani deal to include stabilisation used the model from the UAE due to both countries lacking any legal safe harbour from market manipulation rules for a greenshoe run by syndicate banks. Instead both countries use a brownshoe with a third party as stabilisation manager.Source: IFR

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NEGATIVE

None

National

Other

All

None

Negative

Moderate

National

Other

None

Other

None

null

https://www.hellenicshippingnews.com/asia-fuel-oil-spot-benchmarks-stable-market-eyes-hsfo-tenders/

2025-04-16T00:00:00

Asia Fuel Oil: Spot benchmarks stable; market eyes HSFO tenders

Spot benchmarks in Asia’s fuel oil market were largely unchanged on Tuesday, while the market eyed some sales tenders for high sulphur fuel oil (HSFO).Kuwait’s KPC offered two cargoes of HSFO, each of 60,000 metric tons, for loading in late April. The tender, which closes on Tuesday, came on top of India’s HPCL tenders this week.Cash differentials for HSFO have shown some recovery in Asia, though gains remained capped with the ample supply situation. The Singapore 380-cst HSFO cash differential was pegged at a discount near $1 to Singapore quotes on Tuesday.Meanwhile, cash differentials for very low sulphur fuel oil (VLSFO) rose slightly on Tuesday, while two trades emerged.Separately, Taiwan’s Formosa offered one cargo of main column bottoms for loading in late May, via a tender that closes on Wednesday.Total fuel oil arrivals for Asia are expected to breach 5 million tons this month, calculations based on LSEG ship-tracking data showed Tuesday. The volumes still compared lower versus 6.5 million tons last month.Western arbitrage supplies are stable month-on-month at above 2.7 million tons, while Middle Eastern arrivals appeared lower at slightly above 1 million tons for now. Regional supplies within Asia look set to edge higher from last month.JAPAN REFINERY UPDATES– Eneos Corp restarted the 129,000 barrel-per-day (bpd) crude distillation unit (CDU) at its Chiba refinery near Tokyo on April 7, following scheduled maintenance, a company spokesperson said on Tuesday.– Fuji Oil restarted the 143,000 barrel-per-day crude distillation unit at its Sodegaura refinery on March 27, after shutting it down due to a fire, a company spokesperson said on Tuesday.– Taiyo Oil restarted both crude distillation units at its 138,000 barrel-per-day (bpd) Shikoku refinery in western Japan in early March following scheduled maintenance, a company spokesperson said on Tuesday.OTHER NEWS– Oil prices inched higher on Tuesday, supported by new tariff exemptions floated by U.S. President Donald Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply.– The International Energy Agency on Tuesday sharply cut its forecast for the growth in global oil demand this year, citing escalating trade tensions, a day after a similar step by producer group OPEC.– Russia has ample motor fuel inventories to offset possible shortages during refinery maintenances, an official at the energy ministry said on Tuesday.– Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher U.S. tariffs, according to a government source directly involved with the proposal and a refinery executive.WINDOW TRADES– 180-cst HSFO: No trade– 380-cst HSFO: No trade– 0.5% VLSFO: Two tradesSource: Reuters

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https://www.hellenicshippingnews.com/ilo-delivers-on-key-worker-rights-and-fair-treatment-for-seafarers/

2025-04-16T00:00:00

ILO Delivers On Key Worker Rights And Fair Treatment For Seafarers

The fifth meeting of the Special Tripartite Committee (STC) of the MLC concluded last week with some hard-fought achievements for seafarers, led in the negotiations by ITF Seafarers’ Section Vice Chair, Mark Dickinson.Noteworthy amongst the amendments adopted was the designation and recognition of seafarers as key workers “… to facilitate their safe movement when travelling in connection with their employment or work, including, but not limited to, access to shore leave, repatriation, crew changes and medical care ashore.”Deirdre Fitzpatrick, the CEO of Seafarers’ Rights International (SRI) commented: “This is a very significant win. SRI has long advocated for seafarers to be designated as key workers and in the end it was a tribute to tripartism that an amendment could be achieved. States now must meaningfully implement and enforce this historic amendment.”Deirdre Fitzpatrick, CEO of SRIAnother significant win for seafarers and shipowners was the inclusion in a mandatory Standard of the Code of the two sets of ILO/IMO Guidelines on Fair Treatment of Seafarers in the event of a marine casualty or detention of seafarers in connection with alleged crimes. “This has been a hot topic for over 20 years and now it can be hoped that seafarers who find themselves in a nightmare situation of investigation, detention or criminal charges in connection with their professional work will be able to expose any injustices that they face. For too long this subject has been talked about without any meaningful accountability to the seafarers for any unfair treatment,” said Fitzpatrick.Out of the 16 proposed amendments before the Committee, other amendments adopted included better protection around repatriation, shore leave, medical care, recruitment and placement, health and safety protection and the elimination of violence and harassment.In an opening statement to the meeting, SRI as an Observer delegation referred to this STC “taking place at a time of colossal change and unpredictable outcomes… We have hot wars, cold wars, trade wars, disruptions of current trading patterns and the emergence of new trading patterns. These can impact the MLC. Covid impacted the MLC. And now we are in a sea of even greater change. It is a very different world to the decade when the MLC was first negotiated”.The fifth meeting of the Special Tripartite Committee (STC) of the MLC, held in Geneva. Image courtesy of the International Maritime OrganizationThe MLC has achieved great success. But further work is needed to secure better implementation and enforcement of the Convention. In a worldwide study of the MLC conducted by SRI, SRI’s research showed that the implementation and enforcement of the MLC around the world is only about 65% effective. “The MLC is not yet being strictly and evenly enforced around the world. The global playing field is not yet level,” said Fitzpatrick.Source: ILO

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POSITIVE

Global

Other

All

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

Global

Other

None

All

Long

Positive

Minor

Global

Other

All

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/intercargo-responds-to-imos-decision-on-ghg-reduction-measures/

2025-04-16T00:00:00

INTERCARGO Responds to IMO’s Decision on GHG Reduction Measures

At last week’s landmark MEPC 83 meeting, the International Maritime Organization (IMO) Member States assumed responsibility and agreed on a medium-term greenhouse gas reduction measure that differs from the levy-based approach INTERCARGO and industry partners have advocated for many years.INTERCARGO Secretary General, Kostas Gkonis commented, “INTERCARGO is concerned about the complexity of the measure taken forward by IMO, disregarding calls for a simple, practical and therefore predictable, enforceable, and effective approach.”He continued, “Despite these challenges, our Association remains committed to supporting the IMO process and its implementation. We will make every effort to help the industry progress toward the fair and practical transition required for international shipping and the dry bulk sector.”INTERCARGO will continue providing constructive input to IMO as this work progresses, aligned with IMO’s ambition to achieve decarbonisation goals for international shipping as the global regulator. Our industry needs global solutions that are transparent and simple to administer, especially for the small and medium-sized companies that form its backbone, rather than fragmented regional measures.Nevertheless, INTERCARGO welcomes the progress made by Member States in reaching a decision at IMO. As the voice of the dry bulk shipping sector—the largest by number of vessels and deadweight tonnage, with bulk carriers serving as the backbone of international tramp shipping—INTERCARGO remains committed to supporting the IMO’s efforts toward a just and effective energy transition.Source: INTERCARGO

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https://www.hellenicshippingnews.com/reefblocks-advancing-biodiversity-and-coastal-protection/

2025-04-16T00:00:00

Reefblocks: Advancing Biodiversity and Coastal Protection

Two years after the installation of the ‘Rotterdam Reef,’ the consortium of Rijkswaterstaat, the Municipality of Rotterdam, Boskalis, and Reefy proudly presents the results: the Reefblocks technology, developed by sustainable startup Reefy, successfully combines wave and erosion protection with enhanced biodiversity. The project proves that infrastructure development and nature restoration can go hand in hand.Reefblocks: Where Engineering Meets Ecosystem RestorationIn 2023, 17 Reefblocks were installed in the Port of Rotterdam’s busiest shipping channel near Rozenburg, creating the modular Rotterdam Reef. These concrete blocks form the backbone of a living reef. Each block, measuring 3 meters in length and weighing 6 tons, is designed to withstand heavy wave impacts while fostering a vibrant underwater landscape. Featuring tunnels, shaded passages, and rough textures, the structure creates a dynamic ecosystem where fish, crabs, and shrimp can thrive, offering protection for both coastlines and marine life.Reefy Founders – Left to right, Jaime Ascencio & Leon HainesThe project’s success is credited to strong collaboration among partners. Boskalis led the installation of the Reefblocks, drawing on their expertise in hydraulic engineering and coastal defense. Rijkswaterstaat championed the initiative for nature-inclusive infrastructure in the Port of Rotterdam. The Municipality of Rotterdam supported innovation and ecological monitoring, gathering valuable environmental data. Reefy developed the modular technology, seamlessly merging coastal protection with ecosystem restoration.Ecological Impact: A Thriving Underwater WorldReefblocks are revitalizing the Port of Rotterdam’s busiest shipping channel: more species, cleaner water, stronger ecosystem.• A Haven for Marine Life: Monitoring shows the reef offers shelter to a variety of marine species, including fish, crabs, and shrimp.• Boost in Biodiversity: The rough surfaces of the Reefblocks encourage the growth of shellfish and algae, leading to three times higher biodiversity compared to standard concrete.• eDNA Research Insights: Studies confirm the Port of Rotterdam’s main channel serves as a crossroads for freshwater, saltwater, and migratory fish species. The Reefblocks support fish migration and naturally enhance water quality through filtration.• Improved Water Quality and Ecosystem Health: The open structure of the Reefblocks promotes continuous water circulation, creating a healthy habitat for aquatic organisms.Technical Performance: Demonstrating Durability and ProtectionDrone image ReefReefblocks have proven their strength in extreme weather and are ready for broader deployment.• Storm Resilience: All 17 Reefblocks remained stable during severe storms, including Storm Poly (July 2023).• Wave Attenuation: The reef structure reduces wave action and promotes sediment build-up behind it, contributing to coastal protection and erosion prevention.• Stronger Shorelines: The Reefblocks enhance the resilience of coastlines against storms and flooding.• Ready for Global Application: The innovation is prepared for larger-scale rollouts worldwide.Through this project, the consortium contributes to meeting the goals of the European Water Framework Directive, aimed at improving habitats for plants and animals and enhancing overall water quality.Reefy:“This project proves that nature and infrastructure can truly strengthen each other. The Reefblocks offer a sustainable, scalable solution for water safety and ecological restoration. We are ready to scale the technology globally and are already working on projects ranging from rivers in the Netherlands to the tropical Caribbean in Mexico!”Reef in action with Famous Maeslantkering on the backdrop– Leon Haines, Co-founder and CTO of ReefyRijkswaterstaat (Ministry of Water and Infrastructure):“Rijkswaterstaat values hydraulic innovations that contribute to ecological restoration. Thanks to strong collaboration with the Municipality of Rotterdam, Reefy, and Boskalis—and the motivation of all involved—we turned our ambition to innovate into a successful pilot. The knowledge gained opens new opportunities for the future.”– Ehsan Nouzari, Environmental Manager, Water Framework Directive, RijkswaterstaatFish sheltering in ReefblockMunicipality of Rotterdam:“Our collaborative approach has yielded a great result, offering opportunities for national and international upscaling. Learning by doing helped us bridge the gap from lab testing to real-world application, where concrete and biodiversity work hand in hand.”– Petra de Groene, Director of Economy and Sustainability, Municipality of RotterdamBoskalis:“The motivation and collaboration among all partners were crucial to this pilot’s success. At Boskalis, we developed a specialized grab tool to efficiently install the Reefblocks, providing not only a practical solution but also valuable field experience. This project showcases how innovation and teamwork can drive sustainable marine engineering solutions.”– Samantha Haage, Program Lead Artificial Reefs at BoskalisSource: Boskalis

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https://www.hellenicshippingnews.com/caribe-tankers-to-trial-inmarsat-nexuswave-for-connected-certainty-and-enhanced-crew-welfare/

2025-04-16T00:00:00

Caribe Tankers To Trial Inmarsat Nexuswave For Connected Certainty And Enhanced Crew Welfare

Inmarsat Maritime, a Viasat company, has announced Caribe Tankers USA, Inc (CTU) will trial Inmarsat’s fully managed bonded connectivity service, NexusWave, on board the chemical tankers Caribe Maria and Caribe Luna: as the US-based company seeks an ultra-reliable solution to best serve operational and crew connectivity.By combining multiple network underlays in one fully managed, bonded solution, Inmarsat’s NexusWave enables applications to leverage the aggregate capacity of all available networks rather than relying on one underlay at a time. This unique network-bonding approach allows NexusWave vessels to maintain a seamless, consistent connection to high-speed internet with global coverage, unlimited data, and managed performance levels.As a result, this new technology will allow vessels to meet new connectivity demand and crew can enjoy a home-like connectivity experience whether the ship is sailing in open waters or anchored at a busy port. This in line with Caribe Tankers’ objective as the company looks to retain and attract the best seafaring talent.Chemical tanker Caribe LunaJason Holden, CTU Manager, said: “As a 24/7 commercial and operational shipping management company, we understand the importance of being able to communicate at any time to and from the vessels for business demands. More importantly, providing crew fast and reliable internet has notably improved productivity on board.Reliable, high-speed Internet is an increasingly important ingredient in fostering a happy, loyal and healthy working environment. Evidence suggests that Inmarsat’s NexusWave will meet our requirements for crew as well as operational connectivity. We look forward to seeing the results of our collaboration.”The decision to trial Inmarsat NexusWave also reflects Caribe Tankers’ requirements for reliable and consistent communication services, where the company considers certainty in the connectivity a requisite for supporting daily operational needs.Logan Murray, Account Manager, Inmarsat Maritime, said: “Caribe Tankers’ using NexusWave is the latest endorsement of the power of bonded connectivity. Our fully managed solution delivers unparalleled speeds and reliability – with the convenience of working with a single trusted partner that understands the maritime industry’s unique challenges. For operators, this means certainty and connected confidence regardless of the size of their fleet and the nature of their operations.”Source: Inmarsat

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https://www.hellenicshippingnews.com/itic-boosts-2025-continuity-credit-to-support-members-amid-global-economic-uncertainty/

2025-04-16T00:00:00

ITIC boosts 2025 continuity credit to support members amid global economic uncertainty

In a bold show of support for its members during a time of increased global economic uncertainty, International Transport Intermediaries Club (ITIC) is increasing its continuity credit for the 2025 policy year. This strategic move offers meaningful economic relief, rewards member loyalty, and reinforces ITIC’s long-term commitment to retention and its ‘members-first’ mutual ethos.For the 31st consecutive year, ITIC members will receive a premium credit to be applied against 2025 insurance premiums, under the following structure:A 35% credit for those members renewing for one yearA 45% credit in the first year for those members renewing for two years, with a guaranteed minimum credit of 30% in the second yearThis marks the second-highest continuity credit ever offered in ITIC’s 100-year history and represents a significant increase from the previous year’s credit of 20% (one-year) and 30% (two-year).The increase reflects ITIC’s strong financial position, with combined free reserves exceeding US$260 million across ITIC and its reinsurer, TIMIA. These reserves are well above regulatory solvency requirements, underpinned by sound governance, profitability, and prudent financial management. This financial strength allows ITIC to remain a stable partner for its members.“We are very pleased to share the news with our members about this year’s continuity credit, which is one of the highest credits ever provided,” said Alistair Mactavish, Chief Underwriting Officer at ITIC.Caption: Alistair Mactavish, Chief Underwriting Officer at ITICImage credit: ITIC“In an increasingly difficult economic landscape, our members can depend on us not just for protection, but for real, measurable support that rewards their loyalty and long-term trust in ITIC,” he added.Continuity credits have been a hallmark of ITIC’s mutual status, with over US$206 million returned to members to date. These credits directly reduce the cost of insurance and serve as a key incentive for members to remain with ITIC over time, strengthening long-term relationships and aligning the interests of ITIC with those it insures.The boards of ITIC and ITIC Europe (ITIC’s EEA-based subsidiary insurer) believe that the continuity credit should be the method used to distribute excess free reserves. Furthermore, they are committed to maintaining the continuity credits at a sustainable level for future years.“The continuity credit increase comes with no general premium rise for the 2025 policy year, highlighting our consistency, reliability, and ‘members-first’ philosophy,” Mactavish concluded.With over 3,650 members worldwide, all those who renew within the 2025 policy year will benefit from this capital distribution, further reinforcing ITIC’s role as a true partner to the global transport intermediary community.Source: ITIC

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https://www.hellenicshippingnews.com/datamondial-launches-new-ai-driven-service-for-processing-ocean-freight-rates/

2025-04-16T00:00:00

DataMondial launches new AI-driven service for processing ocean freight rates

DataMondial, a leading player in the world of data and document processing, proudly announces the launch of its latest innovative service: an AI-powered robotisation system for processing ocean freight rates. This new service is designed to help logistics providers manage their ocean freight rates and prepare proposals faster, more efficiently, and with greater accuracy.With the introduction of this AI-driven service, DataMondial is taking a significant step in expanding its services and supporting the digital transformation of the logistics industry. The new method transforms what is currently a time-consuming process—handling rate sheets from shipping lines—into an efficient, digital, and error-free workflow. Manual entry is reduced to an absolute minimum.No more frustrationsBurt Propsma, founder and owner of DataMondial, explains:“Freight forwarders and other logistics professionals who work daily with complex rate sheets from various carriers know the frustration—long processing times due to manual handling and the risk of errors. We’ve developed an AI-powered solution to improve this, allowing logistics companies to spend more time serving their customers. Our new service drastically shortens the turnaround time for customer proposals. We’re very proud of our team that developed this AI-powered system.”DataMondial-Burt Propsma-Founder & OwnerAny data that cannot be processed by the AI system is handled by DataMondial’s dedicated ocean freight rates team, enabling the company to offer a 100% processing guarantee to its customers. Propsma adds: “This is a perfect example of how technology and human expertise work together to fully relieve our clients of this burden.”Key benefitsThis new technology offers a range of benefits for logistics providers, including:• Faster processing times: AI robots can process rates in seconds, significantly reducing turnaround time.• Increased accuracy: advanced algorithms allow AI to process data with unmatched precision.• Scalability: the service is flexible and can be easily scaled to meet the growing demands of businesses.The future of logistics servicesAccording to Propsma, this launch marks a turning point in the speed and the way logistics companies can create and send quotes: “With our innovation, freight forwarders, shipping lines, (3PL) carriers, and warehouses can respond to requests instantly by incorporating the latest rates into their proposal at lightning speed.”Propsma concludes: “It’s not just about saving time—it’s about increasing the speed and accuracy of logistics operations in a highly competitive market. And this AI-powered solution is just the beginning of what DataMondial has in store for the sector!”With this launch, DataMondial underscores its ambition to support logistics providers and shipping lines in simplifying and modernizing their processes.Source: DataMondial

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https://www.hellenicshippingnews.com/loadsure-enhances-leadership-team-to-drive-strategic-growth-and-fuel-innovation/

2025-04-16T00:00:00

Loadsure Enhances Leadership Team to Drive Strategic Growth and Fuel Innovation

Loadsure, a fast-growing insurtech and provider of Holistic Freight Protection for shippers, freight brokers, insurance agents, and motor carriers, announces several key appointments to its senior management team. These strategic additions highlight Loadsure’s dedication to customer success, innovation, and sustained growth. They also add depth to its wealth of talent in insurance, supply chain, and technology.“Our expanded leadership team marks a significant milestone for Loadsure as we bring Holistic Freight Protection to market and evolve as an organization,” said Johnny McCord, Founder and CEO of Loadsure. “We’re dedicated to redefining freight insurance and solving the global issue of underinsurance in the freight sector. These exceptional hires position us to further innovate, scale, and deliver unparalleled value to our customers.”The new team members include:Carl Pearse, Chief Technology OfficerCarl joins as CTO at Loadsure, playing a pivotal part in shaping the future of the company’s technology infrastructure while scaling its freight insurance products and distribution. Previously serving as CTO at Super Payments, Carl brings his world-class experience in driving growth and leading technology teams in early to mid-stage companies.Tara Farrer, Chief of Staff In her new role as Chief of Staff, Tara bolsters the CEO and executive team by driving strategic initiatives, enhancing cross-functional alignment, and enabling high-impact decision-making. She is focused on scaling operations, streamlining business processes, and driving execution across priority programs to accelerate Loadsure’s growth. Prior to Loadsure, Tara was SVP of Operations at APEXX Global and was named one of the top 25 women leaders in financial technology in Europe in 2022 by the Financial Technology Report.Prathap Chandran, EVP of DataPrathap joins Loadsure as EVP Data, overseeing data strategies to drive innovation in the freight insurance industry. His role includes harvesting internal and third-party data assets to optimize internal insurance operations, fuel Loadsure’s AI-driven risk and pricing models, and enable actionable insights for Loadsure’s freight community. Prathap previously served as Enterprise Engineering Manager at Meta and Head of Technology AI at Liquidnet.Jeremy Davis, EVP of StrategyJeremy joins Loadsure as EVP Strategy, where he spearheads business planning, identifies market opportunities, and aligns organizational goals to drive long-term business growth and insurance innovation. He brings a deep understanding of strategic planning, business and market analysis, and digital strategy to Loadsure, having built and sold a leading fintech business. Most recently, Davis served as Chief Operating Officer at Umbra Capital Partners.Daisy Dong, EVP of Product Daisy steps into the role of EVP Product, where she guides Loadsure’s freight-protection product vision, strategy, and development, leveraging AI, automation, and data insights to ensure its offerings meet the needs of the freight industry. Prior to Loadsure, Daisy was Group Head of Product Proposition and Head of Product and Pricing, Europe at bolttech. She has also held product management and actuary roles at Vitality, Swiss Re, and Standard Chartered Bank.David Goldberg, EVP of MarketingDave joins Loadsure as EVP Marketing, leading the company’s marketing strategy to acquire and activate customers, promote its innovative freight protection products, and build the Loadsure brand. Goldberg brings 35 years of experience in insurtech, transportation, and logistics, and B2B financial services marketing to Loadsure. Most recently, Dave served as Head of Marketing at Cover Whale, and also held senior marketing roles at small commercial insurtechs such as Next Insurance and AP Intego.Kristy Neal, Head of GrowthAs Head of Growth, Kristy spearheads the expansion of the company’s insurance distribution channels while developing new product opportunities to enhance Loadsure’s market presence. She brings deep expertise in both the insurance and freight transportation sectors, most recently holding positions as Head of Enterprise Business at Cover Whale, Vice President of Business Development and Insurance Programs at Overhaul, and Vice President, U.S. Affinity Placement Programs at Marsh.Matthew Dybus, VP of Ocean MarineMatthew Dybus joins Loadsure as VP of Ocean Marine, where he is responsible for underwriting Loadsure’s Ocean Marine insurance risks, ensuring that risks are accurately assessed and priced to provide comprehensive freight protection coverage for Loadsure’s shipper and freight-broker customers. Previously, Matt served as Senior Cargo Underwriter at Liberty Mutual, and Senior Broker with Marsh, specializing in the supply chain industry.Brian Hanuschak, VP of Inland MarineBrian Hanuschak has been appointed as VP of Inland Marine, where he is responsible for underwriting Inland Marine insurance coverage, focusing on evaluating and managing risk to ensure optimal protection for Loadsure’s policyholders. Before his role at Loadsure, he served as Underwriting Team Lead and Senior Inland Marine Underwriter at AIG. Additionally, Hanuschak worked as a producer at Hanuschak Insurance Agency and as an account manager at Risk Placement Services.Michael Kennedy, VP of PartnershipsMichael Kennedy joins Loadsure as VP of Partnerships, where he is responsible for developing and expanding strategic partnerships with logistics service providers, freighttech platforms, and other enterprise partners to create embedded access to Loadsure’s holistic freight protection offerings. He founded RFP Lab, a tech-enabled transportation procurement solution serving shippers managing their contract truckload capacity, and Freighttech.net, a platform offering verified research to guide freighttech buyers. Prior to Loadsure, Michael served as Strategic Sales Manager at Trimble Maps and worked with Echo Global Logistics as a sales and operations manager.Source: Loadsure

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https://www.hellenicshippingnews.com/ecoslops-annual-results-2024-and-debt-restructuring/

2025-04-15T00:00:00

ECOSLOPS: Annual Results 2024 And Debt Restructuring

Ecoslops, the cleantech company that brings oil into the circular economy, announces its results for the year ended 31 December 2024, as approved by the Board of Directors at its meeting on 14 April 2025, together with the agreement reached to restructure its financial debt.On the Group’s new scope: sales up 12% and positive EBITDA in 2024 at €0.4m, up €0.6m on 2023 on a like-for-like basisFinalisation of the debt restructuringHighlights of the 2024 financial yearDisposal of Ecoslops Provence on 29 February 2024, for €8m. The impact of the exit from the scope of consolidation had been fully provisioned in the 2023 financial statements.Satisfactory results in Portugal, with a subsidiary’s EBITDA at €2.3m.Continuation of the support function savings plan to adjust to the new scope (-26% between end-2022 and end-2024), i.e. €0.6m.Net debt reduced to 12M€. Cash position of €6.6m at 31 December 2024.Debt restructuringAt the same time as closing the 2024 consolidated accounts, Ecoslops SA announces that it has obtained an agreement from its two main creditors, the European Investment Bank (EIB) and Bpifrance (BPI), to restructure its debt.This agreement follows discussions with the company’s financial partners following the disposal on 29 February 2024 of its subsidiary Ecoslops Provence, with a view to adapting the debt structure to the future cash flows generated by the new Group structure. As a result of this agreement, maturities have been extended and the annual interest expense substantially reduced.2024 consolidated income statement (in K€) – Analytical presentation(Based on audited accounts, reports to be issued)Given the disposal of Ecoslops Provence, the analytical presentation of the consolidated income statement below takes into account the Group’s new scope and isolates the non-recurring impact of costs relating to Ecoslops Provence and related restructuring.Ecoslops Portugal’s sales rose by 12%, from €10.3m in 2023 to €11.5m in 2024. The Port Services business grew by 15% to €2.7m, while the Refined Products business recorded an 11% increase in sales to €8.8m in 2024, compared with €7.9m in 2023. This increase breaks down as follows : +13% due to the volume effect, -3% due to the price effect (the average price of Brent having fallen from €76.1/bbl in 2023 to €73.8/bbl in 2024). The unit produced 21,448 tonnes of refined products over the period, compared with 20,071 tonnes in 2022, and sold 19,981 tonnes, compared with 17,693 tonnes the previous year.Gross margin, down 2.8 points, was impacted by 1.2 points from the unwinding of swap contracts on supplies and by 1.6 points from the higher cost of sea transport for slop imports from the ARA zone.As a result, the gross margin was €7.5m, €0.5m higher than in 2023.Despite the inflationary environment, the Group has kept its operating expenses under control. All of Ecoslops SA’s indirect costs (staff, rent, service providers, etc.) have been the subject of a cost-cutting plan, resulting in a reduction of €0.6m between 2022 and 2024, or 26%.Based on the new Group structure, EBITDA was €0.4m, €0.6m higher than in 2023.Net financial expense was a loss of €2.4m. This includes an impairment charge of €2.0m on Valtech Energy, of which €0.4m related to the shares, which were written down to their nominal value, and €1.6m to the entire vendor credit facility. This impairment is due to the principle of prudence, given Valtech Energy’s delay in the project. The financial result also includes financial income from investments of €0.2m and financial interest on loans of €(0.6)m, it being specified that the EIB interest has been accrued on the basis of the new agreement.Corporation tax amounts to €0.5m, comprising a research tax credit of €0.3m and deferred tax of €0.2m in Portugal.The Group’s normative net profit therefore came to €(2.9)m.After taking into account a non-recurring charge of €0.2m relating to the completion of the Group’s restructuring operations, consolidated net loss attributable to equity holders of the parent came to €3.1m, compared with €7.4m the previous year.Consolidated balance sheet at 31 December 2024 (in K€)(Based on audited accounts, reports to be issued)As a reminder, the contract for the sale of Ecoslops Provence was signed before the closing date of the 2023 financial statements. For this reason, the contribution of Ecoslops Provence to the 2023 consolidated balance sheet is presented on a single, separate line, ‘Ecoslops Provence net assets’, allowing comparison with other balance sheet items on an equivalent basis.Non-current assets fell by €2.0m in 2024. This decrease is mainly due to the impairment of Valtech Energy shares and vendor credit in the amount of €(2.0)m. For information, the Group’s exposure to Valtech Energy has been reduced to €0.8m.Current assets, excluding cash, increased by €0.4m, mainly due to a €0.8m increase in inventories (an import of slops was carried out at the end of December 2024), and a €0.4m decrease in trade receivables.Cash and cash equivalents at 31 December 2024 totalled €6.6m, including €3.6m in marketable securities (term deposits), an improvement of €3.4m compared with the end of 2023.Shareholders’ equity fell by €2.4m, mainly as a result of the €3.1m loss for the year and the withdrawal of minority interests in connection with the disposal of Ecoslops Provence.Provisions for liabilities and charges fell by €1.8m, reflecting the reversal of a provision of €1.8m set aside at the end of 2023 to cover the impact on consolidation of the withdrawal of Ecoslops Provence from the scope of consolidation.Borrowings totalled €17.8m, down €2.8m on 2023. This reduction is attributable to lower accrued interest, -€1.7m, on European Investment Bank (“EIB”) debt, and to a net change in borrowings of €(1.1)m.As stated in this press release, the company has concluded the discussions with its two main creditors, the EIB and BPI. As a result of this agreement, the maturities have been extended and the annual interest charge reduced, with effect from 30 June 2024. The EIB’s interest rate consisted of a fixed rate of 5% and a royalty interest. Under the new agreement, the royalty interest has been abolished, almost halving the annual interest charge. In return, the EIB will benefit from an excess cash clause in 2031, under which it will be entitled to receive, on 30 June 2031, 50% of the net cash shown on Ecoslops’ audited balance sheet at 31 December 2030, after deducting a minimum operating threshold of €1m, and up to a maximum amount of €2.3m. The BPI’s interest rate remains unchanged at 2.17% per annum.Financial position and cash flowsAt 31 December 2024, the Group had almost €6.6m in cash, of which €5.8m was available (taking into account a €0.8m conditional advance on an investment grant) and net debt of €12.0m (compared with €18.2m at 31 December 2023). The change in cash and cash equivalents can be analysed as follows:Operating cash flow was €(0.7)m, mainly impacted by €(1.1)m in changes in working capital (including €0.8m in inventories, with slops imported at the end of December 2024).Cash flow from investing activities amounted to €(0.7)m and consisted of maintenance capex customary in the Group’s business, particularly in its role of sub-concessionaire for the port of Sines.Financing activities resulted in a net cash inflow of €4.7m, including the sale price of Ecoslops Provence for €8.1m, net loan repayments of €1.1m (including €1m for the EIB) and €2, 3m of interest paid (mainly consisting of €1.4m of EIB 2023 interest, on which a standstill had been obtained until the closing of the sale of Ecoslops Provence, and €0.5m of 2024 interest).Strategy and DevelopmentEcoslops is now refocused on its historic business at Sines and the development of the Scarabox®, and has the financial and human resources to match its roadmap.Sines:The company has already begun discussions on the terms and conditions for renewing the port sub-concession with CLT (a GALP subsidiary) in order to gain greater visibility (contractual deadline 08/2027). These discussions began in 2024 and will continue in 2025. CLT essentially has two options: to renew Ecoslops for a further 10 years or to put the contract out to tender again. We have made specific proposals to CLT and we are convinced that the quality of our services over the last 13 years and their cost make us competitive.Scarabox®:The first unit is still in the process of being finalised in Cameroon, but there have been delays due to a lack of local human and financial resources. In 2024, our teams assembled the unit itself, but there is still some connection work to be done (unit-bins, electrical). Valtech Energy plans to complete the work in 2025.In Ivory Coast, in April 2025 Ecoslops took a lease on a 1.2 ha plot of land in the new PK24 industrial zone in Abidjan, which has been developed by the Ivorian government. This key step will enable consultations to be launched on the civil engineering and ESIA (Environmental and Social Impact Assessment) studies. At the same time, a pool of investors and funders was mobilised in 2024 to finance the project (with Ecoslops holding a minority stake). Our aim is to sign a sales contract in 2025, bearing in mind that presidential elections will be held in the country at the end of the year. As a reminder, this project has received strong support from the SIR (national refinery), the Ministry of Energy and Petroleum and the Ministry of the Environment.GovernanceAt the forthcoming Annual General Meeting on 10 June, shareholders will be asked to reappoint Olivier Fortesa, whose term of Board member expires on that date.ESGOn 7 June 2024, the Group published its fifth sustainable development report, covering the 2023 financial year.The Group’s commitment to continuous improvement is illustrated by its ESG rating from the Ethifinance ESG Campaign (formerly Gaïa Research) for 2023. This confirms the company’s performance, with an overall score of 74/100.In addition, the Solar Impulse Foundation’s ‘Efficient Solution’ label, aimed at promoting efficient, cost-effective solutions to protect the environment, was successfully renewed in January 2024.Finally, in December 2024, Ecoslops Portugal obtained renewal of its ISCC PLUS certification for all its refined products production. This certification attests to the compliance of products with sustainability and traceability requirements, and is recognised by all stakeholders for recycled products.Outlook for 2025By 2025, Ecoslops Portugal expects to be producing 25,000 tonnes.In 2025, Ecoslops also aims to contract the sale of a new Scarabox in Ivory Coast.Financial agenda:Publication of the 2024 Annual Financial Report: 30 April 2025Combined General Meeting: 10 June 2025Publication of H1 2025 sales: 17 July 2025Publication of interim results: 25 September 2025Publication of H1 2025 interim report: 30 October 2025Full ReportSource: ECOSLOPS

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https://www.hellenicshippingnews.com/apc-inks-newbuild-ship-deal-with-champion-tankers/

2025-04-15T00:00:00

APC inks newbuild ship deal with Champion Tankers

AVON, OHIO headquartered manufacturer Advanced Polymer Coatings (APC) has been chosen to provide its high-performance MarineLINE® coating for up to six new vessels being built for Champion Tankers.The deal will see APC’s MarineLINE® coating system initially applied to four product and chemical tankers with IMO II classification that will be constructed at the Chengxi Shipyard in China.Work on the first vessel for the privately owned Norwegian tanker group is set to get underway at the end of this year, with three others planned for 2026. There is also an option to build two more tankers at the yard.Champion Tankers was established more than two decades ago by Karl L Kvalheim and Arne Viste, experienced and successful shipbrokers within the clean petroleum products and chemical chartering business.The company focuses on shipping vegoils, liquid fertilizers, easy chemicals and molasses, as well as Clean Petroleum Products (CPP). It specialises in the commercial operation of “Medium Range” Tankers with IMO type 2/3 Classification.MarineLINE®’s superior chemical resistance properties, ease and speed of cleaning, and the reduced risk of contamination from previous cargoes, were all considerations in Champions coating choice.APC’s strong commitment to customer care was another big factor in clinching the work. It is the company’s first deal with Champion and the latest in a growing pipeline of work confirmed at the start of 2025.Onur Yildirim, APC Global Marine Manager, said: “The deal to supply Champion Tankers is the latest indication of the growing demand for MarineLINE® from vessel operators.“They are finding the case for MarineLINE® compelling. It protects cargo tanks from more IMO approved chemicals than any other coating. And due to its high resistance, high gloss finish and low absorption, it is much faster to clean meaning it outperforms stainless steel and epoxy coatings.“Faster cleaning times enable quicker ship turnaround, which in turn can free up additional sailing days, all improving the performance, earning ability and profitability of the vessel. There is also a strong environmental argument for MarineLINE®’s use.“Its superior resistance, that ease of cleaning, and ability to switch seamlessly between chemical cargoes are all proving key factors when it comes to decision making.”The Champion Tanker deal is the latest major fleet operator contract win for APC. In 2024 APC scored its best ever year of trading with an 18 percent sales spike including new build and recoating deals.Source: Advanced Polymer Coatings

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https://www.hellenicshippingnews.com/imo-mepc-83-ghg-requirements-approved-taking-effect-from-2028/

2025-04-15T00:00:00

IMO MEPC 83: GHG Requirements Approved, Taking Effect From 2028

The 83rd session of the IMO’s Marine Environment Protection Committee (MEPC 83) approved new requirements on greenhouse gas (GHG) fuel intensity, in combination with a pricing and reward mechanism, taking effect from 2028. Other important decisions include the approval of regulations to designate the North-East Atlantic Ocean as an Emission Control Area (ECA).Meeting highlights•Approved new requirements on greenhouse gas (GHG) fuel intensity, in combination with a pricing and reward mechanism•Adopted amendments to MARPOL Annex VI and the NOx Technical Code to allow for the use of multiple engine operational profiles (MEOP) and for the re-certification of engines•Approved amendments designating North-East Atlantic as an Emission Control Area (ECA)•Completed the first phase of the review of the Carbon Intensity Indicator (CII), Ship Energy Efficiency Manage- ment Plan (SEEMP) and Energy Efficiency Existing Ship Index (EEXI)•Continued the review of the Ballast Water Management (BWM) ConventionAdoption of amendments to mandatory instruments MEPC 83 adopted amendments to the NOx Technical Code to allow for the use of multiple engine operational profiles for a marine diesel engine.The amendments will enter into force on 1 March 2027. They will apply no later than 1 January 2028 to a new single engine or a parent engine of an engine family or group that has not been previously certified. For a new member engine to an engine family or group for which the parent engine was certi- fied before 1 January 2028, it shall be documented no later than 1 January 2030 that the engine family or group complies with the amendments.The amendments do not apply to already certified engines, unless that engine has gone through substantial modifica- tions or an identical replacement engine has been installed on or after 1 January 2028.MEPC 83 adopted amendments to the NOx Technical Code concerning certification of an existing engine subject to sub- stantial modification or to a higher NOx requirement tier. The amendments describe a process to be followed to allow for the re-certification of engines retrofitted on board.The amendments will enter into force on 1 September 2026, with parties invited to consider the early application of the amendments.Harmful aquatic organisms in ballast waterMEPC 83 continued the work on amendments to the Ballast Water Management (BWM) Convention and associated instru- ments. Key discussions included adding several new objec- tives to the list of amendments under review and the deter- mination that the new additional tests on challenging water quality (CWQ) performance during type approval would be mandatory for all BWM systems as an additional evaluation to the currently existing general testing parameters and test conditions.A Correspondence Group was re-established with the aim to finalize amendments to mandatory instruments for approval at MEPC 84 in spring 2026.Energy efficiencyReview of the Carbon Intensity Indicator (CII)MEPC 83 completed the first phase of the review of the short- term GHG measures (CII, SEEMP and EEXI) by considering gaps and challenges. No gaps were identified regarding the EEXI.The CII reduction (Z) factors were set for the years 2027 to 2030 as follows:The second review phase commences on 1 January 2026 through intersessional and Correspondence Groups, and is expected to conclude by spring 2027.Data Collection System (DCS)MEPC 83 agreed to increase the accessibility of DCS data, while agreeing on the need to further strengthen the anonymization of the data.The definition of “underway” was changed to be the period between full ahead on passage (FAOP) and end of sea pas- sage (EOSP). The sample form of ship fuel oil consumption data collection plan was also updated.EEDI/EEXIMEPC 83 agreed to refer to both the updated ISO standard 15016:2025 and the ITTC Recommended Procedure for the conduct of sea trials in the EEDI survey and certification guidelines. Within a transition period, the ISO standard 15016:2015 can be used if the sea trial is conducted before 1 May 2026.Measurement of non-CO2 GHG emissionsMEPC 83 finalized guidelines for test-bed and onboard meas- urements of methane (CH4) and nitrous oxide (N2O) emissions from marine diesel engines which can serve as a basis to apply emissions and slip factors other than those listed in the 2024 Guidelines on Life Cycle GHG Intensity of Marine Fuels. It also expected that these guidelines will become accepted under the EU ETS and FuelEU Maritime regulations.A Correspondence Group was established to further develop the framework on the measurement and verification of non- CO2 GHG emissions, reporting to MEPC 84 in spring 2026.Onboard carbon capture (OCCS)A work plan on the development of a regulatory framework for the use of OCCS was agreed. The work plan will address both ship and land considerations pertaining to OCCS, tak- ing into account their incorporation into existing and future regulatory frameworks such as the EEDI. The work is set to be finalized in 2028.A Correspondence Group was established to develop the OCCS framework, reporting to MEPC 84 in spring 2026.Reduction of GHG emissionsMEPC 83 approved a new Chapter 5 and consequential amendments to other regulations in MARPOL Annex VI – the IMO Net-Zero Framework. The amendments were approved by a majority vote.The amendments are due for adoption at an extraordinary MEPC session in October 2025. Adoption requires accept- ance by two-thirds of the parties to MARPOL Annex VI representing at least 50% of the gross tonnage of the world’s merchant fleet.The new regulations apply to all ships above 5,000 GT, except ships trading solely domestically and platforms including FPSOs, FSUs and drilling rigs, and semi-submersible vessels.The requirements are based on a GHG fuel intensity (GFI) metric, which is the well-to-wake GHG emissions per unit of energy used on board a ship. This also includes electricity delivered to the ship, wind propulsion and solar power. The attained GFI is to be reported annually by the ship as part of the DCS.Two tiers of requirements are set on the annual attained GFI for a ship: a Base target and a more stringent Direct Compli- ance target. Each ship is required to meet the Direct Compli- ance target. The regulations include annual GFI reduction factors to 2035, as shown in the table and figure below.The Base target for 2040 is set to 65%.If a ship has a GFI lower than the Direct Compliance target, it will receive Surplus Units (SUs). Conversely, if a ship has a GFI above the Direct Compliance target, it has a negative compli- ance balance and accrues two tiers of compliance deficits:•For a GFI between the Base and the Direct Compliance targets, a ship generates a Tier 1 compliance deficit.•For a GFI above the Base target, a ship generates both a Tier 1 compliance deficit (for the emissions between the Base and the Direct Compliance targets) and a Tier 2 com- pliance deficit (for the emissions above the Base target).To handle deficits and surpluses, the requirements include several compliance approaches.A ship with a compliance surplus can transfer SUs to ships with a compliance deficit (similar to the FuelEU’s concept of compliance pooling), or it can bank the units for later use within the two subsequent calendar years.A ship can balance its Tier 2 compliance deficit with SUs from other ships, or it can buy Remedial Units (RUs) (similar to the FuelEU’s penalty) from the IMO Net-Zero Fund. The Tier 1 compliance deficit can only be compensated by Tier 1 RUs.The initial RU prices are set as follow:•Tier 1 RU: US$100 per tonne of CO2eq•Tier 2 RU: US$380 per tonne of CO2eqThe regulations are designed in this manner so that most ships will use sufficient low-GHG emission fuels to reach the Base target and then buy Tier 1 RUs. Alternatively, they can buy SUs to cover the Tier 2 compliance deficit and then acquire Tier 1 RUs. This ensures that a certain amount of rev- enue is generated for disbursement purposes, while ensuring that the fleet achieves at least the Base target.The proceeds from the sale of RUs will go into the IMO Net- Zero Fund, to be set up and managed by the IMO. No revenues will be paid to IMO member states; they will all go directly from the shipping company into the Fund. Part of the revenues are intended to be circulated directly back to the industry as a reward for using zero and near-zero, fuels and/or energy sources. The reward will be determined by 1 March 2027.The reporting of the GFI will be enabled by expanding the current DCS scheme. Each ship will be required to develop or update its data collection and reporting plan (SEEMP Part II) to include the necessary elements to calculate the GHG inten- sity. The plan must be verified and kept on board together with a Confirmation of Compliance prior to the start of the first reporting period, which is 1 January 2028.The regulations mandate that the GHG emissions factors and sustainability aspects should be certified by a recognized Sustainable Fuels Certification Scheme (SFCS). SFCS are to be approved by the MEPC, and the IMO will publish a list of recognized SFCSs by 1 March 2027. This list will be periodi- cally updated.The GHG emissions factors and information on sustainability aspects should be provided on the Fuel Lifecycle Label (FLL) and accompany the Bunker Delivery Note when the fuel is delivered.The new regulations on the IMO Net-Zero Framework will be reviewed every five years. The review will consider poten- tial amendments to the annual GFI reduction factor and the possible inclusion of ships down to 400 GT. Significant work remains before the envisaged entry into force of the basket of measures to develop the necessary guidelines.Pollution prevention and responseCarriage of biofuel blends on bunker shipsAn interim circular was approved allowing conventional bun- ker ships, certified as oil tankers under MARPOL Annex I, to carry biofuel blends containing up to 30% biofuel.In-water cleaning of ship biofoulingA circular was approved providing guidance on matters relat- ing to in-water cleaning of ships in line with the 2023 Biofoul- ing Guidelines.Guidelines on Selective Catalytic Reduction (SCR) systems The 2025 SCR Guidelines, aiming to remove ambiguities and ensure consistent application, were adopted. They apply to SCR systems installed on ships which are keel-laid on or after 1 November 2025, or to ships with keels laid before that date if the SCR system has a contractual delivery date on or after 1 May 2026 or, in the absence of a contractual delivery date, the actual delivery of the SCR system to the ship takes place on or after 1 May 2026.Guidelines for the development of the Inventory of Hazard- ous Materials (IHM)Amendments the 2023 IHM Guidelines were adopted clarify- ing the relevant threshold for cybutryne contained in antifoul- ing systems when samples are taken directly from the hull or from wet paint containers.Marine plastic litterMEPC 83 adopted the 2025 Action Plan to Address Marine Plastic Litter from Ships, including the new action on reduc- ing the environmental risks of transporting plastic pellets at sea.Identification and protection of special areasNorth-East Atlantic ECAThe North-East Atlantic was approved as an Emission Control Area (ECA) for SOx, PM and NOx, with a view to adoption at the extraordinary MEPC session in October 2025. This ECA covers the Exclusive Economic Zones (EEZ) and territorial seas of Greenland, Iceland, the Faroe Islands, Ireland, the United Kingdom, France, Spain and Portugal.Entry into force is expected to be in 2027, with the 0.10% sul- phur limit taking effect 12 months later. The requirement for NOx Tier III engine certification will apply to ships contracted on or after 1 January 2027, or in the absence of a building contract, constructed (keel-laid) on or after 1 July 2027, or delivered on or after 1 January 2031. Note that these dates may be subject to change upon the formal adoption of the MARPOL amendments.Particularly Sensitive Sea Areas (PSSAs)MEPC 83 agreed in principle to the designation of the Nasca Ridge National Reserve and the Grau Tropical Sea National Reserve off the coast of Peru as PSSAs, subject to further development and approval of the proposed associated protective measures such as prohibitions on discharges and on the dumping of pollutants, waste and ballast water in these areas.New work programme outputsMEPC 83 agreed to new outputs to the work programme as follows:•Assessment of the implementation of the Hong Kong Convention through an experience-building phase and development•Development of a legally binding framework for the con- trol and management of ships’ biofouling to minimize the transfer of invasive aquatic species•Review and amendment of the NOx Technical Code 2008 to provide a means for certification of engines using non- carbon-containing fuel or mixtures of carbon-containing and non-carbon-containing fuels•Development of guidelines for the management of ammo- nia effluent generated by ships using ammonia as fuelAny other businessShip recyclingRegarding the potential legal ambiguity concerning the rela- tionship between the Hong Kong Convention and the Basel Convention, with respect to the transboundary movement of ships intended for recycling, it was confirmed that the topic of ship recycling will be considered by the Base Convention Conference of Parties (COP 17) on 28 April to 9 May 2025.RecommendationsDNV recommends that our customers take into account the approval of the IMO Net-Zero Framework on GHG emissions reduction, with requirements expected to enter into force around mid-2027.Companies operating in the North-East Atlantic Ocean are advised to note the establishment of an ECA in this region and the attendant effective dates of the requirements.We also recommend to sign up for our dedicated webinar discussing the outcome of MEPC 83, taking place on 24 April 2025.Full ReportSource: DNV

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NEGATIVE

Global

All

Long

Positive

Moderate

Global

Other

All

Long

Negative

Significant

Global

Other

None

All

Long

Positive

Moderate

Global

All

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/singapore-march-marine-fuel-sales-recover-after-february-plunge/

2025-04-15T00:00:00

Singapore March marine fuel sales recover after February plunge

Marine fuel sales in Singapore, the world’s largest bunker hub, improved in March after hitting a 20-month low in February, official data showed.Volumes totalled 4.47 million metric tons, climbing 7.8% month-on-month and inching up 0.5% year on year, data from Maritime and Port Authority of Singapore (MPA) showed.Sales improved amid a recovery in vessel calls and container throughput, as well as aggressive selling of low-sulphur marine fuel.Vessel calls for bunkering rebounded 14.5% at 3,522 calls, while monthly container throughput hit multi-year highs, climbing 12.6% to 3.74 million 20-foot equivalent units (TEUs).Sales of the mainstay 0.5% low-sulphur fuel oil (VLSFO) grade rose 12.9% to 2.33 million tons in March. Aggressive selling had pressured bunker premiums and spurred more spot purchases, some market sources said.Meanwhile, high-sulphur marine fuel (MFO) volumes were broadly stable at 1.62 million tons, while total marine gasoil sales gained 6.0% to 333,600 tons.Sales of alternative fuels strengthened, with marine biofuel volumes logging a fresh high and breaching 145,000 tons, while liquefied natural gas sales were also higher month-on-month.Countries at the International Maritime Organization struck a deal last week on a global fuel emissions standard for the maritime sector that will impose an emissions fee on ships that breach it and reward vessels burning cleaner fuels.Source: Reuters

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Global

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Positive

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Global

Other

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Medium

Positive

Moderate

Global

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Medium

Positive

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Global

Other

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Positive

Moderate

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https://www.hellenicshippingnews.com/lng-shipping-stocks-week-of-returns/

2025-04-15T00:00:00

LNG shipping stocks: Week of returns

In a week marked by significant political developments in the U.S., market sentiment responded with surprising optimism, pushing indices higher. The UP World LNG Shipping Index (UPI) gained 3.03% to close at 154.17 points.This optimism was evident in the performance of UPI constituents. Strong trading volumes, particularly in the U.S. and Japan, propelled several companies to double-digit gains. Golar LNG led the surge with a 21.4% increase, followed by Tsakos Energy Navigation, Cool Company, and Flex LNG. Meanwhile, Japanese LNG stocks rebounded from early losses, ending modestly higher. However, not all fared well—Capital Clean Energy Carriers and major gas-oil firms like BP and Chevron saw notable declines.UPI & SPXThe UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 4.54 points (3.03%), closing at 154.17 points, while the S&P 500 index gained by 5.70%. The chart below illustrates the performance of both indices with weekly data.Week 15-2025: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)Broader viewThe past week has brought the most dramatic changes in the new US administration’s attitudes yet. This, of course, brought with it unprecedented volatility and confusion, which is probably the goal of these beautiful manoeuvres. Nevertheless, the markets were captivated by the fact that the latest decision was positive for them and ended the week higher.LNG flows will change depending on how the tariff situation plays out, but consumption will remain the same and continue to grow. Therefore, despite the uncertainty, we maintain a positive outlook.ConstituentsWe have called this commentary a week of returns, describing what is happening on stock markets and trading tariffs. After negative openings, there may have been too much growth, but that matter will be confirmed or not in the short term. What is important is the strong growth in trading volume, which has reached a level where it has only been six times in the history of the UPI. Most of the above-average volume has been in the US and Japan. Price movements matched the volume, with four American-listed companies achieving double-digit gains.Golar LNG (NYQ: GLNG) added the most, 21.4%, followed by Tsakos Energy Navigation (NYQ: TEN), which rose 15.6%.Cool Company (NYQ/OSE: CLCO) was third in growth with a 12 per cent increase, and Flex LNG (NYQ/OSE: FLNG) was fourth with a 10 per cent increase. Due to the weakening dollar, both CLCO and FLNG will see higher growth in the US than in the Norwegian stock market. This could be an interesting feature, especially if FLNG rethinks its withdrawal from the OSE due to unexpected developments.New Fortress Energy (NYQ: NFE) rose 8.1% and Excelerate Energy (NYQ: EE) added 5.5%. Awilco LNG (OSE: ALNG) ended a volatile week with a five per cent gain.Although Japanese stocks achieved above-average volumes, it was a weak week on a percentage basis. But let’s make no mistake! The small weekly result hides a big weekly move as Japanese stocks opened with a negative gap. As a result, Mitsui O.S.K. Lines (TSE: 9104), “K” Line (TSE: 9107), and NYK Line (TSE: 9101) returned to previous levels and ended the week up 3.8%, 2.5%, and 1.2%, respectively. Incidentally, Nakilat (QSE: QGTS) was similarly up 0.3%.The most significant decline befell Capital Clean Energy Carriers (NYQ: CCEC), which lost seven per cent. That may speak to a good outcome, as its price was down to early 2024, which would be a loss of over twenty per cent.The gas-oil trio did not fare as well. BP (NYQ: BP) wrote off 6.3 per cent, Chevron (NYQ: CVX) fell 5.3 per cent, and Shell (NYQ: SHEL) lost 3.2 per cent.Dynagas LNG Partners (NYQ: DLNG) dropped 3.1% below last year’s support but not to the bottom. It is in a low-volume area, as the only value traded (in this move) was last April’s doji.Crystal BallDespite the growing global uncertainty caused by the US administration, our outlook remains cautiously optimistic. However, we expect increased volatility in the coming weeks. LNG spot rates stayed low, but the impact remains marginal for most UPI constituents. The market is watching for potential breakouts at key resistance levels, which could determine the next price direction.Our outlook remains steadfastly positive in the long term. The burgeoning demand for LNG, bolstered by situational or management-driven actions and the potential for new long-term contracts, paints a promising picture. Investors should watch policy developments, market competition, and upcoming corporate earnings for further direction.Source: UP-Indices.com

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POSITIVE

Global

Other

None

Medium

Positive

Moderate

Global

Other

All

Long

Positive

Minor

Global

Other

None

All

Long

Positive

Moderate

Global

Other

None

Medium

Positive

Moderate

null

https://www.hellenicshippingnews.com/me-gi-swings-container-decision/

2025-04-15T00:00:00

ME-GI Swings Container Decision

MAN Energy Solutions reports that its ME-GI engine has continued its strong start to 2025 by winning orders for eight engines for a series of container ships, originally designated as single-fuel conventional engines from an unknown engine designer. The orders are divided among two separate, Korean shipyards.Both shipyards have ordered 4 × MAN B&W 8G95ME-GI Mk10.5 main engines and will each construct 4 × Ultra Large Container Ship (ULCS) vessels for an undisclosed Asian owner. An esteemed, Korean MAN Energy Solutions licensee will build the engines for the yards.Bjarne Foldager – Head of Two-Stroke Business – MAN Energy Solutions, said: “This is a very welcome order that confirms the ME-GI’s strong start to the year. Moreover, we consider it as a strategic win where we had to overcome robust competition before swinging proceedings back in our favour. Looking at the current status of the container segment – and taking its regulatory horizon into consideration – the ME-GI has a markedly superior emission profile. This includes minimal methane slip, compared to conventional engines, which helps it stand out as a leading, future-proof solution.”The ME-GI engineMAN Energy Solutions reports that, since its market debut in 2014, the ME-GI has been broadly accepted by all marine segments with orders now well exceeding 900 units. The keenest interest in the engine has come from the container segment with more than 400 engines ordered, followed by gas and liquid tanker vessels (225+) and car & truck carriers (175+).Christian Ludwig – Head of Two-Stroke Sales and Promotion – MAN Energy Solutions, said: “The ME-GI continues to confirm its status as the maritime industry’s default, dual-fuel, methane-fuelled engine and is capable of running on LNG, synthetic methane, and bio-methane. Furthermore, the latest Mk10.7 ME-GI generation features increased gas-operating pressures to enhance fuel efficiency. Additionally, the Diesel-cycle combustion concept employed by ME-GI engines optimises fuel consumption in both gas and fuel-oil modes, thereby improving fuel efficiency without the need for complex and unproven designs. This is particularly advantageous in gas mode, where methane’s flammability characteristics make the use of the Diesel combustion cycle a significant plus.”Source: MAN Energy Solutions

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POSITIVE

None

Other

None

Global

Other

All

Long

Positive

Moderate

Global

Other

None

All

Long

Positive

Moderate

None

Other

None

null

https://www.hellenicshippingnews.com/baltic-index-gains-on-higher-capesize-panamax-rates-3/

2025-04-15T00:00:00

Baltic index gains on higher capesize, panamax rates

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, climbed on Monday, driven by higher capesize and panamax prices.The main index, which monitors rates for capesize, panamax and supramax shipping vessels, gained 8 points, or 0.6%, to 1,282.The capesize index added 24 points or 1.3% to 1,827.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $196 to $15,148.The panamax index edged four points higher to 1,190, snapping a nine-day losing streak.Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was up $39 at $10,712.“I anticipate a stabilization of the current positive momentum, as Chinese imports across major commodities continue to decline — particularly in soybeans and coal,” said Yiannis Parganas, head of Intermodal’s research department.China last week raised tariffs on all U.S. imports to 125%, in response to U.S. President Donald Trump’s tariff action. That came on top of the 10% to 15% levies imposed in early March on some $21 billion worth of U.S. agricultural and food products, pushing tariffs on U.S. soybeans to 135%.Among smaller vessels, the supramax index shed three points, or 0.3%, to 936.For the near-term outlook for the sector, “bulk carriers are anticipated to face challenges, as rising protectionism is expected to dampen trade activity. At the same time, fleet expansion — driven by new vessel deliveries scheduled for 2025 — is projected to outpace the growth in commodity demand,” Parganas said.Source: Reuters

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NEGATIVE

Global

Dry

All

Short

Positive

Minor

Global

Dry

All

Short

Positive

Minor

Global

Dry

All

Short

Positive

Moderate

Global

Dry

All

Short

Positive

Minor

null

https://www.hellenicshippingnews.com/orderbook-for-all-dry-bulk-vessel-classes-falls-by-26-y-o-y-in-q1/

2025-04-15T00:00:00

Orderbook for all dry-bulk vessel classes falls by 26% Y-o-Y in Q1

Global economic uncertainty and a cooling of the market has seen newbuild orders for dry-bulk vessels fall by 26% year-on-year according to Hongbeom Park, Head of Korea for global Veson Nautical, a global leader in maritime data and freight management solutions.Speaking at Veson Nautical’s Seoul Forum, Park said uncertainty around the future of fuels, historically high newbuild prices and the price premium for dual-fuel vessels was driving the fall.“The market is slowing in the newbuild sector and orders falling by over a quarter is a reflection of that,” Park said. “If the global uncertainty around tariffs does not ease the market could soften even further as the year progresses.”Source: VesselsValue a Veson Nautical solutionPark also told delegates that second-hand market with values for Capesize, Panamax, Supramax and Handysize class vessels had also fallen in QI compared to the peak valuations witnessed in the third quarter of 2024. Five-year old Capesize vessels fell by 11% in Q1, with Panamax falling 12% and both Supramax and Handysize falling by 9%.“The second-hand market for all dry-bulk vessels became extremely heated in 2024 which led to sharp price increases,” Park said. “Although the market is showing signs of slowing down there is still some upside potential in 2026.”Veson’s Chief Product Officer, Eric Christofferson, was also speaking at the event and told delegates that the new advances in artificial intelligence (AI) are set to revolutionize the shipping industry, especially in key areas such as streamlining pre and post-fixture workflows, especially around the claims process.“The South Korean shipping industry has been a global leader in developing and adopting new technologies and it is clear that it will be also leading from the front in terms of adopting AI and using it to drive efficiency and progress,” Christofferson said.Source: Veson Nautical

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NEGATIVE

Global

Dry

All

None

Negative

Moderate

Global

Dry

All

None

Negative

Moderate

Global

Dry

All

Medium

Negative

Moderate

Global

Dry

All

None

Negative

Moderate

null

https://www.hellenicshippingnews.com/onecare-group-ocg-leads-the-menopause-discussion-with-third-consecutive-annual-forum-and-new-e-learning-course/

2025-04-15T00:00:00

OneCare Group (OCG) leads the Menopause discussion with third consecutive Annual Forum and new E-learning course

OneCare Group, a leader in health and wellbeing support services, continues to strengthen its commitment to women’s health with a recent focus on menopause.Menopause can be a challenging experience for many women, and the lack of open discussion and widespread understanding often intensifies feelings of uncertainty. Not only can it last for several years, but it can also significantly affect both mental and physical wellbeing.OneCare Group recently hosted its third consecutive Annual Menopause Forum, bringing together a distinguished panel of experts and innovators. Speakers included Dr Maro Petrou, Obstetrician-Gynaecologist, Dr Stella Kaouri, Endocrinologist – Diabetologist, Dr Natasa Kotziamani, Breast Radiologist, and Ms. Yiotia Charalambous, Clinical Psychologist, among other specialists.Marinos Kokkinis, MD, OneCare SolutionsThe event aimed to raise awareness and understanding of the topics surrounding menopause. Key discussions included personal journeys, strategies for coping with symptoms, and the importance of nutrition and exercise in managing this huge life change.OneCare Group offers an array of health and wellbeing eLearning courses including an eLearning course about ‘Understanding Menopause’ that is available through its member, OneLearn Global. The course provides a comprehensive overview of the hormonal changes and symptoms associated with menopause. It also explores the cultural taboos and stigma surrounding menopause and how historical medical oversights have shaped public understanding of this.Dr Maro Petrou, Obstetrician-Gynaecologist, addresses guest at the forumThe course aims to empower individuals by reframing menopause as an opportunity for personal growth. It aids participants in developing a self-care plan to maintain their emotional and physical well-being during this difficult life transition.“Menopause is something that almost all women experience, and its effects are often overlooked or ignored, leaving many feeling isolated during a time of significant change in their lives. It’s essential that they have the resources and knowledge that they need to approach this phase of life with confidence.”, commented Marinos Kokkinis, OneCare Group Managing Director.The menopause forum shone a light on the health transition females go through and its impact on their physical and mental healthOneCare Group is dedicated to providing the necessary wellbeing support for both men and women at every stage of their lives.Source: OneCare Group

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https://www.hellenicshippingnews.com/global-shipping-community-reaffirms-support-for-seafarers-with-groundbreaking-updates-to-ilos-maritime-labour-convention/

2025-04-15T00:00:00

Global shipping community reaffirms support for seafarers with groundbreaking updates to ILO’s Maritime Labour Convention

The International Chamber of Shipping (ICS) welcomes the series of landmark updates to ILO’s Maritime Labour Convention (MLC), following an intense week of negotiations at the International Labour Organization (ILO) headquarters in Geneva. Under ILO’s Special Tripartite Committee on the MLC, governments, shipowners, and unions met from 7-11 April, to review and adopt crucial updates that reflect the evolving needs of seafarers and the maritime industry.Tim Springett, Chair of the ICS Labour Affairs Committee and Spokesperson for the Shipowners’ Group at the ILO meeting, said: “I’ve been incredibly proud to represent Shipowners at the ILO this year for the Fifth Meeting of the STC, to review and amend theMLC. I’ve been lucky enough to have the support of such a strong team, and together we have been able to deliver some significant improvements to seafarers’ rights in collaboration with our government and social partners. The accomplishments of STC prove that – whatever the issue facing our industry – when we come together, we can work it out”.Among the suite of amendments agreed to improve the working and living conditions of seafarers on board ships were provisions for seafarers to be designated as key workers; strengthened requirements to support seafarer repatriation; new mandatory measures to ensure that they have access to shore leave without needing a visa or special permit; and enhanced protections against bullying and harassment.Helio Vicente, ICS Director of Employment Affairs, commented: “This has been a successful and historic week of discussions. Working alongside national governments, and transport workers unions, under the auspices of ILO, we have adopted potentially transformational changes for seafarers and the industry. These developments demonstrate our enduring commitment to improving the lives and working conditions of seafarers around the world.”Another notable development from last week’s session was the agreement for inclusion of a new provision into the MLC, recommending the carriage of the ICS International Medical Guide for Seafarers and Fishers on board ships, complementing an existing requirement for all ships to carry a medical guide on board. The guide was developed with support from the International Transport Workers’ Federation (ITF) and the International Maritime Health Association (IMHA).Ms. Corinne Vargha, Director of the International Labour Standards Department of the ILO, added:“At a time when the spirit of multilateralism and the added value of tripartism are called into question, the STC demonstrated that tripartite dialogue and multilateralism work and deliver effective solutions to global challenges. The outstanding work accomplished this week, in particular the amendments adopted to strengthen protection against violence and harassment on board, the recognition of seafarers as key workers and access to shore leave will make a positive difference in the daily life of seafarers and shipowners.”The ILO maritime tripartite regulatory structure brings together national governments, alongside a global shipowners group co-ordinated by ICS and a global seafarers group co-ordinated by ITF.The meeting also agreed a package of complementary resolutions, one of which established a framework for a future joint meeting between the ILO tripartite partners and Member States of the International Maritime Organization (IMO), to review and potentially align overlapping seafarer hours of work and rest provisions, within the remit of conventions overseen by both organisations.Source: ICS

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https://www.hellenicshippingnews.com/container-freight-volatility-rises-amid-trade-disruptions/

2025-04-15T00:00:00

Container Freight Volatility Rises Amid Trade Disruptions

The container freight market is undergoing significant changes that could have major implications for global trade flows.The latest report from the UN Trade and Development (UNCTAD) agency estimated that global trade saw a record expansion to $33 trillion in 2024, an increase of 3.7% from 2023. Volatility is rising on the back of the ongoing conflict in the Middle East, which is bringing risk management strategies around hedging costs to the fore.Rising Risks in an Uncertain MarketThe container market is an integral part of the overall shipping market with over 90% of global goods shipped by sea. Of this, around 60% is transported in containers. The potential shifts in global trade is causing uncertainty in the container markets, and in many cases key shipments are being re-routed to other destinations where possible. These developments are raising questions around the cost of shipping, with the main trade lane from production centers in Asia to destinations like the U.S. or Europe being some of the most impacted due to the sheer volume of goods transported on these routes.The softening of the spot market rates continues to challenge the long-held belief that the longer-term fixed term contracts are beneficial to the market. Declining spot rates edging toward the level of the longer-term fixed prices are prompting some major liners and freight forwarders to re-consider rates that are more closely tied to the spot markets, and indices such as the Baltic Index (FBX) represent a good reference price for this trade.With the continued uncertainty regarding the cost of freight, more companies – from the liners to the freight forwarders and the cargo owners – are evaluating their trading strategies. Managing the cost of freight typically brings some degree of price certainty to the supply chains for moving goods from the point of production to the point of consumption. Companies are looking at what they hedge, which could contribute to the continued development of the financial markets in container freight at exchanges like CME Group.Volatility and Disruptions ContinueThe Baltic (FBX) freight indices, which are a leading industry benchmark for the trading of container freight, remains volatile across many of the trade routes. The North Asia to Europe and North Asia to the U.S. West Coast routes are two of the most volatile amid the policy shifts, disruptions in the South China Sea and re-routing away from the Suez Canal on the back of more frequent attacks on shipping off Yemen.The latest 2024 UNCTAD report shows that there was a total of 23 million Twenty Foot Equivalent Units (TEUs) traded in 2024 between Asia and Europe, which highlights the important role that the Suez Canal plays in maritime trade.Disruptions to the traditional trade routes, most notably in the Asia to Europe route, have also become more frequent. It is important to note that the ongoing conflict in the Middle East has contributed to a greater disruption to freight entering into and exiting from the Suez Canal, which has forced owners to take much longer diversions to arrive in Europe. Businesses that rely on imports or export to global markets have had to plan much further ahead, or in some cases, divert goods to other markets. This has all been a contributing factor to the overall volatility in the freight price.Growth Outlook in Containers Appears RobustThe latest report from UNCTAD shows that there were 59.36 million TEUs shipped on the main East-West routes in 2024, a rise of around 5% on the prior year. The DHL Global Forwarding report for 2025 shows that on a longer term basis, the container trade is expected to grow 3.6% on average from 2024 to 2028. In volume terms, this would mean adding a further 6.1 million TEUs of capacity per year.The volatility in the container freight market looks set to continue considering the number of geopolitical events that are disrupting supply chains of key goods. Freight routes are being diverted, cargoes are taking longer to be delivered and all of these factors are contributing to heightened levels of volatility. As companies along the supply chain look to hedge price risk in the market, the container freight market could see a higher level of activity in the months ahead.Source: CME Group

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NEGATIVE

Global

Other

None

Other

None

Negative

Significant

Global

Other

All

None

Negative

Significant

Global

Other

None

All

Medium

Positive

Moderate

Global

Other

None

Other

None

Negative

Significant

null

https://www.hellenicshippingnews.com/vessel-engine-damage-prevention-or-cure-its-your-choice/

2025-04-15T00:00:00

Vessel Engine Damage: Prevention or Cure, It’s Your choice?

Statistically, data indicates that a vessel will suffer between one and two incidences of main engine damage over the course of its operational lifetime. The average damage costs have been estimated at around $650,000 per incident, with even more damaging incidents costing up to $1.2 million per claim. Therefore, it is important to identify the main causes of this damage and understand how it can be prevented.Prevention of damage is, of course, preferable to cure. Fuel quality and handling issues remain a leading contributor to critical main engine failures. VPS frequently observe that such issues could have been prevented through the implementation of a robust and well-structured fuel management programme onboard vessels.A common misconception is that a fuel meeting the international marine fuel quality standard, ISO 8217, means it is “fit for purpose”. But this is definitely not the case as even fuels that are “on specification”, at the point of delivery to the vessel, can cause major engine damage if not properly managed post-delivery. ISO 8217 specifies the requirements for petroleum fuels for use in marine diesel engines and boilers, prior to appropriate treatment before use, which means that fuels should then be treated onboard between delivery and being burnt.Catalysts used in petroleum refining are made of Aluminium Silicates, which over time breakdown. The resulting, coarse, dense fragments composing of aluminium and silicon, eventually reside in the residual portion of the refining stream. Known as “Cat-Fines”, these particles are highly abrasive and can cause severe damage to vessel engine parts.Major marine engine manufacturers recommend a fuel should contain less than 10-15 mg/kg Aluminium plus Silicon (Al+Si) at the engine inlet. However, assuming a delivered fuel meets the stringent ISO8217:2024 limits of 40-60 mg/kg Al+Si, dependent upon the fuel grade, the fuel treatment plant would have to operate at an efficiency level capable of removing 75%-83% of these highly abrasive particles in order to meet the engine manufacturers’ requirements.Furthermore, the International Council on Combustion Engines’ (CIMAC’s) recommendation regarding fuel quality states “Fuel analysis is the only way to monitor the quality of fuel as delivered at the time and place of custody transfer, before and after the fuel cleaning onboard and at the engine inlet. Regular monitoring of the fuel cleaning plant will provide information, which will help to make decisions about the maintenance cycles of the equipment as well as potential engine problems resulting from malfunctioning or inadequate operation.”Yet one of the most important, but often overlooked processes, is that of regular Fuel System Checks (FSCs) in order to assess the level of aluminium and silicon catalytic fines within fuel. The presence of “cat-fines” within fuel can be extremely damaging, causing rapid engine-part wear. Monitoring cat-fine levels before they can enter vessel engines, can prevent such damage. Therefore, sending samples for analysis which are taken Before & After purification processes, on a quarterly basis is the most effective way to monitor cat-fine levels. FSCs will also help comply to the engine manufacturers general recommendation of a maximum of 10-15 mg/Kg level of cat-fines in the fuel, entering the engines and assess purifier efficiency.There are numerous reasons why regular fuel system checks are critical:Help identify potential risks & operational issues before major damage occurs.Confirm that the system’s flow rate, temperatures, discharge cycles are properly adjusted to handle the specific fuel that is being treatedVerify that the fuel treatment system is properly maintainedReduce operating cost and increase lifecycles of critical componentsIdentify presence of unusual components that can enter fuel post- delivery.Periodic sampling from the fuel treatment system will also identify problems such as water ingress from ballast systems, leaking heating coils and cargo contamination. The last thing anyone wants to see is a purifier working as a pump!A prime example and case study is highlighted below:An LPG Tanker bunkered HSFO in Fujairah where its fuel met ISO 8217 specifications. However, after using the bunkered fuel, the Chief Engineer reported the main engine expansion tank low level alarm, with the main engine exhaust gas temperature high on cylinder unit 2 & 4. The vessel commenced a gradual slowdown of the main engine. The Chief Engineer reported the vessel was unable to run the engine due to suspected leaks on the main engine cylinders. The vessel drifted for about 10 hours before dropping anchor off the coast of India.Upon dismantling the engine, the following findings were made:The VPS Technical Advisor recommended the vessel submit fuel system samples and upon checking, the results from the system, these indicated that the purifier was in fact only working like a pump.The screening size of Al+Si on the before engine sample further confirmed why the vessel was having problems, as the physical size of Al+Si particles ranged: 5-45 µm.The ideal particle size range of cat-fines that can be effectively removed by a marine vessel’s purifier system typically falls between 5 to 15 µm. Purifiers are designed to target these smaller particles, as they are the most common size found in heavy fuel oil and can cause significant wear and damage to engine componentsIf the particle size of catalytic fines is greater than 15 µm, it can pose significant risks to marine engines. Larger particles are more abrasive and can cause severe wear and damage to critical engine components such as cylinder liners, piston rings, and fuel injectors.Potential Issues:Increased Wear: Larger cat-fines can embed themselves in softer metal surfaces, leading to accelerated wear and tearEngine Efficiency: The presence of larger cat-fines can reduce engine efficiency and increase fuel consumption.Maintenance Costs: More frequent and costly maintenance may be required to address the damage caused by these particles.Mitigation Strategies:Enhanced Filtration: Using advanced filtration systems to capture larger particles before they enter the engineRegular Monitoring: Continuously monitoring fuel quality and performing regular maintenance to detect and address cat-fines early.Fuel Treatment: Employing fuel treatment systems to reduce the concentration of cat-fines in the fuel.This VPS fact finding was highly appreciated by the vessel Chief Engineer and the ship owner, following their realisation of what was the cause of the problem. They subsequently put in place routine sampling of fuel system check (FSC) samples to prevent the same incident from reoccurring.As part of the VPS FSC service, each vessel has a monitoring chart checking the cat-fine level upon receipt of the fuel, then the before-purifier level and the after-purifier level. Should any submitted FQT (Manifold) sample show >40mg/Kg Cat-fines, then the vessel will be advised to send an additional sample for Fuel System Check. The before-purifier sample should always have a lower cat-fine level than the manifold sample. Then the after-purifier should always be below 15mg/kg cat-fines, if the purifier is working efficiently.Currently 52% of all samples received by VPS for testing are VLSFOs, with a further 32% being HSFOs. As the two leading fuel grades used in global shipping, they are the two which will and often contain varying levels of cat-fines.For VLSFOs across Q1-2025, 17% of all samples tested had cat-fine levels between 41-60 mg/Kg, which was slightly lower level than Q4-2024 and full year 2024, at 18%. These levels are high enough to cause concern and would trigger the request for additional FSC samples to be sent for analysis.Across 2024 and Q1-25, less than 2% of samples tested exceed the ISO8217 specification limit of 60 mg/Kg.So, around 19% of VLSFOs delivered in Q1-2025 had cat-fine levels >40mg/Kg. Should the recipient vessels not have effective, efficient, purification of their fuel, then they run the risk that 1 in 5 fuel deliveries could cause engine damage.For HSFOs across Q1-2025, 12.5% of all samples tested had cat-fine levels between 41-60 mg/Kg, which was lower level than Q4-2024 and full year 2024, at 19% and 20% respectively. These levels are also high enough to cause concern and would trigger the request for additional FSC samples to be sent for analysis.Again, like VLSFOs, HSFOs across 2024 and Q1-25, showed less than 2% of samples tested exceed the ISO8217 specification limit of 60 mg/Kg.So, around 13% of HSFOs delivered in Q1-2025 had cat-fine levels >40mg/Kg. Should the recipient vessels not have effective, efficient, purification of their fuel, then they run the risk that 1 in 7 fuel deliveries could cause engine damage.In summary, Cat-fines found in the residual component of VLSFO and HSFO fuels, are highly corrosive materials, which can cause considerable and costly damages to vessels. Regular monitoring of onboard purifier performance efficiency, as part of a routine preventive maintenance programme, should be a key tool in mitigating such risks.It is therefore, recommended that a vessel submits “before and after purifier” samples, for each onboard purifier, four times per year. This way the efficiency of the purifiers can be checked and advice provided to ensure optimum efficiency is being achieved and the engine is being protected to the highest level possible.Source: Veritas Petroleum Services

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null

https://www.hellenicshippingnews.com/outcome-of-imos-mepc-83-the-zero-emission-revolution-starts-now/

2025-04-15T00:00:00

Outcome of IMO’s MEPC 83: The Zero-Emission (R)evolution starts Now

Last week, the final negotiations took place in London within the International Maritime Organisation (IMO) on measures to limit emissions from seagoing vessels. There was intensive debate on both technical and economic elements in the policy proposal.During these discussions, the Royal Belgian Shipowners’ Association (KBRV) advocated an independent levy on emissions as an economic element. Unfortunately, this proposal did not receive sufficient support and was not included in the final agreement.Wilfried Lemmens, KBRV Managing Director, responded:“The Royal Belgian Shipowners’ Association regrets that the IMO member states have not succeeded in agreeing on a global levy, as this would have been the simplest and most efficient way for the maritime sector to achieve the climate objectives. Nevertheless, we are pleased that an agreement has been reached at the international level that will benefit the global level playing field and which we can build upon.”The approved proposal consists of a technical measure coupled with an economic incentive. This means that from 2028 onwards, ships will only be allowed to use fuels that do not exceed a predetermined greenhouse gas (GHG) intensity threshold. If this threshold is exceeded, a payment will be due. Before implementation, however, the measure still needs to be adopted by an extra-ordinary MEPC beginning of October.KBRV will be studying the technical details over the coming weeks, and will continue its close collaboration with international partners such as the International Chamber of Shipping (ICS) and national authorities such as the Belgian Federal Department for Mobility on the implementation of the framework.In light of this global measure, the KBRV will work with all relevant authorities to preserve the new global level playing field without any additional parallel regional legislations, in the interest of coherent and efficient regulation and preserving the competitiveness of Belgian shipping.Source: The Royal Belgian Shipowners’ Association (KBRV)

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https://www.hellenicshippingnews.com/hsfo-logs-mild-gains-while-vlsfo-softens/

2025-04-15T00:00:00

HSFO logs mild gains, while VLSFO softens

Asia’s high sulphur fuel oil (HSFO) market strengthened slightly on Monday, while very low sulphur fuel oil (VLSFO) eased on lower offers.The 380-cst HSFO cash differential was pegged at a narrower discount to Singapore quotes, as market structure continued to recover for the prompt months. (FO380-SIN-DIF)VLSFO cash differential was pegged at a lower premium as softer offers emerged for April and May loading. (MFO05-SIN-DIF)Spot trade remained largely thin in recent sessions though the market eyed a couple of tenders closing on Tuesday.India’s HPCL offered three cargoes of fuel oil, each of 33,000 tons, for various loading dates in May.Meanwhile, Nigeria’s Dangote offered 80,000 to 88,000 tons of atmospheric residue for loading between April 24 and 26.Refining cracks posted diverging trends, with Singapore 380-cst HSFO crack (FO380BRTCKMc1) climbing to a premium of 80 cents a barrel at the Asia close, while VLSFO crack (LFO05SGBRTCMc1) dipped slightly to a premium of $9.50 a barrel, LSEG data showed.BUNKER DATAMarine fuel sales in Singapore improved in March after hitting a 20-month low in February, latest data showed.Volumes totalled 4.47 million metric tons, climbing 7.8% month-on-month. Aggressive selling had pressured bunker premiums and spurred more spot purchases, some market sources said.OTHER NEWS– Oil prices edged up on Monday after Chinese data showed a sharp rebound in crude imports in March, although concerns that the escalating trade war between the United States and China would weaken global economic growth and dent fuel demand weighed.– At least two vessels carrying Venezuelan crude chartered by Chevron are stalled due to state oil company PDVSA canceling their export authorizations, according to shipping data and sources, as the government had no certainty of payment amid the hardening of U.S. sanctions on the OPEC-member country.– Valero Mexico said it was notified by the country’s tax authority that it had been “momentarily” suspended from the registry of importers for motor fuels but that it was cooperating with an investigation.– Countries at the U.N. shipping agency struck a deal on Friday on a global fuel emissions standard for the maritime sector that will impose an emissions fee on ships that breach it and reward vessels burning cleaner fuels.WINDOW TRADES– 180-cst HSFO: No trade– 380-cst HSFO: No trade– 0.5% VLSFO: No tradeSource: Reuters

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NEGATIVE

None

Global

Other

All

None

Global

Other

None

All

Short

Positive

Minor

None

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https://www.hellenicshippingnews.com/lloyds-register-seatransport-and-deployable-energy-developing-nuclear-power-for-ships/

2025-04-15T00:00:00

Lloyd’s Register, Seatransport and Deployable Energy developing nuclear power for ships

Queensland’s ship design group Seatransport and Houston-based Deployable Energy are collaborating with Lloyd’s Register (LR) to develop nuclear power generation for different applications, including strategic response vessels in remote areas.Using micro modular reactor (MMR) technology, two to five MMRs of 1MWe capacity each will power a 73-metre amphibious vessel, designed for emergency response and disaster relief duties in remote areas. This will enable the vessel to operate for 8-10 years without refuelling, and it can feed power into the shore grid of affected areas and whenever docked at port.LR, a global professional maritime services group with deep expertise in maritime and nuclear innovation, is leading the programme to ensure quality, protocols and safety aspects are established and followed.(L-R) Mark Ho, PhD Chief Nuclear Officer, Deployable Energy; Dr Stuart Ballantyne, Chairman, Seatransport Corporation; Claudene Sharp Patel, Global Technical Director, LR; and Remko Hottentot, Commercial Manager, LR – AustralasiaClaudene Sharp-Patel, LR’s Global Technical Director, said: “As nuclear technology progresses towards maritime applications, LR is uniquely positioned to help develop these initiatives. We bring our extensive history in maritime and nuclear safety, providing a strong foundation for safe, insurable, and scalable nuclear-powered shipping. Our extensive experience with small modular reactors in the defence sector further demonstrates our commitment to safety and innovation.”The concept was presented at LR’s recent Australia Advisory Committee Meeting with Remko Hottentot, LR Commercial Manager – Australasia, signing the agreement with the Australian parties.LR’s Fuel for Thought: Nuclear report provides an analysis of nuclear’s current status and future potential in maritime decarbonisation. Fuel for Thought is an industry-leading series of reports and webinars on alternative ship fuels, covering technology advances, policy developments, and emerging trends and opportunities.Source: Lloyd’s Register

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POSITIVE

Global

Other

None

Long

Positive

Moderate

Global

Other

Long

Positive

Moderate

Global

Other

None

Other

Long

Positive

Moderate

Global

Other

None

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/heres-why-gencos-ceo-is-considering-pulling-out-of-u-s-ports/

2025-04-15T00:00:00

Here’s Why Genco’s CEO Is Considering Pulling Out of U.S. Ports

John Wobensmith, CEO of Genco Shipping and Trading Limited, knows the company’s business can’t keep up with the United States Trade Representative’s (USTR) proposed port fees on shippers.That’s why-despite being headquartered in the U.S.-Genco is reportedly considering skipping over U.S. ports should the proposal be approved.The proposed fees, which could be as high as $1.5 million per ship, per port, are a play from President Donald Trump’s administration at bringing shipbuilding back to the United States. They would apply-in varying amounts-to shipping companies with China-operated and China-built ships, as well as to shipping companies with orders placed with Chinese shipyards for new ships.Wobensmith told Bloomberg that Genco has begun evaluating the option to “position our ships elsewhere,” particularly given that just 10 percent of the company’s revenue comes from the U.S. and the remaining 90 percent comes from other countries across the globe.“The other way to handle this is passing through to the end user,” he told Bloomberg, noting that freight rates will increase because of the proposed tax.Already, Genco has put clauses into its contract that state the end user must pay out any fees or tolls that their shipments incur, according to Bloomberg.The USTR’s proposal has elicited a strong response from the industry, which has already made it clear that, if the proposal goes through, it has the potential to wreak havoc on shipping rates, shippers’ operations and businesses and the cost to bring goods into the United States, even when setting aside the myriad tariffs President Donald Trump may still impose.The World Shipping Council (WSC) has estimated that the proposed port fees could see shippers paying an additional $600 to $800 per container delivered.Joe Kramek, the group’s president and CEO, testified at the USTR’s hearing on the proposal and said the “economic impacts would reverberate throughout the economy,” forcing a negative impact on both businesses and consumers. He also noted that such fees would be likely to “generate congestion at larger ports while reducing service at smaller ports as vessel operators minimize the number of U.S. port calls their vessels make on each route.”While Kramek said the group supports the further development of the U.S. maritime industry, the WSC opposes the USTR’s proposal.It seems Genco agrees with the WSC on that point; Wobensmith told Bloomberg that while Genco remains “very much in favor of building and revitalizing” the U.S. shipbuilding industry, he knows the infrastructure and labor force needed to do so don’t currently exist.While he called aspirations to build the industry up “a fantastic goal,” Wobensmith also told Bloomberg that, “We just don’t think it should be necessarily married with the Chinese issues.”Source: Sourcing Journal

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NEGATIVE

Global

Other

All

None

Negative

Significant

National

Other

All

None

Negative

Major

National

Dry

None

All

Short

Positive

Moderate

Global

Other

All

None

Negative

Significant

null

https://www.hellenicshippingnews.com/svitzer-signs-global-ecotow-agreement-with-wallenius-wilhelmsen-to-drive-decarbonisation/

2025-04-15T00:00:00

Svitzer signs global EcoTow agreement with Wallenius Wilhelmsen to drive decarbonisation

Svitzer has signed a global EcoTow agreement with the Wallenius Wilhelmsen group. The agreement marks a major step in Svitzer’s decarbonisation journey and supports Wallenius Wilhelmsen’s ambition to reduce Scope 3 emissions across Svitzer’s global operations.The agreement covers tug jobs across key markets such as Australia, the UK, and Scandinavia. By applying the mass balance principle, Svitzer can use biofuels across its network and bank the resulting CO₂ savings in its emissions ledger. These are then allocated to Wallenius Wilhelmsen, allowing the company to reduce emissions related to towage.“This collaboration demonstrates the importance of partnerships in our decarbonisation efforts. Working with a like-minded partner like Svitzer gives us a reliable path to reduce emissions beyond our direct operations,” says Ove Moring, Senior Manager Supplier Contracting & Equipment, Wallenius Wilhelmsen.Svitzer has signed a global EcoTow agreement with the Wallenius Wilhelmsen group. Credit: Wallenius WilhelmsenSven Muchardt, Key Customer Manager at Svitzer, highlights the value of the agreement: “We are excited to partner with Wallenius Wilhelmsen on this initiative to help address the shared challenges of decarbonisation. This agreement strengthens our collaboration while supporting both companies’ strategic goals.”The deal reflects a growing customer demand for voluntary emissions reduction schemes that go beyond regulatory requirements. It also illustrates how Svitzer’s differentiated approach can support customers in accelerating their climate strategies.“We see EcoTow not only as a solution for today, but as a bridge to more transformative change,” adds Svitzer’s Head of Decarbonisation, Gareth Prowse. “These agreements show that our customers are ready to act now, not later.”Source: Svitzer

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https://www.hellenicshippingnews.com/fortescue-and-cmb-tech-sign-agreement-for-ammonia-powered-ore-carrier/

2025-04-15T00:00:00

Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier

CMB.TECH NV has signed an agreement with Fortescue to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry. This 210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026.Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH’s series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world.While Fortescue is committed to eliminating Scope 1 and 2 emissions from its Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions by 2040 reflects the challenge of eliminating emissions from the shipping of its products to customers and from steelmaking.Fortescue has taken a global leadership position by advocating for the early adoption of zero emission fuels such as green ammonia, widely accepted as the long-term solution, and the bypassing of transitional fuels such as biofuels and LNG.The Fortescue Green Pioneer, the world’s first dual-fuel ammonia-powered vessel, has been in London since early March and will soon embark on a tour of global ports to bring attention to the need for a hastened transition to zero emissions fuels.Fortescue Metals CEO Dino Otranto said:“Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3 per cent of global carbon emissions, are numbered. We continue to implore shipping regulators to show the character and leadership that is necessary to ensure this happens sooner rather than later. Our agreement with Bocimar is just the beginning. Through the Fortescue Green Pioneer we have demonstrated that the technology to decarbonise shipping exists now. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emissions vessels and help accelerate the widespread adoption of green ammonia as a marine fuel.”Alexander Saverys, CEO of CMB.TECH said:“Fortescue and Bocimar have been close partners for more than 20 years. We share the same values and are both passionate about decarbonising the maritime industry. Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow.”Source: CMB.TECH

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POSITIVE

Global

Dry

Newcastlemax

Other

Long

Positive

Moderate

Global

Dry

Newcastlemax

Other

Long

Positive

Moderate

Global

Dry

Newcastlemax

C5

Long

Positive

Moderate

Global

Dry

Newcastlemax

Other

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/danelec-and-aage-hempel-strengthen-global-partnership-with-new-agreement-covering-nine-locations/

2025-04-15T00:00:00

Danelec and Aage Hempel Strengthen Global Partnership with New Agreement Covering Nine Locations

Danelec, a global leader in maritime data solutions, has reinforced its long-standing partnership with Aage Hempel by signing a new global agreement covering nine of Aage Hempel’s locations worldwide. The agreement is a significant step in further strengthening Danelec’s global service capabilities, ensuring its customers benefit from best-in-class products, industry-leading reliability, and exceptional after-sales service through its trusted partners.Aage Hempel has been a valued and long-standing partner within the Danelec network for 20 years, continuously expanding its global footprint while maintaining a high level of service and technical excellence. This agreement – which introduces new remote service capabilities in addition to expanded spare parts capacity – solidifies the collaboration between the two companies while reinforcing Danelec’s commitment to delivering seamless support through its global service partner network.“As a trusted partner for two decades, Aage Hempel consistently delivers outstanding service,” said Nikolai Skov Jensen, Sales Director, EMEA & Americas at Danelec. “This agreement underscores the mutual trust between our organizations and our shared commitment to supporting our customers while upholding the highest standards in the industry. The Danelec VDR platform boasts the lowest mean time between failures in the industry, and with Aage Hempel’s global support network, we can ensure that if an issue arises, customers get the service they need swiftly to keep their vessels moving safely and efficiently.”Aage Hempel has long recognized the reliability and quality of Danelec’s Voyage Data Recorders (VDRs) and advanced digital solutions. Steve Reeve, Group Managing Director commented: “Danelec’s VDRs are recognized globally for their quality, durability, and ease of service. We are proud to continue supporting and promoting the Danelec brand worldwide. This strengthened agreement is not just about enhancing our service level, it is about deepening our commitment to our mutual customers, improving response times, and ensuring their vessels remain operational with minimal disruption.”As part of the new agreement, Aage Hempel will leverage Danelec’s cutting-edge Safety Insights solution, which enables remote support for vessels, proactive spare parts preparation, and optimized service planning even before a ship visit takes place. By utilizing these digital tools, Aage Hempel can provide even greater value to its customers, reducing lead times and ensuring the highest levels of service satisfaction.Additionally, this agreement ensures that spare parts are available at every Aage Hempel location covered under the deal, along with certified technicians trained by Danelec. As a key member of the Danelec Global Service Partner Network, Aage Hempel represents a crucial link in the chain, ensuring customers are supported throughout the entire product lifecycle while maintaining the lowest lifetime cost of ownership. This commitment to spare part availability and expert servicing reinforces Danelec’s mission to provide seamless, cost-effective, and high-quality maritime solutions worldwide.Furthermore, Aage Hempel has been instrumental in helping Danelec expand its market share, actively promoting and supporting Danelec products and services across its global network. Their expertise and commitment have played a pivotal role in strengthening Danelec’s presence in key markets, enhancing brand loyalty, and ensuring customers receive the highest level of service and support.With this enhanced collaboration, Danelec and Aage Hempel reaffirm their dedication to supporting shipowners, operators, and fleet managers with reliable data solutions, superior service, and a shared mission of keeping vessels running efficiently and safely.Source: Danelec

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https://www.hellenicshippingnews.com/seawork-launches-a-new-membership-for-commercial-marine-professionals/

2025-04-15T00:00:00

Seawork launches a new membership for commercial marine professionals

Seawork, Europe’s leading commercial marine exhibition, is excited to launch its exclusive Seawork Membership, designed to give maritime professionals a powerful advantage both onsite and online.Leading the list of exclusive benefits is unrestricted access to Seawork’s online messaging platform on seawork.com, allowing members to connect directly with visitors, exhibitors, and potential leads. Members can arrange meetings, build business relationships, and create opportunities before, during, and after the event.For just £295 annually, members receive more than £500 worth of benefits designed to enhance professional visibility, foster industry connections, and keep them informed with the latest insights from the maritime sector.Andrew Webster, CEO of Mercator Media, “As the maritime industry evolves, this membership offers a vital opportunity for individuals to fully integrate into the commercial marine sector – not just during the exhibition, but all year round. It’s about creating meaningful connections and providing ongoing value to our professional community.”Premium onsite benefitsSeawork members will enjoy:Priority entry to the exhibitionAccess to a members-only lounge, offering a quiet, premium space for networking or downtimeExclusive invitation to the prestigious Seawork Awards evening on Tuesday nightDirect access to industry expertiseDaily “Meet the Editor” sessions with Maritime Journal Editor Debbie Mason offer unique insights into market trends, policy developments, and key industry movements — available exclusively to Seawork members.Value that extends beyond the exhibitionMembership doesn’t end with the event. Seawork members benefit all year round with:A complimentary subscription to Maritime Journal (RRP £255), delivering essential news and analysis from across the commercial marine sectorEditor’s Insight, a members-only monthly eNewsletter curated by Debbie Mason, featuring exclusive commentary and behind-the-scenes industry updatesFree entry to the highly anticipated Get Set for Workboat Conference, hosted in partnership with The Workboat AssociationSource: Seawork

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https://www.hellenicshippingnews.com/bureau-veritas-endorses-threatscene-sas-cybersecurity-framework-marine/

2025-04-15T00:00:00

Bureau Veritas Endorses ThreatScene SA’s Cybersecurity Framework, MARINE

Bureau Veritas Marine & Offshore (BV), a global leader in testing, inspection, and certification services, has announced the official endorsement of MARINE, a comprehensive cybersecurity framework developed by ThreatScene SA, a leading provider of cybersecurity services.The MARINE framework, developed by ThreatScene SA in partnership with the Hellenic Chamber of Shipping, was created to help the maritime industry tackle the growing challenge of cybersecurity threats. Designed as a practical, scalable, and easy-to-implement methodology, MARINE provides clear guidelines and best practices tailored specifically to the maritime sector, offering organizations an effective starting point for strengthening their cyber resilience across vessel operations, port infrastructure, and interconnected maritime systems.The endorsement by Bureau Veritas recognizes MARINE as a valuable foundation for maritime organizations looking to build their cybersecurity capability in alignment with industry standards. To further support IT teams, the framework is available as a handbook, providing an accessible benchmark for maritime stakeholders seeking to implement cybersecurity best practices and navigate evolving threats.ThreatScene MARINE cover.ThreatScene SA also offers a free online self-assessment platform, enabling organizations to evaluate their cybersecurity maturity, compare their scores against industry peers, and receive a tailored gap analysis report. This report highlights key areas for improvement, helping companies prioritize security enhancements and develop a structured path toward cyber resilience.As part of the endorsement agreement, ThreatScene SA will continue to update the framework, ensuring it remains aligned with the latest technological advancements, regulatory changes, and emerging cyber threats. This process will be overseen by BV, who will also work with ThreatScene to deliver workshops designed to assist in the revision of the framework (Rev2), incorporating IACS cyber regulations. This commitment reflects both organizations’ dedication to supporting the maritime industry in addressing the ever-evolving cybersecurity landscape.Katerina Tasiopoulou, CEO of ThreatScene Greece MAE, said: “We are honoured to receive the endorsement from BV, a globally respected leader in the maritime industry. This recognition underscores our commitment to delivering cutting-edge cybersecurity solutions that help maritime operators protect their critical assets. With our ongoing obligation to update the framework, we will continue to provide the industry with the tools needed to stay ahead of emerging threats.”ThreatScene MARINE framework.Matthieu de Tugny, President of Bureau Veritas Marine & Offshore, said: “The MARINE cybersecurity framework is a valuable starting point for the Greek maritime market to address the evolving threat to cybersecurity. The framework provides a practical approach to help owners develop a robust cyber management plan that aligns with relevant industry standards and enhances the overall resilience of their operations.”The endorsed framework is available for maritime operators, shipowners, and port authorities, offering tailored guidance to address the unique cybersecurity challenges of the sector.Source: Bureau Veritas Marine & Offshore (BV)

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POSITIVE

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Other

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Positive

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Global

Other

All

Long

Positive

Moderate

Global

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Positive

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Global

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Positive

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https://www.hellenicshippingnews.com/crowleys-first-avance-class-vessel-quetzal-begins-maiden-commercial-voyage/

2025-04-14T00:00:00

Crowley’s First Avance Class Vessel Quetzal Begins Maiden Commercial Voyage

Crowley’s new LNG-powered containership Quetzal has successfully begun its inaugural commercial voyage, opening the company’s next era of faster, frequent ocean shipping with a new class of vessels for the U.S., Central America and the Dominican Republic.With capacity for up to 1,400 20-foot container equivalent units (TEUs), Quetzal and its three forthcoming sister Avance Class ships will provide more cargo capacity while using lower-emissions liquefied natural gas (LNG) for fuel. Quetzal and its sister ships were specifically designed to accommodate a variety of container sizes, including 300 refrigerated container unit plugs.The Avance Class – pronounced in Spanish “ah-bahn-seh” with the English meaning of advance – is uniquely suited to quickly transport perishable goods like food and pharmaceuticals, as well as retail products, apparel, breakbulk cargo and other essential items.Quetzal initiated service on April 11-12 at Port of Santo Tomás, Guatemala. Named to honor Central American culture and communities, the Avance Class vessels, built by Hyundai Mipo Dockyard of Korea, are all expected to enter service in 2025 from owner Eastern Pacific Shipping, operating under long-term charters to Crowley.“Quetzal and the Avance Class ships represent the next generation of Crowley’s innovation and leadership in supply chain solutions for international shipping in the Caribbean Basin,” said Tom Crowley, Chairman and CEO. “The vessels provide frequent service and greater capabilities to deliver cargo at peak timing while carrying forward Crowley’s high operational standards. With the company’s decades of service in Central America and the Dominican Republic, the Avance Class is a strategic investment by Crowley in the future of this international trade, setting a new standard for environmental efficiency.”Quetzal also builds on Crowley’s commitment to advancing LNG as a solution in the maritime industry’s energy transition. Crowley’s Avance Class ships feature high-pressure ME-GI engines by MAN Energy Solutions, which reduce methane slippage to negligible levels and make these vessels the most environmentally efficient in their category. LNG itself lowers vessel greenhouse gas emissions, such as sulfur oxide, carbon dioxide and nitrogen oxide, while eliminating particulate matter compared with conventional diesel fuel.Source: Crowley

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null

https://www.hellenicshippingnews.com/abs-recognized-by-the-national-safety-council-for-reaching-significant-safety-milestones/

2025-04-14T00:00:00

ABS Recognized by the National Safety Council for Reaching Significant Safety Milestones

In recognition of its exceptional achievement in maintaining a safe work environment, the National Safety Council (NSC) presented ABS with two safety awards.The NSC is a globally recognized nonprofit organization committed to eliminating leading causes of preventable death and injury in the workplace and on roadways. Their awards program recognizes organizations and individuals who have made significant contributions to upholding the safety of their workplaces and communities.The two awards celebrate ABS’ accomplishment of reaching a significant number of consecutive hours without incurring occupational injury or illness that resulted in days away from work. Since January 2023, ABS has accumulated more than 15 million hours worked without a lost-time incident (LTI). The second award recognizes six million hours worked without an LTI specific to North American operations dating back to 2021.oshua LaVire, Vice President, HSQE and Chris Reiblein, Director, HSQE display the awards presented by the NSC“This achievement is a testament to the dedication and hard work of ABS employees in maintaining a safe work environment across all of ABS globally,” said John McDonald, ABS President and COO. “We are incredibly proud to receive these awards and will continue to prioritize a strong culture of safety so that ABS can strive to set new benchmarks within the industry.”Safety is at the heart of everything ABS does, whether in its own operations or in promoting safety for the maritime industry at large. ABS staff have regular safety meetings to discuss specific safety issues relevant to individual teams and offices. Staff are also empowered with the knowledge, tools and authority to maintain safety at work and in everyday life.This safety-centric mission extends to ABS’ industry-leading classification and technical advisory services, providing a crucial foundation in helping the global marine and offshore industries achieve a safer, cleaner future.Source: ABS

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https://www.hellenicshippingnews.com/cmt-secures-fleet-wide-order-from-cyprus-based-containership-manager/

2025-04-14T00:00:00

CMT Secures Fleet-Wide Order From Cyprus-Based Containership Manager

CM Technologies, the Germany-headquartered specialist in marine engine performance diagnostics, has secured a substantial order for its flagship PREMET X analyser from a leading Cypriot shipmanager.The order for 19 PREMET X units follows use of the engine performance monitor on two vessels, the success of which led the ship operator to order the solution for half of the operator’s managed fleet of large containerships, bulkers and general cargo ships.The unnamed shipmanager had historically relied on a mix of performance monitoring tools but wanted a single solution capable of providing consistent, reliable operational data across the fleet.“The success of PREMET X on the first two vessels made a powerful case for wider use,” said Uwe Krüger, joint Managing Director, CMT. “With this latest order, we’re supporting a progressive shipmanager in gaining reliable insights, lowering operational costs, and ensuring consistency in performance diagnostics.”PREMET X offers real-time combustion analysis, advanced troubleshooting, and long-term data trends for optimised engine operation and maintenance planning.Designed by marine engineers for marine engineers, PREMET X monitors the combustion process in real time. It enables users to fine tune the engine during operation, helping balance cylinder loads, optimise injection timing, and detect defective components before they lead to more serious failures. It also contributes to extended engine life, lower emissions and improved compliance by maintaining optimal engine balance and fuel efficiency.PREMET X in-situ monitoring engine performanceUsing high-precision cylinder pressure sensors and non-intrusive acoustic fuel injection sensors, the state-of-the-art technology allows crews and fleet managers to track compression pressure, ignition angle, maximum combustion pressure, mean indicated pressure and exhaust gas temperature.“A one-degree delay in ignition timing can raise exhaust temperatures by up to 10°C, increasing specific fuel oil consumption by around two percent; metrics that PREMET X helps reduce,” said CMT joint Managing Director David Fuhlbrügge.The PREMET X system integrates with the PREMET Viewer software, allowing engineers to compare current and historical data, identify performance deviations, and generate detailed reports for superintendents or shore-based teams. With built-in Wi-Fi and optional cloud upload capabilities, fleet managers can access measurement data and firmware updates remotely, ensuring the system remains current and efficient without added burden on vessel crews.“With global shipping facing increasing operational and regulatory pressures, particularly in relation to fuel efficiency and emissions reduction, detailed engine performance data has become essential,” said Fuhlbrügge. “PREMET X equips engineers and superintendents with the tools to troubleshoot issues proactively, minimise unplanned downtime, and extend maintenance intervals – all of which contribute to more efficient and sustainable operations.Diagnostics data uploaded to a computerPREMET X standardises fleet-wide engine performance monitoring on one platform. This allows crews to be trained on a single system, which remains consistent regardless of which vessel they’re assigned to. “Continuity is crucial when it comes to troubleshooting and understanding performance baselines, especially if there are frequent crew changes,” he said.The expansion of PREMET X across the Cyprus-based fleet is part of a broader trend toward digitalisation and data-led decision-making in the maritime sector. And with more shipowners seeking consistent and reliable performance data, the order underscores CM Technologies’ growing role as a trusted partner in marine engine diagnostics. As fleets move toward smarter, greener operations, solutions like PREMET X are proving indispensable.CMT is currently configuring PREMET X to the original parameters of the vessels’ engines with units scheduled for delivery in the second quarter of 2025.Source: CMT

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https://www.hellenicshippingnews.com/historic-agreement-in-imo-on-global-climate-regulation-of-shipping-the-work-for-climate-neutral-shipping-will-continue/

2025-04-14T00:00:00

Historic Agreement in IMO on Global Climate Regulation of Shipping – the Work for Climate-Neutral Shipping will Continue

A majority of IMO member states have voted in favor of an agreement to regulate international shipping. The regulation aims to ensure that CO₂ emissions from shipping are reduced and contributes to closing the price gap between fossil and alternative, green fuels. This is good news for the ambitious Danish shipping companies that are at the forefront of the green transition.Friday, 11 April 2025, marked a historic day at the International Maritime Organization in London. On this day, countries adopted a groundbreaking agreement on climate regulation for the global shipping industry. Shipping will be the first industry in the world to have such an agreement.“The climate regulation agreement in the IMO is historic. In fact, it’s the first global climate agreement with binding targets. We are the only industry to have that. It sets requirements for how shipping must transition, making the path to the 2050 climate-neutral goal easier to follow,” said Anne H. Steffensen, CEO of Danish Shipping.‘’The climate regulation agreement in the IMO is historic’’Anne H. Steffensen, CEO of Danish ShippingThe path to a concrete regulatory agreement, following the strategy adopted in 2023 stating that global shipping must become climate-neutral around 2050, has not been straightforward or without challenges. Earlier this week, for instance, the United States withdrew entirely from the negotiations. The key challenge has been finding a compromise that moves the industry towards this goal and is acceptable to a large group of countries with widely different starting points and interests.“We would have liked something more ambitious. That’s clear. But I still believe it’s a great victory that an agreement has been reached which moves us in the right direction – especially against the current geopolitical backdrop. From Denmark and Europe, we have worked to make emissions even more expensive. That would have benefited the most ambitious shipping companies and at the same time generated more revenue to ensure a fair transition. But still – we’ve pitched the tent, and we’ll tighten the ropes as we go. It will take a dedicated effort leading up to the final adoption in October,” said Anne H. Steffensen.The agreement also sends a clear signal to investors and energy producers that there will be demand for green fuels from the shipping industry. The lack of competitively priced green fuels has so far been one of the major barriers to the green transition at sea.“The Minister for Business and Maritime Affairs and the Danish authorities, led by the Danish Maritime Authority, have made a tremendous and competent effort representing Danish shipping interests throughout the negotiations. Among other things, by tirelessly fighting for an ambitious climate agreement – and thus for the Danish shipping companies leading the industry’s transition. That continued commitment will be needed if the ambitions of the 2023 strategy are to be fulfilled,” said Anne H. Steffensen.Source: Danish Shipping

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https://www.hellenicshippingnews.com/norden-sells-two-additional-vessels/

2025-04-14T00:00:00

NORDEN sells two additional vessels

In line with our strategy to realise asset values, we are pleased to announce that we have sold two additional vessels – one Ultramax and one Handysize vessel. Both vessels were declared purchase options.Year-to-date, we have sold in total seven vessels from the active fleet and three newbuildings that have been sold to new owners before delivery, but will be leased back on time-charter with purchase options.Following these transactions, NORDEN’s asset portfolio will consist of 20 owned vessels and 79 long-term leases with purchase options, 37 of which can be declared before the end of 2025.Furthermore, 690,180 shares have been acquired at an average price of DKK 185 per share from the initiation of the announced share buy-back programme in early February up until 8 April 2025.Source: NORDEN A/S

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https://www.hellenicshippingnews.com/imo-to-charge-ships-at-least-100-per-tonne-of-co%e2%82%82-emitted-above-set-target/

2025-04-14T00:00:00

IMO to charge ships at least $100 per tonne of CO₂ emitted above set target

The latest IMO agreement is considered pivotal for the future of the shipping industry. Commenting on its impact, ING’s Senior Sector Economist, Transport and Logistics, said that “the IMO agreement exceeds expectations in terms of willingness to cooperate and adopt global financial incentives. From an economic point of view, carbon taxing is the most inefficient solution to level the playing field, but it is eventually inevitable.However, in this compromise, the vast majority of shipping emissions (between the upper and lower boundaries) will be exempted from taxing, which limits the system’s strength. Outperformers will be rewarded, but details still need to be clarified.A weakening aspect is the ambition of the boundaries, which have been set at -8% and -21% for 2030 compared to 2008 levels. This is less ambitious than the 30% the IMO currently strives for.The IMO seems to be (low carbon) fuel neutral in this regard. This means that the cheaper and easiest-to-use biofuel option will often be preferred. Consequently, the uptake of alternative fuels like methanol or ammonia won’t be much easier.”Source: Rico Luman, Senior Sector Economist, Transport and Logistics at ING

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NEGATIVE

Global

Other

All

None

Global

Other

All

Long

Negative

Moderate

Global

Other

None

All

Medium

Positive

Moderate

Global

Other

All

None

null

https://www.hellenicshippingnews.com/lng-and-lpg-markets-under-pressure/

2025-04-14T00:00:00

LNG and LPG Markets Under Pressure

The LNG market came under slight pressure this week, with rates softening across most routes. The Atlantic basin was mixed, while the Pacific saw modest losses. Long-term charter rates also edged lower, reflecting broader caution in the market.On the BLNG1 Gladstone–Tokyo route (174k cbm), rates dropped $567 to $24,700 per day. The corresponding 160k cbm rate fell more sharply by $1,500, settling at $14,500 per day.In the Atlantic, the BLNG2 Sabine–UK Continent route saw a slight $67 decrease to $22,600 for 174k cbm ships, while 160k cbm vessels slipped by $500 to $12,100.The BLNG3 Sabine–Tokyo route was the only route to show strength this week. 174k cbm carriers rose $1,665 to $29,500, while 160k cbm vessels gained $498, ending at $15,300.The period market also experienced a downward adjustment, reflecting weaker forward sentiment. Six-month time charter rates for a 174k cbm vessel declined by $350, settling at $27,900/day, while one-year rates also dropped $350 to $32,575/day. The three-year rate was relatively stable but still edged down by $50, closing the week at $53,300/day.LPGThe LPG market experienced a dramatic downturn this week, with rates plunging across all major routes amid a shock reaction to newly imposed U.S. tariffs. The sudden policy moves by the Trump administration sent ripples in the LPG trade flows and eroded confidence in forward demand.On the BLPG1 Ras Tanura–Chiba route, rates dropped harshly by $23.17, falling to $33.50, while TCE earnings decreased $22,778 to $17,474. This marks one of the sharpest single-week declines in recent memory, reflecting a rapid cooling of Middle East–East Asia flows.In the Atlantic, the BLPG2 Houston–Flushing route mirrored this volatility, dropping $15.25 to $41.25, with TCE earnings losing $19,625, ending at $36,607.The BLPG3 Houston–Chiba route saw the steepest fall, with rates shedding $28.08 to settle at $75.17. Corresponding TCE earnings tumbled $19,020 to $18,727, underscoring how uncertainty and policy disruption are weighing heavily on U.S. long-haul trade to the east.Source: The Baltic Exchange

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NEGATIVE

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None

Negative

Moderate

Global

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All

None

Negative

Moderate

Global

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Negative

Moderate

Global

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None

Negative

Moderate

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https://www.hellenicshippingnews.com/freight-orders-surge-on-trump-tariffs-trade-whipsaw-the-ships-are-filling-up/

2025-04-14T00:00:00

Freight orders surge on Trump tariffs trade whipsaw: ‘The ships are filling up’

President Donald Trump’s decision to pause tariffs on trading partners around the globe may have eased some of the market’s worst fears, but the big swings in stocks and bonds that have continued in the markets match a pervasive feeling of uncertainty inside the supply chain amid whipsaw conditions in global trade.At least for now, though, some orders around the world that were paused are surging.The tariffs with China, the biggest trading partner of the U.S., remain in effect and are now at 145%. But across other Asian and European nations that are key manufacturing partners, the fluid situation is leading importers to rethink decisions that were the correct one just a day ago.“We started seeing a ton of bookings cancel at origin over the ocean as early as last week and as we got closer to the tariff date on April 9 we saw more cancellations,” said Paul Brashier, vice president of global supply chain for ITS Logistics. “But with this recent announcement on the pause on tariffs with the exception of China, we may have orders re-booked from those regions.”The European Union said it will pause the adoption of its retaliatory tariffs on a swathe of U.S. goods for 90 days, a day after Trump’s decision.Andrew Abbott, CEO of Atlantic Container Line, which serves the Europe/North American trade, said that freight “holds” as a result of the tariffs have now been released and bookings have skyrocketed as a result of the tariff pause.“We are expecting a surge of freight during this pause,” Abbott said. “We are seeing order in everything from construction equipment, engines, truck parts, dinnerware, cranes, agriculture equipment and booze among a lot others. The ships are filling up.”Other logistics providers told CNBC they are seeing a similar rush.Abbott says the companies that put shipments on hold now feel like they are being rewarded.“Even the British car guys have booked for May sailings,” Abbott said.Still a ‘super cautious’ moment in global tradeUncertainty remains high in a world where trade decisions hinge on the micromanagement of daily headlines. Shipping executives remain on edge, with Mexico a good example. There was no change in the tariffs policy partially in effect on Mexico and Canada.“People have uncertainty, and uncertainty creates fear. People are starting to send some imports and some exports to the United States, let’s say, the urgent products, but the rest is on hold,” said Simon Cohen, CEO of Henco Global, in an interview before Trump’s tariffs pause was announced.Cohen said retail exports from Mexico to the United States are on hold. “Sales are just not increasing,” he said.Based on 2024 U.S. Customs data collected and analyzed by ImportGenius and applied to the new tariffs in effect, the daily tariff collection is now $345.5 million from Mexico imports. Daily tariff collections on Canadian imports under the same metrics show $282 million. In all, customs duties totaled $8.2 billion in March, according to a Treasury report released on Thursday — for a year-to-date total of $43.6 billion vs. $37.7 billion last year.“It’s status quo right now and the new normal for the supply chain is uncertainty,” Brashier said.Cohen cited the automotive industry and aerospace industry as examples. “What we’re seeing is the industry is just holding a little and they are just waiting for the news just to move forward,” said Cohen.For example, Volkswagen AG halted rail shipments of vehicles from Mexico.China’s investment in manufacturing in Mexico has been scrutinized by both the Biden and Trump administration, and Cohen said Chinese exports to Mexico remain in limbo.“Chinese companies are holding everything up again,” Cohen said. “They are waiting, to see what’s going to happen in the near future. Chinese companies are just doing business as usual with Mexico, not increasing anything.”The trade uncertainty closer to home may have a magnified impact on border state economies, such as New Mexico.“2024 was a record year for us in attracting new companies, investments, and jobs,” said Jerry Pacheco, president of the Border Industrial Association (BIA). “Additionally in 2024, New Mexico’s exports to the world rose by 140%. In 2024, our exports to Mexico rose 101%.”Pacheco said the Santa Teresa industrial base, which the BIA represents, now accounts for approximately 69% of New Mexico’s total exports to the world.“The tariff situation has the potential to halt this momentum,” he said. “There have been auto components manufacturers that have pulled excess supplies from Mexico to secure their supply chains and to avoid potential tariffs.”The evolving trade war situation “deeply impacts deeply in the entire supply chain,” Cohen said. “So we need to be super cautious and think twice before moving forward.”Source: CNBC

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https://www.hellenicshippingnews.com/some-signs-of-change-in-trumps-ship-fees/

2025-04-14T00:00:00

Some signs of change in Trump’s ship fees

Trump’s ship tariffs may be changing. Amongst the storm of new tariffs and trade policies bursting forth from the US over the past few weeks, there has been some qualification over the suggested levies on ships entering US ports.Various media reports suggest that the level of charges on ships will vary by the size of ship. Off-the-record briefings to journalists at Reuters and the Wall Street Journal have suggested that lobbying from ports has resulted in a restructuring of the proposed charges.According to the Wall Street Journal’s sources the new plan is to “base the fees largely on vessel capacity, resulting in lower fees for smaller ships coming into ports like Los Angeles, New York, Savannah, Ga., and Oakland”, with the U.S. Trade Representative (USTR) also looking to “to ease the charges on ships carrying agricultural exports like soybeans and timber”.The Reuters’ report cited anonymous sources who asserted that the USTR had experienced a “a flood of negative feedback from industries that said the idea could be economically devastating, according to six sources”. This had resulted in the administration rethinking the policy and considering a “charge based on the tonnage of unloaded vessels rather than a flat fee”. The original idea was for the US to levy a charge on all ships built in China or operated by Chinese shipping companies every time they made a call at an American port. The US Trade Representative has commented publicly that hostile opinions had led to “revisions” to the plans, with the Trade Representative Jamieson Greer stating that “the President will look very carefully to make sure we have the right amount of time and the right incentives without impacting our commodity exports”.The issue of Trump’s tariffs is a volatile one. It is uncertain if much of his policy is in fact a negotiating ploy to make certain nations change their trade policies. However, it is hard not to think that China is a particular target for his measures. If so, owners of Chinese built ships will remain under pressure, as will Chinese shipping lines.Source: Ti Insight

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NEGATIVE

Global

Other

All

Other

None

Negative

Moderate

National

Other

All

None

Negative

Moderate

National

All

None

All

Short

Positive

Minor

Global

Other

All

Other

None

Negative

Moderate

null

https://www.hellenicshippingnews.com/imo-continues-decarbonization-of-maritime-transport-after-crucial-vote/

2025-04-14T00:00:00

IMO continues decarbonization of maritime transport after crucial vote

Although the ambition of the agreed measures has fallen short of expectations, OceanCare welcomes the fact that a majority vote secured to continue advancing the decarbonisation of shipping, making it the first global industry sector to adopt binding regulations for decarbonisation. The majority was secured due to the support from e.g. Member States of the European Union, Switzerland, the UK, many Latin American countries, Turkey, but especially also China. 16 States, mainly oil producing countries, including Iran, Qatar, Russian Federation, Saudi Arabia voted in opposition and 23 IMO Member States abstained.‘Despite the opposition by the US administration to progress negotiations on the adoption of the IMO’s medium-term decarbonisation measures and the strong efforts by the oil-producing countries to lower the ambition of the measures under discussion as much as possible, the final outcome secured by voting is welcomed. While not all expectations have been met, it is important to continue advancing the decarbonisation of maritime transport, which is also a resounding success for the system of multilateralism within the framework of the United Nations,’ said Carlos Bravo, representative of OceanCare, who attended the 83rd meeting of the IMO Marine Environment Protection Committee (MEPC) in London.Although the proposal, put forward by the Pacific Island States and supported by other countries, to establish a levy on each tonne of CO2-eq emitted has not prospered, an architecture based on an emissions market system has been imposed, with penalties and rewards according to the degree of compliance with the IMO’s decarbonisation trajectory objectives.In this context, it has been agreed to create a Net-Zero Fund through which the IMO will disburse the income collected by the agreed system to promote the use of technologies, fuels and/or energy sources with zero or near-zero GHG emissions (ZNZ), and promote a fair and equitable transition in States by facilitating environmental and climate protection, adaptation and resilience building within the boundaries of the energy transition in maritime transport, paying special attention to the needs of developing countries, in particular the least developed countries (LDCs) and small island developing States (SIDS).“Clean zero-emissions fuels will not be available on a large scale for at least more than a decade and in the meantime, due to the urgency of the climate crisis, the IMO should adopt regulatory measures to accelerate the reduction of greenhouse gas emissions by making use of operational measures such as reducing ship speeds and promoting techniques as wind power to support propulsión”, added Bravo.By reducing vessel speed, ships will produce fewer greenhouse gas emissions, reduce emissions of black carbon and other air pollutants from dirty fuels, reduce underwater noise pollution, as well as the number and mortality of collisions with whales.Other relevant measures adopted by the MEPCOceanCare is very pleased that the designation of the North-East Atlantic Ocean as an Emission Control Area (ECA) for sulphur oxides, particulate matter and nitrogen oxides has been agreed.This ECA covers the exclusive economic zones (EEZs) and territorial seas extending up to 200 nautical miles from the baselines of Greenland, Iceland, the Faroe Islands, Ireland, the continental territory of the United Kingdom, France, Spain and Portugal.In addition, initial approval has been given to Peru’s proposal for the designation of two Particularly Sensitive Sea Areas (PSSAs) in the ‘Nasca Ridge National Reserve’ and ‘Grau Tropical Sea National Reserve’ marine areas in the South American Pacific Ocean.The Nasca Ridge National Reserve is a deep-water ecosystem containing an underwater mountain range, characterised by unique biodiversity, and was designated as Peru’s first purely marine protected natural area in 2021. It is an habitat of crucial importance because its pelagic ecosystem is rich in primary productivity and constitutes a food source for a variety of seabirds including a number of albatross and petrel species, marine cetaceans such as the humpback, sperm, blue and killer whale, as well as sea turtles such as the loggerhead turtle, all of which are on the IUCN Red List of Threatened Species. It has a potentially high diversity of benthic habitats, including seamounts, trenches and methane seeps, and it is of notable interest because many pelagic and benthic organisms are critically dependent on these habitats for reproduction, ecological connectivity and gene flow, among other crucial ecological processes.On the other hand, the objective of the proposed PSSA of the Grau Tropical Sea National Reserve is to strengthen the conservation of the ecosystems of Peru’s tropical sea, which includes the tropical-temperate transition zone (Tropical Eastern Pacific Province with the Temperate South-Eastern Province), contributing to the continuity of ecological processes and promoting the sustainable use of natural resources. As in the previous case, the designation is also needed in order to raise awareness in the international maritime community of the sensitivity of the area and the risks associated with maritime traffic.The Grau Tropical Sea National Reserve protects critical habitats for endangered species protected by Peru and internationally, such as seahorse habitats in the Cabo Blanco-El Ñuro sector and in Punta Sal Reefs, a breeding and nursery habitat for the humpback whale and one of the feeding habitats for adult green turtles (Chelonia mydas). There are also critical habitats for hawksbill turtles and whale sharks in the Punta Sal Reefs sector, breeding areas for pelagic sharks and manta rays, a colony of fur seals on Isla Foca, possibly of the Galapagos species, and populations and nesting areas for guano birds. In addition, the habitat is conserved for many species of fish and invertebrates whose populations are declining or in a critical state and need protected areas to take refuge. The Mancora Bank sector contains deep-water oceanic communities unique in the entire Peruvian sea, such as a diverse community of crustaceans and other invertebrates, with numerous endemic species.Source: OceanCare

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https://www.hellenicshippingnews.com/phase-out-of-fossil-fuels-in-shipping-begins-in-earnest-imo-measures-unlikely-to-reach-ghg-reduction-targets-but-close-the-lng-business-case-and-send-clear-long-run-signal-for-hydrogen-derived-fuels/

2025-04-14T00:00:00

Phase-out of fossil fuels in shipping begins in earnest: IMO measures unlikely to reach GHG reduction targets, but close the LNG business case and send clear long run signal for hydrogen-derived fuels

The IMO’s Marine Environment Protection Committee 83rd meeting has concluded with a weak agreement on mid-term measures that does not reduce the sector’s emissions in line with targets in the IMO’s revised GHG strategy. The agreement, constitutes a fuel standard (a mandate on the GHG intensity of energy used), coupled with a pricing and trading mechanism.Taken in combination with the revision of IMO’s short-term measures (carbon intensity indicators), which have been extended with new increases in stringency to 2030, the new policy is only expected to achieve approximately 10% absolute GHG emission reductions relative to 2008 GHG emissions. This is significantly lower than the ‘at least 20%’, ‘striving for 30%’ that the IMO committed to in the Revised GHG Strategy in 2023.Dr Marie Fricaudet, Senior Research Fellow at the UCL Energy Institute, said: “This adoption is a first step in the right direction, with now a part – although small – of shipping emissions being subject to what is effectively a global levy. However, with an expected fall in emissions of around 10% by 2030 compared to 2008, the level of ambition is largely insufficient to meet the IMO target of emission reduction, let alone to meet a 1.5OC trajectory.”The levels of revenues expected from the current policy specifications of approximately $11-12bn p.a. are insufficient relative to the scale required to both support early adoption of zero near zero (ZNZ) fuels (expected needed through to 2035), and to fund just and equitable transition (JET), accounting for the needs of developing countries. Consequently, this revenue shortfall may create a competitive tension between these two objectives, thus, increasing the likelihood that neither objectives can be achieved at a level sufficient for climate and equitability.Dr Annika Frosch, Research Fellow at the UCL Energy Institute, said: “The IMO Net-Zero Framework represents a historic turning point for international shipping. However, its success hinges on the transition being genuinely just and equitable, ensuring that climate action includes and uplifts the world’s most vulnerable populations.”Today’s outcome is unlikely to independently drive the immediate and robust investment needed to drive long-run fuel solutions the sector urgently needs, if the solutions are to be globally available at the large volume required in the 2040’s. For the sector, and therefore global trade to avoid high and or volatile future energy costs, other sources of finance and support will be needed during the 2030’s.Countries with poor access to capital, high cost of capital or low state intervention or support will be late to invest in the solutions needed. A major risk now occurs that the future of shipping will, like renewable energy and battery electric vehicles, be significantly owned and driven by nations with strong industrial policy.Dr Tristan Smith, Professor of Energy and Transport at the UCL Energy Institute said: “This transition is ultimately going to move fast even if it starts slowly. This means that the classic shipping business model of buying/selling on the cycle, which depends upon a technology risk-free residual value, will not work. The fact this policy sends at least that signal clearly, can be expected to avoid some of the greatest risks of technology lock-in e.g. to further expand LNG use. And it can be expected to now focus minds on how best to make the move to hydrogen-derived fuels. Whilst the clarity and equitability and inclusivity are not as high as they should be, this is undoubtedly a pivot moment for the sector and its GHG emissions”.Reaching agreement on a policy as contentious and groundbreaking as this, in the multilateral system, and in the current geopolitical context, is a major achievement. However, in order to achieve the agreement on the amendment, much of the key detail has been passed for development in ‘guidelines’. Guidelines are supporting documents that are adopted by resolution, likely over the next 2 years, prior to entry into force, expected in 2028. The full detail of risks and opportunities relating to all of the above points, will only become clearer once they are adopted. Further analysis of the implications of the outcome on investments risks and opportunities will be critically important.Estimated emissions from international shipping in 2030 based on agreed outcomesSource: UCL Energy Institute

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https://www.hellenicshippingnews.com/imo-approves-net-zero-regulations-for-global-shipping/

2025-04-14T00:00:00

IMO approves net-zero regulations for global shipping

The International Maritime Organization (IMO) has achieved another important step towards establishing a legally binding framework to reduce greenhouse gas (GHG) emissions from ships globally, aiming for net-zero emissions by or around, i.e close to 2050.The IMO Net-zero Framework is the first in the world to combine mandatory emissions limits and GHG pricing across an entire industry sector.Approved by the Marine Environment Protection Committee during its 83rd session (MEPC 83) from 7–11 April 2025, the measures include a new fuel standard for ships and a global pricing mechanism for emissions.These measures, set to be formally adopted in October 2025 before entry into force in 2027, will become mandatory for large ocean-going ships over 5,000 gross tonnage, which emit 85% of the total CO2 emissions from international shipping.Closing the meeting, IMO Secretary-General Mr. Arsenio Dominguez commended the spirit of cooperation and commitment demonstrated by Member States this week. He stated:“The approval of draft amendments to MARPOL Annex VI mandating the IMO net-zero framework represents another significant step in our collective efforts to combat climate change, to modernize shipping and demonstrates that IMO delivers on its commitments.“Now, it is important to continue working together, engaging in dialogue and listening to one another, if we are to create the conditions for successful adoption.”Key elements of the IMO Net-Zero FrameworkThe IMO Net-Zero Framework will be included in a new Chapter 5 of Annex VI (Prevention of air pollution from ships) to the International Convention for the Prevention of Pollution from Ships (MARPOL).MARPOL Annex VI currently has 108 Parties, covering 97% of the world’s merchant shipping fleet by tonnage, and already includes mandatory energy efficiency requirements for ships.The goal is to achieve the climate targets set out in the 2023 IMO Strategy on the Reduction of GHG Emissions from Ships, accelerate the introduction of zero and near zero GHG fuels, technologies and energy sources, and support a just and equitable transition.Under the draft regulations, ships will be required to comply with:Global fuel standard: Ships must reduce, over time, their annual greenhouse gas fuel intensity (GFI) – that is, how much GHG is emitted for each unit of energy used. This is calculated using a well-to-wake approach.Global economic measure: Ships emitting above GFI thresholds will have to acquire remedial units to balance its deficit emissions, while those using zero or near-zero GHG technologies will be eligible for financial rewards.Ensuring complianceThere will be two levels of compliance with GHG Fuel Intensity targets: a Base Target and a Direct Compliance Target at which ships would be eligible to earn “surplus units”.Ships that emit above the set thresholds can balance their emissions deficit by:Transferring surplus units from other ships;Using surplus units they have already banked;Using remedial units acquired through contributions to the IMO Net-Zero Fund.IMO Net-Zero FundThe IMO Zet-Zero Fund will be established to collect pricing contributions from emissions. These revenues will then be disbursed to: Reward low-emission ships;Support innovation, research, infrastructure and just transition initiatives in developing countries;Fund training, technology transfer and capacity building to support the IMO GHG Strategy; andMitigate negative impacts on vulnerable States, such as Small Island Developing States and Least Developed Countries.Next stepsUpon approval, the draft amendments to MARPOL Annex VI will be formally circulated to IMO Member States, followed by:October 2025 (MEPC/ES.2): Adoption of the amendments during an extraordinary session of the Marine Environment Protection Committee.Spring 2026 (MEPC 84): Approval of detailed implementation guidelines.2027: Expected entry into force, 16 months after adoption (in accordance with MARPOL articles).Other MEPC 83 outcomesThe meeting discussed a range of issues related to protecting the marine environment from shipping activities, with the following key outcomes:Adoption of 2025 Action Plan to combat marine plastic litter;Progress in the review of the Ballast Water Management Convention;Approval of a proposal to designate the North-East Atlantic as an Emission Control Area and agreement in principle to designate two new Particularly Sensitive Sea Areas off South America’s Pacific coast;Approval of the draft Work plan on the development of a regulatory framework for the use of Onboard Carbon Capture Storage systems (OCCS)Approval of draft amendments to regulation 27 of MARPOL Annex VI regarding accessibility of the IMO Data Collection SystemAdoption of amendments to the 2021 Guidelines on the operational carbon intensity reduction factors relative to reference lines (CII reduction factors guidelines, G3)Approval of a new output to develop a legally binding framework on biofouling management, to prevent the spread of harmful invasive aquatic speciesA full meeting summary will be provided soon.Source: IMO

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POSITIVE

Global

Other

All

Long

Positive

Moderate

Global

Other

All

Long

Negative

Major

Global

Other

None

All

Long

Positive

Moderate

Global

Other

All

Long

Positive

Moderate

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https://www.hellenicshippingnews.com/dry-bulk-shipping-capesize-market-under-pressure-2/

2025-04-14T00:00:00

Dry Bulk Shipping: Capesize Market Under Pressure

CapesizeThe Capesize market faced headwinds this week, with broader macroeconomic pressures, particularly escalating US-China tariff tensions, weighing heavily on sentiment. The BCI 5TC saw significant midweek drops before recovering slightly to close the week at $14,952, down from $16,728 at the start. In the Pacific, a longer tonnage list persisted, and although key miners were active midweek, this was insufficient to halt the decline in C5 rates, which dropped from $7.95 to around $7.20 midweek before recovering slightly to close at $7.70. In the Atlantic, pressure was also felt early in the week on the South Brazil and West Africa to China routes. The C3 index mirrored the weak sentiment, falling from $20.67 to $18.71 midweek, though improved activity and rising bid levels saw it recover to $19.185 by week’s end. The North Atlantic continued to see a steady flow of cargo, yet softer Trans-Atlantic and Fronthaul fixtures were reported earlier in the week.PanamaxThis week in the Panamax market was significantly influenced by global macro-economic factors, causing disruptions across various regions. In the Atlantic, the trans-Atlantic routes experienced the most pressure due to minimal demand and softer oil prices, resulting in voyage fixtures equating to sub-index timecharter equivalents. The only positive note was the fronthaul grains from NC South America, although even these levels declined as the week progressed. South America saw a quieter week with second half April arrival deals consistently around the $15,250 + $525,000 bb mark. In Asia, the market was negatively impacted by a noticeable lack of NoPac enquiries. However, there was a mid-week improvement in demand from Australia, with rates for trips to China hovering around the $11,500 mark for 82,000-dwt types delivery China/Korea/Japan. Period activity was limited, which was expected given the global uncertainty and an unsupportive FFA market.Ultramax/SupramaxWith the instability emanating from the so-called Tariff War, unsurprisingly this lack of confidence again influenced the sector. Sentiment remained decidedly poor within the Atlantic as most routes lost ground. The US Gulf lacked much fresh impetus with rumours that the Supramax were seeing in the $13,000s for fronthaul business. The South Atlantic remained positional although a 63,000-dwt was heard fixed from EC South America to Denmark at $19,000. Elsewhere there was a bit of activity from West Africa, a scrubber fitted 63,000-dwt was heard fixed from here to China in the mid $13,000s. The Asian arena was a rather mixed bag, with demand being seen from Indonesia whilst further north a lack of fresh impetus kept rates in check. From the south, a 64,000-dwt was heard fixed from Indonesia to EC India at $16,000. Whilst for NoPac business a 63,000-dwt was fixed open Japan fixed a NoPac round at $12,000. Some said period activity had almost come to a halt as the future outlook remained very unstable.HandysizeAnother challenging week for the sector with rates in both the Atlantic and Pacific regions facing continued downward pressure. The Continent and Mediterranean markets remain subdued, with very little activity reported and rates slightly lower than previous levels. In the South Atlantic and U.S. Gulf, sentiment stayed weak, as the tonnage count continues to build, further putting pressure on rates. A 36,000-dwt heard fixed for delivery Recalada trip redelivery West Africa at $16,000 and a 39,000-dwt fixed delivery US Gulf redelivery West Mediterranean with at $12,500. In Asia, the tonnage count has been increasing throughout the week, leading downward pressure on rates and anticipating further market softening. A 38,000-dwt heard fixed for a trip delivery Susaki 7 Apr via Korea to redelivery Indonesia with steel at $11,500.Source: The Baltic Exchange

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NEGATIVE

Global

Dry

Capesize

C5

None

Negative

Significant

Global

Dry

All

None

Negative

Significant

Global

Dry

Capesize

C5

Short

Negative

Moderate

Global

Dry

Capesize

C5

None

Negative

Significant

null

https://www.hellenicshippingnews.com/tankers-vlcc-market-keeps-trending-downwards/

2025-04-14T00:00:00

Tankers: VLCC Market Keeps Trending Downwards

CleanLR2MEG LR2’s gradually softened this week. The TC1 75kt MEG/Japan index dropped from WS250 to WS130.28 and a TC20 90kt MEG/UK-Continent was also assessed $271,000 lower at $3.73m.West of Suez, Mediterranean/East LR2’s remained dormant with the TC15 index holding stable at the $3m level all week.LR1MEG LR1 freight also came down this week but to a lesser extent compared to the LR2’s. The TC5 55kt MEG/Japan index lost 6.25 points to WS139.69. A voyage west on TC8 65kt MEG/UK-Continent went from $3.08m to $2.86m.On the UK- Continent LR1’s held onto their current position and the TC16 60kt ARA/West Africa index remained at around the WS130 level with the Baltic TCE just under $25,000 /day round trip.MRMRs in the MEG slowed the downward movement this week, the TC17 35kt MEG/East Africa index dropped from WS198.57 to WS190 compared to a much larger drop last week.UK-Continent MR’s have taken a second week of downward pressure. The TC2 37kt ARA/US-Atlantic coast trip came off 21.56 points to WS132.5. The Baltic description round trip TCE for the run dropped $3,216 to $13,895 /day. The TC19 voyage of 37kt ARA/West Africa index continued to follow suit of TC2 and went from WS174.69 to WS153.13.USG MRs have been tested downward for the second week on week. The TC14 38kt US-Gulf/UK-Continent went from WS120.71 to WS98.57. The TC18 the 38kt US Gulf/Brazil index dropped by 37.14 points to WS156.43 and a Caribbean run on TC21, 38kt US-Gulf/Caribbean came off $203,571 to $539,286.The MR Atlantic Triangulation Basket TCE went from $25,173 to $19,668.HandymaxBaltic Clean Handymax’s resurged this week in the Mediterranean, the TC6 index recharged 27.22 points to WS192.22. Up on the UK-Continent the TC23 30kt Cross UK-Continent remained flat around the WS150 mark.VLCCThe market continued on a downward trend again this week with the rate for the 270,000 mt Middle East Gulf to China trip (TD3C) falling 3 points to WS54.10 corresponding to a round-trip TCE of $36,533 (about $1,100/day less than a week ago).In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) eased just over a point to WS58.19 giving a round voyage TCE of $41,981 per day (which is about $700/day more than a week ago). The rate for 270,000 mt US Gulf/China (TD22) has been steadily falling this week losing $352,500 since last Friday and is currently assessed at $8,260,000 which shows a daily round trip TCE of $46,629 (about $1000/day less than last Friday).SuezmaxSuezmax owners have capitalised on the demand this week with the rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) reclaiming 9 points to WS104.72 meaning a daily round-trip TCE of $48,650, while the TD27 route (Guyana to UK Continent basis 130,000 mt) climbed 7 points to WS103.61 translating to a daily round trip TCE of $47,818 basis discharge in Rotterdam. The recent issues in CPC appear to have been resolved and volumes from here have been maintained. The rate for the TD6 route of 135,000 mt CPC/Med has been steady at about the WS130 level showing a daily TCE of about $65,500 round-trip. In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) has gained a point to a fraction over WS91.AframaxIn the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) has steadied, with rates holding in the WS135-137.5 range giving a daily round-trip TCE of $53,221 basis Hound Point to Wilhelmshaven.In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean (TD19) has recovered 8 points to WS178.39 (basis Ceyhan to Lavera, that shows a daily round trip TCE of just under of $60,646).Across the Atlantic, the market improved through the week until Thursday and appears to now be gradually falling, but still not below last week’s levels. The rates for the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) are about 4 points above last Friday’s levels at WS225.83 and WS221.56, respectively, which shows a daily round-trip TCE of $68,309 and $61,039.The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) also looks to have peaked at just over WS200 on Wednesday and on Thursday was shown at WS190 (still 11 points up on last Friday’s rate) giving a round trip TCE basis Houston/Rotterdam of $52,404 per day.Source: Baltic Exchange

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Negative

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Global

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Negative

Moderate

Global

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Short

Negative

Minor

Global

Other

All

None

Negative

Moderate

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https://www.hellenicshippingnews.com/shipping-asia-us-container-rates-edge-higher-on-tariffs-tighter-capacity/

2025-04-14T00:00:00

SHIPPING: Asia-US container rates edge higher on tariffs, tighter capacity

Rates for shipping containers from east Asia and China to the US reversed direction and edged slightly higher this week as US tariffs went into effect and as capacity tightened.The increases are in line with global average rates, which ticked higher by 3% this week, according to supply chain advisors Drewry and as shown in the following chart.Rates from Shanghai to Los Angeles rose by 3% and rates from Shanghai to New York rose by 2%, as shown in the following chart.Drewry expects rates to increase in the coming weeks due to tariffs and reduced capacity.Rates from online freight shipping marketplace and platform provider Freightos also rose over the week, with Asia-USWC rates up by 3% and Asia-USEC rates up by 5%.Judah Levine, head of research at Freightos, said many shippers rushed to get cargo loaded in the small window before tariffs went into effect, but noted that there are concerns that the sudden policy changes could also mean delays at US customs for arriving shipments.Levine said he expects to see a drop in demand for containers into the US as shippers wait for the situation to stabilize.Peter Sand, chief analyst at ocean and freight rate analytics firm Xeneta, said global maritime supply chains have become more complex amid the trade war between the US and China.“Shippers will be monitoring freight costs across the major and secondary trades,” Sand said. “Japan, for example, is one the key trade partners with the US, so a rush to frontload goods could put upward pressure on spot rates on this trade.”Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. Titanium dioxide (TiO2) is also shipped in containers.They also transport liquid chemicals in isotanks.LIQUID TANKER RATES HOLD STEADYUS liquid chemical tanker freight rates as assessed by ICIS held steady this week despite downward pressure for several trade lanes.There is downward pressure on rates along the USG-Asia trade lane as charterers are seeking to divert cargoes to other regions. Overall, most market participants continue to struggle with tariff uncertainties and other alternatives. As a result of the limited cargo activity, spot rates appear to be softening.However, methanol requirements from the region remain active to Asia.Similarly, rates from the USG to Rotterdam were steady this week, even as space among the regular carriers remains limited.However, several larger size cargos of caustic soda, methanol, MTBE, ethanol and styrene were seen in the market.Several outsiders have come on berth for both April and May, adding to the available tonnage for completion cargos. Easing demand for clean tankers has attracted those vessels to enter the chemical sector.Contract tonnage continues to prevail, with interest in styrene, methyl tertiary butyl ether (MTBE), methanol and ethanol.For the USG to South America trade lane, rates remain steady with a few inquiries for methanol and ethanol widely viewed in the market. Overall, the market was relatively quiet with fewer COA nominations, putting downward pressure on rates as more space has become available.On the bunker side, fuel prices have declined as well, on the back of plummeting energy prices, as a result week over week were softer.Source: By Adam Yanelli, Additional reporting by Kevin Callahan, ICIS, https://www.icis.com/explore/resources/news/2025/04/11/11092039/shipping-asia-us-container-rates-edge-higher-on-tariffs-tighter-capacity/

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https://www.hellenicshippingnews.com/atlantic-shipping-emissions-cut-agreed-but-imo-scrubber-ban-delayed/

2025-04-14T00:00:00

Atlantic Shipping Emissions Cut Agreed, But IMO Scrubber Ban Delayed

As a meeting of the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC 83) closes today, the Clean Arctic Alliance welcomes member states’ approval of a proposal for a new North-East Atlantic emission control area, scheduled to enter into force in 2027, which will lower emissions from ship operating in the region, including in the Arctic. Emission Control Areas (ECAs) are designed to reduce atmospheric pollutants from ships by requiring more stringent controls on fuels and engines.Disappointingly, likely MEPC 83 outcomes related to reducing GHG emissions from shipping could have devastating consequences for the world’s most vulnerable communities, for the Arctic, and the planet. Early indications are that agreements on measures to reduce greenhouse gas emissions, including a carbon intensity indicator, will lead to business as usual, and lack ambition to support a just and equitable transition.The Alliance is also disappointed that during MEPC 83, which focussed on addressing climate heating emissions from the shipping sector, IMO member states have imposed a further delay on regulatory measures to address the use of scrubbers in the Arctic. While the delay is frustrating, the Alliance recognises that the proposal for a resolution calling on shipping operators to avoid using scrubbers in marine protected areas, habitats important for endangered wildlife, and other ecologically sensitive areas such as the Arctic, will instead be considered during next year’s PPR13.“Coming just days after the record lowest maximum Arctic sea ice extent maximum in the 47-year satellite record, creation of the North-East Atlantic emission control area will significantly reduce ships’ emissions, improve air quality, and contribute to improving public health and environmental protection in the north-east Atlantic region, including the Arctic waters around Greenland and Iceland”, said Dr Sian Prior, Lead Advisor to the Clean Arctic Alliance.“By restricting the use of the most polluting shipping fuels, this emission control area would see SOx emissions cut by up to 82% and particulate matter by 64%, which will avoid thousands of premature deaths by 2050, and have a co-benefit of reducing the black carbon emissions which have a detrimental impact on Arctic snow and ice”, said Lola Berna, Project Manager at ECODES.“We welcome Iceland stepping up its engagement for the conservation of the North-East Atlantic”, said Árni Finnsson, Board Chair at the Iceland Nature Conservation Association. “We trust the Icelandic government will take further action immediately to ban heavy fuel oil in the Arctic, and banning black carbon emissions from ships within its 12-mile territorial waters.”“We welcome how the international community represented at the IMO came together to create the North-East Atlantic Emission Control Area, which will reduce emissions from shipping in the Arctic to the benefit of the health of local populations and wildlife, including Greenland, which has a fragile and unique ecosystem”, said Kåre Press-Kristensen, Senior Advisor to Green Global Future. “However, this should only be seen as the first step since much more action is required if our children and grandchildren are to experience and benefit from the fantastic culture and nature of the Arctic”.“While the development of the concept of polar fuels – fuels which are suitable for Arctic use because they cause lower black carbon emissions – was not directly on the agenda at MEPC 83, the approval of both the creation of a Northeast Atlantic emission control was critical. With delays to the scrubber ban, IMO member states must set the stage for development of a concrete proposal for next year’s PPR 13 that will reduce black carbon emissions from ships operating in and near the Arctic”, added Prior.Black carbon is “shipping’s second largest cause of global warming” after carbon dioxide and makes up around one-fifth of international shipping’s already considerable climate impact. Black carbon is a solid particulate matter – soot – ejected by ship engines into their stacks and then into the atmosphere. This soot is a short-lived climate pollutant produced by the incomplete burning of fossil fuels in the engine combustion chambers, and has a climate warming impact more than three thousand times that of CO2 over a 20 year period.Black carbon is widely recognised to be a “super pollutant” because of the outsize impact it has on both human health and on the climate. In its recent 6th Assessment Report, the UN Intergovernmental Panel on Climate Change (IPCC) doubled the estimate of the warming potential of black carbon on snow and ice due to a better understanding of its impact. Black carbon, along with other super pollutants – methane and ozone, are responsible for nearly half of global temperature increases to date and reducing emissions of ‘super pollutants’ would slam emergency brake on global warming. In its latest report, the Clean Air Fund recommends cutting black carbon emissions from shipping as quickly as possible and recognises cuts in emissions can unlock near-immediate climate gains.Black carbon has been on the IMO’s agenda for more than a decade, but it has yet to take meaningful action. Addressing the impact of black carbon on the Arctic is one of the longest, unresolved issues running at the IMO and must be dealt with without any further delay. The Clean Arctic Alliance is urging Member States to collaborate in the development of a concrete proposal, for consideration by PPR 13 in early 2026.ScrubbersScrubbers, also known as exhaust gas cleaning systems, are an end-of-pipe equipment compliance mechanism employed on ships to remove harmful pollutants and particulate matter from exhaust emissions. However, the pollutants are then invariably dumped into the ocean, transferring the problem from the atmosphere to the marine environment.During MEPC 83, governments did not adopt the the proposal from Clean Arctic Alliance members for a resolution to prohibit the use of scrubbers in protected areas and ecologically sensitive areas such as the Arctic, but forwarded it to the IMO’s Pollution Prevention and Response subcommittee (PPR 13, early 2026) for consideration.“We knew that scrubbers cause marine pollution, but now a Canadian paper (MEPC 83/5/1) makes clear that air pollution is not solved by scrubbers, and calls into question their efficacy”, said Eelco Leemans, Clean Arctic Alliance Technical Advisor. “It’s therefore disappointing that during MEPC 83, despite widespread support, governments delayed consideration of a proposal calling for a resolution urging member states and ship operators to avoid using scrubbers in highly vulnerable areas such as the Arctic. At next February’s PPR 13 meeting, the IMO must evaluate the efficacy of scrubbers for reducing particulate matter emissions compared to low sulphur fuels. and commit to mandatory regulation of scrubbers.”Climate and Biodiversity Nexus“This week’s successful agreement of a new Emission Control Area (ECAs) in the North-East Atlantic is a good example of how solutions with co-benefits can contribute to tackling the triple planetary crisis of pollution, heating and biodiversity loss”, said Andrew Dumbrille, North American Advisor to the Clean Arctic Alliance. “As well as reducing the impact of air pollutants on community health, ECAs reduce black carbon emissions responsible for ice and snow melt, and local and global heating, as well as safeguarding community food security. Taking a shipping nexus approach and considering the intersection of multiple threats and solutions will allow the marine sector to respond to the urgency of the global challenges we face.”Source: Clean Arctic Alliance

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NEGATIVE

Global

Other

All

Other

Long

Positive

Moderate

Regional

Other

All

Other

Long

Positive

Moderate

Global

Other

None

Other

Long

Positive

Minor

Global

Other

All

Other

Long

Positive

Moderate

null

https://www.hellenicshippingnews.com/xeneta-average-spot-rates-from-far-east-to-us-east-coast-and-us-west-coast-remain-flat-since-uptick-on-1-april/

2025-04-14T00:00:00

XENETA: Average spot rates from Far East to US East Coast and US West Coast remain flat since uptick on 1 April

Data highlights:• Average spot rates from Far East to US East Coast and US West Coast remain flat since uptick on 1 April when they increased +9% and +15% respectively.• Average spot rates are down 42% into US East Coast and 50% into US West Coast since 1 January, but remain up 61% and 79% respectively compared to pre-Red Sea crisis levels on 1 December 2023.• Average spot rate from Far East to US East Coast on 10 April stands at USD 3 995 per FEU (40ft container).• Average spot rate from Far East to US West Coast on 10 April stands at USD 2 935 per FEU.• 90-day suspension of tariffs (reverting to 10%) on all nations other than China may see a rush to import goods into US.• Could be significant for major US trading partners such as Japan.o Average spot rates from Japan to US East Coast are USD 4 470 per FEU. This is USD 610 per FEU higher than China to US East Coast.o On 1 January 2025, average spot rates from China to US East Coast were USD 120 per FEU higher than the trade from Japan.• Average spot rates from Far East to Mediterranean on 10 April stand at USD 3 110 per FEU.• Average spot rates from Far East to North Europe on 10 April stand at 2 385 per FEU.Peter Sand, Xeneta Chief Analyst:“The 90-day suspension of tariffs will be welcomed by shippers, but it should not be a cause for celebration. We still have a rapidly escalating US-China trade war with tariffs spiralling above 100%.“The fact we are viewing the latest situation as an improvement – despite a potentially catastrophic trade war between the world’s two most powerful economic forces – is more an indication of how dire the circumstances were previously.”Xeneta analyst insight – Far East to US (potential for rush of imports)Peter Sand, Xeneta Chief Analyst:“Those shippers with the opportunity to rush imports out of non-China nations will do so because the situation remains highly-unpredictable. There is every possibly the higher tariffs come into effect 90 days from now.“Global maritime supply chains have suddenly become even more complex. Shippers will be monitoring freight costs across the major and secondary trades. Japan, for example, is one the key trade partners with the US so a rush to frontload goods could put upward pressure on spot rates on this trade.“Average spot rates from Japan to US East Coast were USD 120 per FEU lower than China to US East Coast on 1 January. They are now USD 610 per FEU higher, with the potential for this spread to increase if there is a rush of goods out of Japan at the same time as a fall in demand out of China.“Many shippers with containers held in foreign trade zones within the US will also release these goods and take the hit of a 10% tariff now rather than risk waiting and incurring a higher fee in 90 days.”Source: XENETA

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NEGATIVE

Global

Other

All

Other

Short

Positive

Significant

Global

Other

All

Short

Positive

Moderate

Global

Other

None

Other

Short

Positive

Moderate

Global

Other

All

Other

Short

Positive

Significant

null

https://www.hellenicshippingnews.com/fbx-index-april-2025-global-rates-slip-below-2024-floor/

2025-04-14T00:00:00

FBX Index April 2025: Global rates slip below 2024 floor

The Freightos Baltic Index Global benchmark continued to fall in March, easing 24% month on month (MoM) to $2,094/FEU and slipping below its floor for 2024. This is due to a combination of a post-Lunar New Year (LNY) lull in demand, impacts from the new carrier alliance services still moving into place, and capacity growth. The global rate nonetheless remains 60% higher than 2019 levels due to Red Sea diversions that continue to absorb capacity across the market.Asia-Mediterranean and Asia-Europe rates fell 15% to 20% MoM in March to $3,250/FEU and $2,565/FEU, respectively. Prices to Europe have fallen 50% since the LNY lead-up, and despite continued Red Sea diversions and port congestion at many European hubs, these rates are 20% lower than their 2024 lows seen post-LNY last year.The likely culprits for this stronger downward pressure compared to last year are the increased competition and less effective capacity management resulting from the new carrier alliance rollouts – especially as they are still working to bring new services into place – as well as continued fleet growth.Carriers are reducing capacity to Europe and have announced some General Rate Increases for April, although there is some skepticism that these will succeed in pushing rates up as March GRIs did not result in a rate rebound. With Red Sea diversions likely to continue, we may see another early start to peak season on these lanes, perhaps by May, as shippers adjust for longer lead times.Carriers are reducing capacity to Europe and have announced some General Rate Increases for April, although there is some skepticism that these will succeed in pushing rates up as March GRIs did not result in a rate rebound. With Red Sea diversions likely to continue, we may see another early start to peak season on these lanes, perhaps by May, as shippers adjust for longer lead times.On the transpacific, prices have also continued to slide since LNY as demand has decreased relative to the pre-holiday rush. At about $2,200/FEU to the US West Coast, end-of-March rates are 37% lower than a month prior, while US East Coast rates of $3,300/FEU fell 26% MoM and on both lanes, prices are down 50% since LNY.However, despite transpacific volumes estimated to be significantly stronger than a year ago due to continued frontloading ahead of expectations of tariff introductions, rates on both lanes are more than 20% below their 2024 lows, again pointing to the impacts of the alliance reshuffle and of the continued global fleet growth.However, despite transpacific volumes estimated to be significantly stronger than a year ago due to continued frontloading ahead of expectations of tariff introductions, rates on both lanes are more than 20% below their 2024 lows, again pointing to the impacts of the alliance reshuffle and of the continued global fleet growth.The Trump administration is set to make early April announcements on a wide range of trade barriers, including reciprocal tariffs on its largest trading partners, sectoral tariffs, the 25% hike on Canada and Mexico, and the possible introduction of a 60% tariff for Chinese exports.A 25% tariff on all goods from any country that purchases oil from Venezuela will also take effect in April. As a result, alongside reciprocal tariffs likely to apply to countries, many importers have been exploring or relying upon alternatives to sourcing from China, like Vietnam and India.Finally, the USTR’s public hearing on its proposed significant port call fees targeting Chinese-made vessels was held in late March, with American BCOs, exporters, port labour, and ocean carriers all objecting to the rule and the significant threats it would pose to their respective businesses.The frontloading of the last few months will likely ease in the coming months, either due to tariff introductions or to inventory buildups, making a subdued transpacific peak season possible.Source: Freightos

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2825, 1012, 3120, 1024, 8441, 2891, 102 ] ]

NEGATIVE

Global

Other

All

None

Negative

Moderate

Global

Other

All

None

Negative

Significant

Global

Other

None

All

Short

Negative

Moderate

Global

Other

All

None

Negative

Moderate

null