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Blank sailing trends will persist

This analytical piece provides an in-depth examination of current trends in blank sailings across major shipping routes, encompassing the Transpacific, Transatlantic, and Asia-North Europe & Mediterranean trades.

Shipping firms cancel or exclude planned journeys for various reasons, including seasonal demand shifts, trade imbalances, port congestion, labor disputes, adverse weather, or unforeseen events like the COVID-19 pandemic. In 2021-2022, carriers added extra voyages to meet rising demand, but supply chain issues caused ships to get stuck in port queues, resulting in numerous cancellations despite increased capacity.

Newbuilding activity settles down

Newbuilding ordering activity was on the downside this past week. In its latest weekly report, shipbroker said that “the quietest week so far in September for new order contracting, with just 16 firm orders rumored this week – just over half of last week’s number. In the dry bulk sector, Meadway Shipping have returned to Oshima for a Handysize with the same specification as their June order. The yard is now thought to have filled its slots until 2027. Also in the bulker sector, Grieg Maritime have declared two options for 82k dwt pulp-specialized MPP vessels and CMB two options for Qingdao Beihai built Newcastlemaxes. Fresh contracting in the tanker sector was a little lower than last week, but above the level of bulker contracting.

Brazilian iron ore export volumes increased in August

In the third week of September, freight rates in the various ship categories increased significantly, indicating a robust upward trend. At the same time, there is a noticeable optimism in Chinese economic activity, supported by a number of strategic stimulus measures by policy makers. In recent weeks, policymakers in China have introduced a comprehensive package of measures to boost economic growth and support the real estate market and the national currency.

Most notably, the People’s Bank of China took decisive action on Thursday, cutting the reserve requirement ratio for banks by 0.25 percentage points to 7.4 percent. This effectively injected liquidity into the financial system, further underscoring the determination to maintain economic momentum.

Container tonnage could enter the ship recycling market

The ship recycling market is in a state of flux, as more offers are being presented to ship owners compared to the previous weeks. However, many yards are still absent from the market, in anticipation of more tonnage, most notably container ships, being available for demolition. In its latest weekly report, shipbroker said that “despite slight falls this week with the local steel markets in India, offers from buyers for any available tonnage has seen an increase this week, most likely as recyclers look to fill their yards with any available tonnage.

Exploring all options to keep decarbonization on course

With IMO targets becoming more ambitious, DNV’s latest Maritime Forecast to 2050 explores how shipping can reach its decarbonization goals. With an expected shortfall of carbon-neutral fuels, the maritime industry needs to explore all decarbonization options to achieve a 20 percent reduction in greenhouse gas emissions by 2030.

This is a decisive decade for shipping decarbonization with the transition accelerating through new policies in the EU and the IMO’s ambitious decarbonization strategy aiming for net-zero by 2050. Maritime needs insight into and evidence of designs, fuels and fuel technologies that will be effective, available and affordable,” Eirik Ovrum, Maritime Principal Consultant at DNV and lead author of Maritime Forecast to 2050 says.

How to change charter parties to comply with MEPC 80?

As shipping attempts to chart a course to a zero-carbon future, there is a general acceptance that decarbonization will require all stakeholders to contribute. The regulatory mechanisms are being deployed in full force. At the same time, there are concerns about the vagaries and lack of concrete language in recent announcements. Ultimately, the way the maritime fleet operates today has to change.

While many businesses are looking to ship designs and fuel types to reduce emissions, the reality is that these options are long-term bets. With the first of MEPC 80’s new goals coming up in 2030, there is no time for the whole fleet currently at sea to be retrofitted, adapted to alternative fuels, or replaced with more sustainable new builds.

Tankers: diesel trade landscape changed

The diesel trade in ton-miles demand is a totally different “animal”, after Brazil has significantly increased Russian diesel imports. In its latest weekly report, shipbroker said that “the diesel import landscape in Brazil has undergone a significant transformation with a surge in Russian diesel imports, impacting the energy and shipping sectors. Diesel prices in Brazil experienced significant fluctuations lately, driven by the breach of the Russian price cap. Russia strategically increased exports of petroleum products to Brazil following EU and G7 embargoes and price caps. This reshuffled the global oil supply, prompting Russia to focus on new markets in Asia, Africa, and Latin America.

Container shipping nears turning point

Container xChange, an online container logistics platform held its 5th edition of its Ultimate Container Networking Event, the Digital Container Summit 2023 on 13-14 September 2023 in Hamburg, Germany.

Industry experts like Peter Sand, Xeneta, Antonia Ambrozy, Freightos, John Fossey, Drewry, Nick Saavides, Loadstar, Supal Shah, Arcon Container, Jack Sun, Orange Container Line, Danny den Boer, SeaCube, and Stefan Verberckmoes, Alphaliner/AXSMarine examined container leasing, demand-supply dynamics, market shifts, and strategic insights, providing an unparalleled understanding of the industry’s current landscape and its future trajectory.