Ukraine’s dry bulk exports surge
Three years after Russia’s invasion of Ukraine, a dramatic shift in Black Sea shipping patterns has emerged, with Ukraine’s dry bulk shipments surging 87 percent year-over-year despite ongoing regional tensions, according to shipping industry association BIMCO.
The remarkable recovery stems from Ukraine’s successful implementation of a coastal corridor initiative launched in August 2023, follow Russia’s withdrawal from the UN-brokered Black Sea Grain Initiative. Despite Russian attacks on vessels in September and October 2023, this alternative route has proven effective, though overall volumes remain 36 percent below pre-war levels, BIMCO says.
“Three years after Russia’s invasion of Ukraine, the volume of dry bulk shipments from the two countries combined is 6 percent below pre-war levels,” reports Filipe Gouveia, Shipping Analysis Manager at BIMCO. “While Ukraine has seen an 87 percent y/y jump in shipments, Russia’s have taken a 6 percent y/y fall.”
On Chinese-built vessels Trump administration proposes massive port fees
The Office of the United States Trade Representative (USTR) has announced sweeping new measures targeting China’s growing dominance in global maritime sectors, including potential fees of up to $1.5 million per port call for Chinese-built vessels, $1 million per port call for operators of Chinese-built ships, and mandatory U.S.-flag shipping requirements.
The proposed actions, published to the Federal Register on Friday by Acting U.S. Trade Representative Juan Millan, come after a recent USTR Section 301 investigation found that “China’s acts, policies, and practices to be unreasonable and to burden or restrict US commerce.”
In 2024 Hamburg throughput dropped 2.1pc
The Port of Hamburg reported a 2.1 percent drop in throughput in 2024 to 111.8m tonnes with higher breakbulk and container throughput and lower volumes for bulk cargoes.
The port said international trade was affected by the war in Ukraine and conflicts in the Middle East. Germany’s economic output was 0.2 percent lower in 2024 and industrial production fell by 4.5 percent on-year.
Germany’s government forecasts 0.3 percent economic growth for 2025, which will continue to weigh on the port’s results, and the global geopolitical situation is expected to remain highly volatile due to a large number of international crises, the port said.
Panama Canal approves funding for new lake
The Panama Canal Board of Directors has approved funding for the construction of the Rio Indio Lake Project within the Indio River Watershed.
This project is designated as a national interest initiative aimed at enhancing water security for Panama and is designed to mitigate the effects of droughts and ensure the Panama Canal’s operational reliability.
The Panama Canal Authority has been facing significant challenges due to prolonged droughts, resulting in restrictions on vessel transits in 2023 and 2024. The expansion of water storage capacity is deemed critical for the canal’s continued operation and economic impact.
The project, part of the Water Projects Programme, intends to increase water storage capacity to serve over 50 percent of Panama’s population, local communities, and Panama Canal operations.
Container sector set to take biggest hit from US plans
Shipping is reeling from what could be the most seismic decision to effect the industry yet in the opening weeks of Donald Trump’s second term in office.
The American president will make a decision, likely in around a month’s time, on whether to carry out suggestions made by the office of the US Trade Representative following an investigation carried out over the past year into China’s growing dominance in maritime, especially in the realm of shipbuilding.
The USTR report cites artificially suppressed labour costs, forced technology transfer and intellectual property theft among a raft of accusations levelled at Beijing.
US issues more Iran sanctions
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on more than 30 persons and vessels in multiple jurisdictions for their role in brokering the sale and transportation of Iranian petroleum-related products, the latest in a series of measures the new Donald Trump administration is taking in its so-called maximum pressure campaign against the Middle East nation.
Among those sanctioned yesterday are oil brokers in the United Arab Emirates and Hong Kong, tanker operators and mangers in India and China, the head of Iran’s National Iranian Oil Company, and the Iranian Oil Terminals Company, as well as 13 vessels.
“Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilising activities,” said secretary of the treasury Scott Bessent.
Vintage VLCC rates firm up
Prices are up for vintage VLCCs as brokers predict higher rates for ships trading outside the dark fleet.
Prices for vintage VLCCs went down in January. Now, VLCC pricing is firming again for reputable sales candidates, and a whopping $10m spread can be spotted in the latest sales filling up broking reports.
Greek owner Eastmed has reportedly sold the rusty 20-year-old, 309,000 dwt Great Lady for $41m, a 335 m long mammoth built at Samsung in South Korea.
At the beginning of the year, Viet My Petrol Transportation sold an almost identical Hyundai Heavy-built ship. The 20-year-old 308,800 dwt, Rolin, with brokers putting a price of $31m on the sale. It’s worth noting that the Vietnamese ship has its special survey and drydocking due.
Port of Salalah invests $300 mn
The new capacity was in preparation for the new network as part of the Gemini Cooperation between Maersk and Hapag-Lloyd.
The investment increased capacity by 2 million teu to 6.5 million teu, up from 4.5 million teu, with upgrading the six existing berths and yard extension.