1. U.S., Guyana to Launch Joint Maritime Patrols Near Disputed Venezuela Border
The United States and Guyana will begin joint maritime patrols aimed at drug interdiction near the South American country’s disputed border with crisis-stricken Venezuela, the U.S. secretary of state and Guyana’s new president said on Friday.
2. Family feud for control of the Wilhelmsen empire makes headlines
Norwegian daily Dagens Næringsliv reports that cousins and aunts from three branches of the Wilhelmsen family have bid NOK1bn ($353m) to try and get the current boss of the group, Thomas Wilhelmsen, to step down from all his roles at the diverse conglomerate. https://splash247.com/family-feud-for-control-of-the-wilhelmsen-empire-makes-headlines/
3. Maersk cancels all blanked sailings on the transpacific
Citing the strong import volumes seen in North America seen over the past 60 days, which it anticipates to carry on until at least November, Maersk, the world’s largest containerline, has announced it is cancelling all blanked sailings on the transpacific. https://splash247.com/maersk-cancels-all-blanked-sailings-on-the-transpacific/
4. Container rate contagion spreads to Latin America
The latest spot rates published by the Shanghai Containerised Freight Index (SCFI) today show prices inching upwards on the main transpacific and Asia-Europe tradelanes, but spiralling by record heights from Shanghai to the east coast of Latin America. https://splash247.com/container-rate-contagion-spreads-to-latin-america/
5. Slew of new contracts and clauses top BIMCO committee’s upcoming meeting
Projects for standard contracts and clauses covering almost every sector of the shipping industry will be reviewed by BIMCO’s Documentary Committee (DC) when it meets on 21 and 22 September. The gathering of over 70 documentary experts from around the world will take place online for the first time and two new contracts and two clauses are set to be approved for publication. https://www.hellenicshippingnews.com/slew-of-new-contracts-and-clauses-top-bimco-committees-upcoming-meeting/
6. Baltic index posts weekly gain on robust capesize rates
The Baltic Exchange’s main sea freight index inched up on Friday helped by an uptick in panamax and supramax rates, and posted its first weekly gain in three due to robust capesize rates
7. LNG-fuelled tankers to more than double by 2030 – Petronas exec
The number of ships fuelled by liquefied natural gas (LNG) is expected to more than double by 2030, driven by the shipping industry’s desire to cut emissions, a senior executive at Malaysia’s Petroliam Nasional Bhd (Petronas) said. https://www.hellenicshippingnews.com/lng-fuelled-tankers-to-more-than-double-by-2030-petronas-exec/
8. Red-Hot Ocean Rates Could Spark Government Intervention
In tanker and dry bulk shipping, the rate is the rate. It’s whatever the market says it is. It can be below zero (net of costs). It can be six figures per day. No government can intervene. This is definitely not the case in container shipping.
9. Saudi Arabia Crude Exports Rebound In July From Historic Lows
Saudi Arabia’s crude oil exports rebounded in July to 5.73 million barrels per day (bpd) from a record low in June, official data showed. At 4.98 million bpd, crude exports in June were the weakest on record, according to data from the Joint Organizations Data Initiative (JODI) stretching back to 2002. https://www.shippingtribune.com/news/shipping/Saudi+Arabia+crude+exports+rebound+in+July+from+historic+lows
10. Bunker Credit & Liquidity Squeeze Ahead? : Mr. Carsten Ladekjær
Bunker costs are estimated to constitute around 50-60% of total ship operating costs, depending on the type, size and voyage of the ship. Fluctuations in the bunker prices significantly affect the bottom line of any shipping company.