1. How The Shipping Container Crisis Demonstrates The Risk Of Imbalance In Global Trade
Disruption to supply chains triggered by the impacts of Covid-19 has ignited a worldwide shipping crisis, with prices of shipments skyrocketing due to a shortage of containers. Often headlined as the perfect storm, a combination of pressures has escalated shipping costs to more than four times the normal rate, threatening the stability of businesses that depend on these trade transport lines.
2. Baltic index falls for second session on capesize, panamax retreat
The Baltic exchange’s main sea freight index fell for a second consecutive session on Wednesday on a retreat in rates for the capesizes and panamax vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 55 points, or roughly 2%, to 2,754.
The capesize index shed 173 points, or 4.6%, to 3,572, the lowest in over a month
3. 2021 Shaping Up for a Boom Year in Newbuilding Orders
Ship owners’ appetite for newbuildings seems unabated during the first few months of 2021, after the past lackluster years of relatively limited investment. An expected rebound in freight rates has also triggered more deals in the newbuilding part of the market. https://www.hellenicshippingnews.com/2021-shaping-up-for-a-boom-year-in-newbuilding-orders/
4. UK Royal Navy Appoints First Woman Admiral
A woman officer will be appointed to the rank of admiral for the first time in the centuries-long history of the British Royal Navy. Commodore Jude Terry, who has served for nearly a quarter of a century, has been selected for promotion to rear admiral, making her the most senior woman in the Royal Navy, past or present. The 47-year-old will be promoted to rear admiral next year and take over as the Royal Navy’s Director of People and Training and Naval Secretary. https://www.marinelink.com/news/uk-royal-navy-appoints-first-woman-487968
5. Denmark to Send Frigate to Protect Shipping in the Gulf of Guinea
Danish Parliament on Tuesday approved plans to send a naval warship to boost maritime security in one of the world’s top piracy hot spots. In the fall of 2021 the European country will deploy its frigate Esbern Snare to the Gulf of Guinea off Africa’s west coast where it will contribute to international efforts to curb rampant piracy. https://www.marinelink.com/news/denmark-send-frigate-protect-shipping-487955
6. Vassilis Demetriades discusses Green and Digital Transformation of Shipping with Finnish Minister
Issues related to the green and digital transformation of shipping were discussed during an online meeting the Cypriot Deputy Minister of Shipping Vassilios Demetriades held with the Minister of Transport and Communications of Finland Timo Harakka.According to a press release issued by the Deputy Ministry, Demetriades and Harakka highlighted the global nature of Shipping, stressing the fact that any arrangements should be made within the framework of the International Maritime Organization. https://cyprusshippingnews.com/2021/05/27/vassilis-demetriades-discusses-green-and-digital-transformation-of-shipping-with-finnish-minister/
7. East of Suez bunker fuel availability outlook by ENGINE
HSFO380 availability has tightened considerably in Fujairah, while Singapore’s lead times for all fuel grades are unchanged from last week. Singapore’s fuel oil inventories dropped by a further 5% last week to a seven-week low of 24.96 million bbls, according to Enterprise Singapore data. Fuel oil exports bounced back by 77% to 1.36 million bbls last week, after dipping below 1 million bbls last week. At the same time, fuel oil imports were almost cut in half on the week, falling by 46% to 6.4 million bbls – the lowest level since early October last year. https://cyprusshippingnews.com/2021/05/27/east-of-suez-bunker-fuel-availability-outlook-by-engine/
8. Aviva Investors and BNP Paribas complete first ESG SONIA swap repack with Associated British Ports
The 30-year transaction is believed to be the first SONIA-linked interest rate swap institutional repack, and the first institutional repack transaction to have sustainability-linked key performance indicators (KPIs) attached to it. The performance targets were subject to second party verification by ISS, to ensure they were both sufficiently material and ambitious in nature, whilst also remaining aligned to LMA sustainability-linked loan principles. https://cyprusshippingnews.com/2021/05/27/aviva-investors-and-bnp-paribas-complete-first-esg-sonia-swap-repack-with-associated-british-ports/
9. Baltic Index Falls For Second Session On Capesize, Panamax Retreat
The Baltic exchange’s main sea freight index fell for a second consecutive session on Wednesday on a retreat in rates for the capesizes and panamax vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 55 points, or roughly 2%, to 2,754. The capesize index shed 173 points, or 4.6%, to 3,572, the lowest in over a month. https://www.shippingtribune.com/news/shipping/Baltic+index+falls+for+second+session+on+capesize%2C+panamax+retreat
10. North’s Diversification Strategy Rises To Unprecedented Challenges
Following a challenging period for the global economy and shipping in a year which saw a record level of International Group (IG) pool claims, North is reporting positive returns for its 2020-2021 financial year. North’s recently published Annual Review posts robust growth across a number of diversified lines and, at 6.67% (equivalent to US$64.5M), its highest return on investments for many years. https://www.shippingtribune.com/news/shipping/North’s+diversification+strategy+rises+to+unprecedented+challenges