1. Provisional ETS agreement earmarking of revenues can mark turning point for European shipping’s decarbonisation
European shipowners welcome the outcome of yesterday’s trilogue negotiation and the provisional agreement on the EU ETS maritime. The Parliament and the Council have embraced the calls of the industry stakeholders to earmark EU ETS revenues back to the maritime sector to support its energy transition. https://cyprusshippingnews.com/2022/12/01/provisional-ets-agreement-earmarking-of-revenues-can-mark-turning-point-for-european-shippings-decarbonisation/
2. Longer hauls to support continued strength
Since our September report two and a half months ago months ago, the dirty and clean tanker trades have taken slightly different paths. The Baltic Exchange Dirty Tanker Index (BDTI) has increased by 64%, whereas the Baltic Exchange Clean Tanker Index (BCTI) has increased by 21%. In the dirty tanker trade, Aframax and Suezmax ships have continued to outperform VLCC ships. https://cyprusshippingnews.com/2022/12/01/longer-hauls-to-support-continued-strength/
3. Slight improvement in supply/demand balance despite weakness in China
So far in the fourth quarter, the Baltic Exchange Dry Index (BDI) has averaged around 1,592 points, a significant slowdown since the first half of 2022. Lower congestion levels and weak iron ore demand in China, caused by a weak property sector and COVID-related closures, have caused the Baltic Exchange’s Capesize 5TC index to drop by 68.9% y/y in the second half of 2022. The current rates closely match those seen during 2019 and 2020, signalling the end of the positive congestion-driven cycle seen during 2021 and the first half of 2022. https://cyprusshippingnews.com/2022/12/01/slight-improvement-in-supply-demand-balance-despite-weakness-in-china/
4. A return to normal and prospect for laid-up ships
During the two and a half months since our last update, the container market has remained on the path towards “normalisation”. The Shanghai Containerized Freight Index (SCFI), which represents spot freight rates for loading in Shanghai, has fallen another 49% and is now 74% below its peak of early January 2022. https://cyprusshippingnews.com/2022/12/01/a-return-to-normal-and-prospect-for-laid-up-ships/
5. A new report identifies best practices to encourage women into a rewarding and safe career in shipping combating the “outdated” image of the industry
A project commissioned by the European Community Shipowners’ Associations (ECSA) and the European Transport Workers’ Federation (ETF) addresses the issue of women being underrepresented in the sector. It reflects the necessity to adopt a creative approach to attract and include more women in the maritime industry, particularly in Europe. https://cyprusshippingnews.com/2022/12/01/a-new-report-identifies-best-practices-to-encourage-women-into-a-rewarding-and-safe-career-in-shipping-combating-the-outdated-image-of-the-industry/
6. Positive news for shipping as China eases covid restrictions
Vice premier and covid tsar Sun Chunlan yesterday held a meeting at the National Health Commission with experts and said: “With the weakening of the pathogenicity of the omicron virus, the popularisation of vaccination and the accumulation of prevention and control experience, China is facing a new situation and new tasks in epidemic prevention and control.” https://splash247.com/positive-news-for-shipping-as-china-eases-covid-restrictions/
7. GoodBulk: Waiting on China
“China and their economy and covid restrictions, that is the big one, the 800-pound gorilla so to speak,” Radziwill says in conversation with Maritime CEO. There will be no meaningful recovery, he predicts, until China opens up. Until then, Radziwill says dry bulk shipping is waiting around in “purgatory”. https://splash247.com/goodbulk-waiting-on-china/
8. RIP TradeLens: Maersk and IBM to Abandon Block Chain-Based Shipping Platform
Maersk launched TradeLens in collaboration with IBM in 2018 to promote efficient and secure global trade by helping to manage and track the millions of shipping containers trading globally by digitizing manual and paper-based systems across the supply chain. By nature, the platform’s success is heavily dependent on widespread industry participation. https://gcaptain.com/rip-tradelens-maersk-and-ibm-to-abandon-block-chain-based-shipping-platform/
9. Offshore Industry Is Moving Up And Out Of The Doldrums
Speaking at the Marine Money ship finance forum in New Orleans, a representative of VesselsValue said he is optimistic about the offshore industry for the first time in years.
“For the past six years I’ve been a pessimist,” said Robert Day the head of offshore at VesselsValue. “It’s my pleasure to say I have become optimistic because the offshore market is moving up and moving out.”
https://gcaptain.com/offshore-industry-is-moving-up-and-out-of-the-doldrums/
10. Baltic index snaps 4-day winning streak as capesize rates drop
The Baltic Exchange’s dry bulk sea freight index snapped its four-session winning streak on Tuesday, as capesize rates slipped. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 20 points, or about 1.5%, to 1,327, a day after hitting a more than two-week high. https://www.shippingtribune.com/news/shipping/Baltic+index+snaps+4-day+winning+streak+as+capesize+rates+drop
