CMA CGM Sees Shipping Demand Holding Up
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Shipping giant CMA CGM announced on Thursday that robust international trade and disruptions in the Red Sea bolstered its main maritime division in the second quarter. This support should help mitigate any market slowdown later this year as new ship capacity comes online. The world’s third-largest container shipping line reported a 6.8% year-on-year increase in […]
Container Shipping Rates Snap Weeks of Gains as Restock Rally Fades
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Spot prices for container shipping rates have dropped for the first time in nearly three months, indicating a cooling in demand following US tariffs on Chinese goods and other trade disruptions that caused an earlier-than-usual peak season for restocking. The Drewry World Container Index composite of eight major trade lanes fell 2.2% to $5,806 for […]
Ship owner Declares General Average Over Maersk Frankfurt Fire
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Shippers with cargo on the Maersk Frankfurt, which has endured fires onboard for six days, will receive General Average (GA) notices from the vessel’s owner, Tokei Kaiun, according to the latest update from Maersk. “We have been informed that the vessel owner has decided to declare General Average and has appointed Richards Hogg Lindley as […]
Western Sanctions, Houthi Attacks Boost Appeal of Russia’s Arctic Sea Route
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Russia’s first oil shipment of the year is navigating the Northern Sea Route to China, with more vessels expected to follow. This 2,500-mile route, which passes through waters off the Siberian tundra, is usually used only during the summer when ice conditions are milder. However, Western sanctions and Houthi drone attacks in the Red Sea […]
Transocean Fleet Update Reflects Rise in Offshore Drilling Dayrates
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Offshore drilling contractor Transocean has released its quarterly Fleet Status Report, highlighting contract updates for its offshore drilling rigs. The report shows an additional backlog of approximately $656 million for the quarter, bringing the total backlog to $8.8 billion as of July 24, 2024. Several new contracts have been secured with dayrates surpassing $500,000, indicating […]
Capacity across big three shipbuilding nations leaps 20% in a year
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Shipyards across China are experiencing a resurgence, producing ships at a scale not seen since 2008. After more than a decade of decline following the global financial crisis, the shipbuilding sector has entered a new golden age. According to broker Arrow, the combined shipbuilding capacity of China, South Korea, and Japan has reached 35.6 million […]
Two Swiss lawyers take aim at flags of convenience in new book
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Two Swiss lawyers have published a 247-page book looking at the risks associated with flags of convenience. The research for the book took the authors to various locations, including accident sites in Europe and Africa, inspections in Belgian ports, developers of new engines and fuels, and a ship recycling facility in India. They interviewed representatives […]
Norwegian Car Carriers adds to newbuild series at CIMC Raffles
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Norwegian Car Carriers (NOCC) has expanded its shipbuilding program at the CIMC Raffles yard in China by adding a third dual-fuel vessel. The Oslo-based company, advised by US banking giant JP Morgan, has ordered a new 7,000 CEU ship that can run on LNG and is ammonia-ready. “NOCC is enhancing its green fleet for the […]
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