Latest Maritime News
8-21 June 2021
Bank of America Projects 2022 Oil Prices Near $100 on Growing Travel Demand

Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said, the strongest call yet among major forecasters for a return to triple digits.

Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new production is crimped by environmental concerns, the bank said in a report.

“There is plenty of pent-up oil demand ready to be unleashed,” said Francisco Blanch, the bank’s New York-based head of commodities research. Brent futures traded near $74 a barrel on Monday. Continue reading here (Source: World Oil).
Rise in Trans-Pacific Spot Rates is Relentless - And Accelerating

The trajectory of trans-Pacific spot rates brings to mind the retail-trader catchphrase “to the moon.”

Carriers implemented general rate increases (GRIs) on June 1. Spot rates rose. They enacted more GRIs on Tuesday. Rates jumped again. Another wave of GRIs is set for July 1. Add fallout from China port congestion to the mix, and it’s a recipe for rates to keep climbing.

“Despite record highs, rate levels continue to sharply increase,” said Lars Jensen, CEO of consultancy Vespucci Maritime.

Past predictions on spot rates have been repeatedly proved wrong — and far too conservative. Continue reading here (Source: FreightWaves).
Baltic Dry Index Surges to 11-Year Peak

The Baltic Exchange's main sea freight index soared to its highest in 11 years on Thursday as rates across all vessel segments were lifted by strong demand for dry bulk commodities.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, added 91 points, or 2.9%, to 3,267, its highest level since June 2010.

The capesize index was up 202 points, or 5%, at a one-month high of 4,212.
Continue reading here (Source: MarineLink).
UN Adopts Ban on Heavy Fuel Oil Use By Ships in Arctic

The United Nations shipping agency on Thursday adopted a ban on the use of heavy fuel oil in the Arctic region while green groups said the regulations contained loopholes which will allow many vessels to keep sailing without enough regulatory control.

Antarctic waters are protected by stringent regulations, including a ban on heavy oil fuel (HFO) adopted in 2011, even though no cargo moves through the turbulent southern waters. For the Arctic, the rules have been looser.

In a virtual session of its Marine Environment Protection Committee (MEPC) the UN's International Maritime Organization (IMO) approved a ban on the use of HFO and its carriage for use by ships in Arctic waters after July 1, 2024. Continue reading here (Source: Reuters).
Ever Given Owners Make New Offer to Suez Canal Authority

The owners of a container ship that blocked the Suez Canal in March have made a new offer in a compensation dispute with the canal authority, and a court ruling on the case was postponed for two weeks on Sunday to allow more time for negotiations.

The giant Ever Given container ship has been anchored in a lake between two stretches of the canal since it was dislodged on March 29. It had been grounded across the canal for six days, blocking hundreds of ships and disrupting global trade.

The Suez Canal Authority (SCA) demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue, before publicly lowering the request to $550 million. Continue reading here (Source: gCaptain).
How Ports Are Being Reinvented for the Green Transition

When it comes to launching the energy transition, maritime policy is one of the key battlegrounds. But many ports, aware of their ecological and economic vulnerability, have committed to sustainable development strategies.

According to the latest research, sea levels will rise considerably (from 1.1 to 2 metres, on average) by 2100, putting about 14 per cent of the world’s major maritime ports at risk of coastal flooding and erosion. Ports in France, including 66 that are used for maritime trade, are also under threat, and will have to adapt their infrastructure.

Maritime transport accounts for about 80 per cent of global merchandise trade by volume. Shipping is responsible for three per cent of global CO2 emissions, which have increased 32 per cent over the past 20 years. If nothing is done, shipping emissions could climb to 17 per cent of global emissions by 2050. Continue reading here (Source: The Maritime Executive).
Port of Singapore Regains Momentum Despite Disruptions Caused by COVID-19 Pandemic

The Port of Singapore has bounced back from a pandemic-induced slowdown, handling more cargo in the first five months of 2021 than in the same periods of 2020 and 2019.

Amid port closures overseas, shipping delays and a global container shortage, container throughput here fell by 0.9 per cent for the whole of 2020, said Senior Minister of State for Transport Chee Hong Tat.

He was speaking at the launch of the Smart Port Challenge 2021 on Friday (June 18).
Continue reading here (Source: The Straits Times).
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