Latest Maritime News
30 March-12 April 2021
Egypt Will Hold Ever Given Until Damage Claim is Resolved

The container ship Ever Given is still anchored in Egypt's Great Bitter Lake, weeks after salvors freed her from the banks of the Suez Canal - and she may not be leaving soon. The Suez Canal Authority's top official told a local TV station last week that the vessel will stay put until Egypt's massive claim for financial damages is resolved.

"The vessel will remain here until investigations are complete and compensation is paid," said SCA head Lt. Gen. Osama Rabie, according to the Wall Street Journal. "We hope for a speedy agreement [and] the minute they agree to compensation, the vessel will be allowed to move."

Rabie said that Egypt will seek $1 billion in compensation from the shipowner for the incident. According to Refinitiv, the SCA lost less than one tenth of that amount in canal transit fees over the course of the six day period that the boxship was grounded. The cost of the salvage has not been disclosed, but it would have to cover the efforts of two dredgers, a dozen tugs of varying sizes, fees for the professional salvor, and wages and overtime for an Egyptian workforce numbering in the hundreds. Continue reading here (Source: The Maritime Executive)
Oil Prices Climb Above $60 as Weaker Dollar Influences Commodities

Oil gained, topping $60 a barrel, as investors continued to assess the recovery in consumption globally.

Futures in New York rose as the dollar fell, making commodities priced in the U.S. currency more attractive. Federal Reserve Chair Jerome Powell said that the U.S. economy was poised for stronger growth, but he cautioned that the pandemic remains a threat. That’s been highlighted in other regions including parts of Europe, while another wave of infections in India is overwhelming the health system.

Yemen’s Houthis said they attacked oil facilities in Saudi Arabia, as the group steps up strikes on the kingdom, a reminder of political tensions in the Middle East. While such attacks have increased this year, they rarely claim lives or cause extensive damage.
Continue reading here (Source: World Oil).
Dry Bulk Shipping ETF is Stock Market's Top Performer in First Quarter of 2021

A dry bulk shipping exchange traded fund (ETF) has emerged as the top performing ETF in the first three months of 2021, reflecting a strong turnaround for the dry bulk sector.

According to ETF.com, the Breakwave Dry Bulk Shipping ETF (BDRY) returned almost 120% in the first quarter, eclipsing the second best-performing ETF, Amplify Seymour Cannabis ETF (CNBS), which returned 66%.

Provided by New York-based Breakwave Advisors, LLC, Breakwave Dry Bulk Shipping ETF “provides long exposure to the dry bulk shipping market through a portfolio of near-dated freight futures contracts on dry bulk indices.”

The ETF was launched in March 2018 and had net assets under management (AUM) of a little over $46 million as of April 10, 2021. Continue reading here (Source: gCaptain).
Could Container Shipping Rates Stay This Red-Hot Until 2022?

Container-shipping spot rates keep bouncing around at stratospheric heights — and show zero signs of sliding back to earth. On some trade lanes, they’re still ascending. Case in point: The formerly sleepy Europe-U.S. trans-Atlantic route just spiked.

With fallout from the Ever Given accident in the Suez Canal expected to cut container and vessel availability, the “when will this end?” chatter is starting to fixate less on the second half of 2021 and more on 2022.  

This is the season — in a normal year — when rates moderate. While different freight indices offer different numbers, the trend lines are all the same: either up or steady at the peak. The weekly composite Drewry World Container Index, released Thursday, rose 1% this week, to $4,910 per forty-foot equivalent unit (FEU). It’s now up 221% year-on-year. The weekly Shanghai Containerized Freight Index, released Friday, rose another 2.6% week-on-week. Continue reading here (Source: Freight Waves).
States Join Efforts to Pressure CDC to Restart U.S. Cruise Industry

States hard hit by the ongoing shut down of the U.S. cruise industry are launching steps designed to get the U.S. federal government to revise the positions of the Centers for Disease Control and Prevention to resume cruise ship departures from U.S. ports. Florida and Alaska, two of the states the hardest hit by the current pause in cruising, launched efforts to resume the industry coming as the cruise lines and its trade association also called for citizens to write their congressional representatives in support of restarting cruises.

“We must allow our cruise liners and their employees to get back to work and safely set sail again,” said Florida Governor DeSantis. “To be clear, no federal law authorizes the CDC to indefinitely impose a nationwide shutdown of an entire industry.” DeSantis highlighted the vital role cruising plays to Florida’s economy employing thousands of people and indirect contributions from people arriving in Florida to sail on cruises. Continue reading here (Source: The Maritime Executive).
Crew Change Challenge Remains, Push For Global Seafarer Vaccination Programme

Crew change remains a top challenge in the industry according to the Singapore Shipping Association (SSA), and both industry and authorities are pushing for a global vaccination programme for seafarers.

“For the maritime sector the most important is crew change, something we’re still challenged with,” Caroline Yang, President of Singapore Shipping Association (SSA) told a media briefing organised by the Maritime & Port Authority of Singapore (MPA) ahead of Singapore Maritime Week 2021.

“Covid-19 was really not easy for crew change. I will tell you the cost is just so mindboggling, but we decided we needed to do it. We needed to make sure the crew goes home, we needed to make sure the ship needed to move.” Continue reading here (Source: Seatrade Maritime News).
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