Port of Los Angeles Posts its Second-Busiest Year on Record

The Port of Los Angeles has cemented its status as the busiest container port in the Western Hemisphere thanks to a significant surge in throughput last year. 2024 marked the second-best year in its 117-year history in terms of container volumes.

The port reports that last year, it handled a total of 10.3 million container units, reflecting a roughly 20 percent increase compared to 2023, when the port handled 8.6 million TEU. During the year, loaded imports posted a 26.4 percent increase to 460,915 TEU while loaded exports recorded a nine percent decline to 110,483 TEU.

Continue reading here (Source: The Maritime Executive).

MPA: Alternative Bunker Fuel Sales Exceed 1 Million Tonnes in 2024

Sales of alternative bunker fuels exceeded one million tonnes for the first time to reach 1.34 million tonnes in 2024, the Maritime and Port Authority of Singapore (MPA) has revealed.

What is more, total bunker sales registered a new high of 54.92 million tonnes, marking a 6% year-on-year increase.

As explained, the increased uptake was partly due to the extended Asia-Europe shipping routes via the Cape of Good Hope given the disruptions in the Red Sea.

Continue reading here (Source: Offshore Energy).

The Shipping Sector Must Reach Net Zero By 2050. Here's How Scalable Maritime Green Fuels Will Help

The maritime industry represents a backbone of global commerce, with approximately 100,000 shipping vessels traversing the oceans at any given time, connecting continents and forming logistical networks. However, in light of the impending climate crisis, the sector confronts a pressing challenge: the International Maritime Organization (IMO) has mandated a reduction in carbon intensity by 40% by 2030 and achieving net-zero emissions by 2050.

It is evident that this can only be accomplished through a transition to scalable green fuels. Continue reading here (Source: World Economic Forum).

Shipping Starts to Test Red Sea Waters

The partial lifting of restrictions in the Red Sea has not triggered a mass return to the beleaguered shipping lane that passes through these waters, but the Bab el Mandeb is now a viable option for some that had been avoiding the area.

It has been one week since the Houthis issued a notice saying they would no longer target US- and UK-owned, managed and flagged ships after the implementation of the Gaza ceasefire deal.

Analysis of traffic through the Bab el Mandeb and Suez Canal reveals the announcement has failed to persuade large swathes of the industry to return to the region. Continue reading here (Source: Lloyd's List).

Baltic Index Falls to Near Two-Year Low on Weaker Vessel Rates

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped to a 23-month low on Monday following a decline in rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 17 points to 761 points, its lowest since February 2023.

The capesize index slipped 25 points to 958 points, down to March 2023 levels.

Continue reading here (Source: gCaptain).

Shipping Nations Must Switch to Cleaner Fuels To Cut Carbon Pollution

As a meeting of the International Maritime Organization’s (IMO) Pollution Prevention and Response sub-committee (PPR 12, 27-31 January) gets underway next week in London, the Clean Arctic Alliance called for the international shipping body to reduce the impact on the Arctic from shipping’s black carbon emissions, by urgently agreeing to regulation which will identifying cleaner fuels more suitable for use in the region, and to immediately stop the release of scrubber discharge wastes in coastal, protected and sensitive areas. Continue reading here (Source: Clean Arctic Alliance).

Dry Bulk Shipping: Capesize Market Under Pressure

The Capesize market endured a challenging week, with a steadily declining trend across the board. The BCI 5TC shed $2,852 over the week, closing at $8,156. In the Pacific, miner activity remained sparse, with only one miner consistently present. Fixtures from West Australia to China hovered in the low S&oo range early in the week but slid to $5.85 by the end of the week. While cargo volumes appeared stable, Limited demand and increasing tonnage weighed heavily on sentiment. The South Atlantic showed initial promise midweek, driven by fresh inquiry from South Brazil and West Africa to China, momentarily Lifting the C3 index. However, mounting tonnage in ballast and weaker trans-Atlantic activity caused a sharp decline, with the C3 and C8 indices dropping significantly by weeks end. Continue reading here (Source: Hellenic Shipping News).