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The combination of rising Brazilian crude supply, shifting geopolitical dynamics, and price-sensitive Chinese refinery demand has led to a significant increase in VLCC shipments from Brazil to China in recent months. Several new FPSOs (Floating Production Storage and Offloading units) came online at the end of 2024, enabling Brazil to steadily ramp up its crude …

The impending enforcement of the Hong Kong Convention is bringing some turbulence in the ship recycling market, as compliance is a key factor. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “as the Hong Kong Convention enforcement approaches, the global ship recycling market remains quiet with activity …

New research shows propulsion energy saving devices could deliver up to 10% fuel reduction while fewer than 2% of global fleet currently equipped. Demand for advanced propeller retrofits and energy saving devices (ESDs) has nearly quadrupled since 2020 as shipping owners and operators look to enhance energy efficiency to meet tightening emissions regulations. However, according …

Navigating the intricacies of the USTR 301 China Service Fee involves understanding the new regulations and fees imposed by the USTR on various maritime transport services with a Chinese nexus. These measures are part of a broader effort by the US government to address China’s strategic initiatives in the maritime, logistics, and shipbuilding sectors. Section …

Activity in the newbuilding and S&P markets appears to be slowing down lately, as global economic headwinds are taking a toll. In the newbuilding market, shipbroker Banchero Costa said in its latest weekly report that “in the tanker sector, Pan Ocean placed an order to an undisclosed shipyard for the construction of 2 x 330,000 …

In October, the International Maritime Organization is set to adopt a legally binding framework to reduce greenhouse gas (GHG) emissions from ships over 5,000 GT, pending entry into force in 2027. Including a new fuel standard and a global pricing mechanism for emissions, the framework is highly significant for the UN agency’s targets for global …

The dataset, provided by Lloyd’s List Intelligence, contained more than 2,200 recorded casualty incidents per year since 2021. Machinery damage/failure was responsible for the highest number of casualty incidents in all years, with this climbing to 60% of all cases in 2024 – up from 38% a decade ago. The data shows a clear correlation …

Ship owners looking to gain a competitive advantage in trading their bulkers, could find such a case in a specific trade within the market. In its latest weekly report, shipbroker Intermodal said that “Guinea’s military government recent decision to revoke 51 mining licenses, for bauxite, gold, diamond, graphite, and iron, underscores a growing wave of …

As Europe envisages shunning Russian gas and LNG by 2027, changes in trade patterns and strategies are likely to unfold. Drewry anticipates Europe’s contracted supply to be sufficient to meet its LNG demand and limit spot exposure, supporting the region in managing its gas requirements without Russia. However, the continent’s complete pivot from Russia will …

Is indexing only useful for high-value cargo? In reality, index-linked freight contracts (or “indexing”) are not limited by cargo value. As Rajesh Bhol, Principal Product Manager – Indexing at Xeneta, explained in a recent customer webinar: “…with what I have seen, I think it’s not relevant whether it’s higher value or lower value because the …