Selected News Headlines 2024/Q3

HEADLINES SELECTED BY INTERCARGO (16/09/2024 – 23/09/2024)

INTERCARGO advocates for streamlined GHG strategy

INTERCARGO has reaffirmed its commitment to sustainable shipping practices by advocating for a streamlined approach to the International Maritime Organization’s (IMO) mid-term greenhouse gas (GHG) reduction strategy. (Safety4Sea: click here)

INTERCARGO proposals call on IMO to review Carbon Intensity Indicator

The International Association of Dry Cargo Shipowners (INTERCARGO) has submitted proposals to the International Maritime Organization (IMO) calling for a review of the Carbon Intensity Indicator (CII) at the 82nd session of the Marine Environment Protection Committee (MEPC 82), being held between 30th September and 4th October at the IMO Headquarters in London. (Int’l Bulk Journal: click here)

Two weeks of key IMO meetings on GHG Strategy begin today

The Marine Environment Protection Committee (MEPC), 82nd session, meets in-person at IMO Headquarters in London (with hybrid participation) from 30 September to 4 October, 2024. (Shipmanagement International: click here)

Houthi Attacks Resume in Red Sea After 18-Day Lull

The United Kingdom Maritime Trade Operations (UKMTO) reported a suspicious approach by an unmanned surface drone on a merchant vessel near Yemen’s coast on Friday, marking the end of an 18-day period without Houthi attacks in the region. (gCaptain: click here)

 Brazil’s Soyabeans Gaining Market Share

Brazil’s soyabean exports are gaining traction, as a result of various market dynamics, which could lead to an increased cargo demand in the near future… (Hellenic Shipping News Worldwide: click here)

Iron ore hits over 1-year low on soft China demand prospects, firmer supply

Iron ore futures fell on Monday to their lowest in more than a year, as investors weighed prospects of soft China demand amid an uneven economic recovery and stronger supply… (Hellenic Shipping News Worldwide: click here)

Baltic Dry Index hits 2,000 points as China announces surprise economic stimulus

Two things happened on Tuesday that augur well for dry cargo markets in the short term and in the longer term. (TradeWinds: click here)

Dry market report – Week 38

Capesize: The Capesize market experienced a week of mixed activity, highlighted by a strengthening Pacific…Panamax: A cautiously optimistic week for the Panamax market as period demand crept into the market… Ultramax/Supramax: Mixed fortunes this week for the sector. The Atlantic was varied with the US Gulf being fairly firm at the beginning of the week… Handy: Mixed performance this week as activity picked up in the US Gulf, leading to slight increases in rates… (Baltic Exchange: click here)

HEADLINES SELECTED BY INTERCARGO (09/09/2024 – 15/09/2024)

INTERCARGO Proposals Call on IMO to Review CII at MEPC 82

The International Association of Dry Cargo Shipowners (INTERCARGO) has submitted proposals to the International Maritime Organization (IMO) calling for a review of the Carbon Intensity Indicator (CII) at the 82nd session of the Marine Environment Protection Committee (MEPC 82), being held between 30th September and 4th October at the IMO Headquarters in London. (The Maritime Executive: click here)

Arsenio Dominguez: Ships must not be targeted due to politics

In his speech delivered on 16 September 2024, as an opening remark the 10th session of the Sub-Committee on Carriage of Cargoes and Containers (CCC 10), IMO Secretary-General, Arsenio Dominguez, expressed serious concerns about geopolitical conflicts affecting shipping and endangering seafarers. (Safety4Sea: click here)

Chinese seaborne dry bulk imports up 6%

So far in 2024, China has increased its inventories of iron ore, coal and grains, which has been a positive demand driver. (Dry Cargo Int’l: click here)

Iron ore soars to over one-week high on upbeat seasonal demand outlook

Iron ore futures prices surged on Thursday to hit their highest in more than a week, as prospects of improved seasonal demand in China outweighed concerns over the top consumer’s economic recovery. (Hellenic Shipping News Worldwide: click here)

Bauxite boom underpinning capesize rates seen easing for 2025

Driven by expanding exports from Guinea, bauxite accounts for 11% of capesize demand, compared with 4% eight years ago (Lloyd’s List: click here)

Dry market report – Week 37

Capesize: The Capesize market experienced a mixed week, beginning with positive sentiment but gradually facing increasing pressure… Panamax: A week for the optimists in the Panamax sector with steady rises throughout the Atlantic and Asian markets, although we seemed to have reach a period of consolidation as the week ended… Ultramax/Supramax: A rather varied week for the sector… Handy: The Handysize market saw minimal visible activity across both basins this week… (Baltic Exchange: click here)

HEADLINES SELECTED BY INTERCARGO (02/09/2024 – 08/09/2024)

UK Warns of Impostors Seeking Information from Vessels in the Red Sea

UK authorities issued a warning to all vessels transiting the Red Sea of impostors seeking information from ships and demanding that they begin AIS transmissions. Vessels are being cautioned to use security protocols to confirm the identity of any contacts… (The Maritime Executive: click here)

Red Sea transits now ‘impossible’ for ships with US, UK or Israel ties, say underwriters

VESSELS with any known links to the US, UK or Israel are now essentially uninsurable for Red Sea transits, according to market sources. (Lloyd’s List: click here)

Rising Asian thermal coal imports driven by Japan, S.Korea

Asia’s imports of seaborne thermal coal ticked up in August to the highest in eight months, but the strength was largely driven by North Asia’s developed economies rather than the usual heavyweights of China and India. (Hellenic Shipping News Worldwide: click here)

Coal demand from world’s second-largest importer could cool off later this year, warns Bimco

Growth in India’s coal imports is expected to continue but will slow as demand plateaus, starting as soon as late 2024, according to new analysis. (TradeWinds: click here)

Iron ore snaps six-day losing streak on hopes of China stimulus

Iron ore futures prices rose on Monday after six days of losses, as hopes of fresh stimulus from top consumer China following a batch of tepid economic data lifted market sentiment (Hellenic Shipping News Worldwide: click here)

Oil prices sink to nine-month low amid global economic uncertainty

Crude prices slumped following weak economic data from the US and China, which dampened demand outlooks. Risk-averse sentiment continued to dominate global markets. (Euronews: click here)

Capesize spot rates jump up and down in bumpy week

This week’s capesize spot market has had something to please optimists and pessimists alike. (TradeWinds: click here)

Dry market report – Week 36

Capesize: The Capesize market saw a strong start to the week, particularly in the Pacific, where two of the three major miners became active, leading to a steady rise in the C5 route… Panamax: Another softer week for the Panamax market as owners continued to feel the recent pressure… Ultramax/Supramax: A rather mixed affair for the sector as the summertime lull still impacted the Atlantic but a slightly more positive feel from the Asian arena… Handy: The Handy sector saw minimal visible activity across both basins this week. In the Continent and Mediterranean… (Baltic Exchange: click here)

HEADLINES SELECTED BY INTERCARGO (01/08/2024 – 01/09/2024)

Shipping associations call for IMO to amend CII

With discussions regarding the IMO’s (International Maritime Organization) Carbon Intensity Indicator (CII) due to recommence at their Marine Environment Protection Committee (MEPC) 82 meeting in September, INTERCARGO, the association of dry bulk shipping companies, together with the other global shipping associations, have issued a pertinent joint policy statement to the IMO calling for changes to the flaws in the Carbon Intensity Indicator (CII). (DryCargo Int’l: click here)

Dry Bulk Centre of Excellence launches DryBMS platform

The Dry Bulk Centre of Excellence (DBCE) has launched the Dry Bulk Management Standard (DryBMS) platform to improve safety management. (Safety4Sea: click here)

Statement by IMO Secretary-General on the MV Sounion

Following the recent attack on the MV Sounion in the Red Sea Mr. Arsenio Dominguez, Secretary-General of the International Maritime Organization (IMO) said … (IMO: click here)

Efficiency Will Play the Biggest Role in Near-Term Decarbonization

While many shipowners have made headline-grabbing investments in green dual-fuel technology over the past year, the most important area of near-term progress in decarbonization is likely going to be vessel efficiency… (The Maritime Executive: click here)

 Increased collision risk in Chinese waters

Every year we handle claims of collisions between merchant and fishing vessels in Chinese waters… (Hellenic Shipping News Worldwide: click here)

 Grain season will boost panamax rates, but waning Chinese demand prompts caution

The upcoming US grain export season is expected to strengthen low panamax rates. However, some industry commentators argue that the benefits of this may be being overestimated and counsel caution on any overexcitement. (Lloyd’s List: click here)

Argentine soy, corn exports bounce back despite lower US prices

Argentine shipments of corn and soybeans, two major exports for the agricultural powerhouse, have bounced back so far this season… (Hellenic Shipping News Worldwide: click here)

Iron ore nears three-week high as growing spot buying boosts sentiment

Iron ore futures rose to a near three-week high on Tuesday, boosted by growing buying appetite from steelmakers… (Hellenic Shipping News Worldwide: click here)

Why supramax bulker owners can enjoy an unusual premium over panamax rivals

Congestion is playing a big role as grain cargoes come thick and fast  (TradeWinds: click here)

Dry market report – Week 35

Capesize: The Capesize market experienced a strong recovery this week after a mixed start partly due to a public holiday on Monday in the UK… Panamax: The Panamax market provided further losses this week and is showing little signs of abating… Ultramax/Supramax: Generally the market has seen a mixed affair this week… Handy: It was a quite week for the Handy sector, with activity remaining slow across the Continent and the Mediterranean with sentiment appearing positional… (Baltic Exchange: click here)

HEADLINES SELECTED BY INTERCARGO (15/07/2024 – 21/07/2024)

Israel and Houthis trade blows as Red Sea shipping crisis enters new phase

The nine-month long Red Sea shipping crisis entered a new, more dangerous phase over the weekend with Israel and the Houthis now in direct confrontation… (Splash247: click here)

Flag states are slowly getting better at investigating casualties

IMO member states are still routinely failing to publish casualty investigations designed to improve safety standards and prevent accidents. (Lloyd’s List: click here)

Fertiliser leaks from stricken bulker

Bad weather has dislodged the cargo hatches from bulker that ran aground off South Africa (Lloyd’s List: click here)

Bulkers to Get Boost From Guinea’s Vast Simandou Iron Ore Mine

Africa’s biggest mine project will ship about 120 million tonnes of ore a year (The Maritime Executive: click here)

Ukraine grain exports leap in the year since shipping deal with Russia expired

In the year since the United Nations-brokered Black Sea Grain Initiative fell apart, Ukraine has performed remarkably well in securing seaborne exports. (Splash247: click here)

China June soy imports from Brazil rise 2%, customs data show

China’s soybean imports from Brazil rose 2.2% in June from a year earlier, data showed on Saturday, as Chinese buyers scooped up lower-priced South American beans. (Hellenic Shipping News Worldwide: click here)

Subdued Demand to pressure iron ore prices

Iron ore is one of the worst performing commodities so far this year… (Hellenic Shipping News Worldwide: click here)

Dry market report – Week 29

Capesize: It was only on Thursday that the Capesize 5TC climbed to positive territory and became closer to $25,000… Panamax: Sentiment in the South Atlantic began to decline for the middle of August liftings below the current prompt levels… Ultramax/Supramax: With the Atlantic in summer holiday mode, it remained a rather positional market. Sentiment from the US Gulf was mixed… Handy: A week of minimal visible activity across both basins in the handy sector. In the Atlantic, a general lack of fresh cargo… (Baltic Exchange: click here)

HEADLINES SELECTED BY INTERCARGO (08/07/2024 – 14/07/2024)

INTERCARGO joins industry calls for IMO to amend flaws in CII

With discussions regarding the IMO’s (International Maritime Organization) Carbon Intensity Indicator (CII) due to recommence at their Marine Environment Protection Committee (MEPC) 82 meeting in September, INTERCARGO, the association of dry bulk shipping companies, together with the other global shipping associations, have issued a pertinent joint policy statement to the IMO calling for changes to the flaws in the Carbon Intensity Indicator (CII). (Int’l Bulk Journal: click here)

Crew of listing bulker rescued off South Africa

The crew of a listing bulker have been rescued safe after abandoning the ship in rough seas off South Africa. (Lloyd’s List: click here)

South Africa focuses on removing cargo and fuel from stricken Ultra Galaxy

South African authorities are putting mitigation measures in place to prevent a stricken Ultrabulk vessel from causing an environmental disaster on its coastline. (TradeWinds: click here)

IMB: Violence Against Crew on the Rise Amidst Drop in Piracy

The safety of crews on merchant ships is increasingly becoming a major concern owing to the rise in violent attacks despite a notable decrease in maritime piracy incidents, according to the latest update from the International Maritime Bureau’s Piracy Reporting Center. (The Maritime Executive: click here)

Botswana signs coal export deal with Zimbabwe and Mozambique

Landlocked Botswana, which boasts the third largest coal reserves in Africa, has a potential new export route. (Splash247: click here)

China’s June soybean imports up 10.7%, buyers focus on Brazil crop

China’s soybean imports in June rose 10.7% from a year earlier, a Reuters’ calculation of customs data showed on Friday, as buyers stocked up on cheaper Brazilian beans ahead of the North American export season in the fourth quarter. (Hellenic Shipping News Worldwide: click here)

Baltic index logs weekly gain on higher vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Friday to mark a weekly gain on the back of higher rates across all the vessel segments.  (Hellenic Shipping News Worldwide: click here)

 Dry market report – Week 28

Capesize: This week finished on a positive note with the Capesize 5TC increasing by $942, finishing the week at $27,388… Panamax: An active and busy week for the Panamax market culminated in decent gains made as the Atlantic market came to the fore once again… Ultramax/Supramax: A week of steady improvements in the US Gulf with a lack of tonnage availability a large driving force behind the positivity… Handy: Large gains were seen in the US Gulf region this week with a 42,000-dwt fixing from SW Pass to the West Coast at a rate in the low $20,000s… (Baltic Exchange: click here)

HEADLINES SELECTED BY INTERCARGO (01/07/2024 – 07/07/2024)

Houthi Explosive Drone Boat Attacks Escalate Red Sea Danger

Yemen’s Houthis are sending drone boats packed with explosives into the Red Sea as they intensify their attacks on merchant ships that have little defense against the “sophisticated shift” in tactic, maritime security sources say. (gCaptain: click here)

‘Significant threat’: Pollution kit appeal for bulker sunk by two Houthi missiles

The International Maritime Organization has launched an appeal for a remotely operated vehicle and other kit to prepare for a pollution spill from a bulker sunk in a Houthi attack off Yemen. (TradeWinds: click here)

 Record-Breaking Sea Temperatures Fuel Hurricane Beryl to Early Season Record

Powerful Hurricane Beryl was the 2024 Atlantic season’s first hurricane and the earliest storm on record to reach the strongest possible ranking of Category 5, before weakening to Category 4 as it barrelled towards Jamaica on Wednesday. (gCaptain: click here)

Dry Bulk Market: Australian-China Trade Route Recovering

The Capesize market has benefited from the resumption of Australian coal exports to China after a period of tension between the two countries. (Hellenic Shipping News Worldwide: click here)

Frozen China iron ore stocks support prices despite mounting supply

Iron ore prices in top consumer China have held unexpectedly resilient despite rising portside stocks… (Hellenic Shipping News Worldwide: click here)

Surprise capesize rate rebound fuels renewed dry bulk stock gains

Strong exports of iron ore from Brazil and bauxite from Guinea are boosting capesize spot rates this summer. US-listed dry bulk stocks, which suffered a pullback last month, are headed back upwards again.  (Lloyd’s List: click here)

 Dry market report – Week 27

Capesize: This week began on a positive note, with the BCI 5TC increasing significantly… Panamax: It has been another week that saw further significant losses… Ultramax/Supramax: A rather dull week for the sector as rates and demand fell away in most areas… Handy: A week of minimal visible activity across both basins in the handy sector… (Baltic Exchange: click here)