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Freight rates to come under pressure after end of high seasonal demand

BIMCO forecasts freight rates to face pressure after the end of the high seasonal demand in Q4, as well as the boost from the sulphur cap. The fleet growth of 6.3% in the crude oil tanker market and the 4.8% growth in the oil product fleet will also affect the supply and demand balance.

Dry bulk shipping freight rates fall from multi-year highs

The fundamental balance in dry bulk shipping has gotten worse during 2019, with supply growth outstripping demand, and BIMCO forecasts that this will continue into 2020. Namely, after peaking in September, the fundamentals of the market have started to drag on freight rates.

Oil tanker rates exceed $12 million

Freight rates to ship US crude to Asia are still on the rise, with costs to charter a supertanker increasing to a record $12 million on October the 3rd. This development comes as an aftermath of US’s sanction against two units of COSCO, alleging that they were involved in transporting crude out of Iran.

Online platforms could benefit carriers and shippers

Drewry in cooperation with CyberLogitec launched a white paper stating that online platforms that enable shipping lines and their customers to communicate better, could enhance vessel utilisation vessels and decrease freight rate volatility.

Missouri to enhance inland waterway container-on-vessel freight service

In early August, Missouri Port Authorities collaborated to discuss a plan for statewide initiative that focuses on innovative inland waterway container-on-vessel freight service. The gathering focused on finding additional options to transport freight along the inland waterways and the how the existent waterway vessels could transport larger volumes of goods and commodities. 

Ocean freight industry could face further disruption in 2019

iContainers stated that there are two extra factors in 2019, that could cause “further disrupt” and throw a wrench in the day-to-day management of the shipping peak season. Namely, the ocean freight industry has recently been operating under a cloud of uncertainty due to Brexit and the unpredictable US-China trade war.

USCG: Great Lakes Pilotage rates 2019 review

In accordance with the Great Lakes Pilotage Act of 1960, the US Coast Guard announced it is establishing new base pilotage rates and surcharges for the 2019 shipping season, effective from 10 June. This rule will result in an increase in pilotage rates.

Drewry: World Container Index down by 0.3%

The composite index decreased 0.3% this week, but increased by 12.8% when compared with same period of 2018. The Index, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia is down 0.3% to $1,330.29 per 40ft container, as of 18 April. 

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