Tag: freight rates

The latest Shipping Confidence Survey from BDO, shipping adviser and accountant, reports that the last quarter reached its highest level for 18 months, despite the feeling of uncertainty due to the upcoming 2020 sulphur cap.

On December 13, the Xinhua News informed that the China Ningo Containerized Freight Index (NCFI) marked a significant increase in the Europe & Mediterranean routes for this week, as according to the Ningbo Shipping Exchange, the spring festival cargo boosted the needs and demands for shipment.

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.

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.

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.

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.

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. 

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.

Port of Rotterdam Authority, Tilburg multi-modal terminal operator, GVT, and Chengdu International Railway Port Investment & Development Group announced that they have signed a declaration of intent. The aim of the cooperation is to transport more freight via rail between the largest European ports and Chengdu.

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.