Tag: freight rates

The Baltic Exchange announced introduction of a modernised code of conduct for shipowners, charterers and shipbrokers using the physical shipping and freight derivatives markets, in line with today's greater focus on fairness & competition, anti-bribery & corruption and benchmarking related issues than before.   

Global marine fuel costs are likely to rise by 25%, or $24 billion, upon the IMO sulphur cap gets in effect in 2020, Wood Mackenzie consultant said. As explained, the cost will rise as the upcoming regulations will a switch to other fuels, which are low-sulphur but cost more, such as MGO and ultra low sulfur fuel oil.

The container shipping market in 2018 and 2019 will see a healthy demand growth that will outpace the fleet, resulting in a better supply-demand balance and slightly higher freight rates and profits for carriers, according to the global shipping consultancy Drewry.

According to the report "Future of the sea", the shipping industry is a vital part of the UK economy, as 95% of imports and exports are carried by sea. The UK maritime sector is the largest in Europe, worth an estimated £14.5 billion. Growing population and development will increase the demand for the transport of goods and the drive to mitigate against climate change will put pressure on the shipping industry to lower CO2 emissions.

CMA CGM released its annual numbers for 2017, which indicate a strong increase of 21.1% compared to 2016. Amongst the top operating sectors for 2017, CMA-CGM said that Maritime, inland and logistics development, along with Innovation and digitalization are highlights.

A consortium comprising AB InBev, Accenture, APL, Kuehne + Nagel and a European customs organization has successfully tested a blockchain solution aiming to eliminate the need for printed shipping documents and save the freight and logistics industry hundreds of millions of dollars annually.

The new strategic partnership delivers an ocean freight procurement platform that is expected to enable medium and small scale importers and exporters to collaboratively achieve “big shipper” rates and terms direct with ocean carriers and benefit from shared intelligence for better commercial decisions.

A decrease in fleet growth can trigger the recovery from the second half of 2018 for VLGC owners, despite the fact that freight rates will not reach the levels seen during the bull run of 2014-15. 2017 was very challenging for VLGC shipping, because the large vessel supply pressured freight market.

Commenting on the Company's results for the fourth quarter of 2017, Stolt-Nielsen Limited CEO, Niels G. Stolt-Nielsen, said that the chemical tanker market continued to soften driven by oversupply of tonnage, combined with the impact from Hurricane Harvey.

Despite volatility both in terms of volumes and freight rates, Drewry has recorded only increases in global average reefer freight rates over the last 12 months, even during off-peak seasons.