Demand, rate hikes drive surge in Europe-US spot container rates

Spot rates on the trans-Atlantic westbound trade have shot up to $2,548 per TEU, an almost 66 percent jump year over year, as carriers introduced substantial rate increases at the start of April to capitalize on sustained...

Baltic Index Drifts Lower On Panamax Weakness

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell on Tuesday, as lower panamax vessel rates outweighed a slight gain in the larger capesize segment. The Baltic dry index, which tracks...

North America’s February container imports jump 100% from Far East

North American import of containerised goods from the Far East soared to a noteworthy high of 1.62m TEU during February 2021, a 100% increase from the low point of the same month last year. Fuelled by US stimulus, volumes...

Multipurpose earnings rally at risk from overordering in competing sectors

The rapid recovery in earnings for multipurpose vessels is expected to slow from the second half the year as capacity constraints and supply chain disruptions in competing sectors ease, according to Drewry’s Multipurpose Shipping Annual Review & Forecast, published...

SHIPPING Q1: Dry bulk freight market’s surprise strength extends into Q2

Pent-up demand for commodities from grains to coal powered a surprisingly strong recovery in the dry bulk shipping market in the first quarter, with both freight levels and earnings reaching multi-year highs — and that momentum is continuing in...

Cargo feat for largest construction vessel

The world’s largest construction vessel has offloaded cargo in a major operation in Scotland.

Windfarm blade services merger

GEV Wind Power, one of the world’s leading wind turbine blade repair and maintenance providers has merged with Danish based Wind Power Lab.

Waste barges delivered

UK vessel operator Cory Riverside Energy has taken delivery of five new barges from Newcastle-based shipyard A&P Tyne and Belgian shipyard Meuse and Sambre, following the signing of two multi-million-pound contracts over the past two years.

‘Super sewer’ spoil shifting

London marine freight specialist Walsh has begun removing more than one million tonnes of tunnel spoil arising from the eastern leg of the capital’s super sewer scheme.

Seafarers’ mental health

In response to the impact of the coronavirus pandemic on seafarers, DNV has instructed its safety management auditors to specifically address seafarer health, work and living conditions in their 2021 audits.