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April 5, 2023

Image Source: Ambient Pix — Shutterstock

Second-hand ship prices for capesizes experienced a 22% month-on-month surge in March due to China’s economic recovery, according to a new report from the Baltic and International Maritime Council (BIMCO). Iron ore, coal and bauxite shipments to China rose during the first quarter, strengthening the market’s belief that China’s economic recovery could drive capesize demand this year. While the demand indicators for capesizes look promising, risks to demand still exist, such as a possible reduction in steel production mandated by the Chinese government in 2023, which would weaken iron ore demand, and China’s fragile real estate sector, which could dampen the recovery in iron ore demand.


Shipping magnate John Fredriksen’s Famatown Finance Limited has increased its stake in Belgian tanker company Euronav, making him the largest shareholder, according to a filing with the US Securities and Exchange Commission (SEC). Fredriksen’s increased stake comes after Fredriksen-controlled Frontline terminated its combination agreement with Euronav, which was opposed by Euronav’s previous largest shareholder, Compagnie Maritime Belge (CMB). Euronav recently reported its final financial results for the full year to December 2022, saying that it is well-positioned to benefit from a multi-year upcycle in the large crude tanker market.

Image Source: Issac Urrutia REUTERS

Venezuela’s oil exports rose in March to the highest monthly average since August, boosted by a resumption of loadings after an export freeze and by rising cargoes assigned to Chevron, according to documents and shipping data. State oil company PDVSA has reinstated two export contracts after a January freeze, and those two customers accounted for the largest portion of exports, a sign that PDVSA is consolidating contracts it had with dozens of little-known firms responsible for the loss of billions of dollars from failed payments into fewer agreements. All contract revisions are part of a widespread anti-corruption probe that has resulted in the arrest of more than 40 officials and businessmen.

Image Source: Maureen — Wikimedia Commons

The Port of New York and New Jersey has regained its status as the busiest container port in the United States, moving 571,177 TEUs of cargo in February, surpassing West Coast rivals such as the Port of Los Angeles and the Port of Long Beach. The port moved 1,216,607 TEUs in the first two months of 2023, clearing out its empty container inventory and improving seaport operations and fluidity. “The Port of New York and New Jersey is again No. 1 in the nation,” said Port Authority Chairman Kevin O’Toole.

Image Source: Blue Communications

Vitol, a global commodity trading firm, is set to receive the first of two hybrid-electric bunker tankers in Singapore. The two vessels will be operated by V-Bunkers, Vitol’s Singapore operations company, for harbour operations in Singapore. Both vessels were ordered last year and classification society Bureau Veritas will classify both of them. According to Bureau Veritas, the auxiliary engines of the bunker tankers will operate at the most optimal specific fuel oil consumption, while the energy storage system will perform peak shaving during low power consumption periods. The bunker tankers are ready for charging infrastructure and facilities to become available in Singapore.

Image Source: Washington State Ferries

An internal investigation into the collision of Washington State Ferry’s MV Cathlamet with an offshore dolphin piling at the Fauntleroy Ferry Terminal revealed that the captain lost situational awareness during landing the vessel. The incident occurred on July 28, 2022, at the Vashon Island Ferry Terminal. The captain was present and at the helm of the vessel during the incident, and there were no mechanical issues reported. No drug or alcohol use was detected by compulsory tests conducted after the incident. The report recommended the reinstatement of training standards for deck officers and the installation of Voyage Data Recorders (VDR) on all vessels for evidentiary purposes. The captain’s loss of situational awareness was cited as the primary cause of the incident.

Image Source: PSA Singapore

PSA International has combined its cargo solutions business unit with US-based logistics subsidiary BDP International to create PSA BDP, a new brand offering end-to-end supply chain orchestration model across key industry verticals. PSA acquired BDP last year and the new brand will focus on enhancing the delivery of sustainable solutions with industry-leading digitalisation and data capabilities for supply chain ecosystems. PSA BDP will provide forward hubbing, terminal value-added services, multimodal logistics, contract logistics, import/export customs services, supply chain orchestration, trade management, and transportation solutions across all modes.

Image Source: Shreyas Shipping

Shreyas Shipping and Logistics, part of Transworld Group and based in Mumbai, has purchased three boxships. The addition of the three vessels to its fleet of 12 feeders will increase the company’s capacity to cater to the growing demand for shipping and logistics services in the coastal Indian trade. The names of the acquired ships are SSL Godavari, SSL Kaveri, and SSL Thamirabarani. The company already has operations on the east and west coasts of India and neighbouring countries. No price has been disclosed for the latest acquisitions.

You can read yesterday’s issue of ‘Currents’ here.

Disclaimer: ‘Currents’ is an online shipping news service by Earl’s Rock Trading (Pvt) Ltd that reports on the latest developments and trends in the maritime industry. We do not take any responsibility for the accuracy or completeness of the information provided in our news stories or for any opinions expressed by the people quoted in them. Our aim is to provide our readers with up-to-date news and insights from reliable sources. However, we do not endorse or take any responsibility for any actions taken by our readers based on the information provided in our news articles. We also want to make it clear that we do not own any of the images used in our news stories, unless stated otherwise. All images belong to their respective owners, and we use them solely for illustrative purposes. If you are the owner of any image used in our news stories and want it to be removed or credited, please contact us, and we will take the necessary action.