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April 27, 2023

The market for tanker owners has seen VLCC values continue to rise, with less sales reported over the past few months. However, brokers indicate that the market may have reached its peak. Hellenic Tankers recently sold a VLCC, Princess Mary, for $51 million, doubling their money in the five years they owned it. The same company was reported to have sold another VLCC in October. Another off-market sale is rumored to have occurred involving the 301,000 dwt, 2008-built tanker named Erecter.

Zodiac Maritime’s Indian Partnership capesize bulk carrier, built in 2014, hit a reef in the Seram Sea in eastern Indonesia while transporting a cargo of bauxite from Australia to China. The hull was breached and began taking on water, but the ship was able to proceed to shallow water near Misool Island, where it is now anchored safely.

Chinese shipowner and operator, Seacon Shipping, has ordered two handysize bulk carriers from Tsuneishi Shipbuilding, to be delivered by end-June and end-September 2025 for $31.7 million each. This follows Seacon’s recent raise of $52 million for an initial public offering in Hong Kong, which was followed by a newbuilding contract with Huanghai Shipbuilding for two multipurpose dry cargo vessels.

Swiss firm AELER has developed a 20 ft composite shipping container, which is stronger than traditional steel containers and able to carry 28 tonnes rather than 24. AELER claims its aerodynamic exterior reduces fuel consumption by 4%. Staxxon from the US is marketing a folding shipping container with an accordion-style design, while in India Shallow Waterways Shipping has developed a hexagonal container intended to containerize bulk shipments.

A yacht carrying three Russians and two Egyptians was attacked by unknown gunmen while in international waters off Yemen, according to the owner Dmitriy Chuguevskiy. The ship sent its last signal on Tuesday before being reported missing off the coast of Jizan, Saudi Arabia. The vessel sustained significant damage but managed to reach Eritrea before arriving in Djibouti. The incident is the latest in a string of attacks on ships in the area amid an eight-year conflict between the Houthi group and a Saudi-led military coalition.

The Port of Long Beach and other major California seaports are set to benefit from a $30m investment aimed at developing a shared data system to improve the flow of goods. The Supply Chain Information Highway is a digital solution designed to maximise efficiency and visibility in cargo movement, with the funding aimed at refining the system to increase speed and efficiency in the sector. The move is part of a wider initiative to improve connectivity across the supply chain and cater to the needs of e-commerce, with the Port of Long Beach partnering with UNCOMN in 2021 to launch the Supply Chain Information Highway.

The Port of Melbourne has signed an MOU with a group of companies to explore the commercial viability of creating a green methanol bunkering hub at the port. The companies, including Maersk and CMA CGM subsidiary ANL, will transport the methanol from production sites in Tasmania and Victoria to Port of Melbourne for storage and bunkering services. As the largest container port in Australia, Port of Melbourne hopes to lead the way in decarbonisation of the maritime industry. The move comes as Maersk prepares to welcome its first green methanol-powered containership in 2021.

Widespread breaches of the G7 oil price cap took place in Asia in Q1 2022, according to the KSE Institute. The team of researchers analysed official data on Russia’s foreign trade and shipping information to discover almost all the oil from the Pacific port of Kozmino sold for well above the $60 a barrel price cap imposed by the G7 in December. The cap was designed to help Russian oil flow and the study suggests that sanctions enforcement is successfully maintaining this flow while restricting Russia’s export receipts and fiscal revenues. The study also shows that depressed prices for Russian oil are more a result of the EU’s imports ban rather than the G7 price cap.

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.