Weight of Freight: Rising role on Insurance in maritime
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Key topics covered in the podcast:
- Rising tensions in the Red Sea prompted LR tanker freight rates to spike in early January
- How are rates faring now, and how is insurance moulding freight in the region?
- Impact of Cargo Insurance market
- How ‘The Polar” case ruling limits shipowner’s right to refuse Red Sea voyages
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Yemen’s Houthis renew attacks on shipping
Yemen’s Houthis renew attacks on shipping
Singapore, 5 August (Argus) — Yemen-based Houthi militants targeted the cargo vessel Groton in the Gulf of Aden with ballistic missiles, said Houthi spokesperson Yahya Saree on 4 August. The attack is part of a "fourth round of escalation", Saree said, adding that "the hit was accurate". The Houthis targeted the Groton because of a "violation of ban decision of access to the ports of occupied Palestine by the company that owns the ship". This matches reports from the UK Maritime Trade Operation (UKMTO) of an attack on an unnamed merchant vessel that was hit by a missile in the Gulf of Aden. All crew are safe and there are no observed fires, water entry or oil leaks, UKMTO said on 4 August, adding that the vessel is proceeding to the next port of call. The latest attack marks the Houthis' first since Israel on 20 July struck the Houthi-controlled Red Sea port of Hodeidah in Yemen, in retaliation for the Houthis' drone attack on Tel Aviv . Saree had vowed an "inevitable" and "huge" retaliation to Israel's assault. Crude prices rose in response to the renewed Houthi attacks. The Ice front-month October Brent contract on 5 August was at $77.20/bl at 03:21 GMT, up by 0.51pc from its previous settlement. The Nymex front-month September crude contract was at $73.81/bl, up by 0.39pc from its previous settlement. By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Senate approves waterways infrastructure bill
US Senate approves waterways infrastructure bill
Washington, 1 August (Argus) — The US Senate today unanimously approved a waterways infrastructure bill authorizing river navigation improvements, setting the stage for negotiations later in the year with the US House of Representatives, which has passed its own legislation. This is "crucial bipartisan legislation to invest in our nation's water infrastructure, protect our communities and support good-paying jobs," said senator Tom Carper (D-Delaware), chairman of the Senate Environment and Public Works Committee. Carper introduced the biennial bill earlier this year. The bill would authorize US Army Corps of Engineers (Corps) projects focused on navigation, flood control and ecosystem restoration. In all, the Senate bill measure would authorize 83 feasibility studies and 13 new and modified projects. The bill regularly draws bipartisan support because its projects and programs impact all 50 states. "By passing this legislation, the Senate took a significant step toward strengthening our water infrastructure, supporting our national economy, better protecting communities from flood risks, and helping the Corps carry out its mission now and in the future," senator Shelley Moore Capito (R-West Virginia). The House approved a companion but somewhat different bill on 22 July. Lawmakers now will have to hammer out difference between the two versions in a conference committee, unless one chamber opts to pass the other house's language. But no action is expected before September at the earlier. The Senate adjourned today for its August recess and is not expected to reconvene until 9 September. The House left town last week. Passage of a final bill could be further complicated by election year politics. By Abby Caplan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Перевалка через Актау выросла
Перевалка через Актау выросла
Riga, 31 July (Argus) — Транзит грузов через порт Актау в первом полугодии вырос относительно января — июня 2023 г. Основной рост пришелся на поставки нефти и контейнерных грузов, тогда как транзит металлов и зерна сократился, по данным администрации порта. Основное увеличение пришлось на поставки Тенгизской нефти. Из Актау партии сырья доставляются на терминал в Сангачалы для последующей отгрузки по трубопровод Баку — Тбилиси — Джейхан (БТД). Кроме того, выросла перевалка контейнеров на фоне возобновления поставок из Китая. Основная доля пришлась на транзит контейнерных грузов через Транскаспийский международный транспортный маршрут (ТМТМ), в том числе благодаря запуску казахстанско-китайского терминала в городе Сиань (центральная часть Китая), сообщили в порту. Помимо этого, в январе — июне увеличилась перевалка нефтяного кокса через Актау. Перевалка зерна через порт в январе — июне сократилась относительного первого полугодия 2023 г. Поставки снижались из-за сокращения закупок иранскими компаниями и растущей конкуренции с недорогими объемами зерна из России. ________________ Больше ценовой информации и аналитических обзоров рынка транспортировки грузов в странах Каспийского региона и Центральной Азии — в отчете Argus Транспорт Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2024. Группа Argus Media . Все права защищены.
Performance Shipping sees 'firm' tanker market
Performance Shipping sees 'firm' tanker market
London, 26 July (Argus) — Greek Aframax-class oil tanker owner Performance Shipping said today it expects disruptions to oil trade flows and constrained fleet growth to continue supporting freight rates. The shift in trade patterns from the Russian oil trade and disruptions in the Red Sea, resulting in longer-haul tanker voyages and increased tonne-mile demand, continued to support rates in the second quarter of this year in conjunction with limited tanker supply growth, the company said. Performance Shipping's average time charter equivalent (TCE) rate for the second quarter was $30,970/d, compared with an average $41,868/d for the same period in 2023. Performance Shipping said it expects rates to remain "firm" and it will continue to balance exposure to short- and medium-term time charter contracts with the spot market. Aframax rates are generally lower globally than in 2022 and 2023, during the peak of disruption from the G7+ embargo on Russian oil imports, but remain above long-term historical averages. The company has one of its seven Aframaxes operating in the spot market, under a pool arrangement, while the other six are under time charter contracts with anticipated fixed revenue of $61.1mn at the beginning of the third quarter. One time charter contract expires in August, and Performance Shipping expects to employ this tanker in the "promising" spot market into the seasonally strong autumn and winter periods. The company has secured five-year time charters for three newbuild LNG-ready Aframaxes, which will generate gross revenues of $169.8mn, it said. It has one Long Range 1 (LR1) product tanker on order with an expected delivery between late 2025 and early 2027. Performance Shipping made a profit of $10.2mn in the second quarter of 2024, down from $18.4mn in the same period of 2023. Revenue was $20.5mn in April-June 2024 compared with $31.5mn in the same period of 2023 because of a decrease in TCE rates and a drop in ownership days following the sale of P Kikuma in December 2023, the company said. By Matthew Mitchell Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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