VIDEO: Shipping industry appalled as Houthi attacks continue

Video has emerged showing the Houthi attack on the MV Tutor with an explosive laden drone boat. That attack eventually led to the sinking of the vessel, which has now been confirmed by UKMTO. That attack, and the subsequent attack on the MV Verbena, underscore the deadly nature of the ongoing attacks and shipping industry outrage and anguish is growing.

Efforts by CENTCOM to degrade Houthi capabilities continue. On June 19 it said: In the past 24 hours, U.S. Central Command (USCENTCOM) forces...

Peak in China’s coal demand in sight as renewables jump 12%

Between January and April 2024, China’s electricity generation from renewables surged 12% y/y, significantly outpacing the 6% growth in generation from fossil fuels.

“While steam coal shipments to China rose 29% y/y, they are starting to feel the pressure from stronger renewables. Between March and April, the shipments fell 7% y/y as electricity generation from fossil fuels only rose 1% y/y,” stated Filipe Gouveia, shipping analyst at BIMCO.

So far in 2024, electricity generated from renewables...

Η IBIA και η BIMCO συνεργάζονται σε θέματα καυσίμων και ναυτιλιακών προκλήσεων

Η συνεργασία υπογραμμίζει τη συλλογική δέσμευση του κλάδου για την πλοήγηση προς ένα πιο πράσινο μέλλον για τις ναυτιλιακές δραστηριότητες

Covid pandemic wiped 24.6 million TEUs off container market growth

“Due to the Covid-19 pandemic, the global container market grew only 1.5% from 171
million TEU in 2019 to 173.5 million TEU in 2023. Without the pandemic, that figure would
have been 24.6 million higher, landing at 198.1 million in 2023,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.

During the past four years, the container market has faced not only lower-than-expected
growth in the global economy, but the ratio of market growth vs economic growth, the so-
called GDP multiplier, was...

EU tanker import tonne mile demand up 12% as ships avoid Red Sea area

“In 2023, sanctions on Russian oil exports by the EU caused a major shift in tanker trades and a 10% increase in average sailing distances for EU tanker imports. Now, attacks on ships in the Red Sea area have caused average sailing distances to increase a further 16% and tonne mile demand to increase 12% despite falling volumes,” stated Niels Rasmussen, Chief Shipping Analyst at BIMCO.

During the first quarter of 2024, tanker import volumes to the European Union fell 4% year-on-year due to a 1%...

Demand shocks drive ship recycling to lowest level in 20 years

Over the past eight quarters, ship recycling of bulkers, tankers and container ships has dropped to the lowest level in 20 years.

A combination of strong demand following a series of market shocks and low order books have kept older ships operating for longer than usual.

During the first quarter of 2024, only two million deadweight tonnes (DWT) ship capacity were recycled. This marks the ninth consecutive quarter with recycling levels below three million DWT. The last time recycling was this low...

BIMCO analysis: 13% of world seaborne trade under attack from Houthis and Somali pirates

“Houthi attacks on ships in the Red Sea, coupled with a rise in piracy off the coast of Somalia, are disrupting global trade. In 2023 an estimated 13% of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50%,” stated Filipe Gouveia, Shipping Analyst at BIMCO.

Since November 2023, the threat to shipping has increased as the Houthis started attacking ships in the Red Sea and the Gulf of Aden. Simultaneously, piracy...

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