Cargo Archives - Page 231 of 319 - Maritime Shipping News

Charterers Turn To Tanker Floating Options for Cargo Storage!

24 May 2020

Charterers have shown renewed interest in floating storage for oil products in Europe, as freight rates have fallen significantly since April.
Charterers look to have storage as an option probably want flexibility in case floating storage economics become viable.
Storage plays could be profitable for charterers, depending on how much risk can be mitigated.

Charterers have shown renewed interest in floating storage for oil products in Europe, as freight rates have fallen significantly since...

https://mfame.guru/charterers-turn-to-tanker-floating-options-for-cargo-storage/

China building autonomous feeder box ship for 2021 launch

22 May 2020

Qingdao Shipyard has begun construction of China’s first autonomous containership, which is named Zhi Fei, scheduled for completion and delivery in June 2021. The 300 teu feeder will be equipped with intelligent navigation and advanced environmentally-friendly solutions that will cut the ship’s...

https://insurancemarinenews.com/insurance-marine-news/china-building-autonomous-feeder-box-ship-for-2021-launch/

AMSA still pushing for A$17m in clean-up costs: report

19 May 2020

The Australian Maritime Safety Authority (AMSA) was continuing to press the operator of the YM Efficiency (IMO 9353280) to pay the A$17m (US$11m) cleanup costs after 63 lost containers were recovered from the bottom of the Tasman Sea. More than 80 were lost in June 2018 while the vessel was some 20...

https://insurancemarinenews.com/insurance-marine-news/amsa-still-pushing-for-a17m-in-clean-up-costs-report/

Charterers Club coping with the “new normal”

19 May 2020

Charterers Club, part of MECO Group, has updated its members on how it has been reacting to the Covid-19 pandemic. It noted that the start to 2020 had given everyone some unique challenges to deal with. The Club said that it had been monitoring Covid-19 from early February. It closed its Shanghai...

https://insurancemarinenews.com/insurance-marine-news/charterers-club-coping-with-the-new-normal/

Chinese oil traders snapping up bargain crude

19 May 2020

There are currently 117 of the industry’s largest crude carriers en route to ports in China, reports Bloomberg, the largest number of such vessels since at least the start of 2017, and quite possibly ever. That would add up to at least 230m barrels. China’s apparent oil demand rose by about 11% in...

https://insurancemarinenews.com/insurance-marine-news/chinese-oil-traders-snapping-up-bargain-crude/

Marine accident round-up : 18th May 2020

18 May 2020

Bulk carrier Mars Harmony (IMO 9832432) ran aground at kilometre mark 387 on the Paraná river at the height of Arroyo Seco, south of Gran Rosario, during the morning of May 15th in the “Paraguayan pass”. The ship was proceeding downstream with a cargo of 23.282 tons maize and soy beans, en route...

https://insurancemarinenews.com/insurance-marine-news/marine-accident-round-up-18th-may-2020/

Coronavirus drives 1Q loss at Korean Air, but cargo sees bump

24 May 202016 May 2020

A light blue Korean Air jet lands on runway by water.

Korean Air said first-quarter cargo business increased 3.1%, measured in freight ton kilometers, compared to the same period a year ago, but it wasn’t enough to offset a 30% drop in passenger sales associated with the coronavirus outbreak that led to a $67.3 million consolidated operating loss.

The international carrier said it is securing $1.8 billion, about equally split between a new stock offering and government loans backed by cargo sale bonds, as part of a broader effort to shore up its...

https://s29755.pcdn.co/news/coronavirus-drives-1q-loss-at-korean-air,-but-cargo-sees-bump

Crum & Forster exiting Ocean Marine: report

15 May 2020

Crum & Forster, a subsidiary of Fairfax, is reported by Insurance Insider to have exited ocean marine and has struck a renewal rights deal with New York-based International Marine Underwriters, a brand of OneBeacon Insurance Group. IMU’s coverages are underwritten by Atlantic Specialty Insurance...

https://insurancemarinenews.com/insurance-marine-news/crum-forster-exiting-ocean-marine-report/

Marine accident round-up : 15th May 2020

15 May 2020

Some of the crew of several ships who were aboard Mein Schiff 3 (IMO 9641730) have finally their way home. On Friday, May 8th around 190 crew were bused to Hamburg Germany and the following afternoon a TUI Fly-owned aircraft started repatriation flights from Hamburg Airport to Kiev and Tunis....

https://insurancemarinenews.com/insurance-marine-news/marine-accident-round-up-15th-may-2020/

Freight Rates Decline by 61% Due To Supply Drop and Low Demand

15 May 2020

A drop in cargo supply has pushed clean tanker freight down to 61%.
Refineries have slowed throughput and oil product demand is low.
Arbitrage opportunity for USGC in Northwest Europe closed at minus $1.12/b.
USGC is taking in fewer barrels or even exporting diesel and gasoline to other regions.
Oil product exports decreased by 19% and gasoline exports witnessed a 41% drop.
Distillate exports dropped almost 30% and distillate imports increased by almost 43%.

According to an article published...

https://mfame.guru/freight-rates-decline-by-61-due-to-supply-drop-and-low-demand/

+ More