Greg Miller

Panama Canal transits plunge as larger ships are turned away

The official Panama Canal transit numbers for November are out — and they’re ugly. November could be the tip of the iceberg. Reservation slots are being slashed further this month and in January.

The total number of transits declined 22% in November versus October, according to just-released data from the Panama Canal Authority (ACP). And for the first time since the drought began, the numbers are not just falling at the older, smaller Panamax locks. They’re also declining sharply at the larger...

https://www.freightwaves.com/news/panama-canal-transits-plunge-as-larger-ships-are-turned-away

FreightWaves’ Greg Miller named best shipping news journalist of 2023

Greg Miller, a senior editor with FreightWaves, was named “Best News Journalist of the Year” by the Seahorse Freight Association at an awards ceremony in London on Monday night.

The Seahorse Awards are held annually to honor outstanding achievements in transportation and logistics journalism. A panel of 21 experts judged a record number of entries this year: more than 350 articles and podcasts by over 60 competing journalists.

Winners were named in 13 categories. For the news journalism category,...

https://www.freightwaves.com/news/freightwaves-greg-miller-named-best-shipping-news-journalist-of-2023

How Venezuelan invasion of Guyana could impact tanker shipping

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Shipping already faces fallout from two wars: trade shifts due to Russia’s invasion of Ukraine and...

https://www.freightwaves.com/news/how-venezuelan-invasion-of-guyana-could-impact-tanker-shipping

Container shipping outlook 2024: Rising risk of delays, disruptions

The supply chain crisis is long over, but America’s importers still have a lot to keep them up at night as they plan for 2024.  

Two key container shipping “chokepoints” — the Panama Canal and the Bab-el-Mandeb Strait in the Red Sea — are simultaneously under threat. Container-line financials are under severe pressure, forcing ever more vessel sailings to be canceled. The dockworkers union serving East and Gulf Coast ports is threatening to strike next October. While freight rates are low,...

https://www.freightwaves.com/news/container-shipping-outlook-2024-rising-risk-of-delays-disruptions

US imports dragged down by seasonality, Panama Canal crisis

chart showing imports

The good news for container lines: U.S. imports are still higher than they were before the pandemic. The bad news: This year’s string of month-on-month gains is over. Seasonality, combined with worsening conditions at the Panama Canal, pulled down imports in November — a negative for freight rates.

According to data from Descartes (NASDAQ: DSGX) released Thursday, U.S. ports handled 2,099,408 twenty-foot equivalent units of imports last month, 9% less than in October.

(Chart: Descartes Datamyne)

V...

https://www.freightwaves.com/news/us-imports-dragged-down-by-seasonality-panama-canal-crisis

America’s energy boom: Crude exports soar to record high

a chart of US crude exports

As diplomats convene at the United Nations’ COP 28 climate change summit, fossil fuel production and consumption are hitting new highs, and tanker owners are in prime position to profit from rising trade flows.

The Biden administration is a leading proponent of decarbonization, yet the U.S. is pumping out record volumes of hydrocarbons. America is on track to be the world’s largest producer and exporter of natural gas this year, as well as the leading exporter of refined products and liquefied...

https://www.freightwaves.com/news/americas-energy-boom-crude-exports-soar-to-record-high

‘Astronomical’ gain for dry bulk shipping but rally looks fleeting

chart of dry bulk shipping stocks vs. BDRY ETF

Dry bulk shipping is the world’s largest ocean shipping market by volume and boasts the world’s largest freight futures market. After spending most of this year on the sidelines, dry bulk shipping is suddenly back in the spotlight again.

Spot rates have gone parabolic over the past four weeks. Freight futures trading has been frenetic. Dry bulk stocks are up double digits.

A week that shipowners ‘dream of’

Rates for Capesizes — larger dry bulk vessels with capacity of around 180,000 deadweight...

https://www.freightwaves.com/news/dry-bulk-shipping-logs-astronomical-gains-but-rally-looks-fleeting

Another Panama Canal red flag: Spiking product tanker rates

chart of spot rates of tankers transiting Panama Canal

Yet another signal on the Panama Canal situation is flashing red: Spot rates are surging for product carriers — specialized tankers carrying diesel, gasoline and jet fuel — that transit the waterway.

America is the world’s largest exporter of refined petroleum products. The west coast of South America is a traditional destination and the Panama Canal is pivotal to this trade. Alternate routes are more than twice as long.

Since the Panama Canal Authority (ACP) began heavily restricting reservation...

https://www.freightwaves.com/news/another-panama-canal-red-flag-spiking-product-tanker-rates

Bankrupt Bed Bath & Beyond files $316M mega-claim against MSC

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The bankruptcy estate of former retail giant Bed Bath & Beyond (BBBY) continues its relentless...

https://www.freightwaves.com/news/bankrupt-bed-bath-beyond-files-316m-mega-claim-against-msc

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