Maritime News

Freight Rates Remain Steady Despite Container Rollover Increase!

According to a LoadStar article written by Mike Wackett, Ocean carriers are successfully underpinning freight rates through capacity discipline, with reports of container rollovers at Chinese export hubs and detention transhipment ports.

What is it?

Flexport head of ocean freight (EMEA) Martin Holst-Mikkelsen told The Loadstar: “There is a high utilisation, and services on the [Asia-Europe] trade are relatively full for the coming two weeks.

“We are also seeing some increase in container rollovers...

https://mfame.guru/freight-rates-remain-steady-despite-container-rollover-increase/

What Seafarers Face Inside A Pirate Attack!

Pirate boat

A Seafarer’s life is full of risks and challenges especially if they are working in a piracy prone area. Here’s a story of one such seafarer as published on BBC.

Life of Adventure 

For Sudeep Choudhury, work on merchant ships promised adventure and a better life.

But a voyage on an oil tanker in West Africa, in dangerous seas far from home, would turn the young graduate’s life upside down.

His fate would come to depend on a band of drug-fuelled jungle pirates – and the whims of a mysterious figure...

https://mfame.guru/what-seafarers-face-inside-a-pirate-attack/

COVID19 Stranded Seafaers To Be Evacuated!

  • Stranded indian seafarers reaching out to government to help them reach home
  • Indian government tracking seafarers all over the world and planning for their evacuation
  • Seafarers asked to register for evacuation.

According to an article published in the Hindu written by Kallol Battacharjee, the Indian Government is planning an evacuation of stranded seafarers by the end of this month.

What is it?

The Ministry of External Affairs,  is compiling data of seafarers who are likely to be part of third...

https://mfame.guru/covid19-stranded-seafaers-to-be-evacuated/

Texas Light Sweet Crumbles in Symmetrical Triangle!

  • WTI June Futures refreshes intraday low to near 100-HMA.
  • A short-term symmetrical triangle limits immediate moves.
  • 200-HMA, early-month tops offer strong downside support.

While stepping back from the two-day-old falling trend line, WTI June Futures on NYMEX drop to $23.92, down near 3.30% on a day, during Monday’s Asian session, writes Anil Panchal for FX Street.

Decline in black gold

The black gold currently declines towards a 100-HMA level of $23.82 ahead of visiting the triangle’s support...

https://mfame.guru/texas-light-sweet-crumbles-in-symmetrical-triangle/

Commodity Traders Shocked After Collapse of Oil Trader

  • Commodity traders are facing the heat following Hin Leong’s shocking collapse.
  • It has led to short-term disruptions amid COVID-19.
  • There are disruptions in physical supply.
  • Deteriorating credit environment and potentially tighter regulatory oversight.
  • Oil companies have tightened internal risk management and scrutiny of counterparties.
  • Companies are also scrutinizing the use of letters of indemnity in place of bills of lading.

According to an article published in Platts and authored by Eric...

https://mfame.guru/commodity-traders-shocked-after-collapse-of-oil-trader/

Wind Energy Could Be The Future of Maritime Industry

  • Six ships operating with Flettner rotors including an Ultramax bulk carrier.
  • They also include an oil tanker, ferries, and vehicle carriers.
  • They comprise narrow vertical rotors that don’t take up too much room.
  • The motors can be mounted on trolleys, moved during loading and unloading operations for cargo ships.
  • IWA has a purpose-built wind-assisted ship and powered entirely by wind.
  • It provides a 50% average reduction in fuel consumption and GHG emissions.

According to an article published...

https://mfame.guru/wind-energy-could-be-the-future-of-maritime-industry/

The ISM Code Crucial for Cyber Resilience

The ISM Code is now more important than ever, to ensure that vessels report any identified cyber risk, and become cyber resilient, reports Safety4Sea.

About ISM Code 
  • The ISM Code entered into force on 1 July 1998.
  • Code has been revised multiple times, following the changes and the evolution of the shipping industry.
What is the requirement?

In the new era of digitalization, the ISM Code, supported by the IMO Resolution MSC.428(98), requires ship owners and managers to assess cyber risk and...

https://mfame.guru/the-ism-code-crucial-for-cyber-resilience/

Global Risk Management Firm Offers Customized Maritime Cyber Coverage

  • Willis Towers Watson has launched a new type of cyber insurance cover designed specifically for shipowners called CyNav.
  • CyNav, addresses cyber threats in the broadest sense, including losses that occur from cyber-related business interruptions, even when the cyber events originate with third party IT service providers.
  • CyNav’s primary focus is to support the continuity of maritime businesses and help shipowners to resume normal operations as soon as possible following a cyber incident.
  • The...

https://mfame.guru/global-risk-management-firm-offers-customized-maritime-cyber-coverage/

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