#Maritime

Cargo volumes a mixed bag for Gulf Coast ports in June

Container flow in June slipped in Houston, while the global demand for crude oil continued to fuel the flow through Corpus Christi. The Port of New Orleans reported plastic resins, chemicals and coffee as their top containerized cargo during the month.

Steel cargo continues to boost Port Houston volumes

Port Houston handled 315,983 twenty-foot equivalent units in June, a year-over-year (y/y) decrease of 2% compared to last year’s record-breaking monthly total of 323,823 TEUs. 

Roger Guenther,...

https://www.freightwaves.com/news/cargo-volumes-a-mixed-bag-for-gulf-coast-ports-in-june

Zim downsizing its container ship fleet as demand disappoints

Israel-based ocean carrier Zim (NYSE: ZIM) is cutting its exposure to the freight market by offloading multiple leased vessels. News of its divestment strategy was first reported in late June and fresh details are now emerging.

There have been reports this week of seven early charter terminations by Zim as well as two sublets. Two of the early charter terminations were confirmed by the vessels’ owner.

Charters terminated early for Euroseas duo

Euroseas (NASDAQ: ESEA) said that charters of its...

https://www.freightwaves.com/news/zim-downsizing-its-container-shipping-fleet-as-demand-disappoints

Trans-Pacific shipping rates rise as carriers make capacity cuts

Shipping lines finally seem to be making some headway in managing vessel capacity in the Asia-U.S. trades.

Spot rates have been on the rise for three straight weeks, rebounding to levels last seen in early 2023 and late 2022, according to several index providers. U.S. import bookings remain above pre-COVID levels, and multiple analysts are now highlighting positive rate effects from reduced vessel capacity.

Liners managing down trans-Pacific capacity

“Typically, higher demand leads to higher...

https://www.freightwaves.com/news/trans-pacific-shipping-rates-rise-as-carriers-constrain-capacity

Q2 container line earnings could surprise to the upside

Container lines won’t release final results for the second quarter until next month, but early disclosures suggest they have stemmed the bleeding, at least temporarily.

Hawaii-based niche carrier Matson (NYSE: MATX) announced preliminary results late Thursday, projecting Q2 2023 net income of between $76.3 million and $81.5 million. This range is more than double Q1 2023 net income of $34 million.

Matson CEO Matt Cox confirmed that his company’s China service saw higher demand in the second...

https://www.freightwaves.com/news/container-line-earnings-could-surprise-to-upside-in-q2

Ship fuel spreads and LNG prices fall to lowest levels in years

chart of ship fuel price spreads

Fuel is one of the biggest costs in ocean shipping, and fuel pricing has seen some big changes in recent months, featuring new dynamics that haven’t been seen in years.

Prior to the IMO 2020 regulation implemented on Jan. 1, 2020, most of the world’s commercial ships ran on 3.5% sulfur fuel known as high sulfur fuel oil (HSFO). Ships with exhaust-gas scrubbers can continue to burn HSFO under IMO 2020, while others — the majority of the commercial fleet — have switched to more expensive fuel with...

https://www.freightwaves.com/news/ship-fuel-price-dynamics-in-flux-as-war-effect-wanes

Oil Prices Dip on Profit-Taking Despite Tighter U.S. Supplies

Credit: john-cameron-unsplash

Oil prices edged lower on Wednesday, as investors took profits following earlier gains on tighter U.S. crude supplies and China’s pledge to reinvigorate its economic growth, reports Yahoo.

Oil price

Brent futures dipped 17 cents at $79.46 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 40 cents at $75.35 a barrel.

Prices pared gains late in the session after both contracts had risen by over $1 a barrel. Market participants took advantage of the higher...

https://mfame.guru/oil-prices-dip-on-profit-taking-despite-tighter-u-s-supplies/

Thousands of ships could use LNG as fuel. Is that a good thing?

The shipping industry has placed a massive bet on liquefied natural gas as an alternative fuel — as a bridge between traditional fuel oil and whatever comes next, whether it’s methanol, ammonia, hydrogen or something else. Shipowners have spent billions of dollars fitting ships to burn LNG.

What if they’ve made an extremely expensive mistake?

The outcome of shipping’s enormous investment will hinge on price: whether LNG will be cheap enough versus fuel oil, and how regulators treat natural gas’...

https://www.freightwaves.com/news/thousands-of-ships-could-use-lng-as-fuel-is-that-a-good-thing

Transworld And Fleet Management Form New Joint Venture

Credit: Export Org UK

Leading maritime companies Transworld Group and Fleet Management (FLEET) have established a new ship management joint venture, Transworld Fleet Management.

Transworld Group’s fleet

This will provide dedicated technical management services to Transworld Group’s diversified fleet which includes container vessels, bulk carriers, and tankers, besides Transworld associated and affiliated vessels. The new venture would thus also support and provide value-added ship management...

https://mfame.guru/transworld-and-fleet-management-form-new-joint-venture/

Port labor deal in British Columbia collapses, strike resumes

a chart of rail moves from Vancouver and Prince Rupert

The dockworkers union strike that shuttered the container ports of Vancouver and Prince Rupert, Canada, was supposed to be over. It’s back on again.

The initial strike started July 1 and lasted 13 days. On Thursday, the British Columbia Maritime Employers Association (BCMEA) announced that a tentative four-year contract agreement had been reached with the International Warehouse and Longshore Union (ILWU) Canada, via a proposed settlement from a federal mediator.

The key word here turned out to...

https://www.freightwaves.com/news/port-labor-deal-in-british-columbia-collapses-strike-resumes

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