Algoma Central in four product tanker JV with Furetank

St. Catharines, Ontario, headquartered Algoma Central Corporation (TSX: ALC) and Donsö, Sweden, based Furetank have entered into a joint venture (JV) agreement to construct four dual-fuel ice class 1A 17,999 DWT climate friendly product tankers. The two companies will own 50% each of the joint venture, which is to be named FureBear.

The four product tankers have been designed by Furetank in collaboration with FKAB Marine Design and several onboard system suppliers, with energy efficiency at the...

https://www.marinelog.com/legal-safety/shipping/algoma-central-in-four-product-tanker-jv-with-furetank/

Carriers should focus on acquiring, honoring contracts ahead of potential recession

A white truck and trailer on a highway

A freight recession is on everyone’s mind as capacity continues to loosen and spot rates remain on long steady decline for months.. As rates begin to approach pre-pandemic levels, some carriers are shifting their focus toward protecting their bottom lines. 

The logistics industry is collaborative by nature and leaning into that fact is one of the most effective ways carriers can ward against turmoil during market shifts. 

“The most important thing for carriers to focus on, regardless of how the...

https://www.freightwaves.com/news/carriers-should-focus-on-acquiring-honoring-contracts-ahead-of-potential-recession

BIMCO: Changes ahead for coal export patterns?

coal export

On August 9, the Indonesian Energy and Mineral Resources Minister announced that 71 coal mining companies failed to meet their domestic market obligations, and that 48 of them are now banned from exporting coal. BIMCO notes that the ban comes into force just as the EU ban on Russian coal takes full effect and demand for non-Russian coal increases.

Indonesia is the world’s largest exporter of coal. In January 2022, the country had a full coal export ban in place with the aim of protecting...

https://www.marinelog.com/legal-safety/shipping/bimco-changes-ahead-for-coal-export-patterns/

Diana Shipping swoops on Sea Trade Holdings fleet

Athens-headquartered Diana Shipping Inc. (NYSE: DSX) has agreed to buy what looks to be the entire fleet of Stamford, Conn., based Sea Trade Holdings, Inc. Announcing the deal, Diana said it has agreed, through separate wholly-owned subsidiaries, to acquire nine modern ultramax dry bulk vessels built between 2015 and 2018, with an average vessel age of approximately 5.4 years, from Sea Trade Holdings Inc. and that vessel deliveries are expected to occur during the fourth quarter of 2022.

$330...

https://www.marinelog.com/legal-safety/shipping/diana-shipping-swoops-on-sea-trade-holdings-fleet/

VIDEO: Ukraine grain export ship passes inspection, heads for Lebanon

Ukraine grain export cargoes might soon start flowing more rapidly. In a hopeful sign, yhe Turkish Ministry of National Defense reports that the first ship to depart Ukraine with an export cargo of grain since the Russian invasion is on its way to Lebanon after passing inspection.

The Sierra Leone-flagged Razoni arrived in Istanbul’s waters on Tuesday evening, after sailing from Ukraine’s main Black Sea port of Odesa on Monday.

“A joint civilian inspection team comprising officials from the...

https://www.marinelog.com/legal-safety/safety-and-security/video-ukraine-grain-export-ship-passes-inspection-heads-for-lebanon/

World waits for Ukrainian grain exports to start moving

As the President of Ukraine, Volodymyr Zelensky, observed the loading of Ukrainian grain onto a bulk carrier at the Chornomorsk Sea Trade Port hopes were high that exports could soon start moving.

“The first vessel, the first ship is being loaded since the beginning of the war,” said President Zelensky. “This is a Turkish vessel. This shows that the port has started working.”

According to President Zelensky, the export of grain will begin with the departure of several ships that were loaded but...

https://www.marinelog.com/legal-safety/shipping/world-waits-for-ukrainian-grain-exports-to-start-moving/

Grain export agreement could see 65% of Ukraine’s seaborne capacity reopen

Ukrainian grain exports

There are at least a few hopeful signs that seaborne exports of Ukrainian grain could resume within days. Under a deal brokered by Turkey on July 22, bulkers will be escorted to the ports through a safe corridor. To create a navigable passage, the corridor will have to have sea mines cleared, a process that is expected to take one to two weeks.

The BBC today quoted Ukraine as saying work has started at three ports, aimed at forming “green corridors” to allow grain exports. Presumably that work...

https://www.marinelog.com/legal-safety/shipping/markets/grain-export-agreement-could-see-65-of-ukraines-seaborne-capacity-reopen/

How small, midsize carriers can protect their businesses as market shifts

Rear of trucks on highway

Capacity is loosening and spot rates have dropped steadily over the past few months, shifting the pricing power from carriers to shippers. This shift comes after two years of constricted capacity and soaring volumes that allowed carriers to benefit from sky-high spot rates.

A slight decrease in consumer demand has played a role in this market turn, but last year’s contract rate increases also have fueled it. FreightWaves research analyst Michael Rudolph recently explored how rising contract...

https://www.freightwaves.com/news/how-small-mid-size-carriers-can-protect-their-businesses-as-market-shifts

CIT provides $80 million to refinance 2 box ships

CIT, a division of First Citizens Bank, today announced that its Maritime Finance business provided $80 million to refinance two Korean-built containerships operated by Seamax Capital. Founded in 2012 to make investments in the transportation sector, Seamax currently operates a fleet of 12 modern, post-Panamax containerships totaling over 100,000 TEU of container capacity. The fleet is deployed in major trade lanes and provides the world’s top shipping lines with over 1.2 million deadweight...

https://www.marinelog.com/legal-safety/shipping/cit-provides-80-million-to-refinance-2-box-ships/

Shorter RFPs gain ground as market softens

A white semi-truck is traveling down a road with a blue sky in the background.

After years of soaring rates and strained capacity, shippers have been buoyed by a softening market over the past few months. As capacity loosens up and spot rates fall, shippers and carriers alike are taking a look at their contracts. While carriers are hoping to lock in new annual rates before they dip even lower, shippers may be interested in evaluating shorter-term options that allow them to take advantage of future market shifts. 

“For the first time in more than 3 years, the market is more...

https://www.freightwaves.com/news/shorter-rfps-gain-ground-as-market-softens

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