Ocean shipping

Russia’s oil future dims as US mulls new sanctions

In its final days, the Biden administration is poised to impose a new round of sanctions on Russian oil exports, marking a significant escalation in efforts to curtail Moscow’s energy revenues.

These sanctions — targeting tankers, traders and insurance companies involved in the transport of Russian crude oil — are set to accelerate the reshaping of global oil supply chains, with possible headwinds for the shipping industry.

A long-awaited crackdown

The latest U.S. sanctions package is rumored to...

https://www.freightwaves.com/news/russias-oil-future-dims-as-us-mulls-new-sanctions

Video: Freighter capsizes and sinks in Dakar after being hit by bulk carrier

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Local authorities are investigating the sinking of a freighter in Senegal.

Published reports said the vessel Princesse Jessica was hit by the Zografia, a Greek-owned bulk carrier, on the night of Oct. 15 while it was docked at the Port of Dakar.

The freighter capsized and sank immediately after the allision. No casualties were reported.

Port operations were not affected, and the port in a statement expected the Princesse Jessica to be refloated in due time.

The Zografia in January survived a...

https://www.freightwaves.com/news/video-freighter-capsizes-and-sinks-in-dakar-after-being-hit-by-bulk-carrier

Panama Canal’s future is dark and stormy, much to shippers’ relief

The end of Panama’s dry season is in sight, and the Panama Canal Authority (ACP) plans to welcome more vessels in the coming weeks.

Over six months since the Panama Canal’s reservoir system suffered from the driest October in at least 73 years, the ACP finally sees a path to normalizing operations. On March 25, the ACP allotted three additional transit slots to Panamax vessels, bringing the total number of reservations to 27 per day.

Water levels at Gatun Lake are currently at the low end of...

https://www.freightwaves.com/news/panama-canals-future-is-dark-and-stormy-much-to-shippers-relief

Demand shocks keeping aging fleet afloat, argue shipowners

Ship recycling has fallen to its lowest level in 20 years, per a recent report by the Baltic and International Maritime Council (BIMCO). 

BIMCO — a trade group representing shipowners — states that capacity has been overtaxed by the Red Sea crisis, which has forced shipping lines to take a longer route around Africa’s Cape of Good Hope. Prior to the emergence of this latest choke point, BIMCO points to the impact of Western sanctions on Russian oil and coal, which similarly stressed tanker and...

https://www.freightwaves.com/news/demand-shocks-keeping-aging-fleet-afloat-argue-shipowners

Red Sea crisis nears boiling point, unable to heat up spot rates

Russian warships entered the Red Sea last Thursday, for what the Russian Pacific Fleet’s press service has stated was the performance of “assigned tasks within the framework of the long-range sea campaign.” This intentional vagueness has invited no small amount of speculation as to the ships’ true objectives.

Theories range from retaliatory pressure on Israel, which decided in late February to co-sponsor a United Nations resolution condemning Russia’s invasion of Ukraine, to supporting...

https://www.freightwaves.com/news/red-sea-crisis-nears-boiling-point-unable-to-heat-up-spot-rates

Mississippi River shipping faces potential crisis for third straight year

Shipping along the Mississippi River could prove to be a massive headache in 2024, per a recent report from the National Oceanic and Atmospheric Administration.

An unusually warm and dry winter — which allowed the Upper Mississippi River shipping season to begin earlier than usual this year — might herald drought conditions in key areas of the Mississippi River Basin over the coming months.

“Of growing concern will be the potentially low flows on the Mississippi River this summer into fall due to...

https://www.freightwaves.com/news/mississippi-river-shipping-faces-potential-crisis-for-third-straight-year

Threat of strike looms large over East, Gulf Coast ports

There’s an increasing abundance of skittishness surrounding the future of East and Gulf Coast ports.

The labor contract between the International Longshoremen’s Association and the United States Maritime Alliance (USMX) is set to expire at the end of September. The ILA represents some 70,000 dockworkers, while the USMX represents employers at 36 coastal ports — including three of the U.S.’s five busiest ports: the Port of New York and New Jersey, the Port of Savannah, Georgia, and the Port of...

https://www.freightwaves.com/news/threat-of-strike-looms-large-over-east-gulf-coast-ports

War risk exclusions by insurers heighten stakes in Red Sea attacks

In early February, oil markets were lulled by hope of a now-unlikely ceasefire in the Israel-Hamas war. But a recent string of Houthi attacks have reignited concerns about the Red Sea crisis, raising the floor for tanker rates.

The Iran-aligned Houthis claimed responsibility for Friday’s attack on oil tanker M/T Pollux, which was bound for India. No injuries were reported.

This and other recent Houthi attacks, which followed a brief pause in early February, led major maritime insurer Steamship...

https://www.freightwaves.com/news/war-risk-exclusions-by-insurers-heighten-stakes-in-red-sea-attacks

Despite dim outlook, January imports grew at fastest pace in 7 years

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With geopolitical tensions rising around the Suez Canal and water levels dropping at the Panama...

https://www.freightwaves.com/news/despite-dim-outlook-january-imports-grew-at-fastest-pace-in-7-years

Red Sea turmoil drives Chinese exporters to rail, other alternatives

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A recent round of U.S. and British strikes on Houthi targets in Yemen raise fresh questions about...

https://www.freightwaves.com/news/red-sea-turmoil-drives-chinese-exporters-to-rail-other-alternatives

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