Tag: shipping market

According to OPEC, the global oil demand growth forecast for 2024 has been revised down slightly to 1.6 million barrels per day, while world economic growth projections remain steady at 3.1% for 2024 and 3.0% for 2025.

In this week’s “Shipping Number of the Week” from BIMCO, Shipping Analyst, Filipe Gouveia, looks at the fall in dry bulk newbuilding contracting which has been impacted by sluggish freight rates, a cloudy outlook and high newbuilding prices.

Rates for shipping containers from East Asia and China to the US were flat to softer during the first week of December 2024. Meanwhile, global average rates saw a 6% increase, according to Independent Commodity Intelligence Services (ICIS). 

The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 2 - 6 December to provide information of the bulk market performance.

In this week’s “Shipping Number of the Week” from BIMCO, Shipping Analyst, Filipe Gouveia, looks at the decrease in seaborne dry bulk exports from Russia which could continue to fall in the first half of next year due to coal price competitiveness and a fall in wheat volumes.

According to Vortexa's analysis, LNG freight prices are under pressure as rapid fleet growth outpaces demand, and ballast speeds of the fleet are falling at the start of the winter season, highlighting the oversupply.

According to GMS’ latest weekly ship-recycling report, market conditions across key recycling destinations remain mixed, with stable sentiments prevailing in South Asia while Turkey continues to struggle amid weak demand and declining steel plate prices.

The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 25-29 November to provide information of the bulk market performance.

Mediterranean Shipping Company (MSC) has reportedly added over 400 second-hand boxships to its fleet in the last four years.

According to Vortexa's Market Analyst, Xavier Tang, the upcoming Mediterranean Emission Control Area (ECA) will likely tighten ULSFO supplies in the region and free up VLSFO supplies for the East.