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On 22 July, Russia and Ukraine signed an agreement to allow grain exports from three ports in Ukraine during a period of 120 days. On 7 September, Putin expressed concerns over the agreement, giving rise to uncertainty about its scope and renewal.
“Fill her up son, unleaded; I need a full tank of gas where I'm headed,” former Police-front man, Sting, sang back in 1999 on his solo album: “Brand New Day”. This country-inspired song could be the anthem for what is coming around next week, as Monday 31 May is Memorial Day in the US; the day that kicks off “the US driving season”.
Houthi attacks on ships in the Red Sea, coupled with a rise in piracy off the coast of Somalia, are disrupting global trade. In 2023 an estimated 13% of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50%.
The surge in US container imports continued in April when West Coast loaded imports amounted to 1.10m TEU.
US manufacturing of durable goods, which has been lagging the wider recovery of the US economy, hit an all-time high in June when USD 270.5 billion worth of goods was produced.
The ports of Los Angeles and Long Beach continue their record-breaking start to the year, exceeding pre-pandemic records again and again.
As the average length of the journey increases, partly due to port congestions in China, soaking up capacity and pushing up spot rates, shipowners will likely be enjoying high freight rates until the end of the year.
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answer is “yes”.
The BIMCO holiday information for 2021 is now available online, offering increased focus on local and regional holidays, increased transparency and better reliability.
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition.
