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The big news for ocean shipping freight rates this week is demand out of the oil-producing nations of West Africa, which is pushing up rates for the second-largest category of crude oil tanker.
"Suezmax" is a naval architecture term for the largest ship measurements capable of transiting the Suez Canal in a laden condition, and is almost exclusively used in reference to tankers. The limiting factors are beam , draft , height (because of the Suez Canal Bridge ), and length [ 1 ] (even though the canal has no locks ).
The rates that tankers can charge has risen, with a fee of $10.5m to transport 700,000b of crude, sold below the price cap, from the Baltic to India in January, compared to a fee a year earlier of $1m. [96] In March VLCC tanker rates were on average 108% higher than March 2022, Suezmax rates were up 56% and Aframax up 40% on 2022. [49]
The Baltic Exchange (incorporated as The Baltic Exchange Limited [1]) is a membership organisation for the maritime industry, and freight market information provider for the trading and settlement of physical and derivative contracts. Situated since Edwardian times at 24-28 St Mary Axe, London EC3, the building was destroyed by a bomb in 1992.
Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains ...
A surge in demand to ship the flood of crude oil unleashed by Saudi Arabia and its OPEC peers is sending freight rates surging and forcing buyers to seek out space on smaller tankers with the ...
Baltic Dry Index 1985 - 2022. The Baltic Dry Index (BDI) is a shipping freight-cost index issued daily by the London-based Baltic Exchange. The BDI is a composite of the Capesize, Panamax and Supramax timecharter averages. It is reported around the world as a proxy for dry bulk shipping stocks as well as a general shipping market bellwether.
The English Channel connects the Atlantic Ocean with the Southern part of the North Sea and is one of the busiest shipping areas in the world with ships going in numerous direction: some are passing through in transit from the Southwest to Northeast (or vice versa) and others serving the many ports around the English Channel, including ferries crossing the Channel.