ocean shipping News Updates

U.S. crude oil exports to Asia are set to hit multiyear lows after the Iran war pushed the cost to lease a tanker for the journey to a record of almost $80 million.

The Trump administration is authorizing the sale of sanctioned oil tankers in an effort to allow the vessels to start legitimately shipping crude.

Narrowing the Jones Act has curbed a roaring trade that was supplying East and West coast ports with fuel produced on the Gulf Coast, as well as crude oil and products used in refining.

The ministry objects partly because of Saudi Arabian and Qatari holdings in the German company.

Skyrocketing diesel prices are jolting the trucking industry amid a global energy crisis that also threatens freight movement.

The armed conflicts, trade wars and extreme weather events hammering maritime supply chains are signs of a “structural shift” for global trade.

The founder of cargo booking platform Freightos is calling for a board shake-up including the ouster of Chairman Udo Lange, citing a drop in the company’s share price.

The Baltic Dry Index rose 5.5% to 3,331 points, touching the highest since December 2023, driven by a rise in the constituent Capesize rate that surged over 8%. 

Maersk, Hapag-Lloyd and DP World reported strong trade demand, with Maersk raising its full-year outlook for the second time in seven weeks.

Eight of the world’s largest shipping industry associations wrote, “Once such a precedent is established, it becomes increasingly difficult to resist similar measures elsewhere."