ACHIEVEMENT

Dry bulk contracting falls 70% below average amid low rates.“Over the past three months, dry bulk newbuilding contracting has been 70% below the yearly average. Declining freight rates in recent months, a cloudy outlook and high newbuilding prices contributed to the slowdown, and contracting in 2024 will likely fall short of 2023 levels,” says Filipe Gouveia, Shipping Analyst at BIMCO.Driven by healthy demand, the dry bulk market was strong throughout most of the first three quarters of 2024. However, in recent months, weaker Chinese import demand paired with a recovery in Panama Canal transits has impacted freight rates negatively.

The river Mosel in western Germany, an important route for grains and rapeseed shipments, has been closed to inland waterways shipping after an accident that damaged a lock, navigation authorities said.A lock at Mueden south of Koblenz has been damaged after a vessel collision and repairs are likely to last until spring 2025, possibly around late March, the WSA agency said. The river will be closed to cargo shipping during this period.Traders estimated that about 70 ships are blocked because of the damage, possibly causing delivery disruption.The Mosel is an important route for grain and rapeseed shipments including to and from the French port of Metz, they said.

With a strike possible again next month at East Coast and Gulf Coast container ports and President-elect Donald Trump planning to increase tariffs, the nation’s major container ports are expected to see a continued surge in imports through next spring, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.“Either a strike or new tariffs would be a blow to the economy and retailers are doing what they can to avoid the impact of either for as long as they can,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

Taiwan raised its alert level on Monday saying China has set up seven zones of reserved airspace and deployed naval fleets and coast guard boats in what a security source described as the first military drills across a broad swathe of the region's waters.A senior Taiwan security official told Reuters that China currently has nearly 90 navy and coast guard ships in waters near Taiwan, the southern Japanese islands and the East and South China Seas, of which around two-thirds were navy vessels.Beijing's defence ministry did not immediately respond to a Reuters request for comment.

Seaspan Shipyards, Canada’s long-term, strategic shipbuilding partner for large, complex vessels under Canada’s National Shipbuilding Strategy, and the Royal Canadian Navy have reached an important milestone for the first Joint Support Ship, HMCS Protecteur.Seaspan will be holding a naming ceremony and celebration for the upcoming launch for the JSS at Seaspan’s Vancouver Shipyards. The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources; Vice Admiral Angus Topshee, Commander of the Royal Canadian Navy; and John McCarthy, CEO of Seaspan Shipyards, will participate in the ceremonial event and be available to media following the formal program.