Economy

Wrapping up the trading week with an unexpected twist, oil traders sent prices skyrocketing nearly 3% to their highest in over two months, fueled by a creeping tension over an increasingly tight global supply. The oil market was left buzzing when Brent reached an impressive $78.47 per barrel, a high unmatched since May 1, marking […]

Just released, the European Union’s Monitoring, Reporting, and Verification (EU MRV) dataset for the 2022 maritime industry throws light on notable fluctuations in annual CO2 emissions compared to the previous year. Notwithstanding these swings, the shipping industry as a whole has demonstrated minor cutbacks in harmful expulsions. The EU MRV regulation, which obliges all vessels

Marking their third successive increase, global VLSFO bunker fuel prices took an uphill course on Monday saturating ports worldwide. Pioneering bunkering ports witnessed a surge in Ship & Bunker’s G20-VLSFO Index prices, an appreciable ascend of $2.50/mt to a robust $598.50/mt. What’s noteworthy is that these rates mirror the peak that was reached previously on

The drive towards sustainable practices in the shipping industry is largely fueled by fashion brands, as per observations made by global shipping giant, Maersk. The fashion sector is under scrutiny from regulators and consumers alike to minimize its carbon footprint.  The mechanism of the fashion industry encourages large-scale shipping. Retailers source products from manufacturing hubs

Prelude to Drastic Declines The carrier industry, no stranger to turbulent tides, came under another sharp blow in June. A study by Xeneta’s Shipping Index laid bare a significant dip of 9.4% in the global long-term shipping rates. Building on the slump of 27.5% in May and a 10.3% slide in April, the rates have

China Amplifies Domestic Coal Production In recent times, China has astutely navigated its coal production strategy toward enhancing outputs from the domestic market. Interestingly, as per the analysis by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, this move has resulted in a 5.8% increase from last year’s production statistics. The Chinese government has raised the bar

A Sliver of Hope for Oil Prices In a tug-of-war between political instability in Russia and lingering worries about global demand growth, oil prices for two primary benchmarks experienced a slight increase on Monday. Following the rebels belonging to the Wagner Group’s decision to cease their rapid approach to Moscow and return to their bases,

Fears Over Interest Rate Hikes In the wake of anticipated bank rate hikes, crude traders nervously extended oil losses on Friday. The San Francisco Federal Reserve Bank hinted that two more hikes would occur this year, leading to a 0.4 percent dip in Brent to $73.85 per barrel and a 0.5 percent fall in West

Phenomenal Growth in Pre-Tax Earnings Dan-Bunkering, an internationally-renowned hybrid marine fuels corporation, reported a staggering 241% increase in its pre-tax earnings over the past financial year. According to a statement released on Friday, the company’s earnings before tax soared to $46 million in the year leading up to April 30, a significant leap from the

Saudi Arabia’s Unprecedented Production Cuts To combat excess supply and boost oil prices, Saudi Arabia has taken significant steps to reduce oil production. As Niels Rasmussen, Chief Shipping Analyst at BIMCO, highlights, the country agreed to a voluntary reduction within OPEC of 500,000 barrels per day in May and announced a further independent reduction of