Shanghai Port sees annual container throughput exceed 50 million TEUs

Shanghai Port became the first in the world to see the annual container throughput exceed 50 million 20-foot equivalent units (TEUs) on Sunday.

The port has ranked first globally for 14 consecutive years in terms of annual container throughput.

According to Yang Yanbin, deputy general manager of the production and business department of the Shanghai International Port (Group) Co., Ltd (SIPG), the growth of container throughput indicates that China’s complete industrial system and manufacturing capability continue to empower global trade.

Seen as a window of China’s opening up and collaboration with the world as well as an engine boosting trade and exchanges, Shanghai Port saw its annual container throughput top 1 million in 1994.

Yang noted that the growth in container throughput at Shanghai Port was driven not only by the rise in export-heavy containers but also by an increase in international transfer containers and ship-to-ship transfer volumes.

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Natural gas demand from US LNG export plants heads for first decline in 8 years

Demand for U.S. natural gas to produce liquefied natural gas (LNG) for export this year is headed for its first decline since the country started exporting the super-chilled fuel from the lower 48 states eight years ago.

The U.S. is the world’s largest exporter of the superchilled gas and a key provider of gas to Europe in the wake of Russia’s invasion of Ukraine. Natural gas prices have remained relatively high in Europe as the expected U.S. growth in output in 2024 has not materialized and the continent is bracing for a new gas price shock as colder winter weather depletes stocks.

Natural gas drillers have profited from robust demand from LNG export plants especially since sanctions on Russian gas boosted European demand for U.S. LNG. Producers have indexed some output to global LNG prices, so slowing flows of gas to LNG export plants means they have less incentive to grow output.

Since 2016, when Cheniere Energy’s LNG.N Sabine Pass export plant in Louisiana shipped its first cargo, feedgas to the plants increased every year, even in 2020 when lockdowns during the COVID-19 pandemic slashed demand for energy.

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India’s GAIL to receive 12 LNG cargoes/year from Qatar Energy Trading starting 2025

India’s GAIL has awarded its LNG purchase tender for procuring 12 cargoes per year starting in April 2025 for a tenure of five years to Qatar Energy Trading, market sources told S&P Global Commodity Insights.

The tender was awarded at a slope of 115% to Henry Hub plus a constant of $5.66/MMBtu with deliveries on the west coast of India, sources said. GAIL had issued the tender in early November.

The deal reflects the expected tightness in the global LNG market in 2025 and 2026 due to a delay in the construction and commissioning of some LNG export terminals, sources said.

This has resulted in LNG forward curves being elevated for 2025 and 2026.

Platts assessed West India Marker, the benchmark price for LNG cargoes delivered to West India, Dubai and Kuwait at $12.588/MMBtu for February Dec. 16.

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Spiken – Second Groundbreaking Lake Vanern Max Delivered To Erik Thun Group

Erik Thun Group are proud to announce the delivery of our second groundbreaking vessel, the Lake Vanern Max, named MV Spiken.

This innovative new generation of dry cargo vessels are designed to set new standards in the shipping industry with its advanced technologies and eco-friendly features; a plug-in hybrid designed to minimise emissions and maximise cargo.

The latest addition to Erik Thun Group’s fleet, MV Spiken, was delivered this Tuesday and has now reached Wismar, Germany for her very first loading. Spiken is the second sister of six vessels ordered in the same series, to be incorporated into Erik Thun Group’s fleet.

Named after the fishing village Spiken, one of Europe’s largest freshwater harbours with its rich marine life located just north of Lidköping, the village symbolizes tradition and innovation, much like our new vessel. This connection underscores our commitment to honouring local heritage while advancing modern maritime technology.

Our Lake Vanern Max, Spiken, represents a significant leap forward in maritime technology, addressing our clients’ top priorities of fuel efficiency, electrical innovation, maximum cargo capacity, while helping them achieve their sustainability goals. The design focuses on maximising cargo capacity, enabling us to handle more cargo within restricted waterways like Lake Vanern. The optimised bow design also allows the vessel to carry significantly more cargo with lower energy consumption.

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OPEC Reduces 2024, 2025 oil demand growth forecasts | Marine Jobs

 Crude Oil Price Movements

In November, the OPEC Reference Basket (ORB) value dropped by $1.47, or 2.0%, month-on-month (m-o-m), to average $72.98/b. The ICE Brent front-month contract dropped by $1.98, or 2.6%, m-o-m, to average $73.40/b, while NYMEX WTI dropped by $2.02, or 2.8%, m-o-m, to average $69.54/b. GME Oman front-month contract dropped by $2.55, or 3.4%, m-o-m, to average $72.48/b. The ICE Brent-NYMEX WTI first month spread remained little changed, widening marginally by 4¢/b, m-o-m, to average $3.86/b. The forward curves of oil futures prices flattened further, with the nearest time spreads contracting but remaining in backwardation. Hedge funds and other money managers raised their net long positions but maintained a bearish stance on oil prices.

World Economy

The world economic growth forecasts remain unchanged at 3.1% for 2024 and 3.0% for 2025. The US economic growth forecast for 2024 is revised up slightly to 2.8%, reflecting robust growth in 2H24. For 2025, the US growth forecast is also revised up slightly to 2.2%. Japan’s growth forecast remains unchanged at 0.1% in 2024, but for 2025, it is revised up slightly to 1.0%. The Eurozone’s economic growth forecasts for 2024 and 2025 remain unchanged at 0.8%, and 1.2%, respectively. China’s economic growth forecasts remain unchanged at 4.9% for 2024 and 4.7% for 2025. India’s economic growth forecasts for 2024 and 2025 remain unchanged at 6.8%, and 6.3%, respectively. The economic growth forecast for Brazil is revised up slightly to 3.1% for 2024, but remains at 2.1% for 2025. Russia’s economic growth forecasts remain unchanged at 3.5% for 2024 and 1.7% for 2025.

World Oil Demand

The global oil demand growth forecast for 2024 is revised down by 210 tb/d from the previous month’s assessment to 1.6 mb/d, year-on-year (y-o-y). This minor adjustment is mainly due to updated data for 1Q24, 2Q24 and 3Q24. In the OECD, oil demand is expected to grow by around 0.1 mb/d, while non-OECD demand is forecast to expand by close to 1.5 mb/d in 2024. Global oil demand growth for 2025 is also revised down by 90 tb/d from the previous month’s assessment to 1.4 mb/d, y-o-y. OECD demand is expected to grow by 0.1 mb/d, y-o-y, in 2025, while demand in the non-OECD is forecast to expand by 1.3 mb/d.

World Oil Supply

Non-DoC liquids supply (i.e. liquids supply from countries not participating in the DoC) is expected to grow by 1.3 mb/d, y-o-y, in 2024, revised up slightly from last month’s assessment. The main growth drivers are expected to be the US and Canada. For 2025, the non-DoC liquids supply growth forecast is expected to grow by 1.1 mb/d, y-o-y, unchanged from last month. Growth is anticipated to be mainly driven by the US, Brazil, Canada, and Norway. Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to grow by about 0.1 mb/d, y-o-y, in 2024 to average 8.3 mb/d, followed by an increase of about 80 tb/d, y-o-y, in 2025 to average 8.4 mb/d. Crude oil production by the countries participating in the DoC increased by 0.32 mb/d in November compared with the previous month, averaging about 40.67 mb/d, as reported by available secondary sources.

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Seaspan Selects KVH to Equip Fleet with OneWeb Low Earth Orbit Solution | Best Sea Jobs

KVH Industries, Inc. (Nasdaq: KVHI), today announced that Seaspan Corporation (Seaspan), a world leading independent containership lessor, has signed an agreement to equip its fleet with the OneWeb advanced low-earth orbit (LEO) satellite offering from KVH.

This marks the next step in Seaspan’s drive to deliver shore-like internet connectivity at sea, supporting its digital transformation strategy and augmenting its fleet’s existing LEO services.

Chad Impey, Senior Vice President for Global Sales at KVH, commented, “We are proud to support Seaspan with the planned deployment of OneWeb service and hardware as part of our full integrated KVH ONE® multi-orbit, multi-channel network solution. It is the most recent example of our long-time, beneficial partnership in support of Seaspan’s innovative leadership, which has included the delivery of crew welfare content, advanced VSAT technology, and now a versatile hybrid solution using groundbreaking LEO technology that delivers affordable high data speeds, low latency, and outstanding performance.”

As an early adopter of LEO technologies, Seaspan is the first major owner/operator of container ships to partner with KVH for its OneWeb solution. Seaspan’s OneWeb rollout will further strengthen the fleet’s data connectivity infrastructure, enabling Seaspan to leverage advanced technologies and high bandwidth-demanding applications, including solutions such as cloud-based software as a service (SaaS) technology, which were previously unsuitable for maritime use.

“Our partnership with KVH for OneWeb services aligns with our strategy of providing a best-in-class communication experience across our fleet,” said Garret Wong, Vice President of Information Technology.

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Asia Distillates-Thin spot activity prevails; January negotiations awaited | Maritime Crew

Asia’s middle distillates markets remained thinly discussed on the spot front as January negotiations were yet to go into full swing, with traders keeping a close eye on China export availability and demand in the West.

Supply movements will hinge on demand expectations from the West, with some traders already expecting swing cargoes to pivot West once the market there picks up.

Focus was also on China’s announcement on export quotas for next year, with some traders already closing their trading programmes for this year.

On spot sales front, refiner offers were scant for a second straight session, though January discussions are expected to begin soon from northeast Asia.

Term negotiations continued, with Petrolimex closing its tender to buy two cargoes of 10ppm sulphur gasoil and one cargo of 500ppm sulphur gasoil per month for January-December delivery. Offers need to be valid until Dec. 15.

Meanwhile, the arbitrage price spread for jet fuel between Asia and the U.S. west coast remained open, with traders still expecting flows on this route to continue for December.

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Baltic index hits 15-month low as capesize rates dip | Seamen Job

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to a 15-month low on Wednesday, dragged down by lower capesize rates.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 57 points to 1,180 points, its lowest since Sep. 2023.

The capesize index fell 183 points to 1,609 points, hitting its lowest level since Sep. 15, 2023.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,518 to $13,345.

Iron ore futures prices gained on Wednesday as lingering expectations of fresh Chinese economic stimulus outweighed concerns over the escalation of trade tensions between the United States and China.

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“K” LINE Held Global IT Conference 2024 | Maritime Crew

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) held a global IT conference in mid-November with the goal of promoting its digital transformation (DX) strategy and strengthening security.

21 IT/DX specialists from 11 countries and regions representing major bases of “K” LINE’s global network came to Japan for a conference attended by a total of 42 people, which also included the Chief Information Officer (CIO) of “K” LINE and relevant people from the Digitalization Strategy Group and “K” Line Business Systems Co., Ltd., a “K” LINE Group IT company. For two days, they participated in workshops and energetically discussed more than 20 agenda items including solid IT infrastructure to enable the more than 5,600 employees of the “K” LINE Group to work with a feeling of security, advanced and reliable security measures for customers and solutions, DX-related projects introduced at different bases, and other topics.

The scale of business and IT varies from country to country and from base to base, but “K” LINE believes that sharing the results of IT and DX efforts should help improve its customer services in each country and region. They realized that facilitating efforts to leverage IT/DX to maintain “K” LINE’s core values, safety, environmental consciousness and quality, will result in the enhancement of the “K” LINE Group’s corporate value. They also recognized that the head office and business locations of the global network should collaborate more closely and accelerate the improvement and enhancement of the IT/DX environment in many regions.

“K” LINE is driving digitalization as a functional strategy for achieving its business strategy under the Medium-term Management Plan announced in May 2022. It will continue to strive to be a group of reliable professionals in maritime transportation that its stakeholders can trust, and together with “K” LINE’s IT family, it will contribute to enhancing corporate value and solving social issues in the fields of IT and DX.

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