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The week in charts: Shipping companies fail to set science-based climate targets | Houthis ‘hijack’ Israel-owned car carrier | Containership values drop

Lloyd’s List weekly showing of the data and figures behind our news, analysis and markets coverage

Prominent shipping companies are still failing to set science-based net zero targets, Israel-owned car carrier seized transiting the Red Sea, and how the owner of an unassuming south London restaurant became the front for shipping sanctioned Iranian gas trades

JUST four shipping companies have set science-based targets aligning with the United Nations’ Paris Agreement’s aims to limit global warming to 1.5ºC, according to target-validating organisation Science Based Targets Initiative.

Lloyd’s List’s sustainability editor Enes Tunagur reported how despite the SBTI publishing its maritime guidance for setting net zero targets in November 2022 it has failed to create a surge in the number of shipping companies to have set targets over the past 12 months, despite more ambitious climate targets being set by the International Maritime Organization and significant strides in technology.

NYK Line, K Line, Cosco Shipping Logistics and Höegh Autoliners are the only companies to have set SBTI targets thus far.



Houthis ‘hijack’ Israel-owned car carrier Galaxy Leader

Houthi rebels have reportedly hijacked Bahamas-flagged Galaxy Leader (IMO: 9237307), a car carrier owned by Israeli shipowner Ray Shipping, as it transited the Red Sea on Saturday.

Yahya Sare’e, who is the spokesperson for the Yemeni armed forces, warned via social media platform X at 1400 hrs GMT on November 19 that “Yemen reiterates the threat against Israeli vessels in the Red Sea”, reported Lloyd’s List Intelligence senior analyst Michelle Wiese Bockmann.

The 2002-built vessel’s last signal was at 1136 GMT on November 18, according to Lloyd’s List Intelligence, with media reports there were 22 crew on board, none from Israel.


Containership values drop by over 20% in two months, with buyers expecting further falls

Containership values are continuing to fall as charter and freight rates remain under pressure from overcapacity and a continuing flow of newbuilding capacity entering the market. Nevertheless, values remain above pre-pandemic levels.

Markets editor Rob Willmington noted how London-based brokers Braemar said that lack of activity in the market has added an “element of stagnation”, with sellers reluctant to adjust their prices further downwards.




Box freight rates suffer mid-month slump

Container spot rates continued to retreat last week, giving up gains seen in October and putting further pressure on carriers ahead of contract negotiations, reported containers editor James Baker.

The Shanghai Containerised Freight Index fell by a further 3%, dipping below the 1,000 point level again for the first time since late October.



The falls were seen across the board on the main lane trades, but the Asia-US west coast saw the biggest drop at 8% to $1,696 per feu.
Drewry’s wider World Composite Index reported a 2% decrease, and remains 43% down on where it stood this time last year.



How a south London restaurateur became a nexus for sanctioned Iranian gas trades

A fleet of ageing liquefied petroleum gas carriers used to ship hundreds of millions of dollars-worth of propane and butane from Iran has been tracked to a complex network of companies controlled on paper by the part-owner of a Georgian restaurant in south London.

A Lloyd’s List investigation has uncovered how corporate structures established for the fleet over the past decade helped sidestep US sanctions on Iran’s oil and petrochemical shipping sector. The paper trail also yields a rare glimpse into those behind the web of brass plate companies created to obfuscate the controlling interests of ships that routinely deployed deceptive shipping practices to carry sanctioned Iranian cargoes.

The investigation was sparked by an explosion on board a 51-year-old LPG tanker on August 10, the Panama-flagged White Purl (IMO: 7230666).



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