PEAK season is over, the US port strike has been suspended, and newbuildings are still flooding into the market, so spot rates should continue to slide, wrote senior maritime reporter Greg Miller.

And yet, they haven’t, according to the Shanghai Containerized Freight Index.

The SCFI jumped 6% in the week ending Friday versus the prior week, to 2,185 points, its highest level since the week of September 20. It was the first sequential gain in 11 weeks, and the largest sequential gain since the end of June.

Increases were overwhelmingly weighted to Asia-Europe trades. The SCFI put the Shanghai-North Europe spot rate at $4,452 per feu, up 14% from the prior week, and the Shanghai-Mediterranean rate at $5,110 per feu, up 10.5%.

The transpacific showed much slimmer gains, with the SCFI’s Shanghai-US east coast rate at $5,099 per feu, up 3% from the week before, and the Shanghai-US west coast rate at $4,783 per feu, up 1%.

Black Sea attacks threaten global food security, says UK prime minister

Russia’s recent spate of attacks on Ukraine’s Black Sea ports are threatening global food security, UK Prime Minister Keir Starmer said.

UK intelligence said at least four merchant vessels had been struck by Russian weapons between October 5-14, including Shui Spirit (IMO: 9216729), which the UK government said was carrying sunflower oil for the World Food Programme in Palestine, Joshua Minchin reported.

The strikes also hit two vessels loaded with grain bound for Egypt and two ships carrying corn.

Should Ukraine’s ports continue to be hit by Russian attacks, the consequences could be sizeable for both global food prices and the dry bulk market, BIMCO analyst Filipe Gouveia said.

Greece-owned ships are top Houthi target

Greece-owned ships are at the highest risk of attack by Houthis in the Red Sea and remain clear targets along with other Western-affiliated ships, principal analyst Michelle Wiese Bockmann wrote.

Of the 219 Red Sea incidents involving Houthis where the vessel was reported, 49 have involved Greece-owned ships, Lloyd’s List analysis of data provided by maritime security firm Ambrey shows.

Swiss, Danish, UK and other European ships were also popular targets. But not one Russia-owned ship was attacked.

Rotterdam bunker sales at one-year high in third quarter

Marine fuel sales in Rotterdam, Europe’s biggest bunkering hub, reached a one-year high during the third quarter, as main grades posted increases amid lower prices, while alternative fuel sales dropped, reported sustainability editor Enes Tunagur.

Rotterdam bunker sales reached almost 2.4m tonnes in the third quarter, up 6% on the year, marking the highest level since the second quarter of 2023, when sales totalled close to 2.5m tonnes.

High-sulphur fuel oil was once again the primary grade, as its sales reached a fresh five-year high of 907,000 tonnes, up 15% year on year. Very low sulphur fuel oil sales rose 3% on the year to 838,000 tonnes.

Conventional bunker sales rose amid weaker outright prices in Rotterdam, in line with falling crude futures. HSFO prices averaged $453 per tonne in the third quarter, compared with $491 in the same period last year, according to price reporting agency Argus Media.

Boxship time charter rates nudge upwards amid vessel shortages

Containership charter rates are rising across all segments as low levels of prompt availability means tonnage providers have the edge in negotiations, in particular for larger ships, wrote markets editor Rob Willmington.

“Despite the occasional 1,100 teu ship or 1,700 teu vessel falling into a spot position or getting very close to the redelivery date before fixing, owners stayed strong and were slowly but surely able to improve rates and periods,” said the Hamburg and Bremen Shipbrokers’ Association.

It notes that regional feeder units in the 1,700 teu segment in particular were achieving good results in the Mediterranean trading area, with charterers paying “huge premiums” for owners to permit trading to Israel or Ukraine.

Larger vessels continue to be fixed far in advance due to an almost complete lack of prompt of ships above 4,000 teu.