The week in charts: Container rate rebound loses momentum | North Atlantic emission control area could save 4,000 lives | US sanctions over a dozen ships
Lloyd’s List’s weekly showing of the data and figures behind our news, analysis and markets coverage
Spot rates from Asia to the US west coast are falling despite import frontloading, a proposal for an ECA stretching from western Europe to North America will be submitted to the IMO’s MEPC and the US has sanctioned 26 ships, entities and individuals linked to Syrian business conglomerate Al-Qatirji Company
THE winning streak for the Shanghai Containerised Freight Index has ended. After three weekly gains in a row, the SCFI pulled back this week, wrote senior maritime reporter Greg Miller.
The composite index dipped 3% to 2,252 points.
Both the SCFI and Drewry’s World Container Index showed similar patterns in the prior weeks: Asia-Europe spot rates rose while Asia-US rates were flat. The new pattern: Asia-Europe spot rates are flattening and transpacific spot rates are falling.
According to the SCFI, Shanghai-North Europe rates declined 1% in the week ending Friday compared to the prior week, to $5,024 per feu. Shanghai-Mediterranean rates inched up 1% to $6,160 per feu. Shanghai-US east coast rates dropped 4% to $5,062 per feu. Shanghai-US west coast rates suffered a significant drop, down 12% to $4,181 per feu.
North Atlantic emission control area could save 4,000 lives over next two decades
A new emissions control area stretching across the North Atlantic will be proposed to the International Maritime Organization's Marine Environment Protection Committee, wrote reporter Joshua Minchin.
The result of two studies published by the International Council on Clean Transport in collaboration with Porto University, the proposed area stretches from the Atlantic coasts of western Europe around the Greenland coastline, where it will meet the established ECA’s of the US and Canada.
One ICCT study estimated that the North Atlantic Emissions Control Area (AtlCEA) could prevent between 118 to 176 premature deaths in 2030 alone, through the reduction in NOx, SOx and PM 2.5 emissions. That total rises to between 2,900 and 4,300 preventable deaths when the range is increased to 2030 to 2050, which will in turn mean up to €29bn ($30.7bn) in economic benefits.
US sanctions over a dozen ships linked to assassinated Syrian businessman and Iranian oil
Washington sanctioned 26 ships, entities and individuals on Thursday in connection with shipments of Iranian oil and the Al Qatirji Company, a Syrian conglomerate linked with the Islamic State (ISIS) and the Islamic Revolutionary Guards Corps, wrote senior maritime reporter Tomer Raanan.
The announcement, which mirrored similar allegations against the Al-Qatirji Company made by Israeli security officials, points to the growing co-operation between the IRGC and business groups linked with terrorist organisations such as Hezbollah and the Houthis.
China builds share of global newbuilding orderbook to over 70%
China’s share of the global shipbuilding orderbook is continuing to rise as it benefits from renewed demand for new containerships and tankers, while its main competitors struggle to add new capacity, reported markets editor Robert Willmington.
In the first 10 months of 2024, the Chinese shipbuilding sector increased its share of total orders placed worldwide to 74%, up from 63% in 2023, according to Xclusiv Shipbrokers data.
China’s success in attracting new orders has been so strong that it now commands a 71% share of the total cargo carrying vessel newbuilding orderbook, up from 65% in 2023.
Houthis return to Red Sea action as Galaxy Leader anniversary looms
A bulk carrier has reported a missile landing close by as it transited the Red Sea yesterday afternoon, Lloyd’s List reported.
This incident is the 92nd since Bahamas-flagged Galaxy Leader (IMO: 9237307) was hijacked on November 18, 2023, and its crew held captive in Yemen, where they are about to complete their 365th day.
