The week in charts: Where do we stand after ISW-GHG 18? | ‘Maximum pressure’ in motion | Dry bulk’s dilemma
Lloyd’s List’s weekly showing of the data and figures behind our news, analysis and markets coverage
Two thirds of countries that signed Marpol Annex VI now support a carbon levy for decarbonisation, the latest IMO talks suggest; the Trump administration has announced its second round of sanctions against Iran; and bulk carrier spot rates remain very weak
LAST week’s International Maritime Organization intersessional meeting brought welcome progress on greenhouse gas regulations, but left big uncertainties too, wrote senior reporter Declan Bush.
Two thirds of signatories to Marpol Annex VI now support a carbon levy to decarbonise shipping, according to a UCL Energy Institute summary of the talks.
A levy won further support on the plenary floor from Latin American and African countries, and additional small island developing states, UCL said.
The IMO remains divided between those who want a carbon levy combined with a GHG fuel standard, and those who want a GFS alone, with a credit trading or flexibility feature to make compliance easier.
The levy + GFS option enjoys majority support across the African participants, SIDS and least-developed countries, and from developed economies active in the discussion, UCL said.
Opposition comes from other low-income and the majority of middle-income countries active in the talks.
‘Maximum pressure’ in motion as US sanctions more Iran-linked tankers and entities
The US sanctioned 13 tankers, and 22 individuals and entities linked with Iranian oil shipments on Monday as “maximum pressure 2.0” gets underway, senior reporter Tomer Raanan wrote.
The move to focus on Iran on the anniversary of Russia’s invasion of Ukraine highlighted the tectonic shift in Washington’s approach to Moscow, with the EU and UK commemorating the anniversary by sanctioning more than 100 vessels moving Russian oil and arms.
The 13 sanctioned tankers total about 2.1m dwt in carrying capacity and include five very large crude carriers.
Monday’s action brings the total tonnage blacklisted for Iran links since 2024 to 2.3m.
Dry bulk’s dilemma: Demand is failing to keep pace with fleet growth
It has been a rough start to the year for dry bulk owners, and it looks like there’s more than seasonal weakness in play, senior reporter Greg Miller wrote.
Tonne-mile demand is projected to grow much more slowly in 2025 than in the prior two years.
Spot rates have recently bounced off the bottom, but they’re still very close to the floor.
The Baltic Exchange’s C5TC capesize time-charter equivalent index was at just $7,187 per day on Wednesday, down 49% year on year. The P5TC panamax index was at $9,932 per day, down 43% year on year. The S10TC supramax index was at $8,572 per day, down 21% year on year.
More buyers than sellers in secondhand containership market as prices stay high
Demand for secondhand containerships remains strong despite geopolitical uncertainties, helping prop up asset prices following rises since the first quarter of 2024, reported markets editor Rob Willmington.
“The number of buyers is still outpacing the number of vessels available,” noted Braemar. “We expect similar levels of activity to be reported in the coming weeks.”
It reports that Mediterranean Shipping Co has purchased two “CSBC2200” class containerships from Greek-controlled tonnage provider Global Ship Lease.
The vessels are understood to be the 2002-built, 2,207 teu MSC Akiteta II (IMO: 9220847) and Kumasi (IMO: 9220859).
If confirmed, they bring the number of secondhand containerships purchased by the world’s largest containership operator in the past year to 70 ships.
