Baltic Dry Index Falls Below 500 for First Time Ever

Photo: Shutterstock/Volodymyr Kyrylyuk

By Jonathan Saul LONDON, Nov 20 (Reuters) - A slump in dry bulk shipping is set to worsen as the meltdown in global commodities and too many ships free for hire rock the sector used by investors to gauge the health of world trade. Slower coal and iron ore demand from China - the world's biggest industrial importer - have battered the dry bulk sector, already in the midst … [Read more...]

WATCH: Russian Warship Launches Missiles Against ISIS in Syria

AREUTERS/Ministry of Defence of the Russian Federation

New video released Friday by Russia's Defence Ministry shows Russian navy ships launching cruise missiles at targets in Syria, in the Caspian sea, according to Ministry of Defence of the Russian Federation. Russian Defence Minister Sergei Shoigu said Friday that warships in the Caspian fleet launched 18 cruise missiles at seven ISIS targets in Syria, killing 600 rebels, … [Read more...]

Ship Photos of the Day – New ‘Aranui 5’ is Half Cargo, Half Cruise Ship


Half vital cargo ship, half relaxing cruise. The new Aranui 5 is at the pinnacle of today's freighter cruise market. Beginning next month, the Tahitian cruise-cargo ship will sail 14 day voyages from Tahiti to the Marquesas and Bora Bora. The vessel is owned by Compagnie Polynesienne de Transport Maritime and was custom built to deliver cargo and cruise passengers to … [Read more...]

Freight Rates Hit CMA CGM

Photo: Sheila Fitzgerald /

PARIS, Nov 20 (Reuters) - France's CMA CGM, the world's third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits. "Freight rates are expected to remain weak in the fourth quarter of 2015. The market should rebalance during 2016," family-owned CMA CGM said in its third-quarter … [Read more...]

Deep Sea Supply: 10 Vessels Laid Up and More to Come

Photo: Deep Sea Supply Service

Deep Sea Supply, the Norwegian PSV and AHTS owner controlled by billionaire John Fredriksen, says it now has 10 vessels in lay-up and more are expected with still no signs of market recovery in the short to mid-term. The lay-ups were announced in the company's third quarter financials report released Friday. In 3Q 2015, the company reported consolidated revenues of US$33.6 … [Read more...]

Asia-Europe Container Freight Rates Drops 28 Percent

Photo (c) Shutterstock

COPENHAGEN, Nov 20 (Reuters) - Shipping freight rates for transporting containers from ports in Asia to Northern Europe plunged by 27.9 percent to $295 per 20-foot container (TEU) in the week ending on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. The drop came after spot freight rates on the world's busiest route dropped … [Read more...]

Criminal Charges Filed Over 2012 Platform Fire in Gulf of Mexico

GULF OF MEXICO - Commercial vessels extinguish a platform fire on board West Delta 32 approximately 20 miles offshore Grand Isle, La., in the Gulf of Mexico, Nov. 16, 2012. First responders medevaced nine of the platform's 22 personnel to nearby rigs. U.S. Coast Guard photo.

Three companies and three individuals have been hit with criminal charges related to a November 2012 explosion on an oil production platform in the Gulf of Mexico that resulted in the death of three workers, the injury of others and an oil spill, the U.S. Justice Dept. has announced. The defendants listed in case are Black Elk Energy Offshore Operations LLC, Grand Isle … [Read more...]