Overview

Oil, gas and dry cargoes are being shipped all over the world every day. With seaborne transportation comes exposure to shipping costs. Be it via direct cost or through the prices of feedstocks or finished products, a freight factor is always there. Highly sensitive to market shifts, geopolitics and regulations, freight is a complex and volatile part of every trade.

To manage this exposure, industry participants, from producers and traders to government agencies and financial institutions rely on our freight data for contracts, pricing formulas, analytics and arbitrage tracking.

Argus Freight consists of three dedicated services, covering trade flows for tankers, dry bulk and gas markets. Each service provides daily freight indexes, industry-specific news, market analysis and exclusive content. This enables you to connect the dots between commodity prices and shipping costs, giving you a complete view of the supply chain.

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24/06/24

Yemen’s Houthis hit another bulk cargo carrier: Update

Yemen’s Houthis hit another bulk cargo carrier: Update

Adds Houthi spokesperson comments Singapore, 24 June (Argus) — Yemen-based Houthi militants have struck a Greek-owned and operated bulk cargo carrier in a suspected uncrewed aerial system attack on 23 June, said US Central Command (Centcom) today. This marked the Houthi's fourth attack on the Liberian-flagged Transworld Navigator , which reported moderate ship damage but has continued under way. The vessel most recently docked in Malaysia and was headed to Egypt, according to Centcom. The incident happened near Yemen's Al Hudaydah, according to the UK Maritime Trade Operations (UKMTO). The Transworld Navigator is currently in ballast and last discharged about 133,000t of thermal coal in China in late May, according to global trade analytics platform Kpler. The UKMTO later on 23 June received a separate report of a distress call from a vessel near Yemen's Nishtun. The merchant vessel "suffered flooding that cannot be contained", which forced the crew to abandon the ship, said UKMTO. The Houthis took responsibility for the attacks on the two vessels. The Transworld Navigator had been targeted in the Red Sea using "an uncrewed surface boat" which led to a direct hit against the ship, Houthi spokesperson Yahya Saree said on 23 June. The Stolt Sequoia , which Houthis identified as an oil product tanker, was attacked in the Indian Ocean with a number of cruise missiles. The ships belonged to companies that "violated the ban on entering the ports of occupied Palestine", Saree said in a televised speech. The Stolt Sequoia was expected to arrive in Belgium on 9 July to discharge about 36,000t of base oils, according to Kpler. The Iran-backed Houthis began attacking ships in the Red Sea six weeks after the Israel-Hamas war broke out last year in what they claim is an act of solidarity with Palestinians in Gaza. They have stepped up their attacks in recent days, prompting countermeasures by US and UK military forces deployed in the area. The Red Sea is one of the world's most important shipping lanes, serving as a vital trade link between Europe and Asia. The recent spate of attacks prompted the International Chamber of Shipping to last week call for urgent action to stop the Houthis' "unlawful attacks" on commercial shipping in the Red Sea. This came after the sinking of a second bulk carrier , the Greek-owned and operated Tutor , since November last year. Oil prices were mostly steady despite escalating tensions in the Red Sea. The Ice front-month August Brent contract was at $85.15/bl at 03:43 GMT, down by 0.06pc from the previous settlement. The front-month July WTI crude contract was at $80.66/bl, down by 0.09pc. By Tng Yong Li and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Yemen’s Houthis hit another bulk cargo carrier: Centcom


24/06/24
24/06/24

Yemen’s Houthis hit another bulk cargo carrier: Centcom

Singapore, 24 June (Argus) — Yemen-based Houthi militants have struck a Greek-owned and operated bulk cargo carrier in a suspected uncrewed aerial system attack on 23 June, said US Central Command (Centcom) today. This marked the Houthi's fourth attack on the Liberian-flagged Transworld Navigator , which reported moderate ship damage but has continued under way. The vessel most recently docked in Malaysia and was headed to Egypt, according to Centcom. The incident happened near Yemen's Al Hudaydah, according to the UK Maritime Trade Operations (UKMTO). The Transworld Navigator is currently in ballast and last discharged about 133,000t of thermal coal in China in late May, according to global trade analytics platform Kpler. The UKMTO later on 23 June received a separate report of a distress call from a vessel near Yemen's Nishtun. The merchant vessel "suffered flooding that cannot be contained", which forced the crew to abandon the ship, said UKMTO. The Houthis took responsibility for the attacks on the two vessels and identified the second vessel as oil product tanker Stolt Sequoia , which Houthis attacked with missiles, according to Yemen's state-run Saba news agency. The tanker was expected to arrive in Belgium on 9 July to discharge about 36,000t of base oils, according to Kpler. The recent spate of attacks prompted the International Chamber of Shipping to last week call for urgent action to stop the Houthis' "unlawful attacks" on commercial shipping in the Red Sea. This came after the sinking of a second bulk carrier , the Greek-owned and operated Tutor , since November last year. Oil prices were mostly steady despite escalating tensions in the Red Sea. The Ice front-month August Brent contract was at $85.15/bl at 03:43 GMT, down by 0.06pc from the previous settlement. The front-month July WTI crude contract was at $80.66/bl, down by 0.09pc. By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

S Korea’s Hanwha buys US’ Philly Shipyard for $100mn


21/06/24
21/06/24

S Korea’s Hanwha buys US’ Philly Shipyard for $100mn

Singapore, 21 June (Argus) — South Korean conglomerate Hanwha's subsidiaries have signed a contract to buy US-based Philly Shipyard for $100mn, marking Hanwha's entry into the US shipbuilding industry. The deal is expected to be finalised by this year's fourth quarter, subject to regulatory approvals and fulfilment of other conditions, Philly Shipyard said on 20 June. This acquisition will make Hanwha the first South Korean firm to enter the US market, according to Hanwha. Hanwha Ocean plans to diversify its sales by securing overseas production bases. "We will expand beyond the Middle East, southeast Asia and Europe to the US market," said Hanwha Systems chief executive Sung-chul Eoh. Philly Shipyard is a subsidiary of Norwegian industrial investment company Aker, specialising in building commercial ships that operate off the coast of the US mainland in accordance with the US' Jones Act. The Jones Act is a longstanding US law that requires shipments between two US ports to be done on US-flagged, US-built and US-crewed ships. Philadelphia-based Philly Shipyard has built about 50pc of all large Jones Act-compliant commercial vessels, such as tankers and container vessels, in the US since 2000. Rising demand for new vessels, particularly LNG carriers and oil tankers, and limited shipyard capacity have driven investments in shipyards and newbuild vessels. Higher freight because of shifting trade flows, stretched voyage times because of Cape of Good Hope reroutes in response to the Red Sea conflict have also encouraged tanker shipowners to increase their orders for new builds. Argus-assessed freight rates for 75,000t Long Range 2 shipments from the Mideast Gulf to Japan year-to-date average rose to $54.64/t on 20 June compared with an average of $40.29/t in 2023. Expectations of rising tanker demand, a limited order book until recently and an ageing tanker fleet further encouraged shipowners to renew their fleet, a market participant said. Around 18pc of the world tanker capacity is likely to be over 19 years old by 2025, according to shipbroker Braemar. Crude tanker demand in 2024 will increase by 6.5-7.5pc compared with a 5.5pc increase in 2023, shipping association Bimco forecasts. By Sean Zhuang Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Tropical storm warning for South Texas coast: Update


18/06/24
18/06/24

Tropical storm warning for South Texas coast: Update

Updates with closure of Galveston, Texas City ports. New York, 18 June (Argus) — A tropical storm warning has been issued for parts of south Texas and northeastern Mexico, bringing with it the risk of heavy rainfall and flooding. The warning is in effect for the Texas coast from Port O'Connor south to the mouth of the Rio Grande, as well as the northeastern coast of Mexico, according to the National Hurricane Center. "The disturbance is very large with rainfall, coastal flooding, and wind impacts likely to occur far from the center along the coasts of Texas and northeastern Mexico," the center said overnight. Maximum sustained winds this morning remained near 40 mph and the disturbance is forecast to become a tropical storm by Wednesday. The system has been classified as a potential tropical cyclone by the center since it has not yet become better organized, but is expected to become the first named storm system of the year by early Wednesday. The port of Corpus Christi in South Texas and the Houston Ship Channel remained open as of Tuesday morning, but the nearby ports of Galveston and Texas City closed to inbound and outbound shipping traffic at 10pm ET Monday due to heavy weather, the US Coast Guard said. The system was expected to disrupt ship-to-ship transfer operations off the Texas coast as of Monday evening because of heavy seas. In the Gulf of Mexico, the transfer typically is from an Aframax or Suezmax onto a very large crude carrier (VLCC) at designated lightering zones near Corpus Christi, Galveston and Beaumont-Port Arthur. Prolonged lightering delays can prevent crude tanker tonnage from becoming available and exert upward pressure on freight rates, while also adding to demurrage fees. The storm is expected to turn towards the west-northwest and west tonight and Wednesday, with the system forecast to approach the western Gulf coast late Wednesday, the NHC said. Rainfall totals of 5 to 10 inches are seen across northeast Mexico into South Texas, with maximum totals of 15 inches possible. Flash and urban flooding are likely to follow with river flooding. By Stephen Cunningham and Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Houthis strike bulk carrier in Gulf of Aden: Update


14/06/24
14/06/24

Houthis strike bulk carrier in Gulf of Aden: Update

Adds ship evacuated, drifting Singapore, 14 June (Argus) — A bulk cargo carrier struck by Yemen-based Houthi militants in the Gulf of Aden has been abandoned and is drifting, according to UK Maritime Trade Operations (UKMTO). The Ukrainian-owned, Polish-operated Verbena was hit three times by missiles, US Central Command (Centcom) said earlier today. The Palau-flagged bulker most recently docked in Malaysia and was headed to Italy carrying wood construction material, according to Centcom. UKMTO said the ship's crew has been evacuated by military authorities and Verbena is now drifting, unlit. UKMTO urged caution in the area. A Houthi unmanned surface vessel struck the Greek-owned and operated bulk carrier Tutor in the Red Sea on 12 June, which resulted in severe flooding and damage to the engine room. Tutor most recently docked in Russia, according to Centcom. It was heading to Jordan's Aqaba port, according to global trade analytics platform Kpler, with its last known cargo being corn. By Tng Yong Li and Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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