Tag: pressure
DNV: Technology Qualification Study for CO2 Ship Transport Chain
The CO2 Efficient Transport via Ocean (CETO) joint industry project (JiP) recently concluded, presenting findings from a Technology Qualification study. Partners, including Equinor, Gassco, Shell, TotalEnergies, and DNV, found no technological barriers to a low-pressure CO2 ship transport chain. Funded by these partners and Gassnova through the CLIMIT-Demo programme, the project emphasizes the importance of…
Continued downward pressure with a significant decline in VLCC demand growth rates
The second week of September maintains its grip on the crude oil freight market’s sentiments, as VLCC rates have yet to display the anticipated rebound. The struggle persists in the VLCC MEG-China rates, leaving industry observers closely monitoring the demand dynamics of the Chinese economy as we approach the end of September. Illustrated in the…
Long-term ocean freight rates hit two-year low just as record new levels of ships enter the market and overcapacity adds further pressure
Global long-term shipping rates sank to a two-year low in July, with the latest data from Xeneta’s Shipping Index (XSI®) showing a fall of 9.5% since June, adding to a deep collapse that started last year. Long-term valid contract rates have now lost 57.8% of their value since the same period in 2022. Xeneta’s real-time…
