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Filipe Gouveia, Shipping Analysis Manager at BIMCO reports that so far this year, crude tanker newbuilding contracting has reached 60m deadweight tonnes (DWT) across 234 ships, driven by a surge in orders for Very Large Crude Tankers (VLCCs). “This already makes 2026 the year with the highest crude tanker contracting on record. High freight rates […]

The Drewry World Container Index (WCI), the benchmark widely referenced by procurement teams, rose 2% to reach $4,639 per 40ft container. This climb, largely driven by higher rates on the Asia–Europe trade route, pushed the index to its highest level since September 2024. On the Transpacific trade route, rates from Shanghai to Los Angeles increased

ST. CATHARINES — Premier Doug Ford today announced that the Ontario government is investing over $90 million through the Ontario Shipbuilding Grant Program (OSGP) to increase capacity in the province’s shipbuilding industry as part of its plan to protect Ontario. The investment will help meet the growing demand for Ontario-made vessels, help Ontario shipbuilders support

IMO Secretary-General Arsenio Dominguez today urged shipping lines to avoid transiting the Strait of Hormuz after the United States on Tuesday launched a new series of strikes against Iranian military targets in response to Iranian attacks on three merchant vessels.  “I regret that once again I am compelled to speak out following attacks on commercial ships and

Import volume at  majorUS container ports is forecast to hit a new all-time record this month, driven by retailers stocking up ahead of expected tariff increases, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “This year’s early peak season is expected to continue through July as retailers and

WASHINGTON— The Center for Biological Diversity sued the Trump administration today seeking records on a decision that would revoke vessel speed restrictions on the Atlantic coast that protect whales, including the critically endangered North Atlantic right whale, from deadly ship strikes. The records would reveal which individuals, federal officials or industry groups may have influenced and lobbied for the

Equinor has announced an agreement with BP to acquire its 37.2% stake in the $14B Bay du Nord project on offshore Canada, increasing Equinor’s ownership to 100%. The transaction reflects BP’s ongoing portfolio simplification and provides Equinor with increased flexibility to continue maturing the project towards final investment decision (FID) planned for early 2027. First

The investment supporting a $58.4 million project by the Ocean Group was announced today by Bernard Drainville, the Quebec Minister of the Economy, Innovation and Energy. It will allow Ocean Group to capture new contracts and generate some 40 new jobs. « Our role is to give our enterprises the means to expand, innovate and to

The Prince Rupert Port Authority (PRPA) announced today that Jean-Jacques (JJ) Ruest has been appointed as Chair by its Board of Directors for a two-year term, effective July 1st, 2026. JJ Ruest was appointed to the PRPA Board of Directors by the Government of Canada, in consultation with the Port User Nominating Committee, for a

In an advisory message, the Panama Canal Authority (ACP) announced it will further reduce the maximum authorized draft for vessels transiting its Neopanamax locks later this July as forecasts confirm a strengthening El Niño that could reduce rainfall across the canal watershed. The ACP indicated that the maximum authorized draft will be lowered to 49.0 feet (14.94