Despite a steady increase in port state control detention rates following the pandemic in all regions, INTERCARGO-entered vessels consistently outdid industry performance indicators in both deficiencies and detentions, as shown by the latest edition of its annual Benchmarking Report.

New research published by DNV reveals that less than half (40%) of maritime professionals think their organization is investing enough in cyber security at a time when vessels and other critical infrastructure are becoming increasingly networked and connected to IT systems. 

Shipping finance markets for the rest of 2023 look positive, with a depth of lenders, banks, leasing houses and alternative credit funds all seeking to grow their portfolios and offer the best terms to win projects.

Smaller Bulkers have led bulker sale and purchase transactions so far this year, with a share of over half of all secondhand deals according to VesselsValue. Handy Bulkers made up the majority, accounting for c.31% of sales, and Supramaxes followed at c.25%. The average age of vessels sold in these categories are 13YO and 14YO respectively.  

A new report from Lloyd’s Register (LR) and maritime innovation consultancy Thetius advocates investment to improve the understanding of AI at all levels within maritime organisations and outlines the value of including AI and Autonomy at board level, alongside workforce education and training to raise awareness of safety and regulations of advanced technology.

Capesize freight rates are set for a period of upside volatility as the fallout from the war in Ukraine continues to spread across the energy markets.