Bedesten Shipping's Blog

Container Carriers Enjoy Bull Run, but How Long Will It Last? Freight Rates Keep Rising; Experts Say Market Will Stay Strong If Red Sea Crisis Continues Freight rates might pull back in the second half of 2024 due to early shipments overloading cargo volumes or could collapse if Cape of Good Hope detours cease.

Greek Bulk Carrier Reports Near-Miss in Red Sea Incident occurred in the early hours of May 23 The latest attack in the Red Sea comes after US Central Command reported shooting down drones in Houthi-controlled Yemen.

Houthis Strike Panamanian-flagged Tanker off Yemen's Coast; Crew Restores Power, CENTCOM Reports Iran-backed Houthi militants attacked a Panamanian-flagged oil tanker in the Red Sea with an anti-ship missile. Despite damage, the crew managed to regain control, averting casualties. This assault is part of ongoing Houthi attacks in the region, posing threats to maritime security. The tanker, carrying oil from Russia to China, faced a fire in the steering gear compartment. The incident underscores the instability caused by Houthi actions in the Red Sea and Gulf of Aden, prompting global concerns and responses.

  A cargo ship that crashed into the Francis Scott Key Bridge in Baltimore, causing its collapse, was successfully refloated and towed away from the shipping channel. The incident, which happened two months ago, killed six workers and disrupted port activities. Efforts to restore full port access continue, with bridge reconstruction expected to cost up to $1.9 billion and be completed by fall 2028.

Yemen's Houthis claimed to have downed a U.S. MQ9 drone over al-Bayda province using a locally made surface-to-air missile, with videos to be released as evidence, according to their military spokesperson. They had also claimed to down another U.S. MQ9 drone over Maareb province previously. The Houthis, who control Yemen's capital and most populous areas, have attacked international shipping in the Red Sea in solidarity with Palestinians, leading to U.S. and British retaliatory strikes since February.

The crude oil tanker Dubai Angel docked at the Westridge Marine Terminal in Vancouver on Monday to load the first crude oil shipment from the recently expanded Trans Mountain pipeline (TMX), according to ship tracking data. The vessel, chartered by Canadian oil producer Suncor Energy, is expected to load about 550,000 barrels of Access Western Blend (AWB) for delivery to China, as per data from Kpler. Trans Mountain stated it plans to load the first vessel with oil from the expanded pipeline later this month. The TMX, which started commercial operations this month, will transport an additional 590,000 barrels per day (bpd) from Alberta to Canada’s Pacific coast, following years of regulatory delays and construction issues. Traders and shippers are closely monitoring the pipeline flows and loadings from the Westridge Marine Terminal, as the expansion allows Canadian producers more access to U.S. West Coast and Asian markets. The tight supply of heavy crude has increased the attractivene...

 Aegean Container Agency S.A., established in Piraeus in January 2021. It is member of Arkas Hellas Group, with the aim of exclusively representing the shipping company Yang Ming in Greece, which was represented by Arkas Hellas S.A., since 2005. Yang Ming was established in 1972, offers global shipping services, providing our customers with high quality, fast and reliable services.