Since the start of 2024, the wholesale cost of fuel delivered to northwest Europe has jumped by 12% to just over $116 a barrel.

Under the deals, Vietnam said it would supply the Philippines with 1.6 million to 2.2 million tons of rice annually.

Despite the diversions, lots of tankers — many hauling Russian oil — continue to ferry barrels through the waterway. 

The awards, announced January 25, will make considerable investments in intermodal freight infrastructure.

The 10.5-million-gallon ammonia fuel ammonia carrier, which is being built at the Japan Marine United Corporation (JMU) Ariake Shipyard, is scheduled to be delivered in November 2026.

Will all of that money earmarked by the Biden Administration for U.S. port development actually materialize, and end up being used for its intended purpose? 

The service commenced operations January 21 from Cai Mep, Vietnam with a rotation that goes to Yantian, Kaohsiung, Xiamen, Ningbo, Shanghai, Vancouver, Pusan and then back to Cai Mep.

Since January 15, Qatar has diverted at least six shipments destined for Europe around the Cape of Good Hope in southern Africa.

The vessels are designed to flex between methanol and conventional diesel bunker fuel and will include technologies such as optimized hull form, waste heat recovery systems and bow windshield.

Samsung Heavy Industries said that the two very large ammonia carriers (VLACs) are scheduled to be delivered by the end of November 2027.