What’s Going on With Shipping? October 5, 2022
In this episode, Sal Mercogliano – maritime historian at Campbell University and former merchant mariner – discusses the Top 5 Maritime News stories as of October 5, 2022.
First, the breaks in the Nord Stream pipelines, the sanctions against Russian natural gas, and overall uncertainty in the market raises the prospect for LNG charter rates to hit $500,000 per day.
Second, the proposal by the Biden Administration for a ban on export of US gasoline could cause further disruptions in world energy markets as the G7 prepares to impose a price cap on Russian oil and OPEC+ cuts back production.
Third, falling water level on the Mississippi River is threatening US exports of grain, along with the import of vital fertilizer.
Fourth, the falling rates of containers continue and the question about how they got there is addressed.
Finally, What’s Going on With Shipping is heading to the New York Maritime Security Conference.