It now costs upwards of USD 20,000 more for a shipper to use the spot market instead of a contractual agreement in the extreme container market, a doubling in four months, according to Sea-Intelligence.

In a remarkable proposal, one of the world's largest shipping nations calls on the IMO to introduce CO2 quotas along with a demand to effectivize the fleet. The proposal will be discussed this week preceding the defining MEPC meeting in November.

The banks in Poseidon Principles are working on the basis of halving CO2 emissions in shipping by 2050. At the same time, some of the same banks are working towards a target of CO2 neutrality by 2050 as part of the Net-Zero Banking Alliance. Before long, Poseidon will reassess its ambition.

Buyers in Europe and the US will have to wait longer for their supply of goods, as Chinese factories are forced to reduce production, according to Financial Times.

The US Coast Guard boarded a container ship that dragged its anchor near to a Southern California undersea pipeline that was the source of an oil spill earlier this month.