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Bitcoin Miners Are Buying the Gas Oil Fields Used to Burn
On a lease in West Texas, a flare that burned for three years went out last month. The gas now runs a generator, and the generator runs 320 mining machines in two shipping containers. The economics depend on one price.
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First Ammonia Bunkering: Six Hours, One Hose, Nobody Smelled a Thing
A bunker tanker, a bulk carrier and 410 tonnes of the most toxic fuel shipping has tried. Our camera was on deck from the first mooring line to the last nitrogen purge.
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Container Rates Fall for a Sixth Week. Here Is Where the Slack Is.
New ships keep arriving and cargo does not. Our freight index is down six weeks running, and the softest lanes are not the ones most traders expected.
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Ports Are Infrastructure. Price Them Like It.
A ship that arrives at the busiest hour of the busiest week pays the same as one that comes at 3am on a quiet night. No airport would run itself that way. Neither should a port.
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Yen at the Dock: What a Weak Currency Does to Japan's Shipowners
The family owners of the Seto Inland Sea earn their charter hire in dollars and pay their banks, yards and taxes in yen. When the yen weakens, the same ship earns more at home, and the order books start to fill.
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Four Rotor Sails and a Headwind: A Week on a Wind-Assisted Bulk Carrier
Four spinning towers, a captain who plans his route around the trade winds, and a fuel log that is kinder on some days than others. We sailed with them for a week.
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London's Marine Insurers Price In a Stronger Pound
Premiums for hulls and cargoes are written in dollars. Underwriters, brokers and offices in the City are paid in pounds. A firmer sterling has quietly raised the price of cover, including the war-risk premium on a single transit.
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The Bean Counters: How a Warehouse Receipt Became a Trading Weapon
In a warehouse in Antwerp, cocoa waits in a grading queue that decides whether it counts. Traders have learned that controlling the queue, and the paper at the end of it, can move the futures price.
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How a Bicycle Gets Its Nationality
Frame from Vietnam, gears from Japan, wheels laced next door. Whether this bike pays duty depends on a 74-line spreadsheet and a welding hall built partly to change the answer.
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Offshore Wind's Real Bottleneck Is a Ship With Legs
Turbines keep growing. The handful of vessels that can lift them does not. In a Szczecin dry dock two new ones are taking shape, and every developer in the North Sea is counting the days.
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Salt, Seen From Above
Pink, turquoise, bone white. A year over one coastal salt works, from the first flooding of the pans to the last harvest, shot from a drone at 120 metres.
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Tariff Engineering, or Why Your Sneakers Have Felt on the Soles
A layer of fabric that wears off in a week, glued on to move a shoe into a cheaper tariff line. A customs lawyer and a former buyer on the lore and the law of designing products around duty.
Today
All
The Customs Broker's New Colleague Reads Invoices Faster Than She Does
An Antwerp brokerage now lets software propose a tariff code for every invoice line. It clears a thousand lines before lunch. A person still signs, and the vendor's liability ends at a month's fee.
Live: Fog Closes the Elbe Approach, Forty Ships Wait at Anchor
Visibility at the mouth of the Elbe dropped below two hundred metres overnight. Pilots stopped boarding, the anchorage filled and one terminal rewrote its berth plan by the hour.
Live: Copper Jumps After a Landslide Cuts an Andean Mine Road
A landslide overnight has blocked the only road to the Cerro Alto copper mine. No one was hurt, but trucks are stuck, ore is piling up and the copper price is climbing. Follow the updates as they come.
Live: Dollar Slips as Asian Exporters Convert Their Receipts
Exporters in Seoul, Taipei and Tokyo sold dollars into a thin morning market. The euro and the yen are firmer, and shipping stocks with dollar revenue are among the first to feel it. Updates as they come.
Stop Calling It Deglobalisation
Goods have not stopped crossing borders. They have started crossing more of them.
No One on the Bridge
At three in the morning a fishing fleet turned across the bow of a ship with nobody on her bridge. The captain handling it was sitting in a former grain office in Rotterdam.
Shipping
21 stories
Live: Fog Closes the Elbe Approach, Forty Ships Wait at Anchor
Visibility at the mouth of the Elbe dropped below two hundred metres overnight. Pilots stopped boarding, the anchorage filled and one terminal rewrote its berth plan by the hour.
No One on the Bridge
At three in the morning a fishing fleet turned across the bow of a ship with nobody on her bridge. The captain handling it was sitting in a former grain office in Rotterdam.
The Manifest, Episode 40: Fog, Copper and the Crewless Ship
Why container rates keep falling, why smelters are paying miners to take their ore, and what happens on the night a feeder ship sails with nobody aboard.
The Ship That Runs on Its Own Cargo
Every LNG carrier arrives lighter than it left, and the missing gas is no accident. Inside the tank physics that turn a cargo into fuel, and the machines now winning some of it back.
Commodities
9 stories
Energy
12 stories-
4 min
The Ship That Runs on Its Own Cargo
Every LNG carrier arrives lighter than it left, and the missing gas is no accident. Inside the tank physics that turn a cargo into fuel, and the machines now winning some of it back.
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3 min
Bitcoin Miners Are Buying the Gas Oil Fields Used to Burn
On a lease in West Texas, a flare that burned for three years went out last month. The gas now runs a generator, and the generator runs 320 mining machines in two shipping containers. The economics depend on one price.
-
3 min
First Ammonia Bunkering: Six Hours, One Hose, Nobody Smelled a Thing
A bunker tanker, a bulk carrier and 410 tonnes of the most toxic fuel shipping has tried. Our camera was on deck from the first mooring line to the last nitrogen purge.
-
3 min
Four Rotor Sails and a Headwind: A Week on a Wind-Assisted Bulk Carrier
Four spinning towers, a captain who plans his route around the trade winds, and a fuel log that is kinder on some days than others. We sailed with them for a week.
Money
9 stories
Live: Dollar Slips as Asian Exporters Convert Their Receipts
Exporters in Seoul, Taipei and Tokyo sold dollars into a thin morning market. The euro and the yen are firmer, and shipping stocks with dollar revenue are among the first to feel it. Updates as they come.
Why Your Freight Is Still Invoiced in Dollars
A pump maker in Duisburg sells in euros, pays its staff in euros and trucks its boxes to Rotterdam in euros. The bill for the ocean leg still comes in dollars, and nobody at the company ever chose that.
Bitcoin Miners Are Buying the Gas Oil Fields Used to Burn
On a lease in West Texas, a flare that burned for three years went out last month. The gas now runs a generator, and the generator runs 320 mining machines in two shipping containers. The economics depend on one price.
Yen at the Dock: What a Weak Currency Does to Japan's Shipowners
The family owners of the Seto Inland Sea earn their charter hire in dollars and pay their banks, yards and taxes in yen. When the yen weakens, the same ship earns more at home, and the order books start to fill.
Opinion
All OpinionGoods have not stopped crossing borders. They have started crossing more of them.
Stop Calling It Deglobalisation
Every trade conference I have attended this year has had a panel with deglobalisation in the title. The panellists agree it is happening, disagree on how fast, and go home. I would like to suggest, as politely as a columnist can, that the word is
Ports Are Infrastructure. Price Them Like It.
Ask a harbour master what a berth costs and you will get a tariff book. Ask what the same berth is worth at 06:00 on the first morning after a storm, with fourteen ships at anchor and three terminals asking for the same slot,
The Green Premium Belongs on the Bill of Lading
Every week I talk to someone at a carrier who is trying to sell cleaner shipping and someone at a brand who says they would buy it. They are usually describing the same voyage. They rarely see the same number.
The gap between them is
Weekend feature
Most read
This week-
No One on the Bridge
5 min -
Copper's Quiet Squeeze: Why Smelters Are Paying Miners to Take Their Ore
3 min -
Bitcoin Miners Are Buying the Gas Oil Fields Used to Burn
3 min -
Container Rates Fall for a Sixth Week. Here Is Where the Slack Is.
3 min -
Offshore Wind's Real Bottleneck Is a Ship With Legs
3 min -
Ninety Days With Box NRVU 418220-7
6 min
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Editor's picks
Past picksThree to read
Every Friday the editors pick three stories worth your full attention: one long, one short, one strange.
How a Bicycle Gets Its Nationality
Frame from Vietnam, gears from Japan, wheels laced next door. Whether this bike pays duty depends on a 74-line spreadsheet and a welding hall built partly to change the answer.
Salt, Seen From Above
Pink, turquoise, bone white. A year over one coastal salt works, from the first flooding of the pans to the last harvest, shot from a drone at 120 metres.
Stacked to the Ceiling: What a Warehouse of Unsold Solar Panels Says About the Market
Aisle fourteen holds 61 megawatts of solar modules that nobody has cleared through customs. The pallets have been there since winter, and the price on them has fallen every month.
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Episode 1 ·
· 3 min
The Manifest, Episode 40: Fog, Copper and the Crewless Ship
Why container rates keep falling, why smelters are paying miners to take their ore, and what happens on the night a feeder ship sails with nobody aboard.
Play-
3 min
Tariff Engineering, or Why Your Sneakers Have Felt on the Soles
Episode 2 · -
3 min
The Grain Corridor, Told by the People Who Load It
Episode 3 · -
3 min
A Night Shift on the Quay: Forty Metres Up With the Crane Operators
Episode 4 · -
3 min
The Battery Park Next to the Substation
Episode 5 · -
3 min
The Last Paper in Trade: Letters of Credit Go Digital
Episode 6 ·
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eth
Ethereum
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Crypto via CoinGecko, currencies via the ECB
By the numbers
SourcesThe week in freight
Four figures our desks kept coming back to · checked by the data desk
- 6 weeks in a row of falling container spot rates on the Break Freight Index
- 40 ships at anchor off the Elbe at the height of the fog
- 12,000 t of cargo on the first crewless feeder crossing of the North Sea
- 5% of tankers on our map silent for more than twelve hours on an average day
Sources
The Break Freight Index and the Tanker Map, both built by our data desk; the shipping desk's reporting from the Elbe anchorage and from the Skarv's control centre ashore.
The week ahead
Full agendaMonday
- Oct 26 Break Freight Index, weekly release at 10:00 London time
- Oct 26 Harbourline Europe, the ports and terminals conference, opens in Antwerp
Tuesday
- Oct 27 Kessel Bay Port Authority publishes its monthly throughput report
- Oct 27 Harbourline Europe: the carriers' panel on blank sailings
Wednesday
- Oct 28 Monthly options expiry on copper and aluminium
- Oct 28 Harbourline Europe closes
Thursday
- Oct 29 Tanker Map monthly report on silent ships
Friday
- Oct 30 Three to read: the editors' picks of the week
- Oct 30 Chokepoint Tracker weekly summary
From the archive
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Newsroom
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Maren Okafor Shipping editor11 stories -
Kenji Arakawa Data editor9 stories -
Priya Venkataraman Energy editor8 stories -
Jonas Halvorsen Covers currencies, central banks and trade finance: the plumbing that turns a cargo into a payment8 stories -
Tomás Reyes Commodities correspondent covering copper, lithium and grain from the Andes to the Black Sea7 stories -
Leila Farahani Trade policy reporter6 stories
Reading list
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48 stories
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