Shipping loans towards Hellenic ship owners fell by 6.5% during 2013, as the total loan portfolios stood at $61,49 billion, versus $65.78 by the end of 2012. This, according to the annual research report by Petrofin Bank Research, the 13th report in a row. According to the report, "the overall Hellenic loans (drawn and committed but undrawn)
booked both in Greece and
Private equity (PE) is an asset class consisting of equity investment in companies that are not publicly traded on a stock exchange. With the decline in industrial and consumer demand following the worldwide economic pullback beginning in 2008, the shipping industry, still working through oversupply six years later, is an obvious target. For some ship owners, PE is hailed as
In the casino where ship owners are often said to be found throwing away their money are the slot machines otherwise known as containerships. Money is poured into them but very little seems to come out until a jackpot brings the gamblers back for more. Anticipating another jackpot, even more money –in the form of orders for bigger and better machines
Product tanker freight rates have been – for the large part – a positive market for tanker owners, mainly as a result of exports of US refined products, a trend already contributing
to heftier medium-range (MR) product tanker demand in the Atlantic
Basin. However, the same can't be easily said in the case of US Gulf –
UK Continent (TC14) freight rate market, where there
Dry bulk exports from Africa totalled around 200mt in 2013, and the majority of this volume was shipped from South Africa, an established major iron ore and coal exporter. However, exports from other African countries have grown at a much more rapid pace. Between 2011 and 2013, African dry bulk exports, excluding those from South Africa, grew 55% to 66mt.
For many of the other trades analysed in Drewry’s Container Insight Weekly in recent weeks, the effect of Chinese New Year continues to be played out in container volumes now being reported, and the same holds true of the Asia-Australasia trade lane.
Volumes in January had shown something of a pre-Chinese
While the start of 2014 has carried on from the "riches" of 2013, in terms of high tanker freight rates, the rest of the first three months of the new year, didn't pan out the same way. In a recent report from Mcquilling Services, it was noted that "what goes up must come down". According to the analyst, "the prevailing factor behind the downturn in the crude tanker market was
After recording a 10% full-year growth in westbound volume 2013 over the year before, the early signals for 2014 show continued growth, as Mediterranean exporters continue to reap the harvest of a recovering US economy.
Volumes on the westbound trade between the Med and
Over 100,000 merchant vessels carry 90% of the world's trade, yet the shipping sector rarely gets good press. In fact, it rarely gets any press, unless something goes terribly wrong. The industry bemoans this negative coverage, but rarely does anything about it – collectively or as individual companies. Since the global financial crisis struck, there has been little positive
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners, analysts and pundits alike, were looking towards 2014 being a "breakout" year, one that would solidify the market's recovery after almost five years in the doldrums, amid a hefty orderbook and modest demand. So far, those projections
Between the start of October 2008 and start of April 2013 the global orderbook declined 55% in CGT terms. Following this, the orderbook has grown 12% to 5,086 vessels of 108.0m CGT, as of 1st April 2014. This month’s Shipbuilding Focus looks at the size of the global orderbook and what this means for yards.
What’s on the Book?
In the current economic climate, many mortgagees have considered the possibility of court sales of mortgaged ships. A court sale in a recognised admiralty jurisdiction results in title to the ship passing to the buyer free of all claims, liens and encumbrances, accruing up to the date of the court sale. Favourable jurisdictions for ship mortgage enforcement include
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet another downward session, which saw its fall down to 936 points, minus 34 points on the day. Capesizes were once again among the main "losers", with the Baltic Capesize Index (BCI) down by 111 points. Panamaxes on the other
Like London buses, you wait an age for one and none come; but when they do, three come along at once. This is what happened in Hong Kong with the Hong Kong court recently handing down three important decisions affecting a ship manager's right of arrest under Hong Kong law.
Ship managers' fees – a development in Hong Kong?
California is a land of contrasts and paradoxes. If the GDPs of US states were compared to those of other countries, California would have the eighth largest economy in the world, on a par with that of Italy or Canada. The Golden State accounts for 13% of the total US GDP and one in nine new cars in the country are sold in California. Yet California’s per capita energy
The ongoing crisis in Ukraine has resulted in the opening of the discussions regarding the imposing of sanctions by the international community to yet another crucial to the tanker market country, Russia, just as another important market, Iran is steadily returning to the international scene. According to the latest report from shipbroker Gibson, these latest developments
The Nairobi International Convention on the Removal Wrecks will enter into force on 14 April 2015 following the deposit, on 14 April 2014, of an instrument of ratification by Denmark, with the International Maritime Organization (IMO). Among several provisions, the Convention will place financial responsibility for the removal of certain
hazardous wrecks on shipowners, making
A late Chinese New Year skews comparisons, but long-term this emerging trade is highly promising.
The impact of this year’s later-than-normal Chinese New Year was seen in the westbound volumes transported between Asia and the Middle East/Indian subcontinent region as carrier loadings
It's been dubbed a niche segment, one which requires a lot of investment in know-how and up until recently, a market with small but stable dividends. But, as of late, the LPG shipping market has come on its own, blossoming into a record breaking freight rate market, as demand has grown exponentially, when compared with the available fleet. According to its latest report,
Recent cargo roll overs jar with talk of over capacity, but shippers wouldn’t be left waiting for shipments if the latent capacity was unleashed. The sub-optimal use of carriers’ biggest assets was essential to reduce voyage costs but shippers are paying the price with longer transits and delays in peak cargo months. Jochen Gutschmidt, head of global transport procurement at