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Dry bulk market ups and – most recently – downs offers no room for relaxing among dry bulk ship owners

18/04/2014
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

The Orderbook: Covering The Basics

18/04/2014
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?

Shipping and directed sales: the end (almost)

18/04/2014
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

Dry bulk market on retreat mode, while newbuilding ordering activity stalls

17/04/2014
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

Hong Kong: Ship Managers Find Port Of Refuge Before The Hong Kong Courts

17/04/2014
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?

Feature: California dreaming ... of more US-flag tankers

17/04/2014
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

Russian sanctions could impact tanker market

16/04/2014
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

Wreck-removal convention to enter into force:Shipowner liability on the horizon as DK ratifies international instrument

16/04/2014
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

N/S Supply/demand: Asia-Mid East-Indian Subcont

16/04/2014
A late Chinese New Year skews comparisons, but long-term this emerging trade is highly promising.

Westbound
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

LPG shipping on a rally mode

15/04/2014
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,

Container Shipping: Excessive cuts in capacity

15/04/2014
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

World Trade Organization: Modest trade growth anticipated for 2014 and 2015 following two year slump

15/04/2014
World trade is expected to grow by a modest 4.7% in 2014 and at a slightly faster rate of 5.3% in 2015 WTO economists said today (14 April 2014). Although the 2014 forecast of 4.7% is more than double the 2.1% increase of last year, it remains below the 20-year average of 5.3%. For the past two years, growth has averaged only 2.2%. The sluggish pace of trade growth in 2013

China's measures to stimulate economy's growth could offer room for stability in shipping markets

14/04/2014
Since the outbreak of the 2008-crisis, the shipping industry, in most of its aspects, i.e. dry bulk and tanker markets alike, has been dealing with volatility in its extreme. Freight markets seem to "overreact" to even minor factors, in terms of demand or supply, thus making life a lot more difficult for ship owners. As a result, any move towards bolstering the mild landing of the Chinese

The Way Back to Balance is Getting The Right Balance

14/04/2014
In the 2000s new ships were the in thing. Public companies boasted about their youthful fleets and since ships were floating cash machines, who could argue? Why buy old ships that might break down during a boom, costing cash instead of coining it? But today youth weighs heavily on balance sheets and suddenly older ships look interesting.

Good and Old:

General Average under the York Antwerp Rules 1994 and 2004

14/04/2014
In order to avoid risks of disputes as well as missing time bars, Owners should seek to have charterparty and bill of lading clauses expressly choose one set of general average rules to the express exclusion of the other.

Background: General average

General Average (GA) is an ancient concept of maritime

Tanker freight rates declined by 5% as tonnage availability on many key routes continued to exert pressure

12/04/2014
Dirty tanker freight rates continued to decline, with the drop in dirty spot freight rates mainly affecting the VLCC class in March, while Suezmax and Aframax closed the month flat, as per the latest OPEC survey. VLCC spot freight rates on all reported routes were down in March from a month earlier, with the greatest drop registered on destinations from the Middle East to the West,

Agreement reached for amendments to the MLC, 2006 to address abandonment of seafarers and crew claims

12/04/2014
Governments, maritime employer representatives co-ordinated by the International Shipping Federation (ISF) and their counterparts from the International Transport Workers’ Federation (ITF) met this week at the International Labour Organization in Geneva for the first meeting of the Special Tripartite Committee (STC) established under the Maritime Labour Convention, 2006

How do you calculate loss of earnings following a collision?

12/04/2014
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on assessment of damages following a collision and provided further clarification as to the appropriate test to be applied. On 26 March 2008 there was a collision between the fully laden VLCC tanker Astipalaia and the container ship Hanjin Shenzhen in the approaches

The crude oil tankers’ joyride has ended for now says BIMCO

11/04/2014
The winter season highs are a thing of the past for the tanker market, as owners need to concentrate their efforts into a less eventful and definitely less exciting second quarter of the year. In its latest short term outlook for the tanker market, for the period of April/May, BIMCO expects earnings for the all the crude oil tanker segment to stay above USD 10,000 per day. VLCC may

Box prices rise for the first time in 2 years

11/04/2014
Drewry’s latest Container Equipment Insight, exclusive to subscribers of Drewry’s Container Leasing and Container Census reports, saw prices for new dry freight containers increase in the opening months of 2014 for the first time in two years. Standard box prices declined gradually throughout 2013, falling by late in the year to their lowest point since 2009, and they have
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