With the dry bulk market's benchmark, the BDI inching once again closer to the 2,000-point mark and future prospects for the segment still looking positive, it's only logical that many ship owners are still keen on investing into dry bulk newbuildings, especially since most indications point towards a looming
price hike from many shipyards, on the back of improving
The Assembly of the International Maritime Organization (IMO), meeting for its 28th session in London, has adopted key resolutions and amendments relating to the Organization’s mandatory audit scheme, paving the way for the scheme to come into effect by 2016 once amendments to mandatory instruments have entered into force.
Last week, BIMCO President Mr. John Denholm gave an address to the General Stevedoring Council, meeting in London at its 44th Working Lunch. The President took the opportunity to bring GSC members up to date with the current work of BIMCO, pointing out how the organisation continues to respond to the needs of the shipping industry in so many different ways. The can be no
The trials and tribulations of refineries across Europe have been littering the global news scene throughout the year. It's no secret that refinery utilization rates in Europe have been steadily trending lower as crack spreads have declined, challenging ship owners to turn a profit. According to a recent analysis from Poten & Partners, "European refineries have struggled to remain
DNV GL and Shanghai Merchant Ship Design & Research Institute (SDARI) have introduced the Green Dolphin 575 concept design for a handymax bulk carrier. This second design builds on the success of the handysize Green Dolphin 38 for which around 80 orders have been placed with the major share to DNV GL class. Green Dolphin 575 aims to be fuel and
The lull before the storm
The tradelane between the Mediterranean and North America remained subdued in 3Q 13, but ocean carriers have only been buying time to prepare for the arrival of the P3’s services in 2Q 14.
Oil demand from Asia and especially China has intensified over the past couple of months and especially during the end of October, providing solid ground for gains across most of the large crude oil tanker Eastbound routes. As such, the Far East oil demand has provided the foundation for a strong boost in freight rates for several routes, like the TCE for MEG/Japan,
The outcome of the European Commission’s latest accusation of price fixing against ocean carriers is far from clear based on the information circulated to date. Although the European Commission wants to stamp out the danger of ocean carriers using GRI announcements to signal pricing strategy to competitors rather than to notify customers of
The International Chamber of Shipping (ICS) – the worldwide trade association for shipowners – has made an important written submission to the United Nations International Maritime Organization (IMO) suggesting a possible way forward with respect to complex discussions about additional global regulations to further reduce CO2 emissions from merchant
The latest surge in seasonal demand, as well as several other factors have contributed towards a significant rise of VLCC tanker rates over the past few weeks, even reaching a breathtaking high of $55,000/day on November the 20th. Even so, this latest surge has been rather overwhelming, surprising most analysts. According to the latest weekly report from shipbroker
It's amazing what people throw away. London skips are full of stuff which, presumably, didn't fit in with the latest loft style decor. Who's got time to put it on eBay? So it just gets chucked out. Chucking away household oddments is fair enough, but chucking out ships that don't fit the decor is a very different story.
In this article, we review our recent successful attachment of a high value cargo on behalf of an oil and gas contractor before the Federal Court of Urgent Matters (Abu Dhabi). Our client was successful before the Federal Court of First Instance (Abu Dhabi) both in the substantive case and in obtaining a confirmation of the attachment of cargo. Both the attachment and
Various parameters of oil product imports and exports from the US to Venezuela and vice versa are coming into play, but are mostly pointing towards a downward pressure on the benchmark Caribbean to US Atlantic coast benchmark. This, according to a recent report from analysts at Poten & Partners, which highlighted the fact that a political effect is into play, after the granting, this
After a second thorough review of BIMCO’s Standard Bunker Contract the team of experts leading the initiative have concluded that only a few amendments are required to update its terms and conditions. Key to the success of the revised edition will be a strong global marketing effort. According to BIMCO’s Chief Officer for Legal and Contractual Affairs, Grant Hunter, “the
The tradelane between the East Coast of South America and Europe remained sensibly managed by ocean carriers in 3Q13, although no capacity reductions have yet been announced for the winter season. Containerised shipments from Europe to the East Coast of South America slumped by 9% between August and September, down to 74,114 teu, according
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, ending the session at 1,719. Capesize led the gains, with the Baltic Capesize Index rising by an impressive 352 points. Panamaxes were also on a high note, followed by smaller gains in the Supramax and Handy markets. In a report this
Three major container shipping companies have announced their intention to set up an alliance (called the P3 Network) to cooperate on some of the most important international routes for container shipping services. Some details of the P3 Network agreement have recently become public, after the parties (Maersk Line, Mediterranean Shipping Company and CMA CGM)
Headlines this year have been grabbed by containership ordering in the largest size sectors. 16 ships of 18,000+ TEU (totalling 0.29m TEU) have been contracted this year, along with 31 vessels in the 13-16,000 TEU sector (0.45m TEU). However, as the Graph of the Month shows, the 8-10,000 TEU sector has been even more active, with 74 orders totalling 0.68m TEU placed so
The stabilization of the dry bulk market to the levels of 1,500 points (BDI), as well as the rally it witnessed back in the beginning of fall, is mainly attributed to seasonal demand, but among the usual "stars", such as China's demand for iron ore, one shone ever more. According to shipbroker Intermodal's latest weekly report, it's been the US Gulf routes which have stolen the show,
With this joint statement, the shipping industry wishes to contribute to the forthcoming debate at the European Sustainable Shipping Forum (ESSF). One of the purposes of the ESSF is to assess progress towards compliance with the IMO requirement for a maximum 0.1% sulphur content in marine fuel, due to enter into force as from 1 January 2015 in SECAs (Sulphur Emission