Outlook is looking pretty bleak for tanker owners across the board, as tonnage oversupply will continue to dominate market fundamentals for quite some time, no matter how fast ships are scrapped. In a recent report, US-based Mcquilling Services noted that matters are only getting worse, as newbuilding tonnage continues to hit the water at a rapid pace, while
Overall confidence levels in the shipping industry held firm over the three-month period to August 2013, maintaining the highest level reached since November 2010, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Doubts persist, however, over the level of excess tonnage and the resultant effect on
Ocean carriers’ ability to switch transhipment traffic away from unrelated container terminals in the Mediterranean puts those facilities in a difficult negotiating position. Piraeus Container Terminal is a good example, despite Cosco Pacific being related to Cosco Group, and the facility having a strong local cargo base. A report from Drewry Maritime Equity Research
The biggest rally of the dry bulk market in more than three years have brought back joy among ship owners, especially those active in the Capesize market, while also proving right those analysts who had foreseen this recovery. Yesterday, the Baltic Dry Index (BDI), the industry's main benchmark maintained its upward trajectory, rising by an additional 38 points
A combination of fortuitous circumstances meant that ocean carriers’ vessels remained well utilised from Asia to Northern Europe right up to the beginning of September, but they are standing on thin ice.
According to industry feedback, this year’s peak season from Asia
World trade growth in 2013 and 2014 is likely to be slower than previously forecast. WTO economists now predict 2013 growth of 2.5% (down from the 3.3% forecast in April), and 4.5% in 2014 (down from 5.0%), but they say conditions for improved trade are gradually falling into place.
Despite the fact that August is traditionally a slow month in terms of ships investment activity, ship owners have grasped this year the opportunity to close some deals, on the back of attractive pricing. According to the latest monthly report from shipbroker Golden Destiny, August 2013 ended with an upward momentum in secondhand and newbuilding investors’ appetite,
The continuing quest by owners, operators, shipbuilders and designers to find recession-beating, fuelefficient and more CO² friendly sources of power has been one of the marine industry’s overriding campaigns over the past 10 years. Sleeker hulls and trials and tests with alternative fuels have been two of the options favoured by leading companies to improve the performances of
NewLead Holdings Ltd. announced yesterday that on Friday, September 13, 2013, the Company completed the acquisition of titles in the Viking Mine located in Kentucky, USA with 4,795 mineral acres containing approximately 20 million tons of estimated coal reserves. The Company expects to receive a reserve report compliant with the U.S. Securities and Exchange
Shipbrokers indicate that after an unusual August for most of the large tanker sectors, September has proved to be a smoother period in terms of time charter equivalent rates. According to a recent report from Intermodal, "the The VLCC market moved higher last week with the majority of the routes increasing by between 1 and 3 WS points. East of Suez the
2013 is proving a busy year for the 8,000+ TEU boxship (VLPP) sector. The delivery of Maersk Line’s first ‘Triple E’ 18,270 TEU boxships has coincided with the resurgence in VLPP ordering and 100 contracts have been placed in the y-t-d. In light of this activity, September’s Shipbuilding Focus looks at where these units are being ordered and
The Board of Directors of the International Chamber of Shipping (ICS) representing national shipowners’ associations from the Americas, Asia and Europe met in London last week. Issues discussed included: the development by the International Maritime Organization (IMO) of a global mechanism for the Monitoring, Reporting and Verification (MRV) of CO2 emissions; the
The recent Humberto hurricane became officially the first 2013 Atlantic/Caribeean hurricane of the season. According to the latest National Ocean and Atmospheric Administration (NOAA) outlook for 2013, there is a 70% chance of an above normal season, said London-based shipbroker in its latest weekly report. According to Gibson, "history tells us the implications
The way carriers calculate bunker surcharges is often disputed by shippers, and no more so than now. Bunker surcharges should, proportionately, have been reducing faster than fuel prices because of the deployment of more efficient ships, but this does not appear to have happened for most carriers. The issue is highlighted by two recent developments in the container industry.
Dangerous goods have long been involved in serious transport incidents, onshore and at sea, resulting in deaths, injuries, massive rescue operations and huge commercial losses. Typically, packages spill their contents and cause fires, explosions and toxic or corrosive gas releases. Dealing with such incidents is hard enough on land but at sea it
can be almost impossible.
This latest surge of the dry bulk market, which has brought it to
two-year highs, has been led by the Capesize segment, as a result of low
tonnage availability and high cargo demand from China says Jeffrey
Landsberg, managing director of US-based Commodore Research &
Consultancy, in an exclusive interview with Hellenic Shipping News
As the end of the third quarter nears, it’s a good time to assess the progress of the shipping markets in the year to date. The Clarksea Index last week stood at $10,292/day, only $600/day off its end 2012 figure, despite a dip down as low as $7,500/day in February. Has this been a year of treading water?
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BIMCO members in the salvage and wreck removal business will be pleased to note Singapore’s latest incentive scheme aimed assisting operators to contain costs whilst bolstering the island nation’s International Maritime Centre status. MPA’s Mr. Cheong Keng Soon (Director Port Division) highlighted new incentives for salvage companies with equipment in the region when he
According to preliminary data, OPEC spot fixtures dropped in August from the previous month. Middle East-to-East fixtures declined by 0.92 mb/d to stand at 5.37 mb/d, while Middle East-to-West fixtures declined by 0.77 mb/d to stand at 2.77 mb/d. As a result, global fixtures fell 10% or 1.96 mb/d compared to a month earlier to stand at 17.3 mb/d. Compared to a year
Politics and politicians are in the news once again on the issue of expenses. It’s a tiresome topic that sprawls across our newspapers and obscures the more compelling news beneath. The greatest frustration is that the lessons from the last tedious round of exposures have not been learned; if we aspire to have people representing us that are bright, intelligent, hardworking