It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more cargoes and are more keen to keeping debt-free older carriers out at sea, since they're generating the most amount of profits. This trend has prevailed once more, as both the dry bulk and the tanker markets, especially for larger
After 11 months, there has been a reported 101m dwt delivered into the fleet this year. The rate of shipyard output has declined considerably from the top of the shipbuilding cycle, and the speed of the slowdown remains a key issue for the industry. With the festive season approaching, it is a good time to take a look at deliveries past, present and future.
Eastern Europe shines
Although cargo from Asia to the Mediterranean declined in September and October compared to the normal peak season period between April and August, year-on-year growth remained impressive, particularly to the Eastern Mediterranean, suggesting that the worst of the recession could be over.
With the tanker markets relishing in the seasonal demand which has pushed freight rates on higher ground, especially in the larger segments, like the VLCCs and Suezmaxes, most pundits have been all about Asia's crude oil demand and the record breaking USA oil production. But, the tanker market could also take advantage of another "factor" in the years to come and
Shipping markets are constantly evolving, and as a result, definitions of sectors of the world fleet need to be adjusted from time to time to remain market relevant. Earlier this year, Clarkson Research revised its definition of the product tanker fleet.
The current ocean carrier drive for greater economies of scale through bigger alliances has far reaching consequences for the container industry that regulatory authorities will find difficult to agree on during their forthcoming meeting on 17 December. The G6 Alliance’s proposed expansion into the Asia/West Coast North America and North Europe/East Coast North America
Over the past couple of months, it's all been about the VLCC tankers and their substantial gains, in terms of earnings rise. Seasonal demand and a number of other factors contributed to this development. But, smaller tanker types had been left out in the cold, at least until recently. Over the past week though, it was finally the turn of the Suezmax tanker market to gain some
In 2011-13, total iron ore tonne-mile trade is projected to have grown on average by 5% p.a., and Chinese imports are expected to have accounted for around 60% of the expansion. More recently the second half of 2013 has seen a significant uptick in tonne-mile imports into China. These trends highlight several key drivers.
Steel Output Climbing:
According to the 2010 Manila amendments to the STCW Convention nautical and technical officers are now obliged to raise their level of competence regarding Leadership and Teamworking. The new competencies are part of the requirements for nautical and technical officers and will be included as part of the nautical and ship operational apprenticeships in seafarer schools.
Global spot fixtures declined by 6% in November compared to the previous month. OPEC spot fixtures dropped as well in November, down by 8% compared to the previous month. The decline was seen on all fixtures in comparison to a month earlier. Middle East-to-East fixtures, Middle East-to-West and out of the Middle East fixtures all declined by 7%, 19% and 1%,
Last month we looked at this year’s contracting pattern, and identified particular ordering trends across the larger size sectors. 8,000+ TEU ships now account for 80% of the capacity on order, and 32% of overall fleet capacity on the water, equal to 5.5m TEU. With the 12,000+ TEU fleet recently passing 2 million TEU, the time is ripe to split the 8,000+ TEU sector, and provide statistics
ITIC says that the failure of shipbrokers to follow up on time-sensitive messages can have serious financial consequences, particularly in fluctuating spot markets. In its latest Claims Review, ITIC cites the case of a ship fixed for a trip time charter for two voyages, with an option for a third. The option was to be declared by the charterers on completion of loading for the
In its latest report on the tanker market, BIMCO said that for the December/January period, it expects that time charter equivalent average rates for the VLCC segment come down somewhat from recent highs to settle in the region of USD 12,000-30,000 per day. Suezmax crude oil carriers are also seen down from recent peak to reach USD 10,000-20,000 per day. For the Aframax
The Institute of Chartered Shipbrokers Greek Branch organised its 9th Annual Forum at Eugenides Foundation, on Wednesday, 11th of December, with a remarkable success. The title was: « Underway to recovery or Underestimating the Fundamentals? ». The Forum has been well attended by over 400 shipping professionals – from the Greek and International shipping
Dynagas LNG Partners LP yesterday announced results (unaudited) for the third quarter ended September 30, 2013, which was the last quarter before the Partnership completed its initial public offering ("IPO") in November 2013.
Third Quarter Financial Highlights:
The dry bulk market has reached multi year highs this week, as the BDI is standing at the 2,300-point mark. In its analysis of the market, BIMCO predicted yesterday that the elevated level of Capesize Time Charter average rates will remain volatile and stay around USD 15,000-30,000 per day. Panamax TC average rates will stay in the region of USD 9,000-16,000 per day. For the
In their quest for energy efficiency, ship operators focus on some well-known and widely used levers, such as slow-steaming, voyage optimization, or propeller and hull cleaning. However, some levers have remained largely unexploited and different fuel efficiency strategies are being pursued by major ship operators. FutureShip (a DNV GL company) and TUHH have now
In a characteristically thorough and perceptive analysis the ‘Review of Maritime Transport 2013’, just published by UNCTAD (United Nations Conference on Trade and Development), throws light on most of the main issues currently faced by maritime activities around the world. This annual publication, which started life in 1968, has achieved a solid reputation as a first point of
Iraq has set the official selling price (OSP) of its Basra Light crude, loading in January to customers in Asia,
The final weeks of each year, have traditionally seen the conclusion of more newbuilding orders than usual, since most ship owners are looking to finalize agreements which have been on the negotiating table for the past few weeks. As such, this past week saw the reported emergence of orders for 90 newbuilding vessels, boasting a total deadweight of 5,113,600 tons,