There will be widespread approval within the industry for the 2014 theme for the International Maritime Organization’s (IMO) World Maritime Day, which will be “IMO conventions – effective implementation”. A problem that is as old as IMO itself, the slow pace of implementation of IMO instruments has been regretted by successive IMO Secretary-Generals, so the emphasis put on this
The tanker market conditions are expected to remain challenging throughout the year for tanker owners, but even more pressing will be the issue of actual profits from tanker chartering operations. After all, ship owners can still book profits, even in adverse market conditions. According to the latest report from shipbroker Intermodal, this question will linger for the
Last month’s Tanker Outlook detailed the changes made to reclassify IMO-2 graded ships with MR characteristics as product tankers. This month, the attention turns to the impact on the more specialised tanker segments.
Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, today reported its financial results for the fourth quarter and year ended December 31, 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "Navios Partners previously announced that it was committed to a minimum distribution of $1.77 through 2014 and today extends
It's been yet a relatively active week in the dry bulk newbuilding market, despite the continuous fall of the Baltic Dry Index (BDI), which could potentially have a negative impact in investment appetite. In any case, according to the latest weekly report from shipbroker Clarkson Hellas, "Oldendorff Carriers have contracted two firm plus two option 208,000 DWT Newcastlemax
During the recent years, the shipping industry and maritime commerce has seen a sharp increase in not only the number of fraud cases, but also the variety of fraud. Fraudsters are becoming more and more ingenious in their design and execution of scheme, including the use of modern technology, such as computer hacking, but sometimes tried & tested “old school”
Although westbound cargo from the Mediterranean to North America continued strongly in 4Q 13, the lack of service withdrawals and meaningful sailing cancellations meant that vessels remained poorly utilised and unprofitable.
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer tonnage through the second hand and newbuilding markets. But, in them doing so, forgot to demolish their older ships, especially as we approached the end of the year, when the dry bulk market rebounded strongly. Of course, in business
The AP Moller-Maersk Group’s recent moves to sell over $4bn of non-core and under-performing assets begs the question of where the money will be re-invested, and its likely impact on existing market forces within the container shipping industry. Maersk Line already enjoys enormous economies of scale within the sector, so, should the cash be ploughed back into providing
Costamare Inc. reported unaudited financial results for the fourth quarter and the year ended December 31, 2013.
Voyage revenues of $112.5 million and $414.2 million for the three months and the year ended December 31, 2013, respectively.
Voyage revenues adjusted on a cash basis of $116.8 million
The initial consequence of the gradual relaxation of the sanctions on the Iranian oil regime is believed to be a rise in the number of VLCC cargoes heading to the East. This according to London-based shipbroker Gibson, which in its latest weekly report, said that "already one such unit has sailed for China following 12 months storage duties of Kharg Island".
At the start of 2014 there were 899 ships of 3,000+ TEU, with a beam of less than 32.3m – the maximum able to currently transit the Panama Canal – in the global containership fleet. They accounted for 3.76m TEU, 22% of global fleet capacity. However, since 262 such vessels were ordered in 2006-08, further Panamax contrac-ting has been negligible, as demand for the design has
Once upon a time commercial ports only had to deal with three key threats on a daily basis - theft, damage to goods and stowaways all of which have the potential to cause considerable financial damage to stakeholders but were identifiable and manageable. The contemporary port is subject to a far wider range of threats including the possibility of terrorist attack and
Tanker spot rates are expected to trend lower this year, as the imbalance of tanker supply in relatin to ton-mile demand will be a major factor. This according to the latest report on tanker market outlook issued this week by Mcquilling Services, which maintained that despite the current rally that is present in some tanker sectors, rates are likely to be pressured in 2014.
Ocean carriers were again unable to make any of their GRIs between Asia and the Indian Subcontinent/Mid-East region stick in 4Q 13.
Ocean carriers continued to struggle with sub-economic freight
It seems remarkable to think that towards the end of 2013 a US Senate and House led bipartisan committee agreed
a two year budget deal to fund the federal government, which was
subsequently passed by both houses and signed into law by President
Obama. A rare display of common sense in the murky world of Washington
politics. But why, you may ask,
The dry bulk market has been faltering since the start of 2014, struggling to hold its ground as low seasonal demand has hindered further growth in freight rates and has led the industry's benchmark, the Baltic Dry Index (BDI) to lower ground. Yesterday, the index ended with yet another decline, struggling to avert the falls, now standing at 1,271 points, down by 51
Lloyd’s Register is pioneering an Environmentally Acceptable Lubricants (EAL) service, following the requirement coming into force last year. This is a new requirement in the 2013 Vessel General Permit (VGP) for discharges incidental to the normal operation of vessels. It is aimed at protecting US waters from ship-borne pollutants and reducing the amount of invasive
Ocean carriers operating in the trades between Asia and the Indian Subcontinent/Mid-East region (including Red Sea) withdrew no services during October and November despite falling cargo volumes, so struggled to maintain freight rate levels.
Ship owners in the dry bulk market aren't panicking after the less than lacklustre start of the new year, in terms of freight rates, with the Baltic Dry Index on a slide for yet another week, over the past few days. In its latest report on the market, shipbroker Intermodal noted that 2013 saw a great finish, with the BDI reaching the highest level since 2010 at 2,337 points