In its latest report, London-based shipbroker Gibson noted that the latest headlines regarding "diminishing safe havens and doomed economies are still ringing in our ears, serving now as another reminder that current crude tanker market conditions in which we operate are dire.
Price volatility in Brent crude brought levels below $100/bbl this
Smaller container shipping lines are pulling out of the East-West trades, no longer being able to compete in the closed-shop, big ship dominated markets. Shippers need to get used to living with less choice.
Carriers ceasing liner operations or going bankrupt since 2008
The recent demise of Grand China Shipping (GCS) is a reminder of
Danaos Corporation, a leading international owner of containerships, yesterday reported unaudited results for the quarter ended March 31, 2013. Highlights for the First Quarter Ended March 31, 2013:
• Operating revenues of $146.1 million for the three months ended March 31, 2013 compared to $134.2
Although 2013 is expected to fare better than 2012, in terms of dry bulk freight rates, it will still take the market a while, before it gains some solid ground under its feet, said BIMCO’s Chief Shipping Analyst, Peter Sand, in an exclusive interview with Hellenic Shipping News Worldwide. He cited the heavy overhang of tonnage as the main reason for this, despite the fact
Since the peak in 1999, crude exports from the North Sea (UKC) have fallen by an average 6% per annum to 2.07m bpd in 2012. This reflects the declining extraction potential of the region. However, for just over a year, tonne-miles generated by UKC crude exports have surged, despite production continuing to decline.
They Came From the East…
For the period January-March (1st quarter) of 2013, a total of 28 incidents comprising 27 actual incidents and one attempted incident were reported in Asia. Of the 27 actual incidents, five were Category 2 (moderately significant) incidents, eight were Category 3 (less significant) incidents and 14 were petty theft incidents (minimum significant).
In an interesting note regarding the changing market dynamics of the clean fuels' trade, Poten & Partners recently said that while clean tanker activity into Europe has seen a recent increase due to short-term refined product dynamics, this trend is poised to persist more generally over the long-term as well.
The last 25 years have seen huge growth in the global seaborne coal trade, from 300mt in 1987 to 1.2bt in 2012. Various countries have contributed to this expansion, but the most significant growth has taken place in the last 10 years, as Chinese and Indian coal import demand have surged at an unprecedented pace.
International accountant and shipping adviser Moore Stephens said shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years.
Phil Cowan, the firm's Head of Corporate Finance,
The constantly shifting patterns of tanker trade makes it nearly impossible for anyone to safely make any kind of prediction about the future course of the tanker market claimed the latest weekly analysis from shipbroker Intermodal. Still, according to the report, during the past year, there have been a few developments that help draw a more clear picture of what lies ahead for certain parts
Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced yesterday its results for the three months ended March 31, 2013.
Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "Year to date,
Impaired loans and losses from banks' shipping portfolios are likely to remain high, Fitch Ratings says. The shipping crisis is likely to last longer than we originally expected, putting greater pressure on the asset quality of banks with large exposures to the sector.
On Tuesday German bank NORD/LB announced it had almost
The newbuilding market has remained relatively active, with further reports of new ordering this week, said two separate shipbrokers' reports. According to Clarkson Hellas, in the dry bulk market, "although understood to have been concluded towards the end of 2012, this week it was reported that Japan’s Namura Shipbuilding
Costamare Inc. yesterday reported unaudited financial results for the first quarter ended March 31, 2013.
• Voyage revenues of $91.5 million for the three months ended March 31, 2013.
Seafarers’ suggestions on how to improve their situation when facing criminal charges were presented at the landmark 100th session of the Legal Committee of the International Maritime Organization (IMO) which met in London recently.
The suggestions, which emanated from a comprehensive eight
A new study prepared by the Foundation
for Economic and Industrial Research (IOBE) and under the sponsorship
of Navios Maritime's Angeliki Frangou, discovered that the hidden
potential of the Hellenic shipping industry towards helping the
country's economy bounce back is enormous, almost double than the
As illustrated by the Graph of the Month, shares of global output have varied greatly in the last decade. Chinese builders increased their share of global deliveries in CGT from 14.3% in 2005 to 41.3% in 2012. During this period output increased from 3.9m CGT to a record 19.9m CGT. Korean yards also increased their
After six months of inactivity, ocean carriers plan to add approximately 12% more vessel capacity to the Asia-East Coast North America trade by May despite cargo growth remaining non-existent. It seems like suicide, but new cargo sources may be envisaged.
In a somewhat niche market, lightering is known as the process of transferring a cargo to a facility onshore from a smaller vessel. According to the latest report from US-based consulting firm Mcquilling Services, "this is typically an Aframax vessel removing parcels from a VLCC or Suezmax. This process is required if water
Environmental Protection Engineering S.A.(E.P.E.) has become the first Greek company to obtain certification from classification society Germanischer Lloyd (GL) as a certified provider of Inventory of Hazardous Materials (IHM) services. E.P.E. becomes one of only a handful of companies worldwide that are able to offer IHM