With a reputation as a specialist exchange, the Cayman Islands Stock Exchange (CSX) has built on the popularity of the Cayman Islands as one of the world’s leading maritime centers by issuing listing rules specific to the shipping industry, making it possible to list shipping companies incorporated in any jurisdiction owning anything from a superyacht to a commercial fleet.
A looming negative factor for South American demand of clean oil products, and more particularly Brazil, the continent's biggest country and economy, could emerge in the coming months, should the government seizes to subsidize imports of gasoline and diesel. According to a recent report from analyst Poten & Partners, Brazilian transportation fuels subsidies
Although most ocean carriers’ recent financial results suggests that more slow steaming should be on the way, P3’s members are not so disposed. Maersk Line, MSC and CMA CGM intend to maintain and even improve average headhaul vessel speeds in their schedules announced two weeks ago, thereby squashing any hopes other lines may have been harbouring about cutting losses
DryShips Inc., or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, yesterday announced its unaudited financial and operating results for the third quarter ended
The fluctuations of the tanker freight market isn't something new, given the fact that since the dawn of the global financial crisis back in the second half of 2008, WS rates have been on a rollercoaster ride, as a result of extreme volatily in oil prices and as such a similar pattern in bunker prices. According to London-based shipbroker Gibson, though, from the
In March 1963 the minutes of a meeting at Blue Funnel, arguably the Maersk of its day, noted that containers were probably not required substantially for 10 years. Later in the year the head of cargo handling followed up with a paper arguing that 3,000 miles was the limit for viable containerisation. Meanwhile Malcolm Maclean was setting up Sealand.
The global oil industry is in such a state of flux at the moment that it is difficult to determine with any degree of accuracy what the crude oil and product tanker trades will look like five years hence. The fundamental changes taking place in the market, in turn, make it difficult for tanker owners to pin down their fleet development plans and for oil companies to
The product tanker market has been outperforming its crude tanker counterpart, as fundamentals remain in the favor of ship owners. In its latest results' report, ship owner Capital Product Partners noted that "overall, product tanker spot earnings in the third quarter of 2013 were at levels higher than in the third quarter of 2012. Strong petroleum product exports
Container shipping costs on the main East-West headhaul trades have been in free-fall since a brief peak season petered out in September. But with carriers lining up ambitious GRIs for
November where might rates head next?
By the third week of October, spot rates paid by forwarders to ocean carriers on the trade from Shanghai to
Like any classification society, LR is always evolving its classification rules. Today is no different. In fact the speed of new rule development is currently very high. There is a different look and feel to some of these new rules however – for they are no longer completely prescriptive. Some might even say they are no longer rules, since they don’t tell you what to do. So what is
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend was once again cemented during the past couple of months, when the industry's benchmark in terms of hiring rates, the Baltic Dry Index (BDI) raced to unseen for years new heights, only to retreat close to where it all began, back in
Vessel operating costs are expected to rise by more than 3% in both 2013 and 2014, according to a new survey by international accountant and shipping consultant Moore Stephens. The survey is based on responses from key players in the international shipping industry, predominantly ship owners and managers in Europe and Asia. Those responses revealed that vessel
Despite the well-known pressures on Chinese shipyards, relatively few closed in the years prior to 2013. Chinese output reached record levels between 2010 and 2012, averaging 19.5m CGT per annum, more than double the 9.6m
CGT recorded in 2008. However, this year Chinese output has begun to
Graph of the Week
Hanging In There
Over the last few years, we've been witnessing more and more conventional ship owners venturing into the highly specialized and once niche market of LNG shipping. Solid growth demand prospects, coupled with a relatively small fleet and even smaller orderbook made good business sense. Today, for the most part, the rosy fundamentals haven't changed all that much, despite
The proven attributes of floating production storage and offloading (FPSO) vessels in developing oil deposits in offshore locations where ocean conditions are harsh or water depths are great are standing such units in good stead. Investments in the sector over the next five years are expected to be double those of the previous five as the oil industry seeks to develop
N Europe’s peak season still disappointing
August’s peak season cargo flow from Asia to Northern Europe remained disappointing, and with the winter season fast approaching, ocean carriers have clearly become unsettled over the prospects ahead.
One of the major dry bulk ship owners, Pacific Basin, declared in its latest results' announcement that newbuilding newbuilding deliveries in the full-year 2013 to fall significantly short of the planned deliveries as scheduled at the start of 2013, and R.S. Platou forecast 7.9% overall dry bulk net fleet growth for the full year – marginally below their forecast of 8.1% demand
A time charterparty will usually allow the vessel to trade worldwide, within Institute Warranty Limits (“IWL”). This will permit the charterer to order her to ports in waters that present a risk of hull fouling if the vessel remains idle there for a long time. In several areas, a vessel can be expected to wait for as long as one to two, or sometimes even three, weeks to berth – so
Danaos Corporation, a leading international owner of containerships, yesterday reported unaudited results for the period ended September 30, 2013.
Highlights for the Third Quarter and Nine Months Ended September 30, 2013:
This past year has been marked by the hefty ordering activity across all shipping segments, from Capesizes and Ultramaxes, to VLCCs, to container ships and more specialized vessels. The reasoning behind those orders has been attractive pricing, coupled with the fact that most ships are now much more efficient, both in terms of capacity/price as well as in terms of fuel