In today's trading market, owners are frequently requested to accept a letter of indemnity (LOI) in exchange for complying with charterers' or shipper's request to take on risks which can fall outside the contractual demands normally placed on a carrier. These can also fall outside the scope of standard insurance coverage, and hence deserve careful attention.
Ship owners who invested in newbuildings during the 2012-2013 are the biggest gainers of the current market claimed a report from shipbroker Intermodal. They managed to take advantage of low demand and thus low prices for new buildings. As such, they were able to combine the latest ECO designs on offer, they managed to negotiate a rich specification, they chose
The scene is set for the emergence of ethane as a notable liquefied gas carrier cargo on deep-sea routes. The product is a key component of the natural gas liquids (NGLs) in which the new shale oil and gas volumes coming onto the market are rich. It is also a major petrochemical industry feedstock offering many advantages over the alternatives. As a reflection of this new dawn
INTTRA, the world's largest multi-carrier e-commerce network for ocean shipping, today announced the first results from its comprehensive ocean shipping information quality program, revealing exclusive insight into the quality of carrier data provided by the global containerized shipping industry. The program -- comprised of a monthly carrier scorecard, the INTTRA Insights
Volatility is the "name of the game" in the tanker market, something which has been the case as well during the first couple of months in 2014, with the market experiencing its biggest spike in the last five years, before retreating once again at the beginning of February. Volatility has been more obvious in the VLCC and Suezmax tanker classes, but has also been notable in
India’s imports from Europe remained disappointing in 4Q13, leaving ocean carriers with exacerbated empty container equipment repositioning costs from the Middle East.
Cargo shipped from Europe to the Middle East and Indian
Laytime questions are some of the most common, yet also technically complex, that Members have to consider as part of their operations. In this Bulletin, the Association will discuss the important recent decision in the "Ladytramp" 2012.
Once laytime commences, it may only be suspended
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P market, as it was in the past few week. After all, prices had started to firm up quite a bit. According to the latest report from Lion Shipbrokers, "buying interest is decreasing as ships' values have firmed beyond the budget of many prospective
Ocean carriers are moving ahead with the creation of bigger alliances, even though regulatory authorities have yet to pass judgment on them. More ocean carriers are determined to jump onto the mega-alliance bandwagon, and appear to assume that regulatory authorities will not object. Evergreen has just confirmed a plan to join the CKYH alliance between Asia and
The shipping industry has faced its worst crisis during the last 25 years. The limited liquidity of the shipping market and the trend of banks to limit their exposure have made shipowners to find new methods of financing their investment projects. Traditional lenders such as Germany’s Commerzbank and HSH Nordbank and the UK’s Lloyds and RBS are either exiting the market or trying to
While the debate in the US is raging on whether or not to allow for crude oil to be exported, the growth of US oil product market, is providing for many opportunities for owners of clean tankers. According to a recent report from shipbroker Gibson, "the current abundance of fracked crude in the US has provided US refineries with an increasing supply of cheap feedstocks.
Shipbuilding is an extraordinary business. Over a century the epicentre has moved from the UK, which once built 60% of the world’s ships, to Europe, Japan, South Korea and now China. Incumbent yards don’t welcome newcomers who have to fight for market share, usually by offering rock bottom prices. Good for shipowners, but the battle often brings shipyard capacity
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred should be able to be passed down a charterparty chain. A technical issue will not be allowed to prevent such liability for costs being passed down a charterparty chain. This is illustrated by the recent case outlined below:
Occidental Chartering INC. V Progress Bulk Carrier
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from the shadows as of late. During the past few days, the market's benchmark, the Baltic Dry Index (BDI) has been on a slow, yet steady rise, ending yesterday's session, once again on the upside, reaching 1,250 points. Capesizes
The orderbook for small containerships has been notably thin for the last few years. Yet cascading activity driven by a surplus of larger units has prolonged overcapacity, driven vessels into lay-up and supressed charter market earnings. But with intra-regional volumes still forging ahead is there a potential capacity gap looming in the sub-3,000 TEU sector?
How Thin Is Thin?
Ocean carriers enjoyed a rush of eastbound cargo in December and January due to the Chinese New Year holiday this year being earlier than usual, but now have to contend with the corresponding downturn.
North American imports from Asia only fell by 1.5%
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and hedge funds have all emerged as newcomers to the shipping financing segment, often assuming the role of traditional shipping banks, which have exited the market, or cut their exposure. According to the latest weekly report from shipbroker
The potential of liquefied natural gas as marine fuel has the industry light-headed with anticipation, with experts only too ready to predict the percentage of vessels that could be LNG powered in 10, 20 or 30 years’ time. In fact progress to date has been rather more measured, with some early adoption in the ferry market thanks to financial incentives and interest from owners
Aegean Marine Petroleum Network Inc. announced financial and operating results for the fourth quarter ended December 31st, 2013.
Fourth Quarter Highlights and Full Year Highlights
Recorded sales volumes of 2,384,376 metric tons in Q4
StealthGas has attracted a new strong partner in the face of computer billionaire Michael Dell, founder of Dell, one of the leading computer manufacturers worldwide, known for its pioneering sales distribution channels. According to relative SEC filings, Dell was the private investor who participated in the recent private