Piracy (and more recently terrorism) remains a thorn in the side of modern shipping. With incidents in the Indian Ocean dwindling to almost nothing, focus has shifted during the past 12 months back on to West Africa, where there has been an increase in hijackings and, in particular, in Extended Duration Robberies (“EDR”) involving attacks on vessels and the theft of
The US oil boom has altered the landscape of the tanker market in the Atlantic, with product tankers proving to be the main beneficiaries. In its latest weekly report, London-based shipbroker Gibson highlighted the fact that OPEC crude supplies dropped below 30 million b/d in September for the first time in almost two years. The immense growth in American tight oil production
This page recently took a look at surplus in the bulkcarrier sector, and how it was impacted by theright speed for the market environment. In the containership sector, there also remains a significant level of surplus capacity, and here, if anything, speed is playing an even more critical role.
In March 2013 the Marshall Islands Nitijela passed the Maritime (Amendment) Act (No.1), 2013 which amended certain portions of the Marshall Islands Maritime Act, 1990 and has implications and opportunities for those involved in the vessel lease financing industry. This change to Marshall Islands law may be of particular interest in Asia where lease financing has grown to play a key
Survival in the tanker market at this day and age is all about carving out niches and vessel employment strategies. As has often been the case, one can find positive "slots" within the tanker market and given that he possesses the right type of ship, he can book a solid profit. One such case seems to be the Caribbean Aframax market, since earnings for TD9 route have been the
China’s grain imports have shown significant growth over the last decade, with soybean imports having more than tripled and grown on average by 10% p.a. By the 2012/13 crop year, China imported 59mt of soybeans, accounting for 63% of global trade, up from 39% in 2004/5. In recent years, China has also played a more important role in global wheat and coarse grain trade.
In Mike Hooks Dredging Co v Marquette Transportation Co Gulf-Inland the Fifth Circuit affirmed the district court's apportionment of fault of 70% to plaintiff Mike Hooks Dredging Co, operator of a dredge; 15% to third-party defendant Vizier, operator of a picket boat required to assist physically passing vessels in navigating by the dredge under a US Corps of
The dry bulk market kept on retreating this week, with the industry's benchmark, the Baltic Dry Index (BDI) falling to 1,708 points, down 78 on the day, on the back of lower demand for Capesizes. The Baltic Capesize Index was down by 168 points yesterday to 2,775 points, while a lower fall was evident in the Panamax market, with the Baltic Panamax Index retreating by 51
US growth still by-passing Mediterranean
Ocean carriers operating between the Mediterranean and North America are still not benefitting from recent US economic growth.
Containerised cargo shipped from the Mediterranean to North America declined in August, reaching just
Seafarers feel they spend too much time on tasks they consider to be an administrative burden according to the findings of a study by the Danish Maritime Authority, supported by InterManager, the international trade association for ship and crew managers. A comprehensive survey of international seafarers revealed that a third of all nationalities are annoyed or frustrated
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leading the decline. Still, according to shipbrokers, market sentiment remains positive, despite the fact that the average Capesize earnings have declined from their recent peaks of $42,000/day, down to $28,000/day. According to the latest
The Far East–Europe mainlane sits at the top of the global route hierarchy. It is where most of the ultra-large containerships on the orderbook are designed to be deployed. As such the cascade process - the redeployment of relatively smaller tonnage down to other routes as larger ships are delivered - is crucial in determining running capacity which, in conjunction with trade
In addressing the question “Where is Shipping Going?” delegates at the recent fourth Shipping and Law conference, held in Naples, heard speakers and panellists call for shipping to secure a sustainable recovery as the industry emerges from five years of downturn. As a clarion call it seemed to resonate with those present despite the fact that in the wider industry,
A few days back, leading consulting group BCG presented its research on the Hellenic shipping industry's contribution to the local economy. The findings are rather impressive as it was shown that the shipping industry represents over 7% of the GDP, accounts for 165k to 200k jobs impacting over 500k people. In an exclusive interview with Hellenic Shipping News Worldwide,
As naval architects and engineers have steadily improved the operational characteristics of handymaxes over the years, ships have also increased in size, from the 45,000 dwt Handymax of the 1990’s to the 64,000 dwt Ultramax of today. During the boom years of 2004-2008, naval architects developed larger ship designs is an effort to improve the cargo carrying capacity
IMO’s Working Group on the Evaluation of Safety and Pollution Hazards of Chemicals (ESPH 19), meeting at IMO Headquarters from 21 to 25 October, has agreed to classify high-viscosity PIB (Polyisobutylene) as category X for carriage by ship, thereby prohibiting the discharge of cargo residues into the sea. The categorization and carriage requirements for high-viscosity
Things are moving again in the Iranian oil issue and this time, events are unfolding towards the opposite direction, that of the return of the country's resources to the international market. According to the latest weekly report from London-based shipbroker Gibson, the consequences of such an event for the VLCC tanker market could be "catastrophic".
Shipper demand for 40ft high-cube containers is still increasing, creating stowage problems for ocean carriers and analytical difficulties for trade forecasters using teu measurements. The proportion of 40ft high-cube (9ft 6in high) containers in the global maritime container fleet is predicted to exceed 50% by the end of this year for the first time. According to Drewry’s 2013 Container
There has been improvement in the piracy and armed robbery situation in Asia during January-September 2013 compared to the same period in past four years (2009-2012). Unlike the past years, there was no Category 1 (very significant) incident reported during January- September 2013, and the number of Category 2 (moderately significant) incidents was at its lowest.
With all indicators pointing towards a reduction in 2013's demolition activity by a factor of 20%, it's pretty clear that the industry won't see the 2012 record year anytime soon. In a presentation given out during this week's Marine Money Conference in Athens, Wirana Shipping Corporation, a leading player in the ship demolition market, noted the explosion of ship