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Traditional and modern ways of shipping finance

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

New markets for US oil products mean new opportunities for clean tankers

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.

The Shipbuilding Debate - Is 30% Output Cut Enough?

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

Costs Liability passing down a Charterparty Chain

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

Dry bulk market slowly but steadily finds its footing

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

Small Containerships - Getting Slim Fast

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?

E/W Supply/demand: Asia-WCNA

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%

Shipping loans worth $5 billion have changed hands over the past year, as funds invest in shipping

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

US gets gassed up and ready to ship

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. Announces Fourth Quarter 2013 Financial Results

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

Dell acquires 9.8% share of StealthGas' capital

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

Dry bulk carriers still the hottest "commodity" of the newbuilding market

It seems that 2014 will be the "come back" year for the dry bulk market, after a gruelling period which followed the 2008 financial crisis. As a result, ship owners are "stocking" up in newbuildings and modern tonnage alike, a trend which has taken an urgency note as of late, given that asset prices are only going up in the coming months, unless something unexpected

N/S Supply/demand: Europe-Mid East-Indian Subcont

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

The Recast Brussels Regulation: Reinforcing The Arbitration Exception

The Brussels Regulation governs the jurisdiction and enforcement of judgments in civil matters in the EU. The basic rule is that a defendant should be sued in the courts of the EU Member State in which it is domiciled. The jurisdictional rules of the Brussels Regulation are stated to apply to court proceedings only and not to arbitration. Conflicts of jurisdiction have, however,

Ultramaxes are the "weapon of choice" for dry bulk ship owners

It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding ordering activity. According to data compiled by shipbroker Golden Destiny, ship owners invested in 133 new building orders, a number which was 280% higher than the same month of last year, when a mere 33 newbuilding dry bulk carriers

Mediterranean transhipment booms

Virtually all large Mediterranean transhipment hub ports recorded double digit growth in 2013, well above regional and global growth levels. Once all full year data is collated, global container port traffic is likely to have grown by around 3.3% whilst that for the regions bordering the Mediterranean Sea will probably have grown by between 3 and 6%. Transhipment volumes at key

Major Commodities, Major Changes?

The distribution of growth of combined iron ore, steam coal and coking coal imports in recent years has been heavily uneven. Between 2008 and 2013, global trade of these commodities grew on average by 7% p.a. Around 98% of this growth was accounted for by China (81%) and India (17%), while imports by most developed economies fell in this period.

Reaching Great Heights:

Dry bulk market to improve over the course of 2014, but oversupply still an issue says BIMCO's Chief Shipping Analyst

As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slow steaming and other cost saving measures, will lead to the market's rebound. Speaking with Hellenic Shipping News Worldwide in an exclusive interview, BIMCO's Chief Shipping Analyst, Mr. Peter Sand,

Oil demand from Asia should remain healthy over the course of 2014, in a positive sign for the tanker market

A lot of ink has been shed over the past few months, regarding the latest surge in crude oil demand, which in turn led to an upswing of crude tanker rates. Among the major beneficiaries of the dramatic increase of US crude oil production has been the VLCC market, at least demand-wise. According to the latest weekly report from shipbroker Gibson, "this trend is

Feeling Hungry? Try Super Size Shipping

In the movie Super Size Me, a film-maker investigated what would happen to him if he ate nothing but fast food for a month, consuming a ‘super-sized’ meal every time. A casual glance at industry headlines over recent years would reflect the fact that shipping is involved in its own super sizing experiment, with news of larger and larger ‘megaships’ hitting the water in many sectors.
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