Salvors, said the President of the International Salvage Union Andreas Tsavliris, “are innovators and problems solvers and don’t walk away from a challenge”. But the difficulties which may be encountered with giant ships, he warned, “may be beyond problem solving”. At the annual ISU Associate Members’ Day in London last week, it was reported that the total of all pollutants salved by member companies in 2012 was 810,068 tonnes
Newbuilding ordering activity picked up once again during the course of the past week, as many European ship owners looked to close up pending deals, ahead of the coming Easter Holidays in a large part of Europe, the US and other countries around the world. According to the latest report from shipbroker Golden Destiny, overall the past week was completed with a total of 49 new orders reported worldwide for a total ship
Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. There was improved expectation of freight rate increases over the next twelve months, particularly in the dry bulk sector, and greater likelihood of new investment
The Multipurpose sector faces a difficult couple of years, but its long-term prospects are good, according to Drewry Maritime Research’s latest Annual Multipurpose Shipping Market Review and Forecast report. Most owners of Multipurpose ships (MPVs) were fairly upbeat at the start of 2012 and, in spite of weak freight rates, continued to be so well into the first half of the year. However, over the course of the year
Everyday more and more shipping delegates are arguing in favor of further tanker newbuilding ordering, as they deem this period of time and the current earning environment as an opportunity to purchase new vessels, ahead of a future rate recovery. According to the latest report from analyst Poten & Partners, "many owners, relying on sometimes generations’ worth of experience, are confident of the inevitability
A decline in demand for Capesize vessels has been countered by an improvement in demand for Panamax vessels, according to the latest Dry Bulk Insight, published by Drewry Maritime Research. This left the Drewry Hire Index unchanged from January’s level. Panamax was the sole segment to record an improvement in earnings in February. Rates for vessels doing round voyages from Far East to East Australia more than doubled,
The total capacity of the containership fleet has almost quadrupled since the turn of the century, to stand at 16.3m TEU at the start of March 2013. However, the total capacity of the sub-4,000 TEU fleet peaked in December 2008. Scrapping remains at elevated levels, while the orderbook for the smaller size sectors is unmistakably thin. As such, the smaller fleet sectors look likely to continue shrinking, at least in the short-term.
The cost of bunkers is nowadays the driving force behind most ship owners' major decisions, with regulations bound to change in many parts of the world, imposing the burning of cleaner marine fuels and thus turning the shipping industry into one with a much lower environmental impact. According to the latest weekly report from shipbroker Gibson, bunker prices have fluctuated more than two fold in the last five years.
Trade in steel products now accounts for 20% of minor bulk trade, and has grown on average by 4% pa since 2000. Much of the recent growth has been intra-Asian, but globally trade has also been affected by economic problems. In 2012, seaborne trade in steel products was 281mt, up 52% compared to 2000, with trade patterns having shifted over this period due to changes in steel output and demand.
The Indian Government’s plans to develop two new ports along the East Coast of India have been greeted with a mixture of euphoria and dismay by the port industry. During his speech to Parliament on 28 February, India’s Finance Minister indicated the establishment of two new ports in his proposed budget. The first will be at Sagar in West Bengal, and the second in Andhra Pradesh. The two will add 100 million tonnes of capacity.
In its announcement regarding its annual performance, ship owner Frontline offered some useful insight on the future prospects of both the dry bulk and tanker market segments. In the dry bulk market, there's room for optimism as a result of an expected sharp decline of newbuilding deliveries over the next two years. "With
As the industry absorbs a new generation of officers, it faces the challenge of smoothly integrating them and their ideas with their elders. It’s a familiar story. Young people enter a profession bringing with them new skills and attitudes that might
IMO has pledged its support to assist in the implementation of a new Code of Conduct concerning the prevention and repression of piracy, armed robbery against ships and illicit maritime activity in west and central Africa, which has been adopted at a Ministerial meeting in Cotonou, Benin.
Among the most common truths regarding the shipping industry is the precarious trade of investing in ships. It'a market which is in constant shift and is subject to so many different types of risk, most of which are highly difficult to quantify and predict. As a result, ship owners have to be highly adaptable and flexible, in order to swiftly follow or even lead the new trends in the market. According to the latest weekly report from
Drewry's latest LNG Insight saw heating demand subside in major importing regions in February. Cargo availability also tightened because of a few unplanned shutdowns, leading to a 4% decline in the LNG Freight Index. LNG shipping enjoyed a dream run during 2011 and 2012, owing largely to increasing tonne-mile demand and an almost stagnant fleet. Freight market prospects would be even brighter if fleet supply were
All masters are advised to maintain heightened vigilance when at anchor and when loitering/queuing as there may be a higher likelihood of these vessels being targeted by pirates. The uniform risk to merchant vessels throughout the HRA is a reminder of the need to be alert for such activity at all times. In order to mitigate any vulnerability, it is strongly recommended that all vessels maintain a high state of readiness,
The rapid changes in the product oil trade are bound to make a difference in the respective tanker trade as well. A highlight of this trend has been the evolvement of the US from a net importer of gasoline and distillate products, to a net exporter. During 2012, the country's balance stood at a combined 0.7 million b/d of gasoline and distillate imports compared to over 1.4 million b/d of exports. This growing volume is attributed
Nearly 150 sailings were cancelled on the transpacific and Asia-Europe routes between October and February, according to Drewry’s research. These have had demonstrable effects on freight rates and on the regularity of service provided to shippers, as shown below. But will this carrier practice of cancelling sailings continue beyond the winter months? Ocean carriers’ individual strategies of cancelling sailings instead
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced yesterday that four subsidiaries of the Company have entered into time charter agreements for the following vessels: • M/V Despina P, a 1,932 teu, 1990 built handysize containership, has been extended for about six months at a gross daily rate
Increased levels of enquiry across all ship sectors has kept newbuilding activity in high levels during the course of the past week, according to the latest weekly report from Clarkson Hellas. The report noted that this activity has been highlighted by the continued levels of ordering, with reports of business being concluded in each of the major conventional markets including; Dry Bulk, Tanker, Container carriers and LPG amongst